Asian stocks mostly up after US tech rally
Asian stocks were mostly higher on Tuesday after a tech rally on Wall Street, but their gains remained modest in...
ECB to cut rates again amid bleak eurozone outlook
The European Central Bank is expected to cut interest rates again this week amid a darkening outlook, with political turbulence...
Economy
IEA says fossil fuel CO2 emissions rise marginally in 2022
The International Energy Agency has said that global carbon dioxide emissions from fossil fuel combustion will grow just one percent...
- The increase was far smaller than the two-billion-tonne jump the world experienced last year as countries turned to fossil fuels to power their Covid-19 recoveries
- The IEA analysis showed that solar photovoltaic and wind capacity grew by more than 700 terawatt-hours in 2022, the largest single year rise on record
Economy
Tunisian bakers strike over unpaid subsidies
Subsidies on basic goods are a highly sensitive political issue in Tunisia, where a public finance crisis has caused repeated...
- The national bakery owners' union said some 3,200 of their businesses had closed, representing 95 percent of the North African country's state-backed bread-makers
- The bakers are demanding payment of 14 months of overdue subsidies, adding up to around 250 million dinars (nearly $78 million)
Economy
Empty shelves as German supermarkets resist price hikes
With German inflation running at a record 10 percent, supermarket giants are pushing back against what they see as unreasonable...
- But retailers in Europe's top economy say they are protecting customers' purchasing power at a difficult time, and that price hikes of up to 30 percent in some cases are overblown.
- Edeka and Rewe, two of Germany's biggest supermarket chains, have stopped getting delivery of around 300 products from the Mars company, known for its Twix and Snickers bars.
Economy
Saudi crown prince unveils National Industrial Strategy
The strategy aims to diversify the kingdom's economy and increase GDP and non-oil exports by promoting industry and attracting investment.
- The strategy aims to diversify the kingdom's economy and increase GDP and non-oil exports by promoting industry and attracting investment
- The policy also intends to raise the number of factories in the kingdom from 10,640 at the moment to 36,000 by 2035
Economy
Biden to release 15m barrels from US oil reserves: official
The decision to make the biggest-ever dip into the emergency oil reserves -- usually kept for responding to situations such...
- New tranche of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorized in the spring," in response to price hikes
- Major energy exporter Russia was hit with US and European sanctions soon after it invaded Ukraine in February, causing turmoil on markets
‘Close the windows’: Lebanon power plant sparks cancer fears
Thick black smoke sometimes billows from its red-and-white chimneys, leaving a grey haze in the air above the Zouk Mikael...
- A Greenpeace study found that the surrounding Jounieh area ranked fifth in the Arab world and 23rd globally for cities most contaminated by nitrogen dioxide
- The environmental group's 2018 study singled out the Zouk plant, built in the 1940s, as well as cars on a busy motorway and privately owned electricity generators
Economy
Qatar’s glitzy World Cup is ready and expensive
The palm tree-styled street lamps and neon office blocks that line the highway from the expanded international airport to central...
- Gleaming new stadiums that cost more than $6.5 billion are ready, and a driver-less metro system with a price tag of $36 billion serves five of the eight venues
- FIFA has lauded Qatar's preparations and the eight stadiums designed to highlight Arabic tradition and culture
Economy
UAE gross banks’ assets up 0.9% to over $1tn by Aug end
The Money Supply aggregate M2 increased by 1.4 percent from $437 billion at July end to $443 billion at the...
- The Money Supply aggregate M2 increased by 1.4 percent from $437 billion at July end to $443 billion at the end of August
- The Money Supply aggregate M3 also rose by 2.4 percent from $535 billion at July end to $549 billion at August end
Economy
UAE to provide Ukraine with $100m in humanitarian aid
Minister of State for International Cooperation Reem bint Ebrahim Al Hashimy said the UAE's continued efforts to mitigate the humanitarian...
- Minister of State for International Cooperation Reem bint Ebrahim Al Hashimy said the UAE's continued efforts to mitigate the humanitarian impact of the Ukraine crisis
- Al Hashimy added that the UAE has provided similar aid in recent months to Ukrainian refugees in Poland and Moldova
Business
New technologies bolster GCC-Asia trade relations
Beyond oil and gas, Gulf companies have made some strategic investments in sectors with strong potential for growth, including fintech,...
- GCC and Asian countries are benefitting from technological advancements, which has potential to make cross-border trade more efficient, inclusive and equitable for SMBs.
- Gulf countries, led by the UAE and Saudi Arabia, have been investing in Asian technology companies and incentivizing them to launch operations in the region, says an expert.
Asian stocks mostly up after US tech rally
Asian stocks were mostly higher on Tuesday after a tech rally on Wall Street, but their gains remained modest in...
Company News
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Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
Business
Huge investments propel GCC project sector growth
The GCC project sector, one of the world's most dynamic, has recorded a significant surge in project awards, reaching $41.8...
Economy
Global tech collaboration can benefit all: Expert
The ongoing US-China technological decoupling is likely to harm global capabilities, Chinese Professor Wu Xiabo tells TRENDS in an interview.
Interview
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Economy
High interest rates are here to stay for a longer duration: IMF chief
Riyadh, Saudi Arabia - The world should be prepared that the interest rates are here to stay for a longer...
- Kristalina Georgieva conceded that "interest rates are not just suffocating, they are making life harder."
- She also called on the overburdened countries to restructure debt, promising that the IMF was ready to assist
Business
Stocks surge on China spending plan as oil prices retreat
Traders tracked a rally on Wall Street that was helped by a strong set of earnings from big-name firms including...
- Hong Kong was the stand-out performer Wednesday, jumping more than two percent
- Traders were aware that the crisis in the Middle East could spiral out of control at any minute
Interview
Diversification remains crucial for oil-rich nations
Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in...
- Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in an interview
- She highlights the need for a global sustainability approach, emphasizing localized transitions, inclusivity, and the urgency of shifting to sustainable development