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...
Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...
Economy
TotalEnergies’ workers pledge to continue their strike
The hard-left CGT union, which launched the industrial action three weeks ago, said that workers at three TotalEnergies sites had...
- Four of France's seven refineries and one fuel depot were out of action, after strikers rejected a pay offer from the hydrocarbon industry leader.
- The blockages have caused queues outside petrol stations, and worry across all sectors of the economy, from mobile healthcare workers to farmers.
Economy
WFP calls for action to avoid another year of record hunger
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri said that the crises facing the world today...
- The UAE has launched the Agriculture Innovation Mission for Climate (AIM for Climate) in partnership with the US.
- The objective is to raise investments worth US$8 billion in sustainable and climate-smart agrifood systems based on modern technologies.
Market Report
Saudi TASI plummets, UAE indices show mixed trends over the week
The UAE stock market followed the trend of other markets worldwide and ended the week on a high note but...
- A 5.2 percent gain in Multiplay Group's share price, a 3.3 percent increase in Aldar Properties' share price pushed the Abu Dhabi index up 0.9 percent on Friday (October 14).
- The Dubai index rose 0.8 percent on Friday (October 14, 2022), led by the gains in the real estate and banking sectors.
Business
UAE, Lulu Money sign pact on digital KYC service
LuLu Exchange – one of UAE’s leading financial service providers, announced that it has signed an agreement with the country's...
- The company has taken this step to streamline customers' experience, perform instant and highly secure face matching verification.
- This will eliminate the need for customers to physically visit a branch for initial KYC verification.
Economy
OPEC’s World Oil Outlook to be launched at ADIPEC on Oct 31
This year’s publication will again be accompanied by a smart app to give increased access to the WOO’s vital analysis...
- This year’s publication will again be accompanied by a smart app to give increased access to the WOO’s vital analysis and energy data
- First published in 2007, the WOO provides an in-depth review and analysis of the global oil and energy industries
Economy
Russia war ‘most important’ factor slowing growth: IMF committee chair
The fund trimmed its world growth forecast to 2.7 percent in 2023, and its chief economist Pierre-Olivier Gourinchas cautioned that...
- Nadia Calvino's remarks came as finance ministers and central bankers gathered in Washington for the IMF and World Bank annual meetings
- There has been a "very strong call" throughout the week for Russia to stop its war against Ukraine, said Calvino
Economy
Saudi Arabia announces US$400m aid for Ukraine
Continuing with the kingdom's role to support "everything that will contribute to de-escalation," Saudi Arabia has announced $400 million in...
- Saudi Arabia last month played an unexpected role in facilitating a prisoner-of-war swap between Moscow and Kyiv
- The kingdom has come under growing criticism from Washington after the Saudi-led OPEC group of oil exporters agreed on a drastic production cut with Russia and other allies
Science
Trust in digital services increases across MENA region despite rising online security threats
MENA residents' satisfaction and expectations about how services can and should be delivered have been radically altered due to the...
- MENA residents' satisfaction and expectations about how services can and should be delivered have been radically altered due to the COVID-19 pandemic
- Increased interest and spending on technological infrastructure, especially artificial intelligence is in line with the global trend toward digitization
Business
Germany fills 95 percent of gas reserves as winter draws near
Berlin, Germany - Germany on Friday said it had filled its gas reserves to 95 percent of capacity faster than...
- Europe's largest economy had been heavily dependent on Russian gas and has raced to bolster its reserves after deliveries from Russia halted.
- The government said energy-saving measures in recent weeks and massive purchases of gas from other suppliers had led to significant progress.
Business
US banks report solid results, warn of rising recession risk
Large US banks reported a round of solid quarterly profits, but cautioned of rising recession risks as the economy absorbs...
- There are worries including on stubborn inflation that has prompted significant central bank interest rate hikes.
- There are concerns over geopolitical fallout from the Ukraine crisis, uncertainty in the oil market and worries about European energy security this winter.
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...
Company News
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GCC unified tourist visa to be introduced within 2 years, says UAE minister
ABU DHABI, UAE – Emirati Minister of Economy Abdullah bin Touq Al Marri has announced that the Gulf Cooperation Council...
Business
China, GCC members to deepen Belt and Road trade cooperation: Chinese minister
Guangzhou, China - China is committed to enhancing trade and investment ties with the Gulf Cooperation Council (GCC) as part...
Economy
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Economy
GCC-China strategic alliance focuses on mutual trust
"A Free Trade Agreement between the GCC countries and China will be a pivotal channel to amplify GCC-Chinese relations across...
- A Free Trade Agreement China is expected to strengthen GCC-Chinese relations and boost trade exchanges
- The agreement has seen 10 rounds of technical negotiations since the 2004 Framework Agreement
Interview
‘Technology may help bridge global economic divide’
External shocks, such as COVID, Ukraine war and rising costs have exacerbated economic disparities, while geopolitics hinders effective global decision-making,...
- External shocks, such as COVID, Ukraine war and rising costs have exacerbated economic disparities, while geopolitics hinders global decision-making, says an expert
- The economic divide between rich and poor is expanding globally and locally, while technology's role in bridging or widening this gap remains ambiguous, he adds
Business
Nearly 5,000 member companies join Sharjah Chamber in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...
- The Chamber’s main branch and its other branches in Al Dhaid, Khor Fakkan, Dibba Al-Hisn, and Kalba now boast 45,373 active members.
- The total export and re-export values of the members of the Sharjah Chamber reached US$4.6 billion through the third quarter of the current year.