FED keeps interest rates unchanged
The Federal Reserve kept interest rates at the current target range of 4.25 percent to 4.50 percent after its January meeting, according...
Exclusive: ADP’s Nela Richardson on how AI is reshaping the global workforce
Davos Switzerland - The rapid adoption of AI and automation is redefining labor markets, reshaping industries, and transforming skills globally,...
Economy
Business
JPACO reviews key agricultural projects, efforts in 2022
AMMAN, JORDAN - Board of Directors of the Amman-based Jordanian- Palestinian Agricultural Marketing Company (JPACO)) on Saturday reviewed its key...
- JPACO's Board of Directors also examined the company's performance and its goals and discussed its action plan for 2023.
- JPACO General Manager, Aladdin Abu Khair, said the company worked to open new international markets.
Economy
UAE Council for Environmental and Municipal Work launches Waste-free Schools project
DUBAI, UAE - The UAE Council for Environmental and Municipal Work held its second meeting, chaired by Mariam bint Mohammed...
- The meeting agenda also featured discussions of several key topics, including the environmental indicators of the We The UAE 2031 vision.
- The minister said that the Council explored transformational environmental projects, in line with the new methodology for federal government work.
Economy
World Bank predicts decline in Egypt’s economic growth
Riyadh, Saudi Arabia-- Egypt’s economic growth is expected to decline to 4.5 percent in the fiscal year 2022-23 from 6.6...
- According to the report, the growth is forecast to inch up after that as the country continues to push ahead with macroeconomic stabilization and structural reforms
- During the fiscal year 2022-23, inflation is projected to surpass the Central Bank of Egypt’s target range between 5 and 9 percent and remain in double digits
Economy
Ukraine says grain harvest dropped almost 40 percent
Kyiv, Ukraine--Ukraine estimates its grain harvest fell by around 40 percent year on year due to the Russian invasion, a representative...
- Ukraine is a major exporter but Russia's invasion in late February stopped shipments and blocked 20 million tonnes of grain in Ukraine's ports
- In July a landmark deal signed and brokered by the UN and Turkey established a safe shipping corridor for exports to resume
Economy
PIF leads Saudi Arabia on path of economic reforms
In order to achieve the Vision 2030 goals, the PIF and its portfolio companies seek to help the kingdom grow...
- According to a report by S&P Global Rating, the Public Investment Fund (PIF) has US$620 billion of assets under management
- The Saudi Stock Exchange, Tadawul, is the largest equities market in MENA by market capitalization and trading volumes
Economy
UAE orders arrest of company director for fake emiratisation quota
Abu Dhabi, UAE-- The UAE Public Prosecution has ordered the arrest of a private company director who was proven to...
- The suspect allegedly forged e-documents, faked employment contracts, and falsely stated that his company had hired Emirati citizens
- The UAE Attorney-General, received a report about the incident from the Ministry of Human Resources and Emiratisation and ordered the launch of an urgent investigation
Economy
US Fed’s preferred inflation gauge eases in November
A key indicator of US inflation edged down from a year ago in November, according to government data, in welcome...
- The US Federal Reserve's preferred inflation measure, the personal consumption expenditures price index, rose 5.5 percent last month.
- This was slightly below October's level but remains significantly higher than policymakers' target of two percent inflation.
Geostrategy
Macron urges Lebanon to ‘get rid’ of leaders blocking reforms
"The problem with Lebanon is that we must solve people's problems and get rid of those who cannot do it,"...
- Macron has taken the lead in international efforts to bail out the Lebanese economy after a collapse in the value of the Lebanese pound plunged most of the population into poverty.
- International lenders have demanded that Lebanon adopt a programme of painful economic reforms in return for releasing billions of dollars in bailout loans.
Geostrategy
Iraq tells visiting Italy PM it seeks closer economic ties
Iraq's prime minister appealed to visiting Italian counterpart Giorgia Meloni for closer economic ties with his oil-rich country suffering from...
- Italian oil firm Eni has been involved in exploration and production in Iraq for over a decade.
- The United Nations says Iraq is one of five countries most exposed to some impacts of climate change.
Business
FAB, Magnati, PayRow join hands
The move will help Dubai in becoming a cashless economy.
- Government entities and merchants will now be able to receive payments from their customers in an easy, flexible, unified and secure manner.
- The new payment ecosystem is set to transform the existing gateway.
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FED keeps interest rates unchanged
The Federal Reserve kept interest rates at the current target range of 4.25 percent to 4.50 percent after its January meeting, according...
Company News
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Stock markets on hold as investors await key US inflation data
Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that...
Market Report
EDB commits US$350m for renewable energy projects in developing countries
ABU DHABI, UAE - Emirates Development Bank (EDB) has committed US$350 million (AED 1.3 billion) to support the Energy Transition Accelerator...
Business
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Business
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...
- The Sukuk issuance was 1.7 times oversubscribed, with the orderbook reaching approximately US$600 million.
- “This demonstrates Ittihad’s solid business fundamentals and confirms its strong credit appetite,” CEO of Bank of Sharjah said.
Geostrategy
Some farmers in drought-hit Iraq forced to reduce crops: NGO
Baghdad, Iraq -- Sixty percent of farmers surveyed in four provinces of drought-hit Iraq reported having to reduce cultivated areas or...
- Successive years of drought have already displaced tens of thousands from rural areas in Iraq, particularly in the southern provinces that face extreme heat during the summer.
- In addition to drought, the authorities blame upstream dams built by Iraq's powerful neighbours Iran and Turkey for dramatically lowering water levels in the Tigris and Euphrate.
Economy
Bahrain and EU hold discussions to ramp up ties in energy sector
Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy...
- The Bahrani oil minister shared details with the envoy of the kingdom's oil projects and environmental initiatives aiming for zero neutrality by 2060
- The EU ambassador applauded the kingdom's progress and development, pledging to continue promoting investment for both parties sides