Generative AI’s most prominent skeptic doubles down
Vancouver, Canada -- Two and a half years since ChatGPT rocked the world, scientist and writer Gary Marcus still remains...
Interview
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
Economy
Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reportedChina’s consumer price index climbed 0.3%...
- China’s consumer price index climbed 0.3% year on year
- Japan’s first-quarter GDP expected to have contracted an annualized 1.5%
Economy
Kuwait approves new government amid political crisis
Kuwait's emir approved a new cabinet Sunday two days after he dissolved the parliament elected only weeks earlier, and he...
- The new government -- the small emirate's 46th -- is headed by Prime Minister Sheikh Ahmed al-Abdullah al-Sabah
- MPs have previously accused ministers of corruption
Economy
Dubai 21st most richest city in the world, top in the Middle East
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of...
- New York is the richest city in the world, with 359,500 millionaires and 60 billionaires
- Dubai has 72,500 millionaires, 212 centi-millionaires (100 mn +) and 15 billionaires
Economy
Saudi Arabia invests billions in biotech sector: report
The kingdom accelerates its biotech and genomics sector with substantial investments, in line with Vision 2030's push for economic diversification...
- A recent Arthur D. Little (ADL) projects a double-digit growth that could reinforce Saudi Arabia as a major player in the global biotech landscape
- The Kingdom's commitment is evident in its significant R&D investments, with a reported US$ 3.9 billion allocated in 2021 alone
Economy
Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
- International benchmark Brent crude traded at $85.28 per barrel
- Increase of 4.9 million barrels in US crude oil inventories
Economy
US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
- After a two-day gathering, the central bank decided unanimously to keep the benchmark lending rate unchanged at 5.25-5.50 percent
- For months, the US central bank has held its benchmark lending rate at a high level to cool demand and rein in price increases
Economy
Stablecoins and DeFi drive crypto market’s renewed growth: report
The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a...
- Another key driver of this positive shift is institutional investors' increasing adoption of blockchain technology
- Stablecoins offer a reliable store of value for individuals living in regions with economic instability or currency devaluation
Economy
GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...
- Saudi Arabia launched the Global Supply Chain Resilience Initiative to attract investments and position itself as a hub for leading industrial companies
- The UAE is focusing on strengthening its food supply chains through local production initiatives, logistics hubs, and advanced technologies
Economy
MENA’s rising debt: A cause for global concern
MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to...
- The debt-to-GDP ratio in the MENA region has increased by over 23 percent in the past six years, according to World Bank report
- The report highlights a staggering increase of over 11 percentage points in the debt-to-GDP ratio in 2020 alone due to pandemic
Economy
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
- The IMF recommended that the ECB cut rates quarterly in quarter-point increments until September 2025
- Monetary policy in the GCC will remain tight, deterring some private sector investment
Generative AI’s most prominent skeptic doubles down
Vancouver, Canada -- Two and a half years since ChatGPT rocked the world, scientist and writer Gary Marcus still remains...
Interview
Company News
Latest News
World’s tiniest pacemaker is smaller than grain of rice
Paris, France -- Scientists said Wednesday they have developed the world's tiniest pacemaker, a temporary heartbeat regulator smaller than a...
Science
Trump puts world on edge as ‘Liberation Day’ tariffs loom
Trump kept rivals and allies alike guessing about who would be targeted and by how much, but promised to be...
Economy
Morocco ‘water highway’ averts crisis in big cities but doubts over sustainability
Morocco is spending hundreds of millions of dollars on tapping northern rivers to supply water to parched cities farther south...
Economy
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Geostrategy
From cars to champagne: Trump’s expanding tariffs trigger trade war fears
Paris, France -- From champagne to steel and now cars: it is getting harder to keep up with US President...
- In early March, Trump imposed a 20 percent tariff on products from China, which has a huge trade surplus with the United States and was already his top target during his first term
- Trump announced earlier he would slap 25-percent tariffs on imports from countries buying oil and gas from Venezuela, a punitive measure that could hit China and India.
Geostrategy
Lebanon cabinet appoints Karim Souaid central bank governor
Born in 1964, Souaid officially takes over after embattled former chief Riad Salameh's term expired in July 2023 with no...
- First vice-governor Wassim Manssouri had been acting head of the bank, a post that is traditionally reserved for a Maronite Christian in Lebanon's sectarian power-sharing system.
- Souaid is the founder and managing partner at Gulf-based Growthgate, according to his biography on the private investment firm's website.
Economy
Trump announces 25% tariffs on foreign-built vehicles
US President Donald Trump has announced steep tariffs on auto imports and parts, provoking threats of retaliation from trading partners...
- The duties take effect at 12:01 am (0401 GMT) on April 3 and impact foreign-made cars and light trucks while key automobile parts will also be hit within the month
- But the White House added that vehicles entering under the US-Mexico-Canada Agreement (USMCA) can qualify for a lower rate depending on their American content