Asian markets track Wall Street losses on worries over tech rally
Hong Kong, China- Asian markets mostly fell on Wednesday after a tech-led sell-off on Wall Street fueled by worries about the...
Economy
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
Economy
Euro hits 20-year low against dollar amidst economic uncertainties
The euro fell 0.70 percent to 0.9884 dollars Monday at 0535 GMT, its lowest since December 2002. The European currency...
- Russian gas giant Gazprom said Friday the Nord Stream pipeline due to reopen at the weekend would remain shut indefinitely
- Resumption of deliveries via the pipeline which runs from near Saint Petersburg to Germany under the Baltic Sea, had been due to resume on Saturday
Economy
Cryptocurrency sceptics look to bend the ear of regulators
A number of governments have expressed concerns over cryptocurrencies, but those behind the first Crypto Policy Symposium say they hope...
- The conference comes as the price of bitcoin has plunged from a peak of nearly $69,000 last October to around $20,000
- Many central banks and financial market regulators have warned about the dangers posed by cryptocurrencies
Economy
Turkey”s inflation stays at 80% in boost to Erdogan
The strategically important developing nation lurched into its latest economic crisis when President Recep Tayyip Erdogan launched an unorthodox experiment...
- The TUIK state statistics agency said that consumer prices rose by 80.2 percent in August from a year earlier
- The figure was fractionally higher than the 79.6 percent reported in July and only a small bump up from the 78.6 percent reading in June
Business
OPEC+ to meet in order to adjust quotas for October
Faced with a bleak global economic outlook, the OPEC+ countries are expected to agree a modest increase in oil production...
- Far from their highs near $140 a barrel, Brent North Sea crude and US WTI crude prices suffered their third consecutive monthly decline in August
- Matthew Holland of Energy Aspects said a cut in production would come up at the next meeting in October
Economy
ECB set to raise interest rate to tame runaway inflation
European Central Bank policymakers look set to hike interest rates again to tame runaway inflation amid a steep increase in...
- Eurozone inflation hit 9.1 percent in August, a record in the history of the single currency and well above the two-percent rate targeted by the ECB
- Alongside its policy decisions, on Thursday ECB will also share an updated set of economic forecasts for the eurozone
Economy
Money transfer firms replace banks in crisis-hit Lebanon
Once the flagship of Lebanon's economy, the banking sector is now widely despised and avoided after banks barred depositors from...
- As Lebanon's deep crisis shows no sign of abating, money transfer agencies are filling the gap, also offering currency exchange
- Lebanon has been battered by its worst-ever economic crisis since the financial sector went into meltdown in 2019
Economy
UNESCO recognizes Yanbu Industrial City as International Learning City
According to the Ministry of Education, the learning cities project is implemented in partnership between its Continuous Education Department and...
- According to the Ministry of Education, the learning cities project is implemented in partnership between its Continuous Education Department and Yanbu Royal Commission
- The project, the Ministry of Education, said, aims to enhance inclusive longlife learning culture in the society
Analysis
Recent floodings in UAE call for sustainable infra
It is a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick...
- It's a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick steps aren't taken to deal with heavy rainfalls, Dake Rechsand CEO tells TRENDS
- 'The existing greenscape and bluescape infrastructure are less suitable for handling excessive rain. Therefore, we are witnessing floods,' Chandra Dake adds
Business
Saudi’s investment funds’ assets fall by 11 percent in Q2
Investment funds hold both local and foreign assets.
- The decline was attributed to a 10 percent drop year-on-year (YoY) in local assets – which represent 74% of total assets – to $38 billion.
- Investment funds are either open- or closed-end, with total assets of open-end funds at approximately SAR 159.7 billion ($42.5bn).
Economy
UAE approves code for education professionals
The UAE Ministry of Education has approved the Code of Conduct for professionals in the sector to set up clear,...
- The code of conduct will enhance an educator’s professional responsibilities
- The code is a framework of the basic values and ethics that an educator must commit to.
Asian markets track Wall Street losses on worries over tech rally
Hong Kong, China- Asian markets mostly fell on Wednesday after a tech-led sell-off on Wall Street fueled by worries about the...
Economy
Company News
Inma Holding profit tumbles
Business
Latest News
FAO raises its forecast for global cereal production in 2023
ROME, ITALY - The Food and Agriculture Organization of the United Nations (FAO) raised its forecast for global cereal production...
Economy
Circular economy is a critical pathway to build sustainable future: Almheiri
Dubai, UAE-- Terming the circular economy as a critical pathway that builds a sustainable future by preserving natural resources, reducing...
Economy
UAE as hub will help food security corridor under I2U2 framework: Indian minister
Abu Dhabi, UAE - The UAE as a geographical and business hub will help the proposed ‘food security corridor project...
Economy
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Business
Dubai’s weeklong real estate transactions exceed US$2.5bn
DUBAI, UAE - A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during...
- The Dubai Land Department report showed that 248 plots were sold for US$476 million.
- The DLS report said 1,197 apartments and villas were purchased for US$865 million.
Business
Saudi Arabia’s Tabuk region produces over 28m roses annually
TABUK, SAUDI ARABIA - The Tabuk region's agricultural sector is making steady progress towards achieving the goals of Saudi Arabia's...
- These flowers have a market value of over US$8.5 million making the region a leader in rose production and export.
- The Kingdom’s Ministry of Environment, Water and Agriculture has developed strategies to advance the sector.
Economy
El Nino forced sugar price to hit 13-year high in September, says FAO
Paris, France - Global sugar prices soared to their highest level in almost 13 years in September as the El Nino...
- While world food prices steadied as a whole last month, the FAO's Sugar Price Index jumped by 9.8 percent compared to August.
- El Nino, a climate pattern, is typically associated with warming ocean surface temperatures in the central and eastern tropical Pacific Ocean.