Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...
Business
US Fed likely to keep rates steady as uncertainty over Trump’s economic policies looms
Since January, Trump has imposed levies on major trading partners Canada, Mexico and China, and on steel and aluminum imports,...
Economy
Economy
Global recession likely in 2023, say WEF chief economists
Almost two-thirds of chief economists believe a global recession is likely in 2023, with 18 percent of them considering it...
- In China, expectations of growth are polarized, with respondents almost evenly split between those who expect weak or strong growth.
- One positive signal is that supply chain disruptions are not expected to cause a significant drag on business activity in 2023.
Economy
DFSA releases 2023-24 plan to support Dubai’s growth as financial hub
DUBAI, UAE - The Chairman of the Dubai Financial Services Authority (DFSA), Fadel Al Ali Monday announced the publication of...
- The two-year plan outlines an ambitious roadmap to meet the DFSA’s statutory objectives for the Dubai International Financial Center.
- The DFSA will be pursuing several key projects that cut across multiple strategic themes.
Economy
Countries which transform food system can meet net-zero goals, says WEF report
DAVOS, SWITZERLAND – A  report launched Monday at the World Economic Forum Annual Meeting 2023 shows how countries can accelerate...
- Food systems, when transformed, can help solve some of the world’s toughest problems, from climate change to resilient livelihoods.
- The report identifies models for businesses and policy-makers and a roadmap of priorities for countries to improve productivity and sustainability.
Economy
Europe investigators question witnesses over Lebanon central bank chief
European investigators began questioning high-profile witnesses in Lebanon as part of a probe into central bank governor Riad Salameh's wealth,...
- Investigators from France, Germany and Luxembourg questioned Saad Andary, Lebanon's central bank former vice governor.
- The investigators also questioned Khalil Kassaf, a former employee at Lebanon's banking control commission.
Economy
RAKTDA simplifies procedure for getting permits for Rak Holiday Homes system
RAS AL KHAIMAH, UAE- Â Ras Al Khaimah Tourism Development Authority (RAKTDA) has announced updates to its holiday homes system. RAKTDA...
- The updates are part of the Emirate’s efforts to continue diversifying and strengthening its existing accommodation portfolio of four- and five-star hotels and resorts.
- These measures will help in driving a sustained tourism economy that benefits not only investors but also its communities.
As Davos opens, Oxfam urges ‘billionaire busting’ policies
In a report titled "Survival of the Richest", Oxfam said billionaires had doubled their wealth over the last 10 years,...
- The very wealthy have grown richer amid the cost-of-living crisis sparked by the Covid pandemic and soaring food and energy prices following Russian war, the report said
- Since 2020, billionaire wealth has surged by $2.7 billion a day even as inflation outpaced the wages of at least 1.7 billion workers worldwide, Oxfam said
Economy
Economic slowdown will force workers into worse jobs: UN
The ILO said deficits in decent work had been worsened by multiple, overlapping crises, including Russia's war in Ukraine, emerging...
- As prices rise faster than incomes, the cost-of-living crisis risks pushing more people into poverty, the UN's International Labor Organization said
- ILO called for an investment surge in education and training, saying two-thirds of global youth labor force was "without a basic set of skills", which limited their job prospect
Economy
Qatari banks to shore up liquidity position, profits in 2023: report
Doha, Qatar-- As a windfall of the FIFA World Cup, banks in Qatar are expected to build profits and shore...
- The report noted that credit rating agencies see the banking sector in Qatar buoyant in 2023 , as their strong provisioning levels will help them maintain a good run for the year
- Domestic liquidity conditions are expected to help reduce Qatari banks’ reliance on external funding
Economy
Oil prices fall, but hovers near 2023 highs
Brent fell 36 cents, or 0.4 percent, to $84.92 a barrel, while US West Texas Intermediate crude fell 21 cents,...
- Brent fell 36 cents, or 0.4 percent, to $84.92 a barrel, while US West Texas Intermediate crude fell 21 cents, or 0.3 percent
- Last week, oil prices booked their largest weekly increase since October 2022, bouncing back from a significant crash at the start of the year
Economy
King Abdullah stresses building infrastructure in Petra to boost tourism
Petra, Jordan--King Abdullah on Sunday highlighted the importance of further developing the city of Petra, and diversifying its tourism product....
- King Abdullah said developing tourism services in the "golden triangle" of Petra, Wadi Rum, and Aqaba, will have a positive impact on Petra and Jordan at large
- The number of visitors rose to 905,000 in 2022, increasing by 283 per cent compared to 2021
Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...
Business
Company News
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Faster hydrogen production needed for energy transition: WTO
Abu Dhabi, UAE-- In order to speed up the energy transition there must be a fast increase in the production...
Economy
UAE to tie up with ACSAD to achieve zero neutrality by 2050
Dubai, UAE--The Arab Centre for the Studies of Arid Zones and Dry Lands (ACSAD) will partner with the UAE's Ministry...
COP28 UAE
Underinvestment haunts youth-led climate solutions
“Our appeal is that children and youth are integral to any discussion, debate, negotiation in a meaningful, participatory, and intentional...
Economy
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Geostrategy
Joint ministerial committee meets US secretary of state
Washington, US – A committee of the Joint Arab-Islamic Extraordinary Summit under the chairmanship of Prince Faisal bin Farhan bin...
- A ministerial committee led by Saudi foreign minister holds discussions with US Secretary of State.
- The committee asked the US to influence Israel and called for an immediate ceasefire in Gaza.
Geostrategy
Nadia Calvino is now European Investment Bank head
BRUSSELS, BELGIUM - Margrethe Vestager is preparing to return to her day job as the European Union's competition chief after a...
- After the EU selected Nadia Calvino, Margrethe Vestager, 55, said she would "resume" her duties at the European Commission, the Eu's executive arm.
- Vestager's star has waned in recent years following a series of setbacks in EU courts against some of the world's biggest companies, including Apple.
COP28 UAE
OPEC implores members to oppose any COP28 deal targeting fossil fuels
Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks...
- The OPEC chief urged members to reject any text or formula that "targets energy i.e. fossil fuels rather than emissions"
- On Friday, negotiators released an updated text that still includes various options for exiting oil, gas and coal