World leaders meet for climate talks, but big names missing
Dozens of world leaders convene in Azerbaijan on Tuesday for COP29 but many big names are skipping the UN climate...
Economy
Eight OPEC+ members extend oil supply cuts until year end
Supply cuts seek boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential...
Economy
Market Report
Pound sinks against dollar on UK political uncertainty
The British pound sank against the dollar on political uncertainty after the resignation of UK Prime Minister Liz Truss, while...
- The dollar strengthened also on expectations that the US Federal Reserve would press ahead with its program of bumper interest rate hikes.
- Traders were girding for another possible intervention by Tokyo after the dollar went above 150 yen.
Business
UAE-UK Business Council to promote trade, investment
The UAE-UK Business Council hosted its 20th Plenary Meeting in Abu Dhabi, co-chaired by Ahmed Al Sayegh, Minister of State,...
- A new project on opportunities for UK-UAE collaboration on the decarbonization of the built environment was also announced.
- The Business Council announced it will support the Cherie Blair Foundation for Women.
Geostrategy
Shortest-serving PM in history leaves scars on the economy
The crisis-hit PM, elected Conservative leader just six weeks ago on a tax-slashing platform, announced her resignation Thursday. Her budget,...
- The measures triggered a loss of confidence on markets, sparking the downfall of the 47-year-old Oxford-born politician
- Investors also felt the budget splurge was in opposition to the BoE's recent interest rate hikes which sought to bring down runaway inflation
Economy
EU agrees ‘roadmap’ to contain energy prices
The summit agreement set out a "solid roadmap to keep on working on the topic of energy prices", European Commission chief...
- The accord came after 11 hours of wrangling over broad proposals to lower energy bills as gas prices pushed skywards by the war in Ukraine
- The bloc's 27 member states have been squabbling for months over which joint initiatives to adopt, riven by the fact that energy mixes in the countries vary greatly
Business
Nokia Q3 profit at $419m
The Finnish company reports net sales of $6billion.
- Finn company Nokia reported a 22-percent rise in profit to $419 million
- Nokia CEO Pekka Lundmark said the quarter demonstrated that he was delivering on the ambition to accelerate growth.
Business
Ericsson Q3 profit at $480m
Firm is making 'pricing adjustments' as inflation soars.
- Ericsson's shares closed down 15 percent on the Stockholm stock exchange.
- The lower profits were partly due to Ericsson's $6.2 billion acquisition of US cloud communications company Vonage.
Economy
Dubai to host 3 healthcare events next week
The United Arab Emirates is set to host three healthcare events next week in Dubai where over 4,000 healthcare professionals...
- Over 4,000 healthcare professionals and participants are expected to attend.
- Around 140 expert speakers will deliver 110 scientific sessions and over 40 participating countries will also be present.
Economy
Turkey’s central bank reduces policy rate for third month
The decision comes right after President Recep Tayyip Erdogan said the central bank would keep cutting rates every month for...
- The Turkish central bank said it was cutting its one-week repo rate to 10.5 percent from 12 percent
- President Erdogan wants interest rates to lower down to single digits by the end of the year
Business
Aramco launches Taleed program to accelerate SMEs growth in Saudi
Riyadh, Saudi Arabia--Aramco said on Thursday it has launched Taleed program to accelerate the growth of Small and Medium Enterprises...
- Aramco said the program targets sustainable SME growth across multiple sectors through a portfolio of 20 initiatives.
- It also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding $800 million.
Business
American Airlines posts Q3 profit of US$483m
American Airlines third quarter revenues rose to $13.5 billion.
- American scored a 13 percent jump in revenues compared with the 2019 period on high ticket prices.
- US carriers have begun to prosper in 2022 as more governments pare back restrictions.
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World leaders meet for climate talks, but big names missing
Dozens of world leaders convene in Azerbaijan on Tuesday for COP29 but many big names are skipping the UN climate...
Economy
Company News
Latest News
GCC unified tourist visa to be introduced within 2 years, says UAE minister
ABU DHABI, UAE – Emirati Minister of Economy Abdullah bin Touq Al Marri has announced that the Gulf Cooperation Council...
Business
China, GCC members to deepen Belt and Road trade cooperation: Chinese minister
Guangzhou, China - China is committed to enhancing trade and investment ties with the Gulf Cooperation Council (GCC) as part...
Economy
Most Read
Economy
GCC-China strategic alliance focuses on mutual trust
"A Free Trade Agreement between the GCC countries and China will be a pivotal channel to amplify GCC-Chinese relations across...
- A Free Trade Agreement China is expected to strengthen GCC-Chinese relations and boost trade exchanges
- The agreement has seen 10 rounds of technical negotiations since the 2004 Framework Agreement
Interview
‘Technology may help bridge global economic divide’
External shocks, such as COVID, Ukraine war and rising costs have exacerbated economic disparities, while geopolitics hinders effective global decision-making,...
- External shocks, such as COVID, Ukraine war and rising costs have exacerbated economic disparities, while geopolitics hinders global decision-making, says an expert
- The economic divide between rich and poor is expanding globally and locally, while technology's role in bridging or widening this gap remains ambiguous, he adds
Business
Nearly 5,000 member companies join Sharjah Chamber in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...
- The Chamber’s main branch and its other branches in Al Dhaid, Khor Fakkan, Dibba Al-Hisn, and Kalba now boast 45,373 active members.
- The total export and re-export values of the members of the Sharjah Chamber reached US$4.6 billion through the third quarter of the current year.