Coal mine blast in Iran kills more than 50 mine workers
A blast caused by a gas leak at an Iranian coal mine has killed at least 51 people, state media...
Economy
Standard & Poor’s affirms Saudi Arabia’s ‘A/A-1’ credit rating
Riyadh, Saudi Arabia – Standard & Poor's (S&P) affirmed the Kingdom's credit rating in local and foreign currency at "A/A-1"...
Economy
Economy
Saudi Winter Games: Gulf is new hub for global sports competitions
In 2021, Dubai hosted qualifying slaloms for the Beijing Winter Olympics in the refrigerated dome of a huge shopping mall...
- Saudi investors have bought English football club Newcastle and are financing the breakaway LIV golf tour
- The rivalry with the Qatari and Emirati neighbours, regional pioneers in sports diplomacy, remains constantly in the background
Economy
Oil prices rise as OPEC+ agrees to cut output by two million barrels a day
Oil prices had slid in recent weeks back to the levels before the war in Ukraine on concerns of a...
- In Vienna, ministers from the 13-nation OPEC cartel and a group of 10 exporters led by Russia agreed to reduce production by two million barrels a day from November
- It is the biggest cut since the height of the Covid pandemic in 2020 and came despite concerns it could fuel inflation further and push central banks to hike interest rates
Economy
WTO curtails global trade forecast for 2023 as Ukraine war takes toll
Presenting a revision of their annual trade forecast, WTO economists said they expected the volume of global merchandise trade to...
- "The picture for 2023 has darkened considerably. Today the global economy faces multi-prong crises," said WTO Director-General Ngozi Okonjo-Iweala.
- The WTO said surging energy prices in Europe, stemming from the war in Ukraine, were expected to squeeze household spending and raise manufacturing costs on the continent.
Economy
Lebanese lawmaker stages bank sit-in to free trapped savings for surgery
Cynthia Zarazir, who was elected to parliament in May, is the latest in a growing number of angry depositors who...
- Zarazir entered her bank branch in Beirut o demand $8,500 to pay for surgery costs not covered by her health insurance.
- Also on Wednesday, a retired member of Lebanon's Internal Security Forces entered a bank in Beirut's southern suburbs to demand access to his savings.
Economy
S&P says UAE non-oil economy posts growth in September
S&P Global's latest data reveals that the UAE has recorded a strong growth in business across the non-oil economy even...
- August had recorded a slightly higher PMI of 56.7, but S&P considers any readings above 50 as growth while those below 50 are marked as contraction
- S&P noted that firms also encountered relatively mild price pressures, as input costs rose only slightly after a renewed fall in August
Business
IMF chief says BOE acted quickly to UK budget proposal
Prime Minister Liz Truss on Sunday conceded she should have better prepared Britain for her plan, which went further than...
- "We cannot have fiscal policy working against the monetary policy by providing untargeted policy support", IMF chief Kristalina Georgieva said Tuesday
- UK Finance Minister Kwasi Kwarteng on September 23 announced the debt-driven mini-budget, which slashed taxes and sparked market turmoil
Economy
In Morocco hills, cannabis farmers bet on budding industry
Morocco - the world's top producer of hashish according to the United Nations - lies on Europe's doorstep and is...
- The marginalised Rif region has long been a major source of illicit hashish smuggled to Europe while Moroccan authorities, wary of social unrest, have often turned a blind eye
- Growers now hope that a change in the law last year will help them profit legally from medicinal cannabis, increasingly used to treat conditions including multiple sclerosis
Economy
DMCC, Fresh Water Norway partner to expand water supply chain
The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a...
- The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a period of 50 years
- Fresh Water Norway will be able to avail of DMCC’s services, global connections and network across supply chains and its ability to drive trade flows through Dubai
Business
Wall Street stocks shine amid hopes of US policy pivot
US equities posted gains for a second straight session amid hopes of a US monetary policy pivot, after a bruising...
- The tech-rich Nasdaq Composite Index led the major indices, powering up 3.3 percent to close at 11,176.41
- The Dow Jones Industrial Average rose 2.8 percent to 30,316.32, while the broad-based S&P 500 jumped 3.1 percent to 3,790.93
Economy
Energy crisis feared by Europe long a reality in Iraq
Soaring energy prices fuelled by Russia's war in Ukraine have forced a new reality upon European nations, where people are...
- The noise of privately owned generators can be heard all over the country as households and businesses try to make up for supply shortfalls from the national electricity company
- The Middle Eastern country is rich in oil, but endemic corruption and devastating conflict have taken a heavy toll on its infrastructure and forced most of its people to adapt
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Coal mine blast in Iran kills more than 50 mine workers
A blast caused by a gas leak at an Iranian coal mine has killed at least 51 people, state media...
Economy
Company News
Latest News
Smart and Autonomous Vehicles Industries cluster launches at Masdar City
Abu Dhabi, UAE - A Smart and Autonomous Vehicles Industries (SAVI) cluster was launched at Masdar City on Friday. It...
Business
Iran says US ‘can not renege’ on deal to transfer $6bn via Qatar
Tehran, Iran-- Iran said the United States "can not renege" on an agreement to transfer $6 billion in frozen funds through...
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
Business
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Economy
Disasters cause crop losses worth $3.8trn over 30 years, says FAO
PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's...
- Floods, droughts, insect infestations, storms, disease and war caused about $123 billion per year in lost food production between 1991 and 2021.
- This loss is the equivalent of five percent of total production or enough to feed up to half a billion people per year, the FAO said in a report.
Economy
Non-cash transactions in Egypt set to reach $16.34 billion in 2023
Cairo, Egypt - The Egyptian market is projected to reach an impressive $16.34 billion in non-cash transactions in 2023, while...
- The report suggests that the global growth will continue to accelerate, potentially reaching 2.3 trillion transactions by 2027, with an annual growth rate of 15%
- In Egypt, digital payments are also on the rise, with a predicted annual growth rate of 14.03% from 2023 to 2027
Economy
Need to end charging infrastructure bias as EVs rise
"Convenient and affordable charging primarily benefits private homeowners who can easily install EV charging equipment on their property and use...
- In the U.S., predominantly white neighborhoods are 1.4 times more likely than majority non-white neighborhoods to have a public charger
- The challenge ahead is clear: more chargers are needed, and they must be accessible to all, writes Tiya Gordon, Co-Founder & CEO of ItsElectric