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
From cars to champagne: Trump’s expanding tariffs trigger trade war fears
Paris, France -- From champagne to steel and now cars: it is getting harder to keep up with US President...
Geostrategy
Market Report
Markets rise on better-than-expected US growth
Stock markets rose as US data showed the country grew at a slower pace in 2022 but finished the year...
- For 2022 as a whole, the US economy grew at a slower pace than the previous year, expanding 2.1 percent, the Commerce Department said.
- Investors are also focused on the next move of the US Federal Reserve, which has hiked rates since last year in a bid to tame galloping inflation.
Economy
US economy slows in 2022, may result in lower Fed rate hikes ahead
Household spending and business investment remained positive in the final quarter last year though they slowed, while inventories and net...
- Economic activity has been moderating as the US central bank hiked the benchmark lending rate seven times last year.
- Against this backdrop, the world's largest economy expanded 2.1 percent for all of 2022, down from the figure in 2021.
Market Report
DGCX reports 16% growth in total volume of trades in 2022
DUBAI, UAE - Dubai Gold and Commodities Exchange (DGCX) Thursday announced its full-year market statistics for 2022, reporting 8.239 million...
- The DGCX is the largest and most diversified derivatives exchange in the Middle East.
- DGCX saw steady trading in Indian Rupee, as market participants looked to hedge their exposure to one of the world’s fastest-growing economies.
Business
Nokia 2022 net profit $4.7bn
The company's Q4 net profit surged to US$3.4 billion.
- Nokia's annual net sales grew 12 percent to US$27.1 billion (24.9 billion euros)
- The company is engaged in a major competition to install 5G networks around the world
Economy
New UAE commercial agency law will help in improving business environment
ABU DHABI, UAE - The UAE is determined to foster the attractiveness and competitiveness of the business environment in order...
- The UAE aims to offer a legislative framework to enable companies to promote the new economic model, particularly the commercial agencies sector.
- With innovative projects and crucial commercial activities, this sector significantly contributed to the country's development during the past several years.
Economy
UN blames Myanmar military coup for boost in opium farming
The area of land used for opium poppy cultivation expanded by a third to just over 40,000 hectares in 2021-22...
- The UNODC estimates Myanmar's opium economy is worth around $2 billion -- the equivalent of up to three percent of the country's GDP in 2021
- A combination of the pandemic and the aftermath of the coup hammered Myanmar's economy with an 18 percent contraction in 2021, according to the World Bank
Economy
OPEC Fund lends Panama US$120m in loan for climate action
Vienna, Austria--The OPEC Fund for International Development (the OPEC Fund) has lent Panama a US$120 million in loan to support...
- The money is intended to mitigate, contain and reverse the effects of climate change, helping Panama to achieve its long-term climate change commitments
- Panama is considered a carbon negative country with almost no contributions to global emissions but the country is vulnerable to the impacts of climate change
Economy
‘Women are equal participants in UAE’s development’
The leadership’s vision to empower women has ensured that women are equal participants and major contributors to the UAE’s sustainable...
- The UAE is being ranked first in the Arab world and 11th globally on the Gender Inequality Index of the United Nations Development Programme’s Human Development Report 2022
- The country has jumped 38 positions on the Gender Inequality Index since the establishment of the UAE Gender Balance Council seven years ago
Economy
Israeli broadcast staff protest planned budget cuts
"We are all KAN," read placards at the demonstration, referring to the Israeli Public Broadcasting Corporation (KAN), as employees were...
- Israel's new Communications Minister Shlomo Karhi warned earlier this month of potentially hefty budget cuts to KAN
- Karhi has also taken aim at journalists, whom he said "should please the public" rather than working "to please their milieu"
Economy
Libya signs US$8bn deal with Italy to develop offshore sites
Looking to develop offshore hydrocarbon sites, Libya's National Oil Corporation has signed an $8-billion deal with Italian energy company ENI....
- Libya sits atop Africa's biggest oil reserves but has been engulfed by conflict since the 2011 revolt that toppled longtime dictator Moamer Kadhafi
- Italy has been scrambling to find alternatives to Russian energy since Moscow's invasion of Ukraine, and Italian Prime Minister Giorgia Meloni is set to visit Tripoli
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
Company News
Latest News
Digitalization has high environmental costs, says UNCTAD meet
DUBAI, UAE - With global attention on the COP28 climate summit, UNCTAD’s eWeek 2023 highlighted digitalization’s potential to accelerate climate...
Geostrategy
Global trade likely to decline in 2023 due to changing trade patterns, geopolitics
DUBAI, UAE - The outlook for 2024 remains “highly uncertain and generally pessimistic,” UNCTAD says in the Global Trade Update,...
Economy
El Salvador to issue bitcoin bonds in first quarter of 2024
With bitcoin, Bukele sought to make it easier, and cheaper, for Salvadorans to receive remittances and to provide financial services...
Economy
Most Read
Economy
Jordan’s mission to save its ancient olive trees
Jordan's culture ministry, Gharaibeh's organization is working to add the trees to the UNESCO Intangible World Heritage List, hoping this...
- Jordan has 11 million olive trees in groves that make up 20 percent of all cultivated land in the country
- They produce 50,000 tons of olives and 25,000 tons of olive oil annually, contributing $169 million to the economy
Business
Riyadh Season draws 9 million visitors to its entertainment zones
Riyadh, Saudi Arabia - The number of visitors to Riyadh Season has surged to over 9 million, indicating a significant...
- Riyadh Season, marked by the slogan "Big Time," completed the spectrum of entertainment choices with top-tier events and festivals across various zones
- Boulevard City zone emerged as a site filled with entertainment options, along with Boulevard World which features a variety of international cultures
COP28 UAE
‘Investment policies must align with net-zero goals’
An alliance of public and private sectors is crucial for advancing the green agenda and effectively managing supply chain emissions,...
- An alliance of public and private sectors is crucial for advancing the green agenda and effectively managing supply chain emissions, WEF's Kimberley Botwright tells TRENDS.
- Technological advancements, particularly AI, are key accelerators in sustainable trade, while an estimated $125 trillion is required for the net-zero transition by 2030, she adds.