COP29 opens with Trump climate withdrawal looming
he COP29 climate talks open Monday in Azerbaijan, under the long shadow cast by Donald Trump's re-election. Trump has pledged...
Economy
Expected impact of the U.S. election on businessÂ
35 percent of CEOs worldwide identify #inflation as the most critical #economic issue facing their countries, followed by boosting #consumer...
Economy
Economy
Ahead of World Cup, influencer ‘Mr Q’ lifts veil on Qatar
Qatar has dozens of online influencers on topics ranging from "modest" but expensive fashion, to the latest sports car being...
- The 38-year-old has become a social media hit by partially lifting the veil over the tiny but mega-rich Gulf state
- Haroon's cheerful #QTip videos broach everything from saying "Hello" in Arabic to the right way for men to wear the flowing ghutra headdress
Economy
Central Bank of Egypt keeps interest rates unchanged
The Central Bank of Egypt also decided to increase the required reserve ratio to 18 percent from 14 percent
- The Central Bank of Egypt also decided to increase the required reserve ratio to 18 percent from 14 percent
- The CBE remains committed to achieving stable levels of inflation over the medium term which is a requisite condition towards sustainable economic growth
Economy
South Africa seeks wind energy to resolve power situation
South Africa inked the first three of a series of agreements with independent producers to supply wind energy amid worsening...
- The coal-dependent country picked 25 wind and solar projects to generate a total of 2,583 megawatts.
- Official data earlier this month confirmed that GDP of South Africa shrank partly owing to the energy crisis.
Geostrategy
Ukraine suffered nearly $1 trillion in losses since Russian invasion
The figure was equivalent to five times Ukraine's annual GDP before the invasion in February, Oleg Ustenko, economic advisor to...
- In terms of "direct and indirect costs" Ukraine had suffered "somewhere close to $1 trillion" in damages, said the official.
- The official previously estimated the damage caused by Russian forces in the first 14 days of war totaled around $100 billion.
Geostrategy
UK government revokes gas fracking ban in England
Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.
- Fracking is carried out by blasting a mixture of water, sand and chemicals underground to release shale oil and gas.
- But environmentalists argue that the process contaminates water supplies, hurts wildlife, causes earthquakes and contributes to global climate change.
Business
Saudi-UAE non-oil trade increased by 92.5 percent in past decade
The value of non-oil exports from the UAE to Saudi Arabia over the past ten years was around AED205.5 billion,...
- By end of 2012, the value of non oil trade between the two countries was AED 64.8 billion ($17.65bn)
- The trade exchange between the two countries in the first half of 2022 totaled AED65.7 billion ($17.9bn)
Business
Xiamen Airlines to buy aircraft
The airline plans to buy 40 A320neo aircraft from Airbus.
- The airline, based in the southeastern city of Xiamen has until now had exclusively Boeing aircraft in its fleet.
- While weakened by the pandemic, airlines around the world are preparing for an expected doubling of air travel in the next two decades.
Geostrategy
‘Hungary wants EU sanctions on Russia lifted by year end’
Hungarian Prime Minister Viktor Orban wants EU sanctions on Russia over its invasion of Ukraine lifted by year end, a...
- Hungary is highly dependent on Russian oil and gas and Budapest has already secured an exemption from sanctions on Russian crude oil imports via pipelines.
- EU foreign ministers held an emergency meeting to discuss after Moscow mobilized reservists for its war in Ukraine.
Economy
Markets drop as Fed and European central banks hike rates
European markets were down in afternoon trades, with London's FTSE 100 shedding 0.5 percent after the Bank of England raised...
- The world's major central banks are rushing to ramp up rates to dampen red-hot global consumer prices, but traders fear rising borrowing costs will herald recession.
- In Asia, Indonesia and the Philippines also tightened monetary policy but the Bank of Japan bucked the global trend as it left its status quo in place.
Geostrategy
UAE, Jordan ink pact to standardize specifications
The UAE Ministry of Industry and Advanced Technology (MoIAT) signed a Memorandum of Understanding (MoU) with the Jordan Standards and...
- The agreement aims to facilitate industrial, trade and economic growth in both the UAE and Jordan.
- The pact encourages cooperation in conformity assessment procedures for non-food and non-pharmaceutical industrial products.
COP29 opens with Trump climate withdrawal looming
he COP29 climate talks open Monday in Azerbaijan, under the long shadow cast by Donald Trump's re-election. Trump has pledged...
Economy
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ADX profits vault to $11.70bn
Business
Dubai’s sustainable vision beyond skyline
Dubai is prioritizing renewable energy, sustainable design, water conservation, and biodiversity protection. Its commitment to a sustainable future showcases its...
Economy
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...
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Business
JPMorgan Q3 profit at $13.2bn
The bank’s revenues rose 22 percent to US$39.9 billion.
- One of the biggest factors in bank’s rise in profit was the increased earnings in net interest income (NII).
- NII is the gap between what the bank makes in interest in loans to clients compared with interest payments to customers
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