Tariff war: Xi says China must ‘overcome’ AI chip challenges
Beijing, China - President Xi Jinping said China must "overcome" the challenges of developing core AI technologies including high-end chips,...
Economy
IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
Economy
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Real estate, e-commerce to push UAE growth
Global economic challenges have led the UAE to review priorities and investment trends, with a focus on five key sectors:...
- The UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown.
- The IMF expects the UAE’s non-oil economy to grow by about 4 percent in 2023 and accelerate over the medium-term.
Economy
China retains Yi Gang as central bank chief to revitalize economy
The Chinese government has confirmed Yi Gang as governor of the People's Bank of China, against expectations that retirement-age Yi...
- At a meeting of China's rubber-stamp national legislature to appoint the country's new cabinet, Yi Gang was confirmed as governor of the People's Bank of China
- Xi has stacked the top levels of government with loyalists as he cements his grip on power, with trusted ally Li Qiang confirmed as premier on Saturday
Business
SVB failure unnerves USDC, other cryptocurrencies
The FDIC on Friday took over SVB, a major lender to the tech world, in the second-largest bank failure in...
- It is widely believed that the process of liquidating the bank's assets can drag on for a long time, with no certainty of just how much will be recovered
- As per the California Department of Financial Protection and Innovation withdrawal orders from SVB reached a breathtaking $42 billion
Economy
Iraq impounds three million captagon pills on Syrian border
Iraq has scuttled a big smuggling operation of bringing into the country a large consignment of three million pills of...
- In recent months, Iraqi security forces have ramped up operations against such smuggling bids, with several high-profile drug seizures reported
- Iraqi police, a few weeks ago, announced a big seizure of more than six million pills of the stimulant in a major drug bust
Economy
‘This year will be difficult for global economy’
Around one-third of countries are likely to go through a recession, Sir Masood Ahmed, President of the Center for Global...
- One-third of the world is expected to go through a recession in 2023 due to slowing economies, high inflation, and other factors
- Oil-exporting countries are likely to be less impacted, while big importers of oil, gas, food, and fertilizers may face more difficulties
Geostrategy
Li Qiang confirmed as China’s premier by parliament
Li Qiang, one of Chinese President Xi Jinping's trusted allies, was confirmed as premier, as Xi cements his influence on...
- Li Qiang received nearly every vote from the over 2,900 delegates at the National People's Congress.
- Journalists were asked to leave the chamber as deputies, mostly dressed in dark suits, marked their ballots.
Business
Silicon Valley Bank demise has markets jittery, analysts say no contagion risk
Officially closed and put into receivership by US authorities on Friday, SVB was at risk due to a heavy concentration...
- SVB's woes are the result of "idiosyncratic stresses and not one that we see as systemic that would affect the banking industry," said CFRA Research's Ken Leon
- A note from analysts at Morgan Stanley put it simply, saying, "We want to be very clear here ... we do not believe there is a liquidity crunch facing the banking industry."
Business
Meta confirms it is working on potential Twitter rival
SAN FRANCISCO, US - Facebook owner Meta is working on a new "text sharing" social media platform, it said Friday, in...
- Since billionaire Elon Musk's takeover of Twitter in October, the influential website has suffered outages, layoffs.
- Several advertisers have left the platform over the alleged lack of content moderation in recent times.
Business
Mohamed bin Zayed issues law to establish Abu Dhabi Transport Company
ABU DHABI, UAE - In his capacity as the Ruler of Abu Dhabi, President Sheikh Mohamed bin Zayed Al Nahyan...
- An affiliate of the Supreme Council for Financial and Economic Affairs, the company will support the emirate’s integrated transport ecosystem.
- It will develop transport systems, and contributing to effective and sustainable transport services for citizens and residents.
UN buys ship to remove oil from decaying tanker off Yemen coast
The 47-year-old ship has not been serviced since Yemen's devastating civil war broke out in 2015 and was left abandoned...
- UNDP signed a contract to purchase a crude carrier from major tanker company Euronav that will head to Yemen to remove the oil from the beleaguered FSO Safer
- The United States, which has contributed $10 million, welcomed the UN announcement and called on other nations as well as private donors to fill the funding gap
Tariff war: Xi says China must ‘overcome’ AI chip challenges
Beijing, China - President Xi Jinping said China must "overcome" the challenges of developing core AI technologies including high-end chips,...
Economy
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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...
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...
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...
Economy
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Economy
Saudi insurance sector targets 25m beneficiaries by 2030
Riyadh, Saudi Arabia - Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of...
- The expansion in the sector is largely propelled by the introduction of the mandatory health insurance for private sector workers and their dependents
- Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of 11.5 million individuals by year-end
Economy
‘Major shifts are reshaping the Arab world’s future’
"Most of the global trends are positive if analyzed in terms of economic value. Countries have developed and lifted millions...
- Al Gergawi emphasizes the pivotal role of Gulf countries in shaping global agendas, from environmental discussions at COP28 to major events like the World Cup.
- He underlines the criticality of understanding the new global changes, including tech advancements, and the balance between positive global trends and challenges.
Business
Penguin, SkyBlue ink MoU
The aim is to redefine outdoor media advertising in Abu Dhabi.
- Penguin and SkyBlue will collaborate on key advertising locations, with this being the Malaysian firm’s first move into the Abu Dhabi market.
- This follows an agreement between the Malaysian outdoor advertising company with the Road and Transport Authority (RTA), Dubai.