3 ways travel drives economic growth while enhancing global connections and sustainability
WTTC research shows that, having endured estimated losses of $4.5 trillion and 62 million jobs in 2020 alone, travel and...
World Bank announces record $100 bn support for world’s poorest countries
The World Bank announced Thursday that it had raised close to $24 billion to provide loans and grants for some...
Business
Goldman Sachs Q3 profit at $3bn
The bank's revenues declined 12 percent to $12 billion.
- Profits were $3.0 billion, down 44 percent from the 2021 period, while revenues declined 12 percent to $12.0 billion.
- The bank's chief executive, David Solomon, said that businesses should be "cautious" in light of increased volatility.
Market Report
Markets climb on bright US earnings, UK policy U-turns
Major global equities rose, with sentiment soothed after upbeat US earnings and Britain shredded its controversial budget. Analysts pointed to...
- US industrial production also picked up more than anticipated in September, according to official data.
- On Wall Street, the Dow Jones jumped two percent at the open after a day of strong trading in Asia and Europe, before paring back gains later in the morning.
Geostrategy
Abu Dhabi, Bangladesh to enhance trade, economic ties
The Abu Dhabi Department of Economic Development (ADDED), and Bangladesh Embassy in Abu Dhabi, have organized the Economic Cooperation Forum...
- Abu Dhabi and Bangladesh bilateral trade and mutual investments are on the rise.
- The Emirate and Bangladesh have organized the Economic Cooperation Forum to enhance mutual investment opportunities.
Business
Aldar, Abu Dhabi Residents Office to enhance Golden Visa services, offerings
Abu Dhabi, UAE-- The Abu Dhabi Residents Office, part of Abu Dhabi Department of Economic Development (ADDED), has signed a...
- They are working on developing a joint strategy to promote Abu Dhabi and its real estate projects besides identifying opportunities to support investors and talent.
- The Office will support clients of Aldar when applying for a Golden Visa upon purchasing a property valued at more than AED 2 million ($544, 506) from Aldar’s projects.
Geostrategy
Nord Stream probe tailored against Russia, says Kremlin
The Kremlin said that the investigation into the explosions that tore through the Nord Stream gas pipelines was being 'tailored'...
- Russia has accused Western countries of being behind the explosions of the pipelines.
- Russia had earlier expressed bewilderment over its exclusion from an investigation into the incident.
Economy
CBUAE issues commemorative coins on Tawazun’s 30th anniversary
The Central Bank of the UAE (CBUAE) in collaboration with the Tawazun Economic Council (Tawazun), has issued 1,000 silver commemorative...
- Tawazun was established in 1992 to create, build and manage industrial relationships.
- The issuance of the commemorative coins aims to highlight the vital role of Tawazun.
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
3 ways travel drives economic growth while enhancing global connections and sustainability
WTTC research shows that, having endured estimated losses of $4.5 trillion and 62 million jobs in 2020 alone, travel and...
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Retail plays a pivotal role in UAE’s Net Zero mission
“To achieve our climate objectives, every segment of the economy, including retail, must work towards a greener future. The upcoming...
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...
Economy
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...
Business
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Economy
China announces $137 bn sovereign bond issuance
Beijing, China - China announced on Tuesday a 1 trillion yuan ($137 billion) sovereign bond issuance, state media said, in a...
- The funds will be distributed to local governments to support national disaster prevention and recovery, state news agency Xinhua said.
- Zhang Zhiwei of Pinpoint Asset Management said the move was "highly unusual" and "came to the market as a surprise".
Economy
China’s GDP rises above forecasts, boosted by robust recovery efforts
BEIJING, CHINA - China's Gross Domestic Product (GDP) grew by 4.9 percent year-on-year in the third quarter, surpassing economists' predictions...
- Analysts believe China is on track to meet its annual growth target of approximately 5 percent this year.
- Data from China’s National Bureau of Statistics revealed a 5.2 percent growth for the first three quarters.
Economy
Israel-Hamas war risks ‘serious’ economic damage: World Bank president
Ajay Banga was speaking at the annual Future Investment Initiative, often referred to as "Davos in the Desert". More than...
- While commenting on Israeli-Gaza war at FII summit, the World Bank president said, "we're at a very dangerous juncture"
- More than 5,000 Palestinians, mainly civilians, have been killed across the Gaza Strip in retaliatory Israeli bombardments