China vows ‘fight to the end’ as Trump warns 50% more tariffs
China vowed on Tuesday to "fight to the end" against fresh tariffs of 50 percent threatened by US President Donald...
Economy
Trump’s global tariff takes effect in dramatic US trade shift
US President Donald Trump's widest-ranging tariffs to date took effect Saturday, in a move which could trigger retaliation and escalating...
Economy
Economy
‘Dubai among key global maritime destinations’
The emirate has achieved record growth in the service of refuelling vessels during in 2022, as it recorded about 1.1...
- Dubai is one of the leading players in the maritime sector, as it ranks among the most important global maritime destinations such as London, Singapore, Shanghai and Hong Kong
- The emirate has achieved record growth in the service of refuelling vessels during in 2022, as it recorded about 1.1 million metric tonnes, with a growth rate of 30 percent
Business
Credit Suisse 2022 loss $7.9bn
Since March 2021, bank's stock lost over 75% of value.
- The Zurich-based lender had waved goodbye to more than eight billion Swiss francs during the global financial crisis 15 years ago
- Credit Suisse recorded net asset outflows of 110.5 billion Swiss francs in the fourth quarter of last year alone, mostly in October
Economy
Turkey, Syria quake economic losses may exceed $4 billion: Fitch
More than 17,500 people have died so far in the 7.8-magnitude earthquake that struck Turkey and Syria.
- More than 17,500 people have died so far in the 7.8-magnitude earthquake that struck Turkey and Syria.
- Insured losses will be much lower, possibly around $1 billion, due to low insurance coverage in the area.
Business
AstraZeneca 2022 profit $3.3bn
The firm's revenues rose to US$44.4 billion in 2022.
- Investors welcomed AstraZeneca's earnings update, with its share price rallying five percent to US$13.7 in London.
- The annual net profit was boosted by cancer treatments and the integration of biotech unit Alexion following a takeover.
Business
Volvo Cars 2022 net profit $1.6bn
Revenue climbed by 17 percent to a record US$31.8 billion.
- Electric cars accounted for 11 percent of sales last year, compared to four percent in 2021.
- Volvo Cars accelerated towards the aim of becoming a fully electric car company by the end of the decade and climate neutral by 2040.
Business
ArcelorMittal 2022 profit $9.3bn
Profit was affected as demand for steel fell and production hit.
- ArcelorMittal took a $1 billion hit after suspending production at its Ukrainian factory in Kryvyi Rig.
- The conflict "resulted in low levels of production, sales and income and created significant uncertainty about the timing and ability" of operations.
Economy
Saudi Industrial Production Index rises by 7.3 percent in Dec 2022
Riyadh, Saudi Arabia-- Saudi Arabia's industrial production index (IPI) for December 2022 witnessed a 7.3 percent increase compared to the...
- A surge in mining, quarrying, and manufacturing activity helped the growth in IPI.
- Manufacturing activity also increased by 18.5 percent in December 2022 compared to the same period last year.
Economy
Foot-and-mouth variant hits Iraq buffaloes, threatening livelihoods
This strain - never before recorded in Iraq - is resistant to the vaccines normally used in the country, leaving...
- The severe, highly contagious livestock disease has plagued Iraq for decades, but this year's outbreak has already had a devastating impact
- Laboratory tests have identified the SAT2 variant of the viral disease, the United Nations' Food and Agriculture Organization (FAO) said
Innovations chart Dubai’s path to sustainable future
"An effective partnership model between the public and private sector in Dubai has helped transform innovation into a culture that...
- Dubai has become the most inspiring example globally for institutionalising the innovation process, says Abdulla Mohammed Al Basti, Secretary-General The Executive Council of Dubai
- An effective partnership model between the public and private sector in Dubai has helped transform innovation into a culture that has enhanced the UAE’s competitiveness, he adds.
Economy
Moody’s lowers Egypt rating to B3, changes outlook to stable
Cairo, Egypt-- Moody's has lowered Egypt's sovereign rating by one notch to B3 from B2 on Tuesday, citing the country's...
- The ratings agency changed its outlook for Egypt to stable from negative
- The country has continued to face a foreign currency shortage despite allowing the Egyptian pound to depreciate sharply in recent months
China vows ‘fight to the end’ as Trump warns 50% more tariffs
China vowed on Tuesday to "fight to the end" against fresh tariffs of 50 percent threatened by US President Donald...
Economy
Company News
Latest News
Saudi Arabia introduces unified platform for visas, including Hajj, Umrah
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday introduced 'KSA VISA,' a unified visa platform aimed at streamlining visa application...
US pushes naval coalition as Yemen rebels vow to attack more ships
The United States pushed to build up a multinational naval task force to protect a key global shipping lane from...
Geostrategy
15% increase in air traffic at UAE airports during COP28, says GCAA
ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference...
Geostrategy
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COP28 UAE
New platform to revolutionize global sustainability
World Wide Generation's and e& join hands to combine innovative technology and global collaboration to address critical environmental, social, and...
- World Wide Generation's and e& join hands to combine innovative technology and global collaboration to address critical environmental, social, and economic challenges.
- The G17Eco platform, powered by WWG, equips organizations to effectively access and utilize sustainability data, integrating solutions and finances for comprehensive reporting.
Economy
MENA faces economic turbulence due to Gaza conflict
The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.
- The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.
- Egypt, Lebanon and Jordan remain the most affected countries as the conflict will potentially disrupt oil markets and economic growth, it adds.
Market Report
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
- Yemen's Iran-backed Houthi rebels said on Monday that they had attacked two "Israeli-linked" vessels in the Red Sea..
- Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil..