Trump threatens Apple with a 25% tariff if iPhones aren’t made in US
Washington, United States -- US President Donald Trump on Friday threatened Apple with a 25 percent tariff if the iPhones...
Business
US stocks move sideways but poised for weekly gains
The S&P 500 has risen the last four sessions, extending the positive momentum after last weekend's trade talks resulted in...
Business
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.
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 IMFÂ
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.
Trump threatens Apple with a 25% tariff if iPhones aren’t made in US
Washington, United States -- US President Donald Trump on Friday threatened Apple with a 25 percent tariff if the iPhones...
Business
Company News
Gulf Air hit by data breach
Economy
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Saudi Arabia lists priority specializations for Special Talent Residency
Riyadh, Saudi Arabia - Saudi Arabia's Premium Residency Center on Sunday revealed a list of priority specializations that qualify individuals...
Economy
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...
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...
Business
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Business
Saudi GACA issues air carrier, airport classifications for December 2023
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) issued its monthly classification index for air transport service...
- Flynas had the fewest complaints among airlines, 42 per 100,000 travelers and a complaint resolution rate of 100 percent.
- SAUDIA Airlines came second, with 61 complaints per 100,000 travelers and a resolution rate of 99 percent.
Business
China remains world’s largest logistics market in terms of demand
BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's...
- As final consumption continues to rebound, it will lead to consistent growth in production and import demand.
- There has been a continuous enhancement in the competitive capabilities of China's logistics enterprises.
Economy
Dubai GDP growth up 3.3 percent in nine months of 2023
Real estate soared by 4 percent, while financial and insurance activities surged 2.7 percent. The knowledge economy improved with a...
- Accommodation and food services activities witnessed a remarkable 11.1 percent growth, solidifying Dubai's position as a global tourism leader.
- Dubai's financial and insurance sector, a significant contributor to the economy, posted a growth of 2.7 percent.