Trump hails ‘total reset’ in US-China trade relations as talks continue
Geneva, Switzerland - US President Donald Trump hailed a "total reset" in US-China trade relations, ahead of a second day...
Economy
Global rice output in 2024/25 likely to expand by 1.5%: FAO
Rome, Italy --Â The Food and Agriculture Organization of the United Nations (FAO) released a new Cereal Supply and Demand...
Geostrategy
Geostrategy
Japan plans export control measures for chip equipment
TOKYO, JAPAN - Japan on Friday unveiled planned export controls on 23 items used to make semiconductors, following US pressure for...
- The move to curb export of chip equipment comes as Japan confirmed its top diplomat will visit China this weekend.
- As the second- and third-largest economies of the world, China and Japan are key trading partners.
Economy
UN agency estimates quake hit 20% of Turkey’s food production
The Food and Agriculture Organization (FAO) said initial assessments in Turkey revealed "severe damage to agriculture, including crops, livestock, fisheries...
- FAO estimated the quake caused $1.3 billion in damage, through destruction of infrastructure, livestock and crops, and $5.1 billion in losses to Turkey's agricultural sector
- The UN's food agency is appealing for $112 million to help quake-affected communities in Turkey, including $25 million under a wider UN appeal issued in February
Economy
Egypt raises key interest rates by 200 bps amid soaring inflation
Cairo, Egypt - The Central Bank of Egypt (CBE) raised key interest rates by 200 bps for the first time...
- The increase is in line with analysts' expectations, who suggested a hike ranging between two and three percent after seeing inflation hit record figures in Egypt
- The CBE explained that annual urban headline inflation continued to accelerate to 25.8 percent and 31.9 percent in January and February 2023, respectively
Economy
British economy performs better in late 2022: official data
London, United Kingdom--The British economy performed slightly better than previously estimated in the final quarter of last year as it expanded...
- Initially the UK's Office for National Statistics (ONS) said growth was flat in the October-December period
- ONS director of economic statistics Darren Morgan said that the economy performed a little more strongly than previously estimated
Economy
China economy slowly rebounding, services growth hits 12-yr high
The country has seen a surge in demand for travel, entertainment and other leisure services that were curbed for nearly...
- The official manufacturing purchasing managers' index (PMI) - a key gauge of Chinese factory output - beat expectations but fell to 51.9 in March, from 52.6 in February
- The official non-manufacturing PMI, which measures growth in the services and construction sectors, rose to 58.2 in March - the highest since May 2011 - up from 56.3 in February
Economy
Joblessness among Saudis falls to 8%, an all-time low
The jobless rate for Saudi women dropped to 15.4 percent in the fourth quarter, down 5.1 percent from the third...
- The labour force participation rate of Saudis remained unchanged at 52.5 percent, and the employment-to-population ratio of Saudis rose by 1 percent to 48.3 percent
- The jobless rate for Saudi women dropped to 15.4 percent in the fourth quarter, down 5.1 percent from the third quarter and 7.1 percent from a year earlier
Economy
EU parliament adopts tough rules to tackle gender pay gap
Women earn on average nearly 13 percent less per hour than men for the same work in the 27-nation European...
- Other rules stipulate that if a company has at least 100 employees, they must publish information regularly on the gender pay gap.
- Companies must also negotiate with staff representatives if there is a discrepancy of five percent. Those who break any of the rules face sanctions, including fines.
Business
UK warns against protectionism after US green energy subsidy
London, United Kingdom - Britain on Thursday warned against the threat of protectionism as it slammed the United States for leading...
- UK Finance Minister Jeremy Snape said the threat of protectionism is making a comeback in the world in the form of subsidy.
- US President Biden has launched $370bn initiative of subsidies for green energy and tax cuts for US manufactured e-cars, batteries.
Economy
Trends Poll: Saudi will reach net-zero first in GCC
Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address...
- The majority (59 percent) said Saudi Arabia will achieve the target first, followed by the UAE (24 percent) and Qatar (11 percent).Â
- Saudi Arabia, Qatar and the UAE account for around 10 percent of the world's annual CO2 collection at 3.7 million tons per annum (mtpa).
Economy
European Union deal to nearly double renewable energy by 2030
The provisional political agreement, which was reached after nightlong negotiations between the EU parliament and states, seeks to raise the...
- The move also comes as the EU has sought to slash its dependence on Russian fossil fuels after Moscow cut gas supplies last year.
- The figure is a compromise between the 45 percent share for renewables that was sought by EU lawmakers and the European Commission.
Trump hails ‘total reset’ in US-China trade relations as talks continue
Geneva, Switzerland - US President Donald Trump hailed a "total reset" in US-China trade relations, ahead of a second day...
Economy
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Saudi inflation rate declines slightly to 1.5 percent in Dec: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation declined to 1.5 percent in December 2023, compared with 1.7 percent in November, according to recent...
Economy
World’s five richest men doubled their fortunes since 2020: Oxfam
A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week,...
Geostrategy
Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...
World Economic Forum
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Economy
AI to impact 60% of advanced economy jobs: IMF’s Georgieva
The IMF sees an important opportunity for policy prescriptions to help address these concerns, Georgieva told AFP. "We must focus...
- The IMF report notes that half of the jobs impacted by AI will be negatively affected, while the rest may actually benefit from enhanced productivity gains due to AI
- AI will initially have a lower impact on developing economies and they are also less likely to benefit from the advantages of the novel technology, according to the report
Economy
Saudi Arabia leads world in innovation and investment
"This is in the service of humanity and in building an interconnected and innovative future in various fields, including public...
- Saudi Arabia has emerged as a major technology hub with a $43 billion market.
- The Kingdom sees significant growth in women's empowerment and digital capabilities.
Business
Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...
- The Ministry of Industry and Mineral Resources and the Japan Organization for Metals and Energy Security signed an agreement.
- The first day of the forum also saw the announcement of unexplored mineral estimates, rising from $1.3 trillion to $2.5 trillion.