US reaching out to China for tariff talks: Beijing state media
United States officials have reached out to their Chinese counterparts for talks on vast tariffs that have hammered markets and...
Economy
IMF, World Bank welcome efforts for Syria to reintegrate globally
Washington, United States - The International Monetary Fund and World Bank's leaders said in a joint statement Thursday that they...
Economy
Economy
More monetary tightening required, says top Federal Reserve official
The US should continue tightening monetary policy to bring down inflation while assessing the impact of last month's financial turmoil...
- The rate-setting Federal Open Markets Committee voted last month to continue raising interest rates to tackle inflation.
- The FOMC took this decision despite the turmoil when Californian high-tech lender Silicon Valley Bank dramatically collapsed.
Market Report
Stocks jump, dollar falls as Federal Reserve seen curbing rate rises soon
Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong...
- In a sign of cooling inflation, Singapore's central bank kept rates steady, having previously hiked five times in a row.
- Stocks advanced "on increasing signs that the global round of interest rate hikes could be drawing to a close".
Economy
Saudi inflation eases to 2.7% in March: official data
Riyadh, Saudi Arabia - Saudi Arabia's annual inflation rate dropped to 2.7 percent in March from 3 percent in February,...
- Housing, water, electricity, gas, and other fuels rose by 7.4% from the previous year, with overall rents for housing increasing by 8.7%
- Experts predict a decelerating trend in inflation in Saudi Arabia over the coming months due to easing global supply-side costs
Economy
300 UAE companies operating in Egypt, more investment likely
Abu Dhabi, UAE - Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, retail, oil and gas,...
- Al Jarwan said that the two countries also aim to increase the investment to $35 billion over the next decade.
- Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, and other areas
Economy
Saudization, progress help KSA reduce unemployment
Since the launch of Vision 2030, the kingdom's unemployment rate has notably dropped due to economic development, job localization, and...
- Since the launch of Vision 2030, the kingdom's unemployment rate has notably dropped due to economic development, job localization, and greater women participation in labor market
- The Saudi Ministry of Human Resources, which conducted a labor market supply and demand study, aims to create a national unit to identify future specializations and required skills
Economy
Qatar right to buy Harrods, economy doing well, says prime minister
Qatar bought a 17-percent stake in German auto group Volkswagen in 2009 and paid a reported $1.7 billion for Harrods...
- Sheikh was questioned about the Qatar Investment Authority's foreign purchases in the rare televised encounter
- Despite global economic troubles, Qatar last year had a budget surplus of nearly $25 billion as natural gas prices surged
Geostrategy
EU privacy watchdog sets up ChatGPT task force
The European Union's central data regulator said it was forming a task force to help countries deal with AI chatbot...
- ChatGPT can generate essays, poems and conversations from the briefest of prompts and is capable of passing exams.
- Chatbot can only function if it is trained on vast datasets, raising concerns about where OpenAI gets its data.
Economy
Gender equality in agrifood systems can add $1 trillion to global GDP: FAO
Rome, Italy -- Tackling gender inequalities in agrifood systems and empowering women reduces hunger, boosts the economy, and reinforces resilience...
- Globally, 36 per cent of working women are employed in agrifood systems, along with 38 per cent of working men.
- The gap in food insecurity between men and women widened from 1.7 percentage points in 2019 to 4.3 percentage points in 2021.
Economy
IMF chief calls upon global community to avert a ‘second Cold War’
Countries must do more to avert the costly consequences of growing global trade fragmentation, and help avert a "second Cold...
- Multilateral institutions like the World Bank and IMF have an important role to play in preventing the world from splintering into different blocs.
- An IMF report said that growing trade fragmentation due to Brexit, US-China trade war and Russian invasion of Ukraine, could make the global economy.
Geostrategy
Russia to withdraw from grain deal if all conditions are not fulfilled
Russia delivered a new warning to the West over a grain deal with Ukraine, saying a number of conditions must...
- Russia, whose economy has been hit by a raft of Western sanctions, has repeatedly threatened to walk away from the agreement if obstacles to its own exports remain.
- There are no sanctions on Russian exports of food and fertilizers to global markets but the problems are related to sanctions on shipping, insurance companies and banks.
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US reaching out to China for tariff talks: Beijing state media
United States officials have reached out to their Chinese counterparts for talks on vast tariffs that have hammered markets and...
Economy
Company News
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Middle East needs strong Saudi Arabia, says kingdom’s finance minister
Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and...
World Economic Forum
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE - Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...
Business
Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...
Economy
Most Read
Economy
Dubai at forefront of sustainable energy innovations
“We're witnessing strong, growing, and sustainable demand for energy and water in Dubai. In 2023, the peak electricity load rose...
- DEWA’s state-of-the-art infrastructure bolsters Dubai's global economic and trade hub status.
- World's largest solar-powered desalination plant is set to enhance the emirate's water security.
Business
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.
- The move came after the US Supreme Court on Tuesday declined to hear appeals by Apple and Epic of a lower court ruling in which the iPhone maker was seen as the victor.
- Epic in 2020 launched a case aiming to break Apple's grip on the App Store, accusing the tech giant of operating a monopoly in its shop for digital services
World Economic Forum
WTO head ‘less optimistic’ for world trade due to Red Sea strikes
The head of the international trade body said weaker global economic growth, "worsening geopolitical tensions, the new disruptions we see...
- Before the outbreak of war in Gaza, the WTO had predicted trade would grow by 0.8 percent in 2023 and projected growth of 3.3 percent this year.
- "We think there are a lot of downside risks to the forecasts we had made last year of 3.3% of growth of merchandise volumes this year. So we expect weaker performance," she said.