Asian markets retreat as China pledges fail to spark excitement
Asian markets fell Friday as China's latest vows to boost the beleaguered economy failed to stir much excitement, while traders...
Seoul stocks sink amid S. Korea drama as Asian markets struggle
South Korean stocks sank more than two percent Wednesday while the won rebounded from earlier losses after President Yoon Suk...
Economy
Sterling rises with UK finance minister set to unveil spending plans
Jeremy Hunt was put in place on Friday after Prime Minister Liz Truss sacked Kwasi Kwarteng as she battles to...
- The pound held above $1.12, having sunk Friday owing to the uncertainty in Westminster, while a news conference by Truss did very little to reassure nervous investors
- Bonds also rallied on the first day without the Bank of England support put in place in response to turmoil caused by Kwarteng's mini-budget
Economy
Credit Suisse to pay US$495m to settle legacy case
It has agreed to pay $495 million as part of a deal reached with US prosecutors in a long-running dispute...
- In the claim filed in 2013, Credit Suisse was criticized for not having provided sufficient information on the risks relating to $10 billion of mortgage-backed securities
- Last year, Credit Suisse paid $600 million to financial guarantee insurer MIBA to settle other long-running litigation connected to the US subprime mortgage crisis
Economy
Biden faces tough options with Saudis after OPEC+ oil price hike
US National Security Advisor Jake Sullivan told CNN on Sunday that Biden would "act methodically, strategically" in re-evaluating US-Saudi relations,...
- Saudi Arabia has insisted the OPEC+ decision was purely economic and said US weapons sales serve both countries' interests
- The Biden administration has voiced openness to retaliatory measures in Congress by enraged fellow Democrats
Business
World Cup boom pushes some Qatar residents out of homes
With the World Cup a few weeks away, and a million fans expected to descend on Doha, Qatari landlords are...
- FIFA recently released thousands of hotel rooms it had reserved, which experts have said could push prices of hotel rooms down in the coming weeks
- Some Doha residents are putting their flats and houses up for rent and fleeing Qatar for the month
Economy
UN says Ukraine war pushes 4m children into poverty
Paris, France— Russia's invasion of Ukraine and the resulting economic fallout have thrown four million children into poverty across eastern Europe...
- UNICEF said that children were bearing the heaviest burden of the economic crisis caused by the war in Ukraine
- UNICEF drew its conclusions from a study of data from 22 countries
Business
Sharjah Chamber joins Egyptian Chamber’s centenary event
The Sharjah Chamber of Commerce and Industry participated in the international conference to mark the 100th anniversary of the Egyptian...
- The Chairman of Sharjah Chambers Chairman met a number of officials from various Chambers of Commerce and Industry.
- He also met with representatives of ministries and bodies concerned with economic affairs, unions, and economic organizations from different countries.
Business
DEWA’s Jebel Ali plant enters Guinness World Records for second time
It was named as the Largest Single-Site Water Desalination Facility in the World by the Guinness World Records.
- The plant has the production capacity of 490 million Imperial Gallons of water per Day, which is equivalent to 2,227,587 Cubic Metres per Day.
- DEWA aims to increase its SWRO production capacity to 303 MIGD by 2030, reaching 42 percent instead of its current share of 13 percent.
Geostrategy
Iraq investigates $2.5 billion ‘theft’ from tax agency
The anti-corruption commission announced Sunday it has launched an investigation and said in a statement that it will provide the...
- The finance ministry's probe uncovered a theft of 3.7 trillion Iraqi dinars (about $2.5 billion) from the account of general commission for taxes at Rafidain Bank
- Iraq ranks 157 out of 180 countries in Transparency International's corruption perceptions index and criminal charges are rare in the country
Economy
IMF and Tunisia reach agreement on $1.9 billion loan
The agreement in principle, reached between IMF staff and Tunisian authorities meeting this week in Washington, still requires the approval...
- Under a four-year accord, Tunisia has committed to undertake a "comprehensive economic reform program" as the country gets access to the money.
- On Saturday, thousands of people took to the streets of Tunis and protested against the policies of President Kais Saied who seized power last year.
Geostrategy
Finance Ministers of UAE, India discuss trade, economic ties
UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini met with India's Minister of Finance Nirmala Sitharaman...
- The meeting sought to discuss means of boosting mutual cooperation between UAE and India in areas of common interest.
- The meeting deliberated the priorities set by India in its upcoming G20 presidency and the ways the UAE can support them.
Asian markets retreat as China pledges fail to spark excitement
Asian markets fell Friday as China's latest vows to boost the beleaguered economy failed to stir much excitement, while traders...
Company News
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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...
Economy
World ‘failing’ on pledge to stop deforestation by 2030: NGOs
Deforestation last year was over 20 percent higher than it should have been to meet the leaders' pledge, with 6.6...
Economy
Tech ticks: Metaverse, AI boost Jamaica’s tourism
From the metaverse allowing virtual experiences to the use of AI in training, Jamaica is at the forefront of integrating...
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Business
KEZAD Group signs lease agreement with Advanced Petro Services
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...
- KEZAD’s industrial ecosystem is equipped with state-of-the-art infrastructure which perfectly supports Advanced Petro Services’ 24,000 sqm facility.
- The CEO of KEZAD Group said APS is well-positioned to make a significant impact in the broader Abu Dhabi industrial landscape.
Business
Total of 52 MoUs signed in Saudi-Korean Investment Forum
RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here....
- The private sector inked 48 MoUs in sectors ranging from transportation, tourism, energy, technology, infrastructure and cybersecurity.
- The pacts aim to enhance investments between Saudi Arabia and South Korea which reflect the efforts towards collaboration between the two nations.
Business
Nedaa, Dubai Customs ink MoU
MoU to enhance digital solutions for efficiency.
- The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
- The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,