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...
Car-centric Saudi to open first part of Riyadh Metro
Riyadh, Saudi Arabia - Saudi Arabia announced Wednesday it is ready to open the first part of the Riyadh Metro,...
Business
DEWA to enhance ties with foreign firms at GITEX Global 2022
MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer received Consul-General of Canada to Dubai...
- Al Tayer emphasized DEWA’s keenness to consolidate cooperation and exchange expertise with Canadian companies.
- The DEWA CEO highlighted DEWA’s key development projects and strategic initiatives, especially the technological projects.
Economy
UAE to launch new integrated ‘EmaraTax’ platform later this year
Dubai, UAE---The UAE Federal Tax Authority (FTA) has announced that the new "EmaraTax" integrated platform will be launched later this...
- EmaraTax will significantly enhance the way that taxpayers can access the FTA’s services, pay their taxes and obtain refund.
- The new platform also greatly enhances the ability of the FTA to administer taxes in the UAE.
Economy
Syrian pound hits record low on black market, aggravating hardships
The exchange rate reached more than 5,000 Syrian pounds to the US dollar for the first time since the start...
- The new unofficial rate means the currency is now worth almost 99 percent less on the black market than the official rate before the start of the conflict.
- The collapse of the pound has driven up the price of goods and aggravated hardship.
Market Report
Equities, oil prices slide on recession fears
Stock markets and oil prices slumped as investors grow fearful that more big interest rate hikes will tip economies into...
- Traders had hoped that bumper rate increases by the US Federal Reserve this year would begin to drag on the economy and slow runaway prices.
- Chip manufacturers globally took a pounding from new US export controls.
Economy
Unemployment Insurance Scheme comes into force in UAE
The Ministry of Human Resources and Emiratization (MoHRE) of UAE announced that an 'Unemployment Insurance Scheme' for employees of the...
- The insured will be compensated with cash for a specific period of time if they lost their job until they find another employment
- The compensation will be paid monthly, calculated at 60 percent of the employee’s subscription salary.
Geostrategy
US climate spending could spark tariff war, says Scholz
German Chancellor Olaf Scholz criticized US climate protection plans that would shield domestic companies from foreign competition, saying they could...
- European Union officials have in recent weeks spoken out against planned US tax credits for the domestic electric vehicle market.
- South Korea has also voiced its displeasure, calling the new rules favoring American e-cars a "betrayal".
Economy
54 poor nations urgently need debt relief: UN
The agency's report, published ahead of meetings of International Monetary Fund, the World Bank, and also of G20 finance ministers...
- The UNDP warned that dozens of developing nations were facing a rapidly deepening debt crisis and that the risks of inaction are dire.
- The UN agency said debt troubles had been brewing in many of the affected countries long before the Covid-19 pandemic hit
Geostrategy
Turkey says Erdogan to meet Putin in Astana on Wednesday
Erdogan still hopes to bring Putin and Ukrainian President Volodymyr Zelensky together for truce talks that neither side particularly wants...
- Erdogan has not yet commented on the mass Russian strikes across Ukraine on Monday, which killed at least 19 people and wounded more than 100
- Turkish ForeigN Minister held a phone call with Ukrainian counterpart Dmytro Kuleba after the attacks, a Turkish diplomatic source said, without elaborating further
Economy
Oxfam says world failing to address ‘dangerous’ inequality
The UN and Oxfam have previously decried the unequal distribution of vaccines from richer Western countries to lower-income ones, particularly...
- Oxfam also found that two-thirds of countries failed to increase their minimum wage in line with gross domestic product
- It delivered a withering criticism of most nations, arguing that the pandemic should have been a "wake-up call" to act on poverty in general
Economy
BoE widens action on ‘UK financial stability’ fears
The week had already seen action taken by the BoE and UK government aimed at bringing calm to markets. The...
- In a statement, the BoE said the latest action would "act as a further backstop to restore orderly market conditions".
- In more positive news, official data Tuesday revealed British unemployment fell to a near 50-year low at 3.5 percent
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...
Company News
Sukoon Insurance sets up OIWSS
Business
Latest News
Policy and infra drive Dubai’s global rise
The emirate's pro-business policies, dedicated trade zones, and emphasis on tech innovation position it as a premier financial hub, George...
Economy
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
Business
World Investment Forum 2023 ends with call for greater private and public investment
Abu Dhabi, UAE – UNCTAD's 8th World Investment Forum came to a close on Friday in Abu Dhabi with a...
Economy
Most Read
Geostrategy
At least 30% of all housing units in Gaza destroyed or damaged: UN
Geneva, Switzerland - At least 30% of the housing sector in the Gaza Strip has been either destroyed or rendered...
- "Hospitals are on the brink and overcrowded with patients, many awaiting treatment," the OCHA said
- Hundreds of people including children have been trapped beneath the rubble amid airstrikes in Gaza
Economy
Key events reinforce UAE’s position as business hub
"Hosting global events serve as crucial platforms, uniting experts and specialists from diverse sectors. They offer opportunities for communication, opinion...
- UAE emerges as global economic nexus, hosting premier events and conferences
- UAE's GDP in 2022 shows significant growth, with FDI reaching a record high
Egypt ‘clearing path for Gaza aid’: security source, witnesses
The UN has described the situation inside Gaza as "beyond catastrophic" as Israel pounds the enclave from the air in...
- Israel has refused to open its borders with Gaza but US President Joe Biden brokered a deal to allow aid in via the Rafah crossing with Egypt
- The deal came with strict conditions from Israel, aid must only go to civilians and not fall into the hands of Hamas fighters