Billionaires on the rise globally- Oxfam Davos report
In its latest annual inequality report, “Takers Not Makers”, Oxfam explores how most billionaire wealth is taken, not earned. At least five...
Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
Economy
WHO sees Covid-19 emergency dying out in 2023
Urging China to share information that might pinpoint how the pandemic started, the WHO has said that it was hoping...
- The WHO's emergency committee on Covid-19 will discuss the criteria for declaring an end to the emergency phase when they next meet in January
- Nearly 650 million confirmed Covid cases and more than 6.6 million deaths have been reported to the WHO, though the UN health agency acknowledges this will be a vast undercount
Economy
EU leaders meeting in Brussels to focus on trade dispute with US
The EU summit was to also examine the situation, and consequences in Europe, of Russia's war in Ukraine, which European...
- Brussels views the "Buy American" condition for purchasers of electric vehicles mainly made in the United States as discriminatory against European car manufacturers
- EU chief said the e-vehicle subsidies contained in a broader US Inflation Reduction Act "risk un-levelling the playing field and discriminating against European companies
Economy
UAE bank investments up to $132bn by September end
According to CBUAE's figures, debt securities accounted for 49.5 percent of these investments, hitting $66 billion.
- According to CBUAE's figures, debt securities accounted for 49.5 percent of these investments, hitting $66 billion
- Held-to-maturity-securities comprised 38.9 percent, or $51 billion of the total investments
Economy
Dubai brings in new rules to govern its Digital Economy Court
Dubai, UAE--The Dubai International Financial Centre (DIFC) Court has launched a new set of industry-first specialised rules for its recently...
- A leading international judicial expertise Justice Michael Black of England & Wales has been recruited to oversee and operate the new court’s cutting-edge digital infrastructure
- The DIFC Courts Rules will facilitate the efficient and modern resolution of digital economy disputes
Economy
Gulf central banks raise interest in line with US Fed’s rate hike
The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates...
- The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points
- The Central Bank of the UAE (CBUAE) earlier Wednesday raised the Base Rate applicable to the Overnight Deposit Facility by 50 basis points
Economy
Morocco lose game but win hearts all over world
Casablanca, Morocco--They may have fallen just short of reaching the World Cup final, but Moroccans on Wednesday hailed their team's historic...
- All over Morocco, shops have been selling team jerseys and flags.
- The news agency said the king also conveyed a congratulatory message to French President Emmanuel Macron by telephone post-match
Economy
Recession in Germany to be lower than predicted, says Ifo Institute
Ifo's positive outlook came a day after a closely watched survey showed German investor confidence rising again in December.
- Economic output growth is expected to shrink by 0.1 percent in 2023, the Munich-based Ifo Institute said
- Inflation in Germany is expected to slide from 7.8 percent in 2022 to 6.4 percent in 2023.
Economy
EU energy ministers push gas price talks into next week
Gas prices are high, albeit lower than during the middle of the year, spurring worries that European homes and businesses...
- Europe has entered a bitingly cold winter with fewer energy options because Russia has reduced gas supplies in retaliation for EU sanctions imposed over its war in Ukraine
- Several EU countries, including France, Poland and Spain, criticised the commission proposal as being designed so the price cap could never be triggered
UK inflation slows to 10.7% in November
The data was published on the eve of an interest rate decision from the Bank of England, which is widely...
- The Consumer Prices Index eased to 10.7 percent last month, the Office for National Statistics (ONS) said in a statement
- The modest slowdown followed falls in the price of motor fuel, but inflation remains high owing to soaring domestic energy and food bills
Economy
US Fed expected to slow pace of rate hikes as inflation eases
The consumer price index, a key gauge of inflation, logged its smallest annual increase in nearly a year, fueling optimism...
- The Federal Reserve has embarked on an all-out campaign to cool demand in the world's biggest economy
- It raised rates six times this year with interest-sensitive sectors like housing already reeling from tightening policy
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Billionaires on the rise globally- Oxfam Davos report
In its latest annual inequality report, “Takers Not Makers”, Oxfam explores how most billionaire wealth is taken, not earned. At least five...
Company News
Latest News
Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts
Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply...
Economy
World Bank anticipates 4.5% growth in UAE’s non-oil economy in 2023
Riyadh, Saudi Arabia - The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of...
Economy
European banks lack transparency on green finance: NGO
ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on...
Business
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Economy
MENA’s $2trn construction boom boosts sustainability
With innovative technologies and a focus on reducing emissions, this transformation could position the region as a global leader in...
- With innovative technologies and a focus on reducing emissions, this transformation could position the region as a global leader in sustainable urban development.
- The region sees a unique chance to pioneer sustainable technologies, potentially reducing lifecycle emissions by 50-60%, highlights Strategy& Middle East and Dar.
Business
Northvolt says it develops new sodium-ion battery
Stockholm, Sweden - Battery group Northvolt said on Tuesday it had developed a new sodium-ion battery, a technology using less critical...
- Sodium-ion batteries are viewed as a cheaper and in some respects safer alternative to the lithium-ion batteries.
- While sodium-ion technology has been around for decades, it has lagged lithium-ion batteries in performance.
Economy
Tax havens only half the story, says OECD
Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study...
- Half the profits booked by multinationals benefitting from low tax rates were from countries that have high rates but offer various tax breaks to attract investments.
- "Many jurisdictions typically considered (to be) 'high tax' offer various incentives which can lead to substantially reduced tax rates," said the report further.