Trump fires new 50% tariff threat at EU, drawing stiff response
Washington, United States - President Donald Trump rekindled the US trade war on Friday, threatening to impose a 50 percent...
Economy
General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...
Business
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.
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
Trump fires new 50% tariff threat at EU, drawing stiff response
Washington, United States - President Donald Trump rekindled the US trade war on Friday, threatening to impose a 50 percent...
Economy
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Gulf Air hit by data breach
Economy
ASFAR, Municipality of Al-Ahsa sign agreement
RIYADH, SAUDI ARABIA - ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia,...
Business
Bahrain Q4 2023 imports increase to US$3.92bn
MANAMA, BAHRAIN - The Information eGovernment Authority (iGA) has published its foreign trade report of Bahrain for Q4 2023, covering...
Economy
European Central Bank to signal no rush to cut interest rates
The Frankfurt institute is tipped to pause for the third meeting in a row following a historic run of hikes...
Economy
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Business
Quiet and not-so-quiet luxury at Paris Fashion Week
PARIS, FRANCE - The Paris Fashion Week menswear shows draw to a close on Sunday. Here are some of the highlights...
- Celebrity presence has always been a big part of the fashion game, with sporting tie-ups playing an increasingly big role.
- New York label KidSuper scored big by convincing Brazilian footballer Ronaldinho to walk the catwalk.
Business
UAE foreign investment projects second highest in world: UNCTAD
Abu Dhabi, UAE -- The UAE recorded the second-highest increase in the number of new foreign investment projects around the...
- The number of these projects increased by 28 percent compared to 2022, said the UNCTAD report entitled “Investment Trends Monitor”.
- Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasized that the UAE is benefiting from the forward-looking vision of its leadership.
Business
ArcelorMittal wants ‘amicable solution’ on Italy steelworks
ROME, ITALY - ArcelorMittal has offered to sell its stake or become a minority shareholder in an Italian steelworks after Rome...
- Italy considers the steelworks a strategic asset, but it has long been plagued by financial problems and environmental concerns.
- Talks with ArcelorMittal, which owns a 62-percent stake, had broken down over how to keep production going.