Saudi Arabia and Qatar to settle Syria’s World Bank debt
Riyadh, Saudi Arabia -- Saudi Arabia and Qatar announced on Sunday that they would settle Syria's debt to the World...
Geostrategy
The game of ‘chicken’ being played with the world economy can be brought to a cooperative end
A meaningful “G3” accord between the US, Europe, and China must include coordinated fiscal, monetary, development, and trade policies. From...
Economy
Interview
‘Morocco economy robust, 80% of exports manufactured products’
The country managed to restrict inflation to 6 percent and sustain jobs despite challenges, the North African nation's Industry and...
- The country managed to restrict inflation to 6 percent and sustain jobs despite challenges, the North African nation's Industry and Trade Minister Ryad Mezzour tells TRENDS.
- Moroccan automotive industry produced 700,00 cars in 2022 and we expect the production to hit 1 million in the next three years, adds Mezzour during the interview
Economy
European lawmakers demand tax on ultra-rich individuals
Most of the MEPs who signed are from Green or left-wing parties. They were joined by non-governmental organizations, including Oxfam,...
- A previous landmark deal for a global minimum 15 percent tax on multinational businesses is set to start to go into force this year
- French MEP Aurore Lalucq and economist Gabriel Zucman propose a 1.5 percent tax for ultra-rich with wealth of $54 million or more
Economy
Saudi banking sector poised for gains, after profitable 2022: BCG
Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for...
- According to Boston Consulting Group, the kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since 2016
- The report argues that in spite of the economic instability worldwide inflation has not been an issue in the Middle East
Economy
Oil prices fall 2% as Silicon Valley Bank demise rattles markets
New York, United States - Oil prices fell over 2 percent in volatile trading on Monday as the collapse of...
- US West Texas Intermediate crude futures (WTI) dropped $1.88, or 2.5 percent, to $74.80 a barrel. WTI earlier declined to $72.30 a barrel, its lowest price since December
- In the past twelve months, the oil market has absorbed the impact of Russia's invasion of Ukraine and the sanctions imposed in response by the United States and the EU
Economy
World Bank applauds UAE for improving gender balance
Abu Dhabi, UAE--Commending the UAE for being in the forefront of the drive to improve gender balance in the country,...
- Iva Hamel of the World Bank said that the UAE has introduced legal provisions to ensure women receive equal pay and to prohibit gender-based discrimination in the workplace
- She lauded the UAE for becoming the first country in the Middle East and North Africa to implement parental leave for fathers
Economy
Joe Biden reassures Americans about safety of banking system
Washington, United States--President Joe Biden sought to reassure Americans over the country's financial system Monday as more US banks and leading...
- Biden told Americans in a brief White House address that they can have confidence that the banking system is safe
- The president while reassuring SVB depositors that they will get their money back, said "no losses will be borne by the taxpayers"
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.
Saudi Arabia and Qatar to settle Syria’s World Bank debt
Riyadh, Saudi Arabia -- Saudi Arabia and Qatar announced on Sunday that they would settle Syria's debt to the World...
Geostrategy
Company News
Latest News
Utilizing AI is only possible if skill gap is bridged, says expert
DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily...
Business
UK announces Europe’s first high-tech uranium fuel plant
HALEU fuel is needed to power many of the next generation of advanced nuclear reactors, including so-called small modular versions...
Geostrategy
Qatar rises as a premier sports tourism destination
“In addition to hosting a variety of sports events, especially the FIFA World Cup Qatar 2022, Qatar has shown the...
Economy
Most Read
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...
- Maersk said Friday that it would divert all vessels around Africa instead of using the Red Sea for the "foreseeable future" after Yemeni rebels attacked its merchant ships
- Vessels are circumnavigating Africa via the Cape of Good Hope, which extends the journey between Asia and Europe by 10 to 20 days on average, said general manager of Ovrsea
Economy
‘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...
- Dubai successfully bids for World Congress of Medical Informatics (MedInfo) 2027.
- The emirate becomes first city in the MENA region to host this prestigious event.
Economy
UAE market cap soars as top 16 companies hit $734bn
Abu Dhabi, UAE - The aggregate market capitalization of the top 16 national companies listed on local exchanges stood at...
- The 16 listed companies accounted for about 74% of the total market capitalization of the local stock markets, which was around $998 billion at the close of trading
- The IHC held the top position with a market capitalization of more than $244 billion, approximately 24.5% of the local markets' capitalization