Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
Middle East & North Africa: Regulatory momentum and DeFi fuel crypto adoption
The Middle East & North Africa (MENA) region ranks as the seventh-largest crypto market globally in 2024, with an estimated...
Economy
Economy
Stocks slump after Fed chair vows tough inflation fight
Stock slumped on Friday after Federal Reserve boss Jerome Powell pledged to act "forcefully" against soaring inflation in a battle...
- Modest signs of slowing in the world's largest economy, easing price pressures spurred hope in financial markets the central bank might ease up on its interest rate hikes.
- Powell made it clear that Fed policy and the benchmark borrowing rate would have to remain "sufficiently restrictive" to return inflation to its two percent target.
Business
DEWA organizes virtual seminar, 90 Turkish firms participate
Dubai Electricity and Water Authority (DEWA) has organized a virtual seminar with 90 leading Turkish companies in the energy and...
- DEWA has a clear strategy and specific goals to increase the share of clean and renewable energy in Dubai’s energy mix
- The company has launched pioneering projects and initiatives to diversify clean energy sources
Business
German govt to relook huge gas levy amid outrage
German ministers vowed to reexamine a planned gas surcharge imposed on consumers after it emerged that some energy companies seeking...
- The levy, to be imposed from October 1, had been grudgingly accepted as a compromise to help prevent the energy market from collapsing.
- The levy sparked outrage after it emerged that some energy firms which have doubled their revenues in H1 2022, have registered to receive a share.
Geostrategy
Turkey plays down US sanctions threat over Russia ties
Turkey's finance minister told businesses on Friday they should not be concerned by the threat of sanctions that Washington warns...
- The value of Ankara's trade with Moscow shot up by nearly 50 percent between May and July this year as NATO member Turkey has refused to join the international sanctions.
- US Deputy Secretary of the Treasury had warned Turkish banks and companies they would face secondary sanctions if they cooperated with sanctioned Russians.
Economy
Egypt’s central bank cancels maximum cash deposit limit in banks
During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its...
- During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its global economic impact
- The bank decided to increase the maximum limit of cash withdrawals in banks from $2605 to to $7,814
Economy
Japan seeks ‘sustainable world’ in Africa aid forum
The eighth Tokyo International Conference on African Development (TICAD8) comes against the backdrop of China's rising influence, cemented on the...
- It is the first TICAD held every three years either in Japan or an African country since the pandemic began
- Alongside the summit, businesspeople will attend an economic conference while various parallel events and workshops will address civil society and women's inclusion
Economy
Jordan approves Public Sector Modernization roadmap
Addressing the Cabinet session, Prime Minister Dr Khasawneh affirmed the government's commitment to achieving the desired outcomes from the modernization...
- Addressing the Cabinet session, Prime Minister Dr Khasawneh affirmed the government's commitment to achieving the desired outcomes from the modernization roadmap
- The PM also stressed that the roadmap is "vigorous, flexible and capable" of realizing modernization and development, and is open to any positive improvements
Geostrategy
Iran urges IAEA to end undeclared nuclear sites issue
The United States remains adamant that Tehran cooperate with the International Atomic Energy Agency to clear up suspicions about earlier...
- Iran came back last week with a series of proposed changes, to which the United States formally responded on Wednesday, a day after Tehran accused its arch-enemy of stonewalling
- The 2015 agreement between Iran and six world powers Britain, China, France, Germany, Russia and the United States gave the Islamic republic sanctions relief in exchange for curbs
Economy
Egypt’s GDP grows 6.6% in FY 2022: PM Madbouli
The last quarter of the past fiscal year was really difficult due to the Russia-Ukraine war.
- The last quarter of the past fiscal year was really difficult due to the Russia-Ukraine war
- The PM said that the unemployment rate in the country stabilised at 7.2 percent
Economy
In risky recyling venture, Gazans burn plastic for fuel
It's an economic and practical solution in a territory blockaded by Israel for 15 years, but one which poses serious...
- Burning plastic releases dioxins, mercury and other toxic gases which pose a threat to vegetation, human and animal health
- Since 2007, when Hamas seized control of the Gaza Strip, Israel has severely restricted the flow of people and goods in and out of the coastal enclave
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
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Tabreed H1 23 net profit $105m
Business
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Libya orders Brussels envoy detention on graft charges
Shortly after her dismissal by the internationally recognized government in Tripoli, Amel Jerary, whose detention was ordered by the country's...
Economy
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
Business
Markets slump as US jobs data says labor market buoyant
The focus has been on US Treasury bond yields that have surged to levels not seen in over a decade,...
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Geostrategy
Jazan City for Primary and Downstream Industries exports first shipment to US
JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure...
- The ship is laden with 37,000 tons of iron steel foundry product, representing the first-ever production of this commodity within the Kingdom.
- The city's port has extensive capabilities and advanced logistical transportation services, making it a hub for trade exchanges in Saudi Arabia.
Economy
Yemen economy tanks as peace talks make no headway, say NGOs
"While economic challenges are rife across the country, rising inflation and the deterioration of public services are making life unbearable,"...
- Power cuts in Aden can last 17 hours a day and more than 50 percent of households in government-held areas cannot meet basic food requirements.
- The World Food Program warned in August that more than four million Yemenis would receive less food assistance from the end of September.
Geostrategy
Qatar begins construction on North Field gas expansion
RAS LAFFAN, QATAR - Qatar's state-owned energy giant began construction on Tuesday on a project to expand production from the world's...
- There has been mounting demand for Qatari gas as European consumer nations have scrambled to replace lost Russian deliveries.
- Qatari Energy Minister Saad al-Kaabi called the project a "leap towards our country's leadership in the field of energy".