Asian shares rise as markets await tech results
Asian markets mostly rose Tuesday with investors looking ahead to the release of US economic data and the earnings reports...
Economy
Gold breaks above $2,700 to record high as geopolitical uncertainty heightens
Hong Kong, China - Gold prices hit a record high above $2,700 on Friday as traders piled into the safe-haven commodity...
Economy
Business
Thai SC dismisses Toyota appeal
The court dismisses appeal over $270m import tax bill.
- The case relates to Toyota Motor Thailand's importation of parts for its Prius model at a reduced tax rate between 2010 and 2012.
- While Thailand's Central Tax Court ruled in favor of Toyota in 2017, the decision was later overturned.
Economy
Sharjah to host International Jewelry Designers Forum
Expo Centre Sharjah has said that it will host the International Jewelry Designers Forum on October 7.
- The forum will discuss a number of thematic topics, including future trends in jewelry and gem designs.
- It will also discuss important techniques used in combining stones and lab-created diamonds.
Economy
Saudi Consumer Price Index rises by 3% in August: GASTAT
General Authority for Statistics said the main drivers of CPI inflation were the higher prices of food & beverages and...
- In August 2022, the Wholesale Price Index increased by 5.6 percent compared to the same month in 2021, but down from 6.8 percent in July 2022.
- The increase resulted mainly from the increase in metal products, machinery and equipment prices that have a relatively high weight in the index.
Geostrategy
US again approves most aid to Egypt despite rights concerns
President Joe Biden's administration on Wednesday approved most military aid to Egypt for a second straight year despite concerns on...
- Some of Biden's political allies have pressed for a wider cutoff of aid to Egypt, which rights groups estimate is holding more than 60,000 prisoners of conscience
- Senator Chris Murphy, a Democrat, scoffed at the idea that Egypt was making progress and earlier this week called on the administration to withhold more funds
Business
JAFZA facilitates more than a third of Dubai automotive volume
Dubai, UAE-- Jebel Ali Free Zone (Jafza), part of DP World Group, has facilitated over 1.2 million metric tons (MT)...
- This is equivalent to $12.4 billion, more than a third of the total trade worth $31.3 billion. Â
- Dubai hosts the region’s biggest automotive trading hub and the largest used car market.
Economy
Adoption of new technologies tops Saudi Maritime Congress agenda
The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge...
- The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge technological solutions in the sector
- This edition is the first to be organised in person after the pandemic and the recovery of global economies from its unprecedented effects on the supply chain
Geostrategy
Lebanese woman robs bank to ‘pay for ill sister’s’ treatment
It was just the latest in a string of heists as Lebanese depositors, whose savings have been trapped in banks...
- Sali Hafiz streamed a live video of her raid, in which she could be heard yelling at employees to release a sum of money while entrances to the bank were sealed.
- She instantly turned into a folk hero on social media in Lebanon, where many are desperate to access their savings and furious at a banking sector perceived as a corrupt cartel.
Economy
European Union plans to cut soaring gas, electricity prices
In the EU's electricity market, the price is based on the last source used to meet demand -- often a...
- Wholesale energy prices thus soared together when the war in Ukraine sent the cost of gas skyrocketing.
- Commission chief Ursula von der Leyen said the levy, or cap, would raise at least $140 billion. The commission wants to reduce monthly consumption by 10 percent.
Business
Why are millionaires flocking to UAE?
By the end of 2022, the UAE is expected to attract more than 4,000 high-net-worth individuals, mostly from India, Russia,...
- Around 25 percent of GCC's millionaires are moving to the UAE. At the same time, others are relocating to other regions like the UK, US and Europe.
- The total private wealth of the wealthy in the UAE increased by US$46 billion between 2019 and 2021, to nearly US$917 billion, according to a Global Citizens report.
Geostrategy
Drop in German investors confidence sparks recession fear
BERLIN, GERMANY - German investor confidence fell in September for a third straight month, a closely watched survey showed on...
- The ZEW institute's economic expectations index dropped 6.6 points from the previous month to minus 61.9 points.
- For its survey, ZEW quizzes experts about the current economic situation and the outlook for the coming six months.
Asian shares rise as markets await tech results
Asian markets mostly rose Tuesday with investors looking ahead to the release of US economic data and the earnings reports...
Economy
Company News
Latest News
First wind turbines reach Saudi green hydrogen plant, says CEO
RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen...
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
Economy
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Geostrategy
Israel-Hamas conflict sparks global economic anxiety
With potential spikes in oil prices and uncertainty surrounding major projects like the IMEC, the world faces a complex economic...
- With the world grappling with economic challenges, the sudden escalation in the Middle East threatens to send oil prices skyrocketing
- Recent reports suggested that Saudi leaders were considering boosting oil production to foster better relations with Israel
Economy
Infra investments crucial to Dubai’s growth and global allure
Dubai's iconic skyline and architectural marvels have garnered global attention, offering stunning views for visitors and residents alike. This allure...
- The emirate's strategic investments in infrastructure, from the Dubai International Airport to iconic landmarks like the Burj Al Arab, have bolstered its global stature
- With a prime focus on sustainability and a vision for 2040, Dubai continues to charm and attract businesses, tourists, and investors from across the globe
Economy
Oxford Economics predicts 4.4% GDP growth for UAE in 2024
Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by...
- Scott Livermore, Chief Economist, Oxford Economics Middle East, predicted a 4.2 percent growth in non-oil GDP this year, driven by diversification strategies.
- He also expected continued growth in the realty market and a strong recovery in travel and tourism, with Dubai surpassing pre-pandemic visitor levels by the first half of 2023.