UAE stablecoin usage up 55% yoy as new regulations drive market momentum
Stablecoins account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin...
Economy
Bitcoin close to record as cautious markets eye US election
The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has...
Business
Saudi Education Minister meets founder of edX platform in US
Saudi Arabia's Minister of Education Dr. Hamad bin Mohammed Al AlSheikh has met with the leaders of edX platform at...
- The minister met the platform's founder to discuss ways to promote cooperation in the online education and e-training industry,
- The two discussed ways to develop a partnership between the National Center for E-Learning FutureX and the edX platform.
Economy
UN chief wants ‘action’ to address climate loss, damage payments
UN Secretary-General Antonio Guterres called on governments to tackle "four burning issues" between now and COP27: greater ambition to keep...
- The UN chief spoke about the flood in Pakistan and reminded world leaders of the Paris accord goal of limiting long-term warming to 1.5C above pre-industrial levels
- Developing nations argue that historic polluters have a moral imperative to pay for the loss and damage, but the idea was shot down by rich nations at COP26
Economy
Europe throws billions at energy crisis
Hundreds of billions of euros and counting have been shelled out so far since Russia invaded its pro-Western neighbor in...
- The public spending has continued even though European Union countries already accumulated mountains of new debt
- But some leaders have taken pride at their use of the public purse to battle this new crisis, which has sent inflation soaring
Business
Saudi Arabia emerges as one of the world’s top eSports hubs
The PUBG Mobile tournament was part of Gamers8, a summer festival spotlighting Saudi Arabia's emergence as a global eSports dynamo...
- Saudi Arabia's interest in gaming and eSports comes from the very top, with Crown Prince Mohammed bin Salman said to be an avid "Call of Duty" player
- Saudi gamers are revelling in their country's newfound status and the eye-watering prize pools it brings
Economy
GCC central banks up interest rates, tracking US Fed
Taking a cue from Federal Reserve, GCC central banks have raised interest rates, tracking a hike in the US Fed's...
- The UAE central bank raised the Base Rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points – from 2.4% to 3.15%
- The US central bank announced its third consecutive interest rate increase of 0.75 percentage point, continuing the forceful action to tamp down inflation
Business
ENOC Group announces 50% Emiratisation during Careers UAE 2022
The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE.
- The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE
- ENOC is recruiting young talented Emirati nationals in the energy sector in specialisations including chemical, mechanical, and electrical engineering
Economy
IMF condemns Lebanon’s ‘very slow’ progress on reforms
Lebanon and the IMF reached a conditional agreement on the loan in April to help the country stem its economic...
- The IMF conditioned the funds on a series of measures, notably parliament approving a 2022 budget and a reformed bank secrecy law as well as restructuring the banking sector.
- Lebanese have grown increasingly desperate after nearly three years of economic meltdown, with at least seven people storming their own banks last week to withdraw frozen savings.
Economy
Markets drop as Fed hike looms, Putin move lifts dollar and oil
Equities around the world have been clattered by fears of a recession in major economies as central banks ramp up...
- In Washington, the Fed is due to conclude its latest policy meeting, with most analysts predicting it will announce another 75 basis-point lift.
- Fed officials have for months stuck to the mantra that they will only ease up on their hawkish drive when inflation comes down and remains subdued.
Economy
Social media greenwashing by fossil fuel interests ‘rampant’: study
This is a widespread corporate practice researchers call "redirecting responsibility" in which individual behavior, rather than the actions of governments...
- Entitled "Three Shades of Green(washing)," the report released during New York's Climate Week found that only one in five "green" car ads actually present a product for sale
- Silvia Pastorelli, a Greenpeace campaigner, said in a statement that the report highlighted techniques that had been "hiding in plain sight."
Economy
Saudi Tourism Authority organizes promotional tour in GCC countries
The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and...
- The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and regional markets
- Earlier, Saudi Arabia passed a new tourism law which is expected to accelerate the development of an internationally competitive tourism sector
UAE stablecoin usage up 55% yoy as new regulations drive market momentum
Stablecoins account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin...
Economy
Company News
ADX profits vault to $11.70bn
Business
Latest News
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
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...
Economy
Most Read
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
UN calls for $294m for ‘urgent needs’ in Gaza, occupied West Bank
Nearly 60 percent of households in Gaza were considered food insecure before the start of the new hostilities. As of...
- The funds would be used to help more than 1.2 million people, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said
- UN has previously estimated it would need $502 to fund operations to aid 2.1 million Palestinians in 2023, a goal that is less than 50-percent financed
Geostrategy
Israel-Hamas war a ‘new cloud’ over world economy, says IMF
Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with...
- IMF Managing Director Kristalina Georgieva said the International Monetary Fund was "very closely monitoring how the situation evolves" and how it is affecting oil markets
- She said it was "too early" to assess the impact of the conflict, but "this is a new cloud on not the sunniest horizon for the world economy -- new cloud, darkening this horizon