Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States - President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
Iran slams new EU, UK sanctions as unjustified: foreign ministry
ran's foreign ministry Tuesday slammed as unjustified the new sanctions by the European Union and Britain against Tehran over its...
Market Report
Stocks fall, dollar boosted by US jobs data
Stocks mostly slid and the dollar surged after US jobs data showed only a timid slowdown in the labor market,...
- There was a brief rebound at the start of the week as investors hoped data pointing to economic slowdown would allow the Fed to slow down rate hikes.
- Rising interest rates boost the dollar as foreign investors seek to buy dollar-denominated debt.
Geostrategy
UAE, Egypt discuss cooperation in defense industries
A high-level UAE delegation, on a visit to Egypt, met with senior officials of the Egyptian Ministry of Defense.
- The two sides discussed opportunities for strengthening the overall relations between the UAE and Egypt.
- They discussed promoting partnerships between the defense industry of the two countries.
Economy
Global food prices fall for sixth month in a row, says UN
World food prices have fallen for a sixth month in a row in September, UN data showed as they continued...
- The UN agency FAO said its price index averaged 136.3 points in September, a 1.1 percent drop from August.
- The monthly decline was driven by a "sharp fall" in the prices of vegetable oils, the United Nations agency said.
Geostrategy
EU leaders try for common response to energy crisis
EU leaders meeting in Prague looked to bridge divisions on how to tackle soaring energy prices as they grapple with...
- EU leaders were discussing how to better protect their critical infrastructure in the wake of leaks from the Russia-Europe Nord Stream gas pipelines.
- Europe is facing an energy crunch as the price of electricity generation skyrockets because of a massive surge in gas prices.
Business
TSMC Q3 revenue at US$19.4bn
The firm operates the world's largest silicon wafer factories.
- The Taiwanese firm controls more than half of global foundry output, with clients including Apple and Qualcomm.
- TSMC produces some of the most advanced and smallest chips which are still highly sought after and in short supply.
Business
Samsung expects 31.7 percent decline in Q3 profit
The South Korean tech giant, Samsung Electronic, has said that it expects operating profits in the third quarter to fall...
- Operating profit for July to September was predicted to reach 10.8 trillion won ($7.7 billion), down 31.7 percent
- The global economy is now facing multiple challenges, including soaring inflation, rising interest rates, and a growing threat of a broad debt crisis
Economy
Jordan and Iraq set up electrical project on the border
The two prime ministers affirmed that Jordan and Iraq maintain historical and strategic ties and are committed to expanding bilateral...
- Prime Minister of Jordan Bisher Khasawneh and his Iraqi counterpart, Mustafa Kazemi laid the cornerstone for the electrical interconnection project
- Khasawneh stressed that Jordan's leadership, government, and people are committed to supporting the security of Iraq and improving the country's stability, prosperity, and progress
Algerian, Spanish gas firms agree to ‘revise’ prices
The Algerian firm said in a statement that Sonatrach and its partner Naturgy have agreed to revise the prices of...
- Algeria, Africa's top natural gas exporter, has signed a flurry of deals with southern European governments and energy firms seeking to offset the Ukraine war fallout
- Spanish gas regulator Enagas says Algeria was the country's second gas supplier (24 percent) in August, behind the United States (26.5 percent)
Economy
Fed official says US to see more interest rate hikes
With US inflation soaring new heights, the country's central bank has said more increases are likely to come this year...
- Prices have surged over the past year, partly due to global supply chain problems that created shortages of key parts
- The situation was exacerbated with Russia's invasion of Ukraine in February, spurring a surge in energy prices and affecting global food markets
Economy
UAE becomes a growing business, brand hub, followed by Saudi Arabia
To draw firms from around the world, the UAE and KSA have been working hard over past few years to...
- The UAE and Saudi Arabia have been developing infrastructure on par with developed nations to attract businesses from around the world
- Dubai is also great for businesses from the rest of the globe because it is relatively simple to register a property, obtain building licenses, and enforce contracts
Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States - President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
Company News
Latest News
Saudi Metrology Organization, Enterprise Singapore ink MoU on standardization
RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing...
Business
Markets in retreat on growing fears of Middle East war
With Benjamin Netanyahu building up a huge force ahead of an expected land incursion into Gaza, Iran has warned of...
Saudi Central Bank to collaborate with monetary authority of Singapore in fintech
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) signed an agreement with the Monetary Authority of Singapore (MAS) on...
Business
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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...
- The 4.9 percent expansion in July-September was helped by forecast-beating retail sales figures and follows a series of broadly positive readings
- But authorities are still on edge over turmoil in the real-estate sector, which has long accounted for a quarter of the country's gross domestic product
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...
- The UAE will host the WTO's 13th Ministerial Conference in the first quarter of 2024.
- The conference in Abu Dhabi is among the most significant in WTO's recent history
Business
Emirati investments in Turkey reach $5.6 billion in 2022
ABU DHABI, UAE – Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative...
- UAE currently stands as Turkey's 13th largest trade partner for exports and the 15th largest for imports.
- From 2014 to 2022, the total foreign direct investment from Turkey to the UAE amounted to approximately $1.1 billion