UAE’s real GDP increases by 3.8% during first nine months of 2024
Dubai, UAE -- The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to...
Economy
China says will fight to ‘bitter end’ if US pushes trade war
Pressure from Trump could motivate Beijing to strengthen the kinds of support for the economy seen last year -- interest...
Economy
Economy
European prosecutors hear Lebanese bankers in central bank commission probe
Prosecutors from Germany, France and Luxembourg have been in Beirut as part of the money laundering investigation.
- Prosecutors from Germany, France and Luxembourg have been in Beirut as part of the money laundering investigation
- They suspect central bank governor Riad Salameh and his brother Raja illegally took more than $300 million from the central bank between 2002 and 2015
Economy
Leaders at WEF believe cooperation can mend ‘fragmented world’
The WEF president concluded the first major international gathering of the year on a positive note saying progress has been...
- UN Secretary General Antonio Guterres called for urgent action on interconnected challenges, including the climate, nature and energy crises
- The Global Risks Report 2023 ranked the cost-of-living crisis as the most severe short-term global risk
Economy
Investigators from Europe to quiz Lebanon central bank chief
Continuing with their probe into Lebanon's money laundering and embezzlement, investigators from Europe will question Lebanon's central bank chief Riad...
- The central bank chief is widely blamed for monetary policies that contributed to an unprecedented economic crisis in Lebanon
- The investigators on Friday heard former interior minister Raya El Hassan, who also chairs the board of directors of Lebanese lender Bankmed
Business
RIL posts Q3 profit of US$1.9b
Profit is 15 percent lower than in the same period last year
- Revenue from operations at India's largest company by market capitalisation rose 15 percent year on year, to US$27 billion
- Reliance's board also approved a plan to issue bonds to raise up to US$2.4 billion (200 billion rupees) to fuel further expansion across its diversified businesses.
Business
Google announces 12,000 job cuts globally, cites changing economic reality
Google's parent company Alphabet announced about 12,000 job cuts globally citing a changing "economic reality", becoming the latest US tech...
- Google's parent company Alphabet employed nearly 187,000 workers worldwide at the end of September 2022.
- Alphabet CEO Sundar Pichai said American employees have already been notified about the cuts.
Science
DoH, GSC ink MoU to achieve Abu Dhabi’s healthcare sustainability goals
ABU DHABI, UAE - Building on its ongoing efforts to improve the healthcare ecosystem from all aspects, the Department of...
- The GSC is powered by the International Hospital Federation and focuses on assisting healthcare services to address sustainability challenges.
- The MoU will help provide educational resources to aid facilities in addressing identified areas for advancement and accomplishing new positive outcomes.
Business
ADNOC Distribution to go for 25 percent cut in carbon intensity by 2030
ABU DHABI, UAE - ADNOC Distribution on Friday announced plans to reduce its carbon intensity by 25 percent by 2030....
- This reduction in carbon intensity will be implemented by putting sustainability at the core of its day-to-day operations to future-proof its business.
- The company said it will install solar panels to power service stations and use biofuels in its fleet of vehicles.
Economy
Abu Dhabi to host UNCTAD’s World Investment Forum in October
Taking place under the theme "Investing in Sustainable Development", the forum will bring together government leaders, global CEOs and other...
- Taking place under the theme "Investing in Sustainable Development", the forum will bring together government leaders and global CEOs
- The forum will take place a few weeks ahead of the annual climate summit COP28, which will also be held in the UAE
Economy
Turkish Central Bank maintains interest rate at 9%
Inflation rates and trends have started to improve in Turkey, supported by the comprehensive policies the country is pursuing, the...
- Inflation rates and trends have started to improve in Turkey, supported by the comprehensive policies the country is pursuing, the bank pointed out in a statement
- Erdogan could soon urge more rate cuts in view of the upcoming elections and as part of his unorthodox stance that policy easing also lowers prices
Interview
Riyadh Expo 2030 bid gathers steam in Davos
More than 50% of the countries with voting rights have pledged public support for the Saudi city’s bid, Fahd Al-Rasheed,...
- More than 50% of the countries with voting rights have pledged public support for the Saudi city’s bid, says Fahd Al-Rasheed, the CEO of the Royal Commission of Riyadh City
- The Saudi capital city is all set to announce its specific Riyadh Strategy in the next four months, which would supercharge the city’s economy
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UAE’s real GDP increases by 3.8% during first nine months of 2024
Dubai, UAE -- The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to...
Economy
Company News
Latest News
Localization in focus as KSA raises military spending
Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization...
Economy
European Union fails to agree on budget reforms
Brussels, Belgium - EU finance ministers failed to seal a deal on an overhaul of the bloc's spending rules on Friday,...
Economy
Battles continue across Gaza as UN holds vote on ceasefire
Israeli forces maintained a relentless bombardment and ground invasion across Gaza two months after Hamas's deadly attack sparked a war...
Geostrategy
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Economy
Chinese president says Beijing’s economic recovery at ‘critical stage’
Beijing, China - President Xi Jinping said that China's economic recovery is at a "critical stage", state broadcaster CCTV reported Friday,...
- Xi urged measures to boost the economy, saying that "the development situation facing the country is complex.
- "It is necessary to focus on accelerating the construction of a modern industrial system, expand domestic demand, (and) prevent and defuse risks," said Xi
Economy
Iran, Oman call for using national currencies in mutual trade
Tehran, Iran – Iran and Oman have signed two memoranda of understanding to boost bilateral cooperation and using their national...
- The Iranian industry minister also announced his country’s readiness to jointly implement key industrial projects with Oman
- Head of the Central Bank of Iran Mohammad-Reza Farzin hailed any measure that helps boost monetary cooperation between the two countries
Business
Chinese firm announces $5bn investment in solar power chain in UAE
Dubai, UAE - Trina Solar, a Chinese renewable energy company, announced on Thursday plans to invest US$5 billion to create...
- Katherine Gao, Trina Solar CEO, described COP28 as an inspiring platform for leading companies to showcase their smart solutions in the fields of renewable energy
- The event, she added, provides an opportunity to exchange solutions with industry leaders and governments to integrate environmental practices across the supply chain