US, China to slash tariffs as Trump to speak to Xi
After the first meetings between Washington and Beijing since Trump ratcheted up his trade war, the world's two biggest economies...
Economy
US and China meet in ‘important step’ towards de-escalating trade war
Geneva, Switzerland - Senior US and Chinese officials were meeting in Geneva Saturday in what Chinese state media described as...
Economy
Business
Rise in legal awareness leads to fewer labor disputes
An improved awareness of laws among companies and individuals, as well as successful awareness campaigns conducted by ADJD in collaboration...
- Abu Dhabi sees a 40% drop in labor disputes in 2022 compared to 2021, thanks to increased legal awareness and successful campaigns by the Abu Dhabi Judicial Department
- The efficient handling of labor disputes in the labor court and the advancement of legal procedures in labor cases have contributed to enhancing economic stability of the UAE
Business
Red Cross to cut 1,500 jobs over funding crunch
GENEVA, SWITZERLAND - The Red Cross announced Tuesday that it would cut 1,500 jobs over the next 12 months in a...
- The Red Cross said an expected drop in humanitarian assistance budgets over the next two years was forcing it to make significant cuts.
- The Geneva-based organization said its governing board on March 30 had approved US$474 million in global cost reduction through early 2024.
Business
Virgin Orbit files for bankruptcy, plans to sell business
Virgin Orbit, the satellite launch company founded by Richard Branson, has filed for Chapter 11 bankruptcy and will sell the...
- Virgin Orbit suffered a major setback earlier this year when an attempt to launch the first rocket into space from British soil ended in failure.
- The company had organized the mission with the UK Space Agency and Cornwall Spaceport to launch nine satellites into space.
Economy
IMF approves $5bn under flexible credit line for Morocco
Washington, USA - International Monetary Fund (IMF) approved SDR 3.7262 billion ($5 billion) on a two-year arrangement for Morocco under...
- Morocco has benefited from four Precautionary and Liquidity Line (PLL) arrangements since 2012, each totaling about US$ 3 billion.
- The first PLL was approved on August 3, 2012, followed by three more approvals on July 28, 2014, July 22, 2016, and December 17, 2018.
Business
Iraq, Kurdish region sign accord to resume oil export
The deal, thrashed out in talks between federal and regional officials, spells the end of independent oil exports by the...
- The agreement was signed in Baghdad in the presence of Prime Minister Mohamed Shia al-Sudani and Kurdish premier Masrour Barzani.
- The deal comes two days after Iraq, Saudi Arabia and several other major oil exporters announced a sharp reduction in their production from May.
Videos
Saudi Arabia hub of big healthcare firms
The current healthcare expenditure in the Gulf Cooperation Council region is expected to reach $135 billion in 2027, implying an...
- The kingdom will need 19,000 to 20,000 additional hospital beds by 2030, which calls for an investment of $33.8 billion to $35.6 billion.
- Saudi Arabia's healthcare has seen tremendous growth and it continues to be one of the few sectors that have not been affected by economic fluctuations.
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
US, China to slash tariffs as Trump to speak to Xi
After the first meetings between Washington and Beijing since Trump ratcheted up his trade war, the world's two biggest economies...
Economy
Company News
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WTO head ‘less optimistic’ for world trade due to Red Sea strikes
The head of the international trade body said weaker global economic growth, "worsening geopolitical tensions, the new disruptions we see...
World Economic Forum
World Economic Forum foresees ‘significant economic slowdown’
Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated...
World Economic Forum
Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...
Economy
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Economy
CBUAE balance sheet touches US$182 billion in November 2023
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at...
- The UAE central bank's balance sheet maintained a steady 21.2% growth rate throughout the first eleven months of 2023
- According to the CBUAE, investments and deposits also played a huge role, totaling $56.63 billion and $26.53 billion respectively
Business
China’s economic recovery stalls as growth flags
The country's national bureau of statistics said that GDP grew 5.2 percent to hit 126 trillion yuan ($17.6 trillion) as...
- But Wednesday's reading is an improvement on the three percent growth recorded in 2022
- China's exports -- historically a key growth lever -- dropped last year for the first time since 2016
Economy
Saudi startups soar amid surge in venture investments
Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to...
- Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to support Vision 2030,
- The Saudi Venture Capital Company plays an important role, with more than $2.1 billion invested in various sectors, marking a new era of innovation and growth.