Trump’s new tariffs take effect, with 104% on Chinese goods
US President Donald Trump's punishing tariffs on dozens of economies came in force Wednesday, including over 100 percent in levies...
Economy
Saudi stocks take 5-year record fall, plunge nearly 7% after US tariffs spark global market turmoil
Other Gulf markets also took a dive, reflecting global trends as countries around the world grapple with Trump's shock tariffs...
Economy
In troubled Libya, young robotics fans see hope in hi-tech
Libya has seen more than a decade of stop-start conflict since a 2011 NATO-backed revolt toppled strongman Moamer Kadhafi, with...
- The robotic competition is aimed at preparing the workers of the future and make the country aware of the importance of technology and innovation, event coordinator said
- The event, funded by an international school and private sponsors, had been envisaged since 2018 but repeatedly delayed because of unrest and then the Covid pandemic
Economy
Shunned for long, KSA welcomes home top designer
Western fashion was once largely taboo in Saudi Arabia, but with the kingdom undergoing great social changes, a designer is...
- Mohammed Ashi made his career abroad, training in the United States and working for Givenchy and Lebanese couturier Elie Saab
- International stars like Beyonce, Deepika Padukone, Zendaya and Cardi B wear his outfits, showing up on red carpets from the Oscars to Cannes
Economy
US banking crisis after SVB fall to have limited impact on Europe: rating agencies
Markets were rocked earlier this week by the collapse of two US regional lenders, SVB and Signature Bank, which forced...
- Moody's said the structure of European banks limited their exposure to the collapse of Silicon Valley Bank because they placed a larger share of deposits with central banks
- Interest rate tightening "likely still has some way to run" and "developing stresses in the US banking system will also weaken investor confidence, the rating agency warned
Economy
OPEC projects world oil demand to average 101.9 mb/d in 2023
Vienna, Austria – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3...
- The world economic growth forecast for 2023 is expected at 2.6% y-o-y, following growth of 3.2% in 2022
- On crude oil futures prices, OPEC said, the prospect of oil demand recovery in China limited futures price losses
Economy
UAE and Japan look to widen economic, trade, investment ties
Tokyo, Japan--The UAE and Japan are looking to increase economic, trade and investment cooperation, and explore new economic opportunities of...
- Al Zaabi exhorted Japanese companies to utilize opportunities in Abu Dhabi and benefit from the UAE's position as a gateway to the Middle East, Africa, and South Asia
- Kodaira said that the meeting comes at a time when Japan and the UAE are beginning a new half-century of economic cooperation in different fields
Economy
Is Saudi Arabia considering three-day weekend?
The Kingdom is analyzing the new work structure to enhance job creation and make the labor market more appealing to...
- The Kingdom is analyzing the new work structure to enhance job creation and make the labor market more appealing to domestic and foreign investors, reports suggest
- If Saudi Arabia follows suit, it would be the second Arab country after the UAE to institute a shortened workweek. At present, the Kingdom applies a system of five working days
Economy
Morocco joins Spain, Portugal to launch bid for 2030 World Cup
Morocco has joined the bid by Spain and Portugal to host the centenary World Cup in 2030, according to its...
- South Korea and Japan in 2002 shared the competition, and in 2026, the finals will be played in the US, Mexico and Canada
- Morocco, in December in Qatar, became the first nation from either Africa or the Arab world to reach the semi-finals
Economy
US consumer inflation high, Federal Reserve under stress
US consumer inflation edged down in February but remains elevated, according to government data, adding pressure to the Federal Reserve...
- Between January and February, the consumer price index rose 0.4 percent, slowing from the month prior as well.
- The food index in February remains nearly 10 percent above last year's level, with prices of dining out still high.
Business
UAE has incredible position in the world: Salesforce CEO
All industries and businesses should focus on net zero emissions, nature positivity, net zero business and eventually a net zero...
- All industries and businesses should focus on net zero emissions, nature positivity, net zero business and eventually a net zero world, Salesforce chief Marc Benioff tells TRENDS
- Benioff advocates for global commitment to green initiatives, net zero emissions, and has expedited One Trillion Tree initiative to tackle climate change
Geostrategy
Grain deal talks ongoing after Russian proposal, says UN
Consultations to prolong Ukrainian grain exports deal are continuing, the UN said, after a Russian proposal for just a 60-day...
- Russia had agreed to extend the deal which is due to expire on Saturday, for 60 days.
- Ukraine said that "contradicts" the original agreement but did not reject the proposal.
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Trump’s new tariffs take effect, with 104% on Chinese goods
US President Donald Trump's punishing tariffs on dozens of economies came in force Wednesday, including over 100 percent in levies...
Economy
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Oil prices jump, stocks slump after Iran blasts
"Heightened tensions in the Middle East following a bomb blast at a ceremony honouring a slain general in Iran have...
Economy
Jordan’s public debt rises to $46.1bn by Oct 2023 end: Ministry
Dubai, UAE -- Jordan's public debt till the end of October 2023 has risen to $46.1 billion, 89.6 percent of...
Economy
Turkey’s inflation rate nears 65 percent in December
Turkey's official annual inflation rate ticked up to 64.77 in December, from 61.98 percent in November. But the month-on-month pace...
Economy
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Economy
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
- China lowered import tariffs on resources and NEVs, aiming to enhance competitiveness and secure supplies.
- Tariffs on medicines and food for medical purposes were cut, reflecting a focus on health and consumer needs.
Economy
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
- Qatar's industrial PPI fell 1.95% in November, driven by oil price drops in mining and some manufacturing sectors.
- Electricity prices defied the trend, showing MoM and YoY increases, while water prices dipped MoM but rose slightly YoY.
Economy
Saudi Arabia launches skill verification program in Egypt
Riyadh, Saudi Arabia - Saudi Arabia, through its Ministry of Human Resources and Social Development (MHRSD), has initiated the first...
- The collaborative effort with the Egyptian Ministry of Manpower aims to improve the proficiency of professional labor in Egypt
- In its inaugural phase, the SVP will focus on evaluating skills in five key professions: plumbing, electrical work, welding, automotive mechanics, and carpentry