Asia-Pacific markets mixed, dollar down Monday as Fed readies to acknowledge cuts
Asia-Pacific markets were mixed on Monday after a week that saw a broad rally in stocks, as investors awaited a...
Economy
Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
Economy
Economy
Queen’s funeral set to knock UK economy after rebound
Time off work for millions of Britons next Monday means the economy will have had two more public holidays than...
- Time off work for millions of Britons next Monday means the economy will have had two more public holidays than usual in 2022
- The Bank of England (BoE) expects the UK economy to enter recession before the end of the year on decades-high inflation
50 million people stuck in ‘modern slavery’: UN
The United Nations had set a goal to eradicate all forms of modern slavery by 2030, but instead the number...
- Nearly one out of every 150 people in the world are caught up in modern forms of slavery, the report said
- The Covid-19 pandemic, which worsened conditions and swelled debt levels for many workers, has heightened the risk
Economy
‘Certainly a risk’ of US recession, Yellen says
An American recession "is a risk when the Fed is tightening monetary policy to address inflation," President Joe Biden's leader...
- Faced with soaring inflation it reached its highest level in 40 years in June at 9.1 percent,the central bank is gradually raising its key rates
- The challenge for policymakers is to quell inflation before it becomes dangerously entrenched, but without sending the US economy into a recession
Geostrategy
UAE, Serbian Presidents discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan discussed with Aleksandar Vucic, President of Serbia, cooperation between their countries and...
- The two leaders discussed a number of regional and global issues and developments of mutual concern.
- The two leaders explored UAE-Serbia cooperation in investment, economic, trade, science, technology, food security, agriculture, among others.
Economy
Dubai’s RTA releases Sustainability Report 2021
Dubai's Roads and Transport Authority (RTA) has published its seventh Sustainability Report 2021. The report showcases RTA's practices in matters...
- The report showcases RTA's practices in matters related to the environment, society and governance.
- RTA had developed a roadmap to achieve zero-emission from public transport means by 2050.
Economy
Dubai FDI wins UN award for best practices in tracking investments
The Dubai Investment Development Agency (Dubai FDI) at the Department of Economy and Tourism (DET) gained international recognition for its...
- Dubai FDI Monitor tracks and records five different types of foreign direct investment in real-time.
- The Monitor tracks and records FDI and new forms of investments using advanced methodology and smart features.
Business
DEWA plans cash dividend for H1
Firm plans to give cash dividend of US$844m.
- DEWA's first general assembly meeting will be held physically and virtually on October 10, 2022.
- The assembly will vote on the recommendation of Board of Directors concerning a cash dividend distribution for H1 2022.
Geostrategy
Gas shortage threatens French yoghurt production
The French are big on yoghurt, behind only the Dutch in consumption per capita. It is not only a breakfast...
- Like many countries, France plans to shut off businesses first if there is not enough gas or electricity, with European nations facing the prospect of energy shortages this winter.
- French Prime Minister Elisabeth Borne warned industry leaders at the end of August that energy rationing was a risk this winter and urged them to quickly cut consumption.
Business
Power-starved Lebanon turns to solar energy
Lebanon's economy collapsed in 2019 after decades of corruption and mismanagement, leaving the state unable to provide electricity for more...
- Private individuals are also turning to solar to cut down on generator bills, setting up panels and batteries on balconies and rooftops
- Many Lebanese have resorted to selling a car, jeweler or a plot of land as installing the solar power is expensive in a country where poverty is rampant
Business
Ethereum blockchain to undergo ‘monumental’ overhaul
Developers have spent years working on a more energy-efficient version of the ethereum blockchain, a digital ledger that underpins a...
- Experts say the changeover, expected to take place between Tuesday and Thursday, would slash energy consumption by more than 99 percent
- The ING bank said in a recent note that the switchover might help ethereum gain acceptability among policymakers and regulators
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Asia-Pacific markets mixed, dollar down Monday as Fed readies to acknowledge cuts
Asia-Pacific markets were mixed on Monday after a week that saw a broad rally in stocks, as investors awaited a...
Economy
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Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
Economy
Qatar, Iran discuss cooperation in free zones, investment
DOHA, QATAR - Minister of State and Chairman of the Board of Directors of the Free Zones Authority Ahmad bin...
Geostrategy
Largest climate fund seeks new funding for vulnerable
The Green Climate Fund (GCF) was set up as part of the landmark 2015 Paris Agreement to funnel grants and...
Economy
Most Read
Business
Farmers turn to solar power in Syria’s former breadbasket
Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
- Solar energy has offered a lifeline for the farmers amid drought and power shortages, but some warn the boom also has environmental costs in the once-fertile region
- "We are trying to revive our land," despite dwindling groundwater reserves, said Mohammed, 38, as he oriented the panel towards the sun near his cotton fields.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
Economy
UAE Vice President forms Board of Investment Corporation of Dubai
Dubai, UAE - Vice President and Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum has...
- The board will be chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai
- Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, will serve as a Vice Chairman of the Board