China factory output beats forecasts, weathering tariffs
Beijing, China - Factory output in China grew at a faster rate than expected last month, official data showed Monday,...
Economy
US, China to publish details of ‘substantial’ trade talks in Geneva
The US and China will Monday give details of "substantial progress" touted by Washington on trade talks aimed at ending...
Economy
Business
Oman issues order to regulate consumer cooperatives
MUSCAT, OMAN - Oman Ministry of Commerce, Industry and Investment Promotion on Sunday issued an order to regulate the activities...
- The order aims at promoting Omani products, establishing new supply chains, supporting national industries.
- The ministry pointed out that consumer cooperatives operate under a legal framework to sell goods.
Economy
Small US banks use enlarged deposit guarantee to compete with giants
Federal data shows that some depositors at small banks did head for the exits, moving some $120 billion in a...
- US banking rules guarantee deposits of up to $250,000, meaning that customers with larger holdings face losses if the bank goes under
- Leader Bank can guarantee up to $100 million in deposits from individuals through a technology platform run by fintech company IntraFi
Business
Ras Al Khaimah Economic Zone attracts 1,839 companies in Q1
Ras Al Khaimah, UAE--Ras Al Khaimah Economic Zone (RAKEZ) brought in 1,839 new companies in the first quarter of 2023,...
- RAKEZ CEO said the reason companies choose the zone was because of its innovative business solutions and aiding enterprises of diverse types
- The economic zone also posted high growth in sectors like services, e-commerce, and media companies, highlighting its diverse business landscape
Science
DEWA to launch second nanosatellite for remote sensing this month
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has completed preparations to launch its second nanosatellite for remote sensing applications in...
- The satellite will blast off from Vandenberg Air Force Base in California and will be launched by SpaceX Falcon 9 rocket
- DEWA's Research and Development Centre designed and developed the nanosatellite in cooperation with NanoAvionics in Lithuania
Economy
Credit Suisse takeover prevented Swiss economy collapse: minister
Swiss Finance Minister said that the government had acted in the country's best interests in swiftly arranging the takeover of...
- The bank takeover talks were hastily conducted at Keller-Sutter's finance ministry in Bern and the $3.25 billion deal was announced on March 19
- The minister said the government would have to analyse what happened in full, and then adapt the regulations on banks considered too big to fail
Economy
UAE, Saudi Arabia lead GCC in job outsourcing
The latest developments are generating substantial growth opportunities for both local and international service providers in the outsourcing market, a...
- The latest developments have generated substantial growth opportunities for both local and international service providers in the outsourcing market, a report points out
- The UAE's outsourcing market is expected to reach US$6.8 billion in 2023, while Saudi Arabia's outsourcing market is projected to reach US$5.7 billion in 2027, it adds
Economy
Collaboration helps strengthen Emirati workforce
“This also opens new horizons for Emiratis to effectively contribute to the UAE's economic development,” adds Farida Al Ali, Assistant...
- Collaboration with local HR departments, educational institutions, and private sector companies helps connect with local talent, says a UAE official
- This also opens new horizons for Emiratis to effectively contribute to the UAE's economic development, adds Farida Al Ali of the country's MoHRE
Economy
World Bank could lend $50bn more over decade with reform: Yellen
Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital...
- In March, the World Bank submitted an evolution plan to be discussed with its development committee on April 12, during the spring meetings.
- As global growth slows, the World Bank previously warned that the outlook is especially tough for the poorest economies -- which face sluggish growth driven by heavy debt burdens.
Economy
Qatar foreign reserves post 12% jump to US$65bn in March
Doha, Qatar-- Qatar Central Bank has reported an increase in international reserves and foreign currency liquidity in March to $65...
- At the end of March 2023, balances in foreign banks increased by about $3.29 billion to reach $7.41 billion
- Qatar's shares of SDR deposits at the IMF decreased by the end of March 2023 with a value of $38 million
Economy
US Treasury Secretary US economy to grow, downplays recession fears
Washington, United States - US Treasury Secretary Janet Yellen expects the world's biggest economy will continue to grow, despite heightened...
- Yellen said she is committed to ensuring that all deposits are safe and monitoring banking system conditions
- After SVB's collapse, US authorities set out plans to ensure its customers would be able to access their deposits
China factory output beats forecasts, weathering tariffs
Beijing, China - Factory output in China grew at a faster rate than expected last month, official data showed Monday,...
Economy
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Global leaders need digital skills for AI management
"Governments should design solutions to face these challenges rather than ignoring them, leveraging the positive effects and significant opportunities presented...
Economy
France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
Business
In Davos, AI excitement persists but fears over managing risks
A recent IMF report said AI would affect nearly 40 percent of jobs around the world, and some 60 percent...
World Economic Forum
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Economy
Markets track Wall St rally but China worries cast shadow
Broader markets were also enjoying a day in the sun though traders struggled to maintain the morning's momentum. Tokyo put...
- US data points on inflation and jobs, and comments from central bank officials have combined with growing geopolitical tensions to drag equities in January
- In light of the latest data, traders have lowered their bets on a March interest rate cut to a little more than 50 percent, down from 80 percent last week
Economy
Pakistan, Dubai ink deals worth $3 billion at Davos
Davos, Switzerland - Pakistan and Dubai signed two agreements totaling over $3 billion on the sidelines of the World Economic...
- One of the key agreements involves the establishment of a rail-based dedicated freight corridor
- It will run from Karachi Port on the Arabian Sea through Karachi to the Pipri Marshalling Yard
World Economic Forum
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and...
- The World Economic Forum meeting in Saudi Arabia will address economic issues, international cooperation and global challenges
- The kingdom's finance minister said the region requires a strong Saudi Arabia to contribute and that future outlook looks positive