Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
Economy
Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
Business
Foxconn of Taiwan unveils more electric vehicle prototypes
The Taiwanese tech giant Foxconn has moved to diversify beyond electronics assembly and embraced the competitive but rapidly expanding EV...
- The world's largest contract electronics maker, Foxconn already plays a lynchpin role in assembling gadgets for a host of top international brands including Apple's iPhones
- Foxconn has also started building electric vehicles for Lordstown Motors after completing its purchase of a former General Motors plant in Lordstown, Ohio in May
Economy
Saudi economy is the fastest growing among G-20 in 2022: report
The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term.
- The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term
- The estimates of the OECD report for the Kingdom contradict the bleak and ambiguous outlook that stems from the Russian-Ukrainian crisis
Economy
GCC pivot to Asia to aid Asianization of global economy
The Gulf countries rely heavily on assistance from Asia, particularly China, to modernise their economies and diversify away from oil.
- The Gulf countries rely heavily on assistance from Asia, particularly China, to modernise their economies and diversify away from oil
- GCC's position in supporting Russia in its conflict with Ukraine, Europe, and the US, have raised many problems, but nowhere more so than in Asia
Geostrategy
US warns of sanctions over Iran drone ties after Kyiv strikes
State Department spokesman Vedant Patel told reporters that Russia deepening an alliance with Iran is something the whole world, especially...
- Secretary of State Antony Blinken said the drone strikes showed the need to provide "everything possible" to Ukraine as its forces gain ground against Russian invaders
- US officials have previously said that Russia, historically a major arms exporter, is also turning to North Korea while China has rebuffed calls for assistance
Economy
Visa-free travel between UAE, Japan starting Nov 1
Holders of UAE passports can stay in Japan for up to 30 days during each visit for the purpose of...
- Holders of UAE passports can stay in Japan for up to 30 days during each visit for the purpose of tourism or work
- The UAE is Japan's tenth largest trading partner in the world and is home to more than 340 Japanese companies operating in various sectors
Geostrategy
US officials not invited to Saudi investment forum: organiser
The organizer said he did not want the gathering "to become a political platform". The decision not to invite American...
- The Future Investment Initiative (FII), a three-day conference set to begin on Oct 25 in Riyadh, typically draws Wall Street titans and high-ranking officials from around the world
- Up to 400 American CEOs are expected to participate this year, said Richard Attias, CEO of the group behind the event. It is often referred to as "Davos in the Desert".
Economy
France braces for nationwide strike amid fuel shortage
Fuel workers voted to continue stoppages at several refineries run by TotalEnergies, the coordinator for the hard-left CGT union Eric...
- Leading unions have called for strikes Tuesday in their biggest challenge yet to President Emmanuel Macron
- The French government, increasingly impatient with striking workers, said it was forcing key staff back to work
Geostrategy
UAE, Chile ink pact to exchange knowledge on energy sector
UAE's Ministry of Energy and Infrastructure signed a Memorandum of Understanding with its counterpart in Chile to exchange knowledge and...
- Under the agreement UAE and Chile will exchange information, knowledge and expertise, hold high-level meetings to discuss issues.
- The two sides will organise relevant academic research and enhance their cooperation in clean and renewable energy.
Economy
Lebanese pound plunges to all time low against dollar
The Lebanese pound has been officially pegged at 1,507 to the dollar since 1997, a rate that has not reflected...
- The pound's market value fell to over 40,000 to the greenback, after it had stabilized at around 38,000 for weeks.
- The pound sank further as the country, led by a caretaker government, heads into presidential elections next month.
Economy
Social benefits and wages should rise with inflation: UN expert
"As with the Covid-19 pandemic, it is once again the most vulnerable that are paying the price of world events....
- "It is not hyperbole to say that unless governments increase benefits and wages in line with inflation, lives will be lost," said De Schutter.
- The expert also urged countries to involve people living in poverty in designing policies aimed at tackling the soaring cost of living.
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Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
Economy
Company News
Latest News
Markets in retreat on growing fears of Middle East war
With Benjamin Netanyahu building up a huge force ahead of an expected land incursion into Gaza, Iran has warned of...
Saudi Central Bank to collaborate with monetary authority of Singapore in fintech
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) signed an agreement with the Monetary Authority of Singapore (MAS) on...
Business
China’s Xi announces over $100 billion in new Belt and Road funding
Beijing has been forced to hand out billions of dollars in bailout loans to BRI countries in recent years to...
Economy
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Economy
UAE champions multilateral trade, says WTO economist
"The Gulf country is set to host the WTO's 13th Ministerial Conference in the first quarter of 2024 in Abu...
- The UAE will host the WTO's 13th Ministerial Conference in the first quarter of 2024.
- The conference in Abu Dhabi is among the most significant in WTO's recent history
Business
Emirati investments in Turkey reach $5.6 billion in 2022
ABU DHABI, UAE – Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative...
- UAE currently stands as Turkey's 13th largest trade partner for exports and the 15th largest for imports.
- From 2014 to 2022, the total foreign direct investment from Turkey to the UAE amounted to approximately $1.1 billion
Market Report
Markets fall as Biden set for Middle East diplomacy drive
US and European stock markets mostly fell and oil prices rose as US President Joe Biden prepared for a trip...
- Wall Street opened in the red, with the tech-heavy Nasdaq shedding more than one percent, while Frankfurt and Paris fell 0.6 percent afternoon deal.
- "Understandably, not many people are in the mood to put their hard-earned cash at risk in these uncertain economic times," said an expert.