Global stocks mostly rise as Trump grants auto tariff relief
Stocks moved sideways on Monday after notching four straight positive sessions last week as Trump adopted a more conciliatory posture...
Economy
Lebanon parliament approves changes to banking secrecy law
Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International...
Geostrategy
Economy
Italy calls for unconditional pre-reform bailout package for Tunisia
Tunisia reached a deal in principle in October with the IMF for nearly $2 billion to shore up its sinking...
- EU leaders including Italian Prime Minister Giorgia Meloni have warned of the risks of an economic collapse which could drive more people to cross the Mediterranean Sea.
- Migrants from across Africa and Tunisia itself regularly use Tunisia's coastline, less than 150km from the Italian island of Lampedusa, to reach Europe.
Business
ADNOC L&S to deploy five very large gas carriers
ABU DHABI, UAE - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, announced on...
- The gas carriers will be owned and operated by AW Shipping, an ADNOC L&S joint venture with Wanhua Chemical Group.
- VLGCs transport liquefied petroleum gas and will provide ADNOC L&S greater flexibility to meet growing global gas demand.
Economy
German inflation eases to 7.4% in March as high energy prices slide
Berlin, Germany--Inflation in Germany eased to 7.4 percent in March, mainly thanks to government measures to bring down energy prices, final...
- In March food prices continued to rise by 22.3 percent, up from 21.8 percent in February and 20.2 percent in January
- In order to help bring energy prices down until 2024, including a cap on gas and electricity prices, Germany has committed $200 billion
Economy
Tunisia farmers stare at poor harvest as drought imperils food security
Even before the roasting summer months, the soil is dry and dusty in the small Mediterranean country, whose water resources...
- At a time when the global cereals market has been disrupted by Ukraine war, Tunisia's domestic grain production has also withered under a lack of rainfall that has killed off crops
- UTAP has called on the government to urgently announce a drought and state of water "emergency" and has demanded a "clear strategy" to boost Tunisia's water reserves
Business
SoftBank to sell Alibaba stake
It has sold more than US$7bn of its shares since early 2023.
- The Japanese investment titan, an early investor in the Chinese internet giant founded by Jack Ma, started offloading its shares last year
- Alibaba like other leading Chinese tech firms has been badly impacted by a regulatory crackdown on the industry starting in 2020
Economy
World Bank members approve moves to boost lending by US$50bn over decade
Washington, United States--World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing...
- US Treasury Secretary Janet Yellen exhorted World Bank to continue taking on added reform measures this year
- Outgoing World Bank president David Malpass said discussions with shareholders this week have "yielded signs of progress"
Economy
Egypt’s Sisi meets UAE leader amid economic woes
Cairo's foreign reserves fell by about 20 percent in one year to $34.45 billion -- about $28 billion of which...
- Sisi has been courting Gulf leaders as Egypt grapples with economic turmoil that has seen inflation shoot up to nearly 34% and the local currency halve in value
- Egypt was hit hard by the impact of Russia's invasion of Ukraine last year, having heavily relied in wheat imports and revenues from tourism from both countries
Economy
Lebanon judge to lift travel ban on central bank chief: judicial officials
Under investigation both at home and abroad on suspicion of fraud, money laundering and illicit enrichment, Riad Salameh has been...
- Speaking to the media, the first judicial official said that Judge Ghada Aoun will lift the travel ban on Riad Salameh tomorrow
- Lebanon is also investigating Salameh on suspicion of financial misconduct including possible embezzlement, money laundering and tax evasion
Business
LVMH posts Q1 revenue of $23.1bn
Jump in sales across all regions, including China.
- LVMH became Europe's most valuable company in January when its market capitalization soared to US$440 billion.
- The United States had a steady performance while "Asia experienced a significant rebound following the lifting of health restrictions".
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.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Global stocks mostly rise as Trump grants auto tariff relief
Stocks moved sideways on Monday after notching four straight positive sessions last week as Trump adopted a more conciliatory posture...
Economy
Company News
Latest News
China’s economy to grow steadily in 2024, say analysts
Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last...
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...
Economy
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.
Business
Most Read
World Economic Forum
World Economic Forum foresees ‘significant economic slowdown’
Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated...
- The WEF report offers a re-evaluation of global economic growth, introducing a new framework that takes a holistic look at GDP
- The report adds that high income economies in 2023 saw average annual GDP per capita growth of 1.01% over the past five years
Economy
Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...
- Spot gold was down 0.2% at $2,023.49 per ounce, as of 0415 GMT, after stooping 1.3% in the previous session - its biggest single-day decline since 4th December 2023
- The US Dollar Index, which gauges the dollar's strength against a basket of major currencies from key US trading partners has surpassed the 103.30 level
Business
Mawani reports rise in container handling
The growth aligns with the aims of national logistics strategy.
- Saudi Arabia's overall ports recorded a 9.01% increase in annual container handling for 2023, reaching 11,380,302 TEU compared to 10,439,620 TEU in 2022
- Transshipment containers also experienced an 8.96% increase in volume, with 3,237,490 TEU transshipped in 2023 compared to 2,971,233 TEU in 2022