Osaka Expo 2025 opens: World gathers amidst hope and global tensions
From quirky Hello Kitty algae sculptures to demonstrations of flying vehicles and lunar samples, the Osaka Expo offers a fascinating...
Geostrategy
World Bank approves $1.1 bn in financing for Jordan
The World Bank announced Tuesday it will provide Jordan with $1.1 billion in new financing to support economic reforms and...
Economy
Economy
Interest rate hikes adversely affect developing countries, says UN
The global economic slowdown and swelling interest rates are pummeling debt-ridden developing countries, the UN warned, urging bold global action...
- Rate increases in the US and other wealthy countries may cost developing countries over US$800 billion in lost income by 2025.
- UNCTAD said it now expected global GDP growth of 2.1 percent in 2023, down from 2.2 percent it forecast in September last year.
Economy
US consumer inflation slows to 5% in March year-over-year
US consumer inflation slowed in March lessening the pressure on the Federal Reserve to maintain its aggressive posture to cool...
- Bureau of Labor Statistics report is the latest evidence that the Fed's streak of interest rate hikes over the last year is weighing on economic activity.
- While US labor market data has remained solid, recent reports on manufacturing and the services sector have shown signs of slowing.
Arts & Culture
Egypt’s village traditions in peril as costs rise
Multi-day weddings, feeding the bereaved and homemade bread are all becoming things of the past in rural Egypt.
- In a year, the Egyptian pound has lost nearly half of its value, pushing consumer prices to more than double in the import-dependent country.
- Weddings in Nubian villages -- renowned for their long extravagant parties -- are no longer three-day, nine-meal affairs to which the entire town is invited.
Economy
Global debt growing due to US, China, says IMF
Global government debt is on track to reach levels not seen since the height of the COVID-19 pandemic, the International...
- In the US, government debt as a percentage of economic output is expected to surpass its pandemic-era peak by 2027.
- China's debt burden is forecast to be almost double its pre-pandemic levels by 2028, the IMF said.
Business
RAKEZ wins award for Best RPA Excellence during Future Data Summit 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) received the 'Best RPA Excellence Award' during the Future...
- RAKEZ has embarked on its automation journey by utilizing virtual bots to handle visa-related services.
- These virtual bots have successfully reduced the time needed for some of the processes by 1.5 days, completing them within 12 hours.
Economy
Dubai sees heavy influx of medical tourists in 2022, spending US$270m
DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year....
- Some 39 percent patients came from Asian countries, 22 percent from Europe and the Commonwealth of Independent States, and 21 percent from Arab and the GCC
- The head of Dubai Health Authority attributed the arrival of medical tourists to the city's ability to provide quality acre, making it the top healthcare destination
Economy
US unveils tough emissions rules to speed electric auto shift
The proposed rules set aggressively low standards for emissions of greenhouse gases and criteria pollutants, which is expected to lead...
- The proposal -- which will next be open to a public comment period -- is the latest in a series of steps under Biden, a Democrat, to help put EVs on track for mass adoption.
- Electric vehicles accounted for 5.8 percent of the US market for new vehicles in 2022, up from 3.2 percent in 2021, according to Cox Automotive.
Economy
IMF chief economist warns inflation could remain high until 2025
Washington, United States--The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund's chief economist told AFP...
- Following the fast reopening of the global economy after the Covid pandemic, prices around the world have risen exponentially
- Inflation in many countries in the world has remained well above the two percent target, despite central banks raising interest rates
Business
Boeing delivers 130 aircraft in Q1
It edged out its rival Airbus by just three aircraft.
- In order to reach its target of 720 units for the year, Airbus needs to picke up the pace in order to go past the 661 number in 2022
- In mid-March Boeing restarted deliveries of its long-haul 787, which were temporarily halted at the end of February by the Federal Aviation Administration
Economy
US should be cautious when setting interest-rate policy: Fed official
In the wake of the fall of Silicon Valley Bank, the US Federal Reserve should be cautious in setting interest-rate...
- Since March last year, the Fed has raised interest rates by almost five percentage points, tightening monetary policy in a bid to dampen demand and slow price increases
- The Fed continued with another 25 basis-point hike last month despite the turbulence in the financial markets caused by the rapid collapse of SVB
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Osaka Expo 2025 opens: World gathers amidst hope and global tensions
From quirky Hello Kitty algae sculptures to demonstrations of flying vehicles and lunar samples, the Osaka Expo offers a fascinating...
Geostrategy
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World’s five richest men doubled their fortunes since 2020: Oxfam
A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week,...
Geostrategy
Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...
World Economic Forum
Saudi govt exposes violations in expatriate partnerships
Riyadh, Saudi Arabia - The Saudi National Program to Combat Commercial Concealment has exposed various instances falling under the umbrella...
Business
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Economy
Saudi Arabia leads world in innovation and investment
"This is in the service of humanity and in building an interconnected and innovative future in various fields, including public...
- Saudi Arabia has emerged as a major technology hub with a $43 billion market.
- The Kingdom sees significant growth in women's empowerment and digital capabilities.
Business
Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...
- The Ministry of Industry and Mineral Resources and the Japan Organization for Metals and Energy Security signed an agreement.
- The first day of the forum also saw the announcement of unexplored mineral estimates, rising from $1.3 trillion to $2.5 trillion.
Economy
Saudi Arabia to highlight role in dealing with global challenges at WEF meet
RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
- Saudi Arabia’s participation in the annual meet underscores its pivotal role in the transition toward carbon neutrality.
- The Kingdom’s engagement provides an opportunity for communication with key players in the private sector globally.