GCC equity markets ended 2024 in positive territory
Five of seven GCC equity market indices under coverage ended 2024 on the rise, according to an in-depth report on GCC equity...
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,...
Geostrategy
Israel, Lebanon strike ‘historic’ maritime border deal
UN chief Antonio Guterres said he "strongly" believed the deal can promote stability in the region and create "enhanced prosperity...
- The agreement was signed separately by Lebanon's President Michel Aoun in Beirut and by Israel's Prime Minister Yair Lapid in Jerusalem
- US President Joe Biden hailed the "historic" deal, that comes as Western powers clamour to open up new energy production and reduce dependence on Russia
Market Report
Markets mixed as investors digest ECB hike, US data
Volatile markets were mostly trading up after the ECB announced an expected hike to interest rates in the face of...
- The euro lost against the greenback on Thursday, after having traded above one dollar for the first time since last month on Wednesday.
- After fluctuating for much of the day, Eurozone stocks were flat by late afternoon trading.
Geostrategy
UAE President, Austrian Chancellor discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Federal Chancellor of the Republic of Austria Karl Nehammer met in...
- Leaders of UAE and Austria affirmed their interest in strengthening bilateral relations, especially in technology, energy, innovation and food security.
- The two leaders underscored the importance of taking action to ease tension and promote dialogue to resolve crises with humanitarian, economic and food security implications.
Economy
US economy grows in third quarter this year
The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President...
- The latest GDP figures reflect increases in exports, consumer spending and government spending, said the US Commerce Department.
- Gross domestic product rose at an annual rate of 2.6 percent in the July to September period, according to Commerce Department data.
Economy
Egypt, IMF reach agreement on EFF arrangement
Egypt and International Monetary Fund have reached a staff-level agreement on the economic policies to be supported by a 46-month...
- The Extended Fund Facility with a requested access of about US$3 billion, aims to provide Egypt with balance of payments and budget support, said an IMF official.
- EFF will also help in catalyzing additional financing from Egypt's international and regional partners to maintain economic stability.
Economy
Egypt agrees $3 billion loan with IMF as pound hits new low
The IMF had demanded the devaluation as a condition of the loan and the North African nation is among the...
- The IMF deal is also conditioned on reforms that include further cuts to subsidies, bringing yet more pain for struggling households.
- In Aug, global investment firm Goldman Sachs estimated that Egypt would need about $15bn in funding to be able to repay its foreign debt, currently estimated at about $150bn.
Business
Volvo Cars posts Q3 net profit of US$61m
Retail sales declined in its main markets Europe and the US.
- Volvo Cars was hit hard by rising raw material prices, record inflation, higher interest rates and the war in Ukraine.
- Revenue rose to $7.28 billion boosted by "robust" demand for the company's SUVs.
Business
TotalEnergies posts Q3 net profit of US$6.6bn
Firm said surging oil, gas prices helped it post massive profits.
- Net profits at TotalEnergies soared 43 percent from the same period last year with record performances for its natural gas and liquefied natural gas activities.
- The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.
Business
Credit Suisse launches radical overhaul to stabilize bank
Switzerland's second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken...
- Credit Suisse also said expects to run the bank with approximately 43,000 staff by the end of 2025 compared to 52,000 at the end of September
- Its investment bank suffered a loss of 3.7 billion Swiss francs in 2021 and backed that up with a 992 million Swiss franc loss in the first half of 2022
Business
Samsung posts 31% decline in Q3 operating profit
It, however, reported a 3.79% increase in sales.
- The third-quarter results are the first year-on-year decline in profit in nearly three years for Samsung Electronics, the world's biggest smartphone maker
- Operating profit for July to September 2022 fell to 10 trillion won ($7 billion), down from 15.8 trillion won for the same period last year, the company said
GCC equity markets ended 2024 in positive territory
Five of seven GCC equity market indices under coverage ended 2024 on the rise, according to an in-depth report on GCC equity...
Company News
Latest News
Saudi civil aviation authority announces economic policy of sector
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) has announced the economic policy of the civil aviation...
Geostrategy
COP28 wide open to private sector, says climate talks chief
ABU DHABI, UAE - Upcoming UN climate talks in Dubai will be open to the private sector on an unprecedented scale,...
Geostrategy
Britain grants 27 new oil and gas exploration licenses in North Sea
London, United Kingdom - Britain on Monday awarded 27 new licenses for oil and gas exploration in the North Sea as...
Economy
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Economy
Let’s transform statistical systems for the future
"The PSA should champion digital transformation in Qatar by equipping the national statistics system with comprehensive, accurate, and reliable data....
- PSA President Dr Saleh bin Mohammad Al Nabit emphasizes the importance of data as a national treasure.
- He highlights the role of data in crafting evidence-driven policies and tracking developmental progress.
Economy
Saudi Fund for Development signs $100m loan pact to support the water sector in Argentina
Riyadh, Saudi Arabia - Saudi Fund for Development (SFD) on Sunday signed a $100 million loan agreement to support the...
- The agreement will support the growing demand for potable water in Argentina’s provinces of Santa Fe and Córdoba
- Phase 1 of the project will develop from Coronda, in the province of Santa Fe, to San Francisco, in the province of Córdoba
Economy
Futuristic strategies elevate Dubai
Dubai's transformation from a humble fishing village to a global tourist powerhouse is nothing short of remarkable. Just decades ago,...
- Dubai's evolution from a simple fishing village to a premier global tourist hub is credited to its innate advantages, deliberate investments, and cohesive destination development
- The emirate exemplifies visionary leadership and adaptability, attracting millions yearly, and has shown resilience during crises like 2008 financial downturn and Covid pandemic