Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
Economy
Asian markets battle to recover from tech rout after reassuring US data
Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured...
Economy
Business
‘GCC inflation still remains lesser than UK’
The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the...
- The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the GCC, says Simon Ballard, chief economist of First Abu Dhabi Bank.
- Ballard believes GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus packages
Economy
US inflation climbs to 9.1%, highest in 40 years
US inflation surged to a fresh peak of 9.1 percent in June, further squeezing American families and heaping pressure on...
- Government data released Wednesday showed a sharp, faster-than-expected increase in the consumer price index compared to May driven by significant increases in gasoline prices
- The war in Ukraine has pushed global energy and food prices higher, and US gas prices at the pump last month hit a record of more than $5 a gallon
Egypt raises fuel prices in quarterly review
The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance...
- The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance from EGP8.75 to EGP9.25 (US$0.49)
- The fuel committee convenes on a quarterly basis to assess the prices of petroleum products and amends them in accordance with the international price of Brent crude oil
Economy
Equities fall, euro slides below $1 on US inflation data
Global stocks fell Wednesday and the euro dipped below $1.00 for the first time in nearly 20 years after data...
- Stock prices on Wall Street retreated after a sharp uptick in US inflation to 9.1 percent in June increased the risk of a possible recession
- The economic prospects for the 19-country eurozone are also darkening as a possible halt to Russian gas supplies increases the risk of recession
Business
Creator economy rides on NFTs for growth, expansion
Blockchain technology has put creators at the center and allows them to capture and distribute their value efficiently, safely and...
- Due to high engagement yet low revenues on social media platforms, many creators are looking for new ways to monetize, says Franck Mandon, COO of the MILLION platform
- With a roughly US$ 20 bn market value, it's the fastest-growing sort of small business, with each creator operating more like a startup than an individual, he adds
Economy
Supply risks still haunt market despite high oil prices: IEA
The Paris-based agency cautioned that the global economic recovery could be derailed unless governments take measures to reduce consumption and...
- The IEA now expects oil demand to rise this year to 99.2 million barrels per day (mbd) and to 101.3 mbd next year.
- Meanwhile, supply climbs to 100.1 mbd this year. But even if it hits an expected record of 101.1 mbd next year, it will fall below demand.
Economy
Libya’s National Oil Corporation lifts force majeure at key terminals
Force majeure is a legal measure allowing companies to free themselves from contractual obligations in light of circumstances beyond their...
- Its latest such move had been in late June, when the NOC said Libya had foregone some $3.5 billion due to a blockade of eastern oil facilities since mid-April.
- The blockade on the oil facilities was enforced by groups demanding Dbeibah's departure and a handover to the rival administration of Fathi Bashagha.
Economy
UAE economic activity spikes in 1H22 on back of easing pandemic, high oil prices
Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers' Index, the MOMR noted.
- Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers' Index, the MOMR noted
- The June PMI declined to 54.8 from 55.6 in the prior month, marking the 19th-straight month of growth in non-oil private economic activities, the report added
Economy
Sri Lanka president takes refuge in Maldives, expected to resign
Sri Lanka's embattled president flew out of his country to the Maldives early Wednesday, in a probable prelude to his...
- Gotabaya Rajapaksa had promised at the weekend to resign on Wednesday and clear the way for a "peaceful transition of power" after fleeing his official residence in Colombo
- Rajapaksa is accused of mismanaging the economy to a point where the country has run out of foreign exchange to finance even the most essential imports
Economy
Euro slides to be at par with dollar as recession fears rise
The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut...
- The European single currency hit exactly one dollar -- its lowest level since December 2002 -- before bouncing back somewhat
- But Wall Street stocks weakened as the session progressed, as investors nervously await Wednesday's consumer price report
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
Economy
Company News
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Airports Council International sets up first office in Riyadh
Riyadh, Saudi Arabia-- The Airports Council International (ACI) for Asia-Pacific and the Middle East has established its first office in...
Business
There’s a link between health and climate change
“As we prepare for the groundbreaking Health Day at COP28, we are resolute in our determination to address the challenges...
Economy
UAE and Serbia hold discussions on signing of CEPA
In order to boost trade and investment flows and private-sector collaboration, the UAE and Serbia have begun talks on Comprehensive...
Economy
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Economy
Project reuse helps UAE boost sustainability drive
Amid UAE's urban expansion, there's a wealth of structures across the country ripe for revitalization, significantly offsetting the environmental impact...
- Amid UAE's urban expansion, there's a wealth of structures across the country ripe for revitalization, significantly offsetting the environmental impact of new developments
- With projects like Expo City Dubai is leading the way, the nation's architectural landscape is evolving towards a greener future, says Devmark CEO Sean McCauley
Business
Abu Dhabi council review budget, sports development
Abu Dhabi, UAE - Abu Dhabi Sports Council discussed business developments and plans for developing the sports sector here, local...
- The board reviewed the general financial budget for 2024, which reflects the strong performance of the council and its impact on the sports sector
- They also reviewed the strategic and operational performance report for the first half of 2023 and the performance indicators report
Infographics
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
- High representation of these sectors is due to the region's rich oil and gas reserves and its growing population and economies.
- The Middle East is also home to a number of other significant industries, such as tourism, healthcare, and education.