Asian markets retreat as China pledges fail to spark excitement
Asian markets fell Friday as China's latest vows to boost the beleaguered economy failed to stir much excitement, while traders...
Seoul stocks sink amid S. Korea drama as Asian markets struggle
South Korean stocks sank more than two percent Wednesday while the won rebounded from earlier losses after President Yoon Suk...
Science
Natural disaster losses hit US$115 bn this year, says Swiss Re
GENEVA, SWITZERLAND - Natural catastrophes have caused an estimated US$115 billion of insured losses in 2022 to date, driven by...
- Swiss Re added that so-called secondary natural disasters such as floods and hailstorms caused more than $50 billion of insured losses.
- Total insured losses topping $100 billion for a second consecutive year, said Swiss Re.
Science
Financing for nature must more than double by 2025, says UN report
The world must increase financing for nature-based solutions to meet key climate, biodiversity and land degradation goals, a United Nations...
- The UNEP report said that investments for nature-based solutions must increase to US$384 billion per year by 2025.
- By 2030 finance flows of $484 billion a year will be required for nature-based solutions.
Business
Singapore has highest number of crypto job openings
Luxembourg has the second highest rate at 55.59 crypto jobs per million people.
- Luxembourg has the second highest rate at 55.59 crypto jobs per million people
- North America offers the best average salary for crypto jobs, amounting to annual earnings of $120,000
Economy
World Bank says remittances to lower income countries ease in 2022
The World Bank estimates that cash transfers to low income countries eased this year as high prices ate up migrants'...
- The World Bank says while the reopening of economies as the pandemic receded helped with employment, rising costs "adversely affected migrants’ real incomes"
- Rising oil prices and continued demand for migrant workers boosted remittances to Central Asian countries
Business
Gulf countries seek to procure India’s BrahMos missile
Reports said that the UAE’s discussions with the Indian government to procure BrahMos are already in advanced stages.
- Reports said that the UAE’s discussions with the Indian government to procure BrahMos are already in advanced stages
- The discussions with Saudi Arabia which got delayed due to Covid19 pandemic, too are reported to be in advanced stages
Economy
Fed report says US economic activity slows amid uncertainty
Washington, United States—US economic activity eased in recent weeks, while uncertainty and "increased pessimism" clouded the country's outlook amid high prices...
- The Fed's latest survey of economic conditions comes as the US central bank pushes on with its all-out effort to cool surging inflation
- Higher interest rates took a toll on home sales, which fell "steeply" in some districts
Economy
Nasdaq surges 3% as Fed Chair says could soon ease rate hikes
Stocks have risen over the last month, in part on expectations that the Fed would soon pivot on monetary policy....
- Near 1945 GMT, Nasdaq Composite Index was up 2.9 percent at 11,305.08 as Powell indicated that Fed could soon shift from its ultra-aggressive response to inflation
- Earlier, government data showed the United States economy grew at 2.9 percent in the third quarter, annualized, better than the 2.6 percent figure in the prior estimate
Economy
US economy rose 2.9% in Q3, more than early report
The US economy grew more than initially reported in the third quarter this year, with government data released Wednesday reflecting...
- It has been the first GDP expansion this year, after two quarters of negative growth that deepened fears of a recession in the world's biggest economy
- The pick-up came days before midterm elections in the United States, in welcome news for President Joe Biden, but analysts have cautioned of a less rosy path ahead
Economy
ZATCA extends period of exemption of penalties for Saudi taxpayers
Saudi Arabia's Zakat, Tax and Customs Authority has extended the period of Cancellation of Fines and Exemption of Penalties Initiative...
- Saudi Arabia's Zakat, Tax and Customs Authority has extended the period of Cancellation of Fines and Exemption of Penalties Initiative for taxpayers
- Penalties included in the ZATCA initiative cover exempting taxpayers from late registration in all tax systems, late payment of fines, etc
Economy
Europe’s inflation declines for first time in 17 months: EU agency
Boosted by soaring energy and food bills triggered by Russia's war in Ukraine, the rate of price increases had hit...
- Analysts had expected the inflation rate in the single currency area to fall but the drop was steeper than predicted
- Among 19 countries that use the euro, Spain now has the lowest inflation rate, dropping to 6.6 percent compared to previous top performer France
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Asian markets retreat as China pledges fail to spark excitement
Asian markets fell Friday as China's latest vows to boost the beleaguered economy failed to stir much excitement, while traders...
Company News
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Business
Sustainably yours: Redefining travel for green future
The future of travel is expected to see greater use of renewable energy in transportation and advancements in technology, driving...
Oil prices edge up on Iraq’s backing for OPEC+ output cuts
New York, United States - Oil prices saw a modest 2% increase on Friday, boosted by Iraq's expressed support for...
Economy
Most Read
Economy
Moody’s downgrades US debt rating outlook to negative
Moody's is the only major agency to maintain its rating for US sovereign debt at its highest level -- underscoring...
- The US budget deficit, published last month for the 2023 fiscal year ending September 30, has widened to $1.7 trillion
- Due to interest rate hikes by the US central bank to curb inflation, the cost of debt for the United States has ballooned
Geostrategy
Gaza health system has reached point of no return, says ICRC
The Red Cross called for medical facilities and workers in war-ravaged Gaza to be protected, warning the health system there...
- Medical facilities and personnel across Gaza have repeatedly come under attack since Israel's war with Hamas erupted just over a month ago.
- Such attacks have dealt "a heavy blow to the healthcare system in Gaza, ICRC said.
Business
TASI-listed firms report an aggregate net profit of $48.1bn in Q3
RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter...
- Sector-wise, the energy sector contributed the largest portion of the aggregate net profit of Saudi listed companies in Q3 2023.
- The banking sector accounted for 11.5 percent of the market’s aggregate profit, coming in second in terms of the most profitable sectors.