Asian shares rise as markets await tech results
Asian markets mostly rose Tuesday with investors looking ahead to the release of US economic data and the earnings reports...
Economy
Gold breaks above $2,700 to record high as geopolitical uncertainty heightens
Hong Kong, China - Gold prices hit a record high above $2,700 on Friday as traders piled into the safe-haven commodity...
Economy
Business
Fast Retailing posts yearly net profit at US$1.86bn
Firm owns Uniqlo, Comptoir des Cotonniers clothing brands.
- Following years of aggressive global expansion, Fast Retailing is one of the world's biggest clothing retailers.
- As well as Uniqlo, it owns the clothing brands Theory, Comptoir des Cotonniers and lingerie label Princesse Tam Tam.
Economy
Saudi Arabia dismisses statements critical of OPEC+ quota cut
A few days after US President Joe Biden said that there would be consequences for Saudi Arabia on its decision...
- The United States accused Saudi Arabia of kowtowing to Moscow, which objects to a Western cap on the price of Russian oil in response to its invasion of Ukraine
- The Saudi foreign ministry statement stressed the “purely economic context” of the oil cut
Fans warned to be ready for World Cup queues
Private cars will be banned from many streets and residents near some stadiums will need permits to get to their...
- The gulf state of 2.9 million people will be the smallest to hold the World Cup that starts November 20
- Qatar has spent billions of dollars on a state-of-the-art driverless metro rail network that serves five of the eight stadiums
Business
Customers feel better with ‘Buy Now, Pay Later’ plans
Buy Now, Pay Later services provide customers the functionality of credit cards-- easy payments with no cash. But BNPL usually...
- BNPL providers pay retailers upfront and lend money to customers while taking on all of the program's administrative costs and credit risk.
- The appeal of BNPL also lies in the fact that vast amounts of consumer data can be used by retailers to enhance customer loyalty by offering more targeted products.
Business
ENOC unveils service station of future for public at Expo City
Dubai, Abu Dhabi -- ENOC Group announced Wednesday that its Service Station of the Future is now open to the...
- Expo City Dubai is now ready to host 145,000 residents and workers, becoming the UAE’s first 15-minute city.
- This includes amenities in close proximity to the 85 start-ups and small businesses that occupies the commercial space.
Economy
IMF says countering inflation with tax cuts would be ‘too costly’
The fund's comments, in its latest Fiscal Monitor report, come as food prices have surged by half since 2019 while...
- Countries all around the world are facing more pressing and more painful trade offs," said Vitor Gaspar, director of IMF's fiscal affairs.
- Countries may need to raise added revenues and contain the growth of other expenditures as they prioritize policies, the fund said.
Geostrategy
Biden to ‘re-evaluate’ Saudi ties after OPEC snub
The 13-nation OPEC cartel and its 10 allies headed by Moscow angered the White House last week with its decision...
- Saudi Arabia has defended the planned production cuts, saying the priority of OPEC+ was "to maintain a sustainable oil market"
- Partnership between US and Saudi Arabia was sealed after World War II, providing the kingdom with military protection in exchange for American access to oil
Economy
Russia-Germany oil pipeline partly shut after leak: operator
The Druzhba (Friendship) pipeline network was started in the 1960s and now covers 5,500 kilometres, pumping oil from the Urals...
- The leak was detected late on Tuesday near the village of Zurawice about 180 kilometres (112 miles) to the west of Warsaw in central Poland
- PERN spokeswoman Katarzyna Krasinska was quoted by PAP news agency as saying that the pipeline was mainly supplying two refineries in Schwedt and Spergau in Germany
Economy
NAFIS partners with du to hire 500 Emiratis in private sector
The MoU aims to enhance the cooperation between the two parties to spread awareness and introduce the initiatives and programmes...
- The MoU aims to enhance the cooperation between the two parties to spread awareness and introduce the initiatives and programmes offered by NAFIS
- The NAFIS programme is working to achieve Emiratisation rates in the private sector with set deadlines through partnerships with private and government organisations
Economy
GCC residents see growth at a time when world fears recession
Most of the respondents in the poll feel that GCC will weather the gathering economic storm and come out unscathed,...
- Some 43.3 percent of the respondents said GCC would not be hit by a recession, and 40.2 percent felt that economies cannot escape it
- The IMF research predicts that Kuwait would have the highest GDP growth rate at 8.7 percent in 2022 among GCC countries
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Asian shares rise as markets await tech results
Asian markets mostly rose Tuesday with investors looking ahead to the release of US economic data and the earnings reports...
Economy
Company News
Latest News
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
China economy growth slowed in third-quarter but beat forecasts
Last year, the economy grew three percent, far from the official target of 5.5 percent, and one of the slowest...
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...
Economy
Most Read
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.
Business
Modon inks 2 MoUs with Saudi Exports, Local Content Authority
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding...
- The MoU with the development authority entails exchange of expertise in industrial cities management and provision of logistic services and solutions.
- Modon’s MoU with LCGPA aims to achieve integration of local content in industrial cities, exchange experience and practices in institutional innovation.
Business
Saudi Arabia launches bus transport project linking 200 cities
RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant...
- The project will have a capacity to accommodate six million passengers annually.
- It will operate through three international alliances in three concession areas.