Nations divided ahead of decisive week for shipping emissions
London, United Kingdom --Â Members of the International Maritime Organization (IMO) are divided over whether to approve a carbon tax on...
Geostrategy
China says opposes new US tariffs, vows ‘countermeasures’
China on Thursday said it "firmly opposes" sweeping new US tariffs on its exports and vowed "countermeasures to safeguard its...
Economy
Economy
Judicial reform plans won’t harm economy: Israel’s economy minister
High-tech workers organised their second protest against the measures on Tuesday in central Tel Aviv.
- High-tech workers organised their second protest against the measures on Tuesday in central Tel Aviv
- Leading Israeli economists have warned that the proposed reforms will do "long-term harm" to the Israeli economy
Business
OPEC+ committee recommends to stay course on oil ouput cuts
Vienna, Austria--A committee of major oil producers recommended Wednesday to maintain the cartel's current reduced output strategy, as the global economic...
- The 13 members of the OPEC led by Riyadh and their 10 allies led by Moscow agreed last October to reduce output by two million barrels per day until the end of this year.
- Oil prices spiked following Russia's invasion of Ukraine in February 2022
Economy
Saudi Arabia, Oman sign 13 MoUs to promote investment
The pacts were signed on the sidelines of the Saudi-Omani Investment Forum which is held in Riyadh under the theme...
- The pacts were signed on the sidelines of the Saudi-Omani Investment Forum which is held in Riyadh under the theme of "Partnership and Integration"
- The four-day forum aims to build sustainable partnerships in key sectors and contribute to enhancing mutual interests between the two sides
Economy
UAE, Saudi, Bahrain up rates after Fed’s hike; Qatar keeps status quo
Hours after the US Federal Reserve upped its target interest rate by a quarter of a percentage point, many central...
- The UAE central bank has decided to raise the base rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points
- The US central bank said in a statement that Inflation has eased somewhat but remains elevated
Business
EU unveils proposals to counter US green subsidy, China competition
The majority of the EU's response involves repackaging already existing funds, a stop-gap measure that has earned much criticism. German...
- The measures are a response to a landmark US spending bill last year that funnels $370 billion into subsidies for America's energy transition.
- While countries like France support state aid expansion, others argue that would help only richer member states and fragment the single market.
Economy
Saudi insurance sector adopts International Financial Reporting Standard
The features of the new Standard include standardization of the accounting measurement models for insurance and reinsurance companies around the...
- The features of the new Standard include standardization of the accounting measurement models for insurance and reinsurance companies around the world
- SAMA had committed to a seamless adoption of the IFRS 17 in Saudi Arabia, as a member of the G20, rolling out a transition plan in four phases in 2018
Economy
Jordan ranks fourth in combating corruption says anti-corruption watchdog
The index shows that Jordan scored 47 points and is ahead of 119 countries in combating corruption, including Malaysia, China,...
- The index shows that Jordan scored 47 points and is ahead of 119 countries in combating corruption, including Malaysia, China, Bahrain, Kuwait, Turkey and Egypt
- Transparency International said that the anti-corruption index showed that little progress had been made in combating corruption with an increase in violence around the world
Economy
UAE’s national digital economy set to grow $140bn by 2031
The report outlines Dubai's digital economy startups and the emirate's position as a future digital capital.
- The report outlines Dubai's digital economy startups and the emirate's position as a future digital capital
- The Dubai Chamber's plans include attracting 300 digital startups and 100 tech experts to Dubai by 2024
Economy
Lebanon set to adopt new official exchange rate: central bank source
The Lebanese pound has been officially pegged at 1,507 to the greenback since 1997, but its market value began to...
- The first change to the official rate in more than two decades comes as the currency was trading at 58,000 to the dollar on the street on Tuesday
- Lebanon's finance ministry had announced last year that it would roll out the 15,000 official exchange rate in November, but the move was not implemented
Economy
New bank reforms reveal fraudulent dollar transactions: Iraq PM
Iraq's Prime Minister Mohammed Shia al-Sudani has said the country's new banking regulations have revealed fraudulent dollar transactions made from...
- An adviser to the PM had said that since mid-November, Iraqi banks wanting to access dollar reserves stored in the United States must make transfers using the electronic system
- The adoption of the SWIFT system was supposed to allow for greater transparency, tackle money laundering and help to enforce international sanctions
Nations divided ahead of decisive week for shipping emissions
London, United Kingdom --Â Members of the International Maritime Organization (IMO) are divided over whether to approve a carbon tax on...
Geostrategy
Company News
Latest News
Eurozone business activity continues downward trend in December
BRUSSELS, BELGIUM - Business activity in the eurozone slumped at a faster rate in December, weighed down by a deeper downturn...
Economy
‘Double efforts to tackle labor market challenges’
"The digital economy represents a clear path to employment opportunities. Additionally, exploring other avenues, such as the green economy, is...
Economy
Palestine sees 3.7% economic shrink amid conflict
The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling...
Economy
Most Read
Business
ADCB, EIH sign agreement
ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.
- The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
- ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Economy
Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...
- This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).
- This achievement adds to the recent major records, including a score of 77.66 during Q3.
Economy
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
- The cost-of-living index for November rose to 110.06 points, according to the base year 2018, from 108.25 points in the same month a year earlier.
- The higher consumer price index (CPI) in November was mainly impacted by a 7.8 percent rise in housing, water, electricity, gas, and other fuel prices.