Trump admits trade war ‘cost’ as markets hit
Jitters about US tariffs hammered Asian stocks again early Friday as President Donald Trump acknowledged a "cost" to his surging...
Economy
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
Business
European banking sector is resilient, says ECB
FRANKFURT, GERMANY - The European financial system is "resilient" and has sufficient liquidity, the European Central Bank said Monday, as banking...
- Switzerland announced that UBS would buy Credit Suisse for $3.25 billion, in a bid to prevent economic turmoil from spreading.
- ECB, European Banking Authority, EU's Single Resolution Board said they welcome the actions of the Swiss authorities to ensure financial stability.
Economy
US banking regulator sells Signature Bank assets to another lender
Signature Bank was seized by the Federal Deposit Insurance Corporation (FDIC) a week ago after it imploded in the wake...
- Flagstar Bank, a subsidiary of New York Community Bancorp, will take over all the deposits and some loan portfolios of Signature Bank, the regulator said in a statement
- The collapse of SVB, Signature Bank and fellow regional lender Silvergate has sparked fears of contagion across the industry as worried customers withdraw their cash
Economy
Kuwait Oil Company declares ‘state of emergency’ after oil spill on land
Teams have been dispatched to determine the source of the leak and contain the incident, Al-Amer said, declining to give...
- The emergency followed an "oil leak in the west of the country", the state-owned company said in a statement
- Kuwait is a major oil-producing country where nearly 90 percent of government revenues come from oil
Economy
Jordan’s ‘Tashgheel’ fetches 20,000 jobs for its citizens in private sector
Amman, Jordan--A government-sponsored program in Jordan has helped place 20,000 people into private sector jobs since its launch in April...
- The government program aims to provide 60,000 job opportunities in accordance with the private sector's demand
- More than 50,000 job seekers registered for the program, 26,258 of whom were female and 26,885 of whom were male
Geostrategy
Japan PM arrives in India to widen trade, technology ties
New Delhi, India--Japanese Prime Minister Fumio Kishida arrived in India on Monday for talks expected to focus on deepening trade and...
- Japan PM's visit comes in the wake of Australian PM's trip to India, which also saw talks centering around China and trade
- India and Japan are expected to announce initiatives on clean energy, digital trade and infrastructure
Business
SIRC buys 60% of Masab Plastic
The PIF-owned firm looks to deepen investment in recycling.
- According to Saudi Press Agency, the deal is intended to support the company's plan to establish partnership with the private sector
- The agreement between the two groups was signed on the sidelines of the Private Sector Forum, which was held from March 14 to March 15
Economy
Two Indian companies investing $45m in Bahrain
Manama, Bahrain: Aerolam Middle East and Titan Company are set to launch their operations in Bahrain with a total investment...
- Titan is gearing up to launch Tanishq in Bahrain, backed by a franchise partner from India, with a total expected investment of approximately $30 million
- The volume of trade between the two countries with a focus on financial services and logistics has increased by 30 percent since 2018, reaching $1.4 billion in 2022
Economy
Saudi Arabia, Turkey sign deals during ‘Turk Expo 2023’ in Riyadh
Riyadh, Saudi Arabia--Saudi Arabia and Turkey have signed three agreements in the industrial sector during the Turkish Export Products Trade...
- The trade fair is designed to introduce the Turkish products and services to the Saudi market
- Trade exchange between Saudi Arabia and Turkey in 2022 amounted to about $5.86 billion
Economy
Egypt’s president meets Russian envoy in Cairo in sign of closer ties
Renewing their commitment to "continuing to strengthen bilateral relations", Egyptian President Abdel Fattah al-Sisi met with a senior Russian delegation...
- The Russian delegation's visit came two days after the Hague-based International Criminal Court announced an arrest warrant for Putin on the war crimes
- Before the outbreak of war, which has entered its second year, 85 percent of Egypt's wheat imports were sourced from both Russia and Ukraine
Economy
US Fed, other central banks move to boost global dollar liquidity
The central banks will step up so-called swap line operations, which give non-US central banks greater access to dollars. "To...
- The special drive will be launched Monday by the Fed and the central banks of Canada, the UK, Japan, the EU and Switzerland
- The announcement came hours after Switzerland brokered the UBS takeover of its troubled Swiss rival Credit Suisse
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Trump admits trade war ‘cost’ as markets hit
Jitters about US tariffs hammered Asian stocks again early Friday as President Donald Trump acknowledged a "cost" to his surging...
Economy
Company News
Latest News
Qatar National Bank forecasts world economic growth to be 2.9% in 2024
Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same...
Economy
Global maritime trade sails into geopolitical storm
Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which...
‘Dubai reinforces global leadership in healthcare’
“Biomedical and health informatics professionals attending MedInfo 2027 will enjoy a world-class event in a thriving global city within close...
Economy
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Economy
2024 set to see new era of digital transformation
The GCC region is on the brink of a major tech revolution, led by advancements in AI, fintech, and sustainable...
- The GCC region is on the brink of a major tech revolution, led by advancements in AI, fintech, and sustainable technology, UAE-based tech expert Dua Al Toobi tells TRENDS.
- Innovations are set to reshape the Gulf's economic and social landscape in 2024, marking a pivotal shift towards a knowledge-based economy, adds Al Toobi.
Economy
Eurozone inflation rises to 2.9% in Dec mainly due to energy costs
The data supports comments by European Central Bank (ECB) chief Christine Lagarde, who has warned that Europe should remain on...
- Energy prices in the eurozone fell in December, by 6.7 percent on an annual measure, but that was less than the 11.5 percent drop in November
- Among the 20 countries that use the euro, Belgium and Italy had the lowest inflation rate, reaching 0.5 percent in December
Economy
FAO says global food prices fell 13.7 percent in 2023
World food prices fell in 2023, with considerable declines for grains and oils as supply concerns eased, the UN's Food...
- Overall, world food commodity prices fell 13.7 percent in 2023 compared to the previous year, Rome-based FAO said.
- The vegetable oil price index posted the biggest fall last year, dropping 32.7 percent, thanks to improved supplies and reduced use for biofuel production.