Asia stocks mostly down after Wall St. losses
The "Santa Claus rally" got off to a good start but US stocks then fell across the board on Friday,...
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...
UN chief says stop ‘blame game’ at deadlocked climate talks
Developing nations least responsible for global emissions are pushing rich polluters to agree at COP27 on the creation of a...
- Guterres said there was "clearly a breakdown in trust" between developed and emerging economies
- The deadlock on loss and damage is holding up agreement on a broad range of issues that nations are hoping to address at COP27
Economy
Qatar issues licenses to 3500 holiday homes to house World Cup visitors
Qatar faces the challenge to accommodate 1.2 million fans expected to attend the FIFA World Cup.
- Qatar faces the challenge to accommodate 1.2 million fans expected to attend the FIFA World Cup
- More than 160 round-trip flights are scheduled daily from neighbouring Gulf countries to allow them to accommodate supporters
Economy
Algeria to help Cuba as energy shortages bite
Algeria and Cuba have had friendly relations for decades, with the first Cuban doctors dispatched to the North African country...
- The announcement was made as Cuban President Miguel Diaz-Canel visited Africa's biggest gas exporter
- Algeria will grant Cuba a solar power plant and resume the supply of fuel to allow Cuba to restart power plants and stop the power cuts
Economy
UK rolls out budget full of tax hikes as recession seeps in
Britain unveiled a painful budget with $65 billion of tax hikes and spending cuts despite confirming its economy was in...
- Finance minister Jeremy Hunt said the measures were needed to bring financial stability after recent markets turmoil.
- The pound had hit a record-low close to parity against the dollar in late September after Truss failed to reveal the impact of her tax cuts on growth and inflation.
Business
Alibaba posts Q3 loss of $2.9bn
Firm's result is seen as a gauge of Chinese consumer sentiment.
- The heavy net loss attributable to ordinary shareholders was primarily due to a decrease in market prices of its equity investments in publicly traded companies.
- Alibaba said it achieved revenue growth by "enhancing operating efficiency" as well as through the expansion of its logistics and services businesses.
Geostrategy
Lebanon MPs fail for sixth time to elect president
Lebanese lawmakers failed for a sixth time to elect a successor to former president Michel Aoun, whose mandate expired last...
- There have been delays in electing previous Lebanese presidents.
- This year's vacancy comes as Lebanon is mired in an economic crisis that the World Bank has dubbed one of the worst in recent history.
Business
Mawani felicitated at the Maritime Standard Awards 2022
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) won an award at the ninth edition of the Maritime Standard...
- The awards is an annual industry event that felicitates top performers in the shipping, ports, and related sectors in the Middle East and the Indian subcontinent.
- The award crowns Mawani’s efforts in revolutionizing the Saudi maritime ecosystem and facilitating global trade.
Business
Siemens posts Q4 profit of $3bn
Firm posts FY 2021-22 net profits of around US$4.6 billion.
- Siemens Energy's loss-making wind turbine maker subsidiary, Siemens Gamesa, has faced huge struggles.
- Siemens Energy was spun off in 2020 from Siemens, which still owns a 35 percent stake.
Economy
Travel-weary Saudi superfan awaits World Cup at ‘home’
Saudi officials are putting on 240 weekly flights linking the kingdom to Qatar, up from six normally, and easing overland...
- This year's World Cup in neighboring Qatar, by contrast, has the feel of a home game for Saudi fans as Doha is a mere two-hour flight from Jeddah
- Turkistani, a Saudi fan is ready to welcome his other fellow citizens in Doha, having stocked up on green-and-white t-shirts, plastic blowhorns, drums and balloons to distribute
Economy
Ukraine grain deal extended ‘under current terms’: Turkey
Ukraine is one of the world's top grain producers, and Russia's invasion of the country blocked 20 million tons of...
- The agreement would be in force for "120 days considering the winter conditions", and there could be "new arrangements" after the winter season
- An international source close to the negotiations also confirmed to AFP that the parties concerned agreed to extend the deal
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Asia stocks mostly down after Wall St. losses
The "Santa Claus rally" got off to a good start but US stocks then fell across the board on Friday,...
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Business
IMF upgrades China growth forecast to 5.4 percent in 2023
Beijing, China - The International Monetary Fund on Tuesday raised its 2023 economic growth forecast for China, citing stronger consumption and...
Economy
IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...
Market Report
Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
Business
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Economy
China owed more than $1 trillion in Belt and Road debt: report
Crunching data compiled on Chinese financing of almost 21,000 projects across 165 countries, AidData said Beijing had now committed aid...
- Beijing says upwards of 150 countries stretching from Uruguay to Sri Lanka have signed up to the BRI, a global infrastructure push unveiled by President Xi Jinping a decade ago
- The first decade of the initiative saw China distribute huge loans to fund the construction of bridges, ports and highways in low and middle-income countries
Economy
Qatar leads by example in money laundering control
"Nations must take action to establish measures for detecting the physical cross-border movement of currency and negotiable instruments to combat...
- MENAFATF Executive Secretary Suliman bin Rashid Al Jabrin lauds Qatar's adherence to global anti-money laundering standards.
- Highlighting the FATF's goals to block terrorists' cross-border funding, Al Jabrin urges strong measures against currency smuggling.
Economy
Dubai approves $67bn budget to stimulate economic recovery
Dubai, UAE - Dubai government's general budget for the fiscal cycle of 2024-2026 includes total expenditures of $67.16 billion (AED...
- A total of 34% of total government expenditures of the 2024 budget goes to the social development sector in the areas of health, education, and scientific research
- Spending on infrastructure, including roads, tunnels, bridges, transportation, sewage stations, parks, and renewable energy sources accounts for 42% of total spending