Lebanon parliament approves changes to banking secrecy law
Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International...
Geostrategy
Beijing slams ‘appeasement’ of US in trade deals that hurt China
China on Monday hit out at other countries making trade deals with the United States at Beijing's expense, promising countermeasures...
Economy
Economy
Lebanon banks ‘have no liquidity,’ says bank association member
Beirut, Lebanon - Lebanon's commercial banks do not have enough liquidity to pay back depositors, the secretary general of the...
- Since 2019, Lebanon has suffered an unprecedented economic decline caused by decades of mismanagement and corruption
- The World Bank last year said Lebanon was likely to rank among the world's worst financial crises since the mid-19th century
Economy
Cash-strapped Egypt offers citizenship to foreigners investors
According to state newspaper Al-Ahram, a decision by Prime Minister Mostafa Madbouli published in the official gazette, Â says the premier...
- It is the latest in a series of measures by the government to woo foreign investment into Egypt, which is sapped dry of dollars
- In 2018, parliament had passed a law allowing foreigners to apply for the Egyptian nationality with a bank deposit of around $400,000
Economy
European Central Bank head pledges to tackle high inflation in Europe
Last week, Lagarde said that more interest rate hikes might be needed in the eurozone after the half percentage point...
- The ECB has raised interest rates at an unprecedented pace since last July to bring inflation back down to its two-percent target.
- And last week, Lagarde said that more interest rate hikes might be needed in the eurozone after the half percentage point hike it has already signaled will come later this month.
Business
US private sector employment surges by 242,000 jobs in Feb
"We're seeing robust hiring, which is good for the economy and workers, but pay growth is still quite elevated," said Nela...
- The employment in private sector increased by 242,000 jobs in February, almost twice the 119,000 figure in January.
- This follows a series of recent indicators showing that hiring remained strong, consumer spending resilient.
China pushes for tech-sector self-reliance to combat US, allies curbs
A broad restructuring document announced by China's cabinet on Tuesday intends to focus the Ministry of Science and Technology's resources...
- Beijing will also set up a national data administration to oversee the digital economy, as well as slash staffing at the country's central state institutions
- The restructuring comes as China pours resources into its research capabilities in the face of tightened restrictions on homegrown tech companies by the US
Economy
QFFD, EAA sign pacts to back education drive in Asia, Africa
Doha, Qatar-- In order to ensure education for children in the least developed countries of Asia and Africa, Qatar Fund...
- The agreements will ensure quality education for more than 709,060 out-of-school primary children between now and March 2027 through EAA's "Educate A Child" program
- The funding will enable access, enrollment, and learning skills, including teacher training, capacity buildings, refining educational techniques and methods
Economy
UAE and Jordan agree to share experiences to combat corruption
Abu Dhabi, UAE-- The UAE and Jordan have resolved to draw on each other's experiences in order to combat corruption,...
- The visiting delegation called on the officials at the Audit Bureau of Jordan and the Integrity and Anti-Corruption Commission to share experiences and exchange knowledge
- Jordanian delegates were apprised of various initiatives taken by the UAE for reporting financial and administrative violations and the financial disclosure platform
Economy
Egypt’s train derailment in north kills two and injuries 16
In the latest rail tragedy to hit Egypt, two people were killed and many more injured at Qalyub north of...
- The accident, according to the country's rail authority, happened when a passenger train entering Qalyub station went through a stop signal
- In recent years, rail accidents in Egypt have mostly been blamed on poor infrastructure and maintenance
Economy
Quake damages more than $100 billion in Turkey alone: UNDP
The World Bank estimated last week that the devastating quake, which flattened entire cities, had caused damage worth more than...
- The 7.8-magnitude quake that struck on February 6 and its aftershocks have claimed more than 45,000 lives in Turkey.
- The UNDP has been "very disappointed and saddened" by the low level of response to funding appeals to date.
Economy
US interest rate likely to rise, says Federal Reserve head
US interest rates will likely peak at a higher level than previously anticipated due to economic data that came in...
- The US central bank has raised its benchmark lending rate eight times since early last year.
- US job gains had surged unexpectedly in January while unemployment slipped to its lowest rate in more than five decades.
Lebanon parliament approves changes to banking secrecy law
Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International...
Geostrategy
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Business
Dubai Duty Free achieves all-time record sales of over US$2.16bn in 2023
DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an...
Business
Private sector funding key to climate transition: World Bank
The World Bank raised its target for climate-related projects from 35% of its annual financing to 45%. Given that the...
Economy
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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...
- The Ministry of Finance said the government had borrowed $3.8 billion in the first ten months of 2023.
- In Dec, Jordan approved the 2024 budget with a deficit of $1.6 billion, expecting the country's public debt this year would make up 88.3 percent of the GDP.
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...
- Economists expects inflation to start falling from near record highs within four months
- The rate reached a decades-long high of 85 percent in October of 2022
Economy
Saudi Arabia set to open its first financial center
Riyadh, Saudi Arabia - Saudi Arabia is poised to launch its inaugural financial center, with unified and standardized policies and...
- Chairman of the Steering Committee at the Ministry of Finance, Abdul Aziz Al-Furaih highlighted the advantages of transitioning to accrual-based accounting
- Hamad Al-Kanhal, Deputy Minister of Finance for Financial Affairs and Accounts, underlined the shift to accrual-based accounting as part of Vision 2030