China vows ‘fight to the end’ as Trump warns 50% more tariffs
China vowed on Tuesday to "fight to the end" against fresh tariffs of 50 percent threatened by US President Donald...
Economy
Trump’s global tariff takes effect in dramatic US trade shift
US President Donald Trump's widest-ranging tariffs to date took effect Saturday, in a move which could trigger retaliation and escalating...
Economy
Business
Prominent firms in DIFC to tap into wealth across region
DUBAI, UAE - Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center...
- The financial center's 300 wealth and asset management firms should help in providing a conducive environment for businesses in the region.
- DIFC's world-class legal and regulatory framework and access to competitive markets have bolstered the depth of its asset management ecosystem.
Business
Credit Suisse chiefs apologize to shocked shareholders
ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be...
- The 167-year-old bank's final AGM was the first chance Credit Suisse shareholders had to voice their frustrations.
- "I can understand the bitterness, the anger and the shock of all those affected," Credit Suisse chairman Axel Lehmann said.
Economy
Evergrande signs restructuring agreement with international creditors
Hong Kong, China--Chinese property developer Evergrande said it has entered into a restructuring agreement with a group of international creditors, in...
- Evergrande, once China's biggest real estate firm, was found to be neck-deep in $300 billion in liabilities, touching off a nationwide property crisis
- The company, in a Hong Kong exchange filing, said it had agreed to proposals with creditors who hold a big chunk of developer's offshore bonds
Economy
TRENDS Poll: Inflation takes biggest bite from Gulf household incomes during Ramadan
The poll discovers people struggling across the Middle East to cope with high cost of living in the holy month...
- Egypt has seen inflation vault to 32 percent in February with the government taking steps to mitigate its effect on low-income groups
- Lebanon is facing a more severe cost-of-living crisis, with inflation reaching up to 123 percent in January
Economy
Dubai Financial Market hits one-month high riding on blue-chip communication stocks
Abu Dhabi, UAE - UAE stock markets Monday continued to capitalize on improved investor sentiments, with blue-chip communication stocks leading...
- Saudi Arabia, as per the report, was the best performing GCC market during the month with a gain of 4.8 percent
- The Muscat Stock Exchange was the second-best performing market for the second consecutive month in March 2023
Economy
Bahrain’s investment push: Businesses with large-scale projects to get Golden Licence
Manama, Bahrain - Bahrain has announced the launch of a Golden Licence, providing incentives and streamlined services to foreign and...
- The move builds upon the growing investment attractiveness of Bahrain, which has recently recorded its highest Real GDP growth rate in almost a decade
- Companies with major investment projects that will create over 500 jobs, or those with investment value exceeding $50 million, will be eligible for the license
Economy
Priorities set to spur Saudi digital transformation
Organizations across the Kingdom are witnessing major DX impact in customer satisfaction, cost efficiencies, and data-driven insights, an IDC executive...
- Organizations across the Kingdom are witnessing major DX impact in customer satisfaction, cost efficiencies, and data-driven insights, an IDC executive tells TRENDS
- More than 50 percent of chief information officers in Saudi Arabia are now focused on transitioning their existing business models to digital ones, says an IDC report
Business
DMCC posts record Q1 growth as 708 firms register
A total of 3049 new companies joined DMCC in 2022.
- This is DMCC's best performance in Q1 since its inauguration in 2002, marking a 8.4% increase year-on-year.
- The best performing sectors for DMCC was its traditional core markets, which showed strong results in businesses from various countries.
Geostrategy
Oil cuts in interest of energy markets, says Russia
The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar...
- Saudi Arabia and other major oil producers announced Sunday a production cut of more than one million barrels per day.
- Russia said it would extend until the end of the year its own voluntary production cut of 500,000 barrels per day.
Geostrategy
China begins security probe into US chipmaker Micron
BEIJING, CHINA - Chinese authorities have begun an investigation into leading US memory chipmaker Micron Technology, a decision Beijing's foreign ministry...
- The probe escalates an already fierce battle between US and China for supremacy in the field of semiconductors.
- US authorities have in recent years sought to prevent the country's advanced chip technology from being exported to China.
Most Read
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
China vows ‘fight to the end’ as Trump warns 50% more tariffs
China vowed on Tuesday to "fight to the end" against fresh tariffs of 50 percent threatened by US President Donald...
Economy
Company News
Latest News
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...
Business
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...
Business
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...
Most Read
Economy
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
- The IEA said the largest growth took place in China, with wind power additions rising by 66%
- Europe, the US and Brazil also hit all-time highs in renewable energy capacity
Economy
US regulators authorize first bitcoin funds on public markets
The authorization of the ETFs - which are comparable to stocks or mutual funds as far as accessibility to everyday...
- Regulators approved proposals for 11 ETFs to list on leading exchanges including the New York Stock Exchange, the Securities and Exchange Commission said in a 22-page order
- Exchange-traded funds are traded on public markets, granting investors exposure to price movements in asset prices without taking direct ownership of the underlying assets
Infographics
Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...
- Developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank said recently.
- The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.