Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
Business
Egypt central bank lowers interest rate for first time since 2020
Egypt's central bank on Thursday announced that it was lowering interest rates for the first time since 2020, days after...
Economy
Turkey’s inflation slows to 50% ahead of election
Analysts warn that the economy may start heating up as the government rebuilds huge swaths of Turkey's southeast that were...
- The inflation rate slowed for a fifth consecutive month from a high of more than 85 percent, according to the state statistics agency
- Erdogan has tried to fight Turkey's inflation by slashing interests rates, the opposite approach taken by central banks in other countries
Economy
Business confidence drops among Japan’s largest manufacturers
Tokyo, Japan--Japan's largest manufacturers feel less optimistic about business conditions with confidence falling to its lowest level in more than...
- The quarterly Tankan survey undertaken by the Bank of Japan is seen as the broadest indicator of how Japanese businesses are performing
- Business confidence among major manufacturers dropped to plus one from plus seven three months earlier
Economy
Iraq and Jordan to set up economic city on common border
A joint economic city is going to come up on the Iraq-Jordan border and in this regard an international tender...
- The Iraqi-Jordanian Company for Industry, which will carry out the project, urged international companies to make a bid
- The economic city is expected to boost trade cooperation between the two countries and achieve integration in many fields
Economy
Regulatory clarity to help GCC region unlock full potential of Metaverse, cryptocurrency markets
Data privacy, security, consent management, safety, integrity, equity, inclusion, accessibility, affordability, and protection of virtual asset ownership remain key concerns.
- Data privacy, security, consent management, safety, integrity, equity, inclusion, accessibility, affordability, and protection of virtual asset ownership remain key concerns
- The two technologies provide an opportunity to KSA and UAE to enable and accelerate non-oil use cases in the region and become hubs in the region and beyond
Geostrategy
Egyptian President al-Sisi meets Saudi Crown Prince amid quest for financial aid
CAIRO, EGYPT - Egyptian President Abdel Fattah al-Sisi met Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz...
- Both Egypt and Saudi Arabia possess significant influence within the Arab, Islamic, and international spheres.
- The similarity between Egyptian and Saudi policies leads to alignment on several global, Arab, and Islamic issues.
Science
Dubai Chamber reviews software development, Artificial Intelligence sector
DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session...
- Various executives, business leaders and experts of the digital industry discussed at length the challenges and opportunities present in the sector
- Dubai aims to become a top destination for global digital investment and tech talent and is attracting software development professionals,
Economy
EU bloc records highest ever trade deficit in 2022
BRUSSELS, BELGIUM - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching...
- The deficit was due, in particular, to a steep rise in the value of energy imports, which started towards the end of 2021 and continued through most of 2022.
- Also in 2022, non-EU imports (+41 percent) and exports (+18 percent) reached their highest year-on-year growth rates recorded over the last 10 years.
Economy
US tenants face eviction as inflation rises, Covid-era aid ends
The country sees 3.6 million eviction cases filed in a typical year, said Peter Hepburn, associate director of Eviction Lab...
- Some households were approved for rental assistance that never arrived as funding dried up, resulting in arrears of over $10,000.
- Black renters face greater risks, women are more likely to be listed as defendants and renters with children are at greatest risks of eviction.
Economy
Erdogan vows to build 319,000 homes in quake-hit southern Turkey
Ankara, Turkey--Turkish President Recep Tayyip Erdogan on Saturday pledged to rebuild the country's southern region devastated by powerful earthquakes on...
- The Turkish president promised to erase all traces of the destruction caused by the disaster, and prepare "more strongly" for possible disasters in the future
- The magnitude 7.7 and 7.6 quakes affected more than 13.5 million people in Turkey, as well as many others in northern Syria
Business
Agility posts US$221m profit
Its revenue for 2022 rose to US$2.8bn, a 78% jump.
- The company has ramped up its credit facilities in order to fund its growth plan, which includes the acquisition of John Menzies
- Agility enjoys a healthy balance sheet with $10.72 billion in assets. and the company's net debt stands at $2.60 billion
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
Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
Business
Company News
Chemanol to buy stake in ACC
Business
Latest News
IMF okays $700 million disbursement for cash-strapped Pakistan
Washington, United States - The IMF's executive board approved an immediate disbursement of around $700 million for Pakistan Thursday as part...
Economy
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
Market Report
Lunate Capital launches Shariah-compliant ETF tracking Indian equities
ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid,...
Business
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Business
Wars to cast pall over meeting of global VIPs in Davos
Paris, France - The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine...
- Russia's nearly two-year-old assault on Ukraine has taken centre stage at previous editions of the World Economic Forum (WEF)
- The gathering "is taking place against the most complicated geopolitical and geoeconomic backdrop in decades", said WEF president Borge Brende
Economy
Dubai aims to become global creative economy capital
"Dubai transcends economic statistics; it embodies a pursuit of the highest quality of life. Our aspiration is to achieve excellence,...
- Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, invites content creators to join in shaping Dubai's narrative.
- He underscores Dubai's strategic role as a global hub, especially through DXB airport, serviced by Emirates Airlines and flydubai.
Economy
China, Russia trade soared in 2023 as commerce with US sank
Beijing, China - Trade between China and Russia hit a record high in 2023, official data from Beijing showed on Friday,...
- China-Russia trade reached more than $240 billion, customs figures showed, overshooting a goal of $200 billion set by the neighbours in bilateral meetings last year
- The figure is a record for the two countries, who have grown closer politically and economically since Moscow's invasion of Ukraine in 2022