Trump announces 25% tariffs on foreign-built vehicles
US President Donald Trump has announced steep tariffs on auto imports and parts, provoking threats of retaliation from trading partners...
Economy
Real challenges of digital transformation
Blockchain enhances security and efficiency by decentralizing data storage, and reducing fraud, David Boast tells TRENDS in an exclusive interview.
Economy
SVB’s demise: Warning signs were missed by investors, regulators
Banking experts have been among those alarmed at the rapid collapse of SVB, the country's 16th biggest bank by assets...
- The Federal Reserve announced Monday plans for a "thorough, transparent and swift" review of the supervision of SVB that will be publicly released on May 1
- President Joe Biden promised a "full accounting of what happened," adding that he would ask regulators and banking regulators to tighten rules on the sector
Turkish current account deficit rises to 40-year high
Istanbul, Turkey - Turkey's current account deficit increased to $9.85 billion in January, the highest monthly deficit since 1984, the...
- Turkey's trade deficit widened 38 percent in January to $14.24 billion, largely due to the sharp rise in gold imports and the rising cost of energy imports
- Excluding gold and energy, the current account showed a surplus of $2.6 billion in January, as opposed to a surplus of $1.7 billion in the same month last year
Economy
Iraq finalizes three-year budget designed to instill fiscal stability
Just days ahead of the 20th anniversary of the US-led invasion that resulted in war, chaos, and political instability, Iraq's...
- Iraq is plagued by corruption as well as power cuts that reflect its crumbling infrastructure
- The United Nations estimates that nearly one-third of Iraq's 42 million population live in poverty
Geostrategy
Lebanon central bank chief summoned in European probe
A Lebanese judge has asked central bank chief Riad Salameh to appear before visiting European investigators, a judicial official said...
- Lebanon central bank chief Riad Salameh denies all accusations against him and has rarely appeared before the judiciary.
- If he shows up, it would be the first time Salameh, 72, appears before European investigators probing suspected financial misconduct.
Infographics
UAE, Qatar least corrupt Arab nations
The 2022 Corruption Perception Index says corruption is undermining democratic processes and fueling violence in the Middle East and North...
- The CPI ranks180 countries and territories around the world by their perceived levels of public sector corruption on a scale of 0 (highly corrupt) to 100 (very clean).
- With a score of 90 and 87 respectively, Denmark and Finland top the CPI, while Somalia and Syria hit rock bottom with a score of 13 and 12 respectively.
Geostrategy
Russia agrees to grain export deal extension for 60 days
Russia has agreed to extend the Ukraine grain export deal following talks with the United Nations - but only for...
- The grain export deal has helped ease the global food crisis triggered by Russia's full-scale invasion of Ukraine in February 2022.
- The invasion saw Ukraine's Black Sea ports blocked by warships until a deal signed in July allowed for the safe passage of exports of critical grain supplies.
Geostrategy
UN investigators hit out at lackluster help for Syria quake victims
GENEVA, SWITZERLAND - The world failed to act quickly enough to rush life-saving aid to Syrians in desperate need following the...
- Almost 6,000 people were killed in Syria by the 7.8-magnitude tremor that struck the country and neighboring Turkey.
- The UN estimates that five million people need basic shelter and non-food assistance in the quake-hit part of Syria.
Economy
Biden vows to fix ‘mess’ as US regulators rush to contain SVB fallout
Treasury Secretary Janet Yellen said the government wants to avoid financial "contagion" from the SVB implosion, as it ruled out...
- Joe Biden vowed to hold accountable the people responsible for SVB collapse and said he would deliver remarks Monday on maintaining a resilient banking system
- In a joint statement, financial agencies including US Treasury said SVB depositors would have access to "all of their money" starting Monday, March 13
Economy
China’s new premier warns 5% growth rate for 2023 not ‘easy’ to achieve
Beijing, China--China's new premier warned Monday that the country's five-percent growth target for 2023 would not be "easy" to achieve, as...
- The Chinese government has set the economic growth target of around five percent as the country came out of strict zero-Covid rules that undermined growth
- The new premier also took a dig at the US as relations between the two powers have worsened over a host of issues such as trade, technology and security
Economy
Egypt’s exports to China shoot up 21% to US$1.7bn in 2022
Cairo, Egypt--Egypt’s export to China increased by 20.8 percent to $1.7 billion in the first 11 months of 2022, compared...
- Trade between the two countries shot up by 2.6 percent during the first 11 months of 2022, reaching $14.9 billion from $14.5 billion, according to the official data
- The North African country's imports from China totaled $13.2 billion from January to November 2022, up from $13.1 billion in the same period in 2021
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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
Trump announces 25% tariffs on foreign-built vehicles
US President Donald Trump has announced steep tariffs on auto imports and parts, provoking threats of retaliation from trading partners...
Economy
Company News
Latest News
Innovations make Dubai Airport soar to new heights
In 2023, Dubai International Airport ranked second globally in passenger count and was recognized for having the largest seat capacity...
Economy
‘Gulf-Korea FTA marks historic economic milestone’
"The implementation of such free trade agreements follows directives from GCC leaders aimed at strengthening economic ties with other countries...
Economy
Sharjah Consultative Council okays emirate’s draft budget 2024
Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the...
Business
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Economy
UAE’s hiring landscape sees rise in homegrown talent
"The challenge today is not just in assimilating this fresh talent but in bridging the gap between them and the...
- New graduates bring unique lifestyles and perspectives to the workforce.
- The generational divide: From self-made success to a reliance on support.
Business
GCC forges ahead in sustainable tech initiatives
In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant...
- In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant green transition in the region.
- The GCC's commitment to sustainable technology initiatives, including advancements in renewable energy, green hydrogen, and smart city solutions, make it a global leader.
Economy
Dubai real estate sales near record $109bn in 2023
Dubai, UAE - Dubai real estate annual sales comprising 127,000 deals have exceeded Dhs400 billion ($109 billion) during the current year...
- The momentum in the real estate market in the emirate will continue during the next year, according to Walid Al Zarooni, CEO of the W Capital.
- The residential real estate markets, Al Zarooni said, may remain at the investors radar during 2024 considering the latest trends in the market