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
Transformative New Murabba Stadium design in Riyadh revealed by PIF
Equipped with cutting-edge sporting technology, the stadium will offer an immersive and personalized experience for fans. Additionally, it will act...
Economy
Business
European stocks bounce back after sharp losses on global recession fears
European stock markets rebounded on Wednesday, recovering some ground following sharp losses the previous session on fears of a global...
- London's benchmark FTSE 100 index was up 1.8 percent around midday and the pound was mixed against main rivals.
- Crude futures had slumped nearly 10 percent Tuesday, while Europe's main stock markets lost about three percent.
Economy
Sri Lanka appeals Russia for fuel and resumption of tourist flights
Sri Lanka is facing its worst economic downturn since it gained independence from Britain in 1948.
- The Island nation has suffered months of blackouts, rampant inflation and critical shortages of food and petrol.
- Russia and Ukraine were among the top sources of tourists for Sri Lanka before February's conflict began.
Economy
Britain’s new finance minister Nadhim Zahawi inherits a cost-of-living crisis
Britain's new finance minister, Iraqi-born Nadhim Zahawi, has inherited a cost-of-living crisis that risks pushing the UK economy into recession....
- Iraqi-born Zahawi was parachuted into the Treasury late Tuesday after predecessor Rishi Sunak's shock resignation over the culture of scandal plaguing Prime Minister Boris Johnson.
- Zahawi takes charge with UK inflation at a 40-year peak of 9.1 percent, a level set to hit double figures this year on soaring energy and food prices.
Business
GCC central banks should hike rates to combat inflation: L’AZURDE CEO
Inflation is an opportunity for a company to review strategically the portfolio of plans it offers, says L'azurde CEO.
- Inflation is an opportunity for a company to review strategically the portfolio of plans it offers, CEO L'azurde said
- Companies, he said, should review costs from A to Z, from employees to manufacturing, automation and investment in technology
Economy
Asia stocks drop, euro stuck at 20-year low on recession fear
Adding to the uncertainty was a fresh flare-up of coronavirus cases in parts of China that has seen some cities locked...
- Adding to the uncertainty was a fresh flare-up of coronavirus cases in parts of China that has seen some cities locked down as part of officials' zero-Covid policy
- Investors are growing increasingly concerned that sharp central bank interest rate hikes aimed at fighting decades-high inflation will lead to a contraction in leading economies
Largest Hajj of Covid era ready to begin in Mecca
The biggest hajj pilgrimage since the coronavirus pandemic began kicks off Wednesday, with hundreds of thousands of mostly mask less...
- One million fully vaccinated Muslims, including 850,000 from abroad, are allowed at this year's hajj
- Some pilgrims donned clothing featuring the names and flags of their countries
Economy
Saudi non-oil economy shows improvement in June: S&P Global
Saudi Arabia's non-oil economy has recorded a strong improvement in business conditions in June, according to the latest Purchasing Managers...
- Business has grown at the sharpest rate for eight months, despite evidence that intensifying cost pressures had led companies to mark up their prices
- At the same time, the report conveyed Saudi Arabia’s rapidly rising costs, an increase in the prices of raw materials and fuel
Economy
UAE Minister discusses development of fisheries sector
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri held a meeting with the heads of fishermen's...
- The minister met with groups of fishermen and heads of fishermen's associations
- She discussed challenges, opportunities and development in the UAE's fisheries sector
Business
Dubai Chambers holds meet to enhance its role in economy
Chairman of Dubai Chambers met with heads and members of business groups to discuss new ways the Chamber can enhance...
- Dubai Chambers discuss new ways to strengthen public-private sector partnerships
- It discusses different ways the Chamber can enhance its role in the emirate’s economy
Business
‘Jordan’s industries have potential to access Algerian market’
Jordan's industrial goods have a great opportunity to gain a foothold in the Algerian market, president of the Jordan and...
- Leather, textile, medical supplies, chemicals, food, agricultural and livestock industries can access the Algerian market
- There is a need for opening a direct maritime transport route between Jordan and Algeria
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
Company News
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Iran and Cuba to set up joint ‘technology and innovation’ center
Tehran, Iran-- Iran and Cuba are looking to to set up a joint technology and innovation center to promote cooperation...
Economy
US Fed likely to pause rate hikes despite higher inflation
The Fed has raised interest rates 11 times over the last 18 months, lifting its key lending rate to a...
DEWA embraces Microsoft’s Copilot to drive digital transformation
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has adopted Microsoft Power Platform and its AI-powered tool Copilot to build smart...
Business
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Economy
Inclusive policies key to greater global cooperation
“By placing an emphasis on inclusive policies, embracing digitalization and fostering stronger international collaboration, we can establish a trade landscape...
- Shamika N. Sirimanne emphasizes the need for inclusive policies and digital transformation to boost global trade
- UN's fifth global survey shows 68.6% of trade facilitation measures from WTO's agreement have been implemented
Economy
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
- Under the MoU, the two parties will cooperate to promote economic development, activate academic research.
- The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research.
Business
Sharjah Social Security Fund offers service period purchase option
SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured...
- This move aligns with the fund's strategies aimed at enhancing the well-being of employees and providing them with opportunities to boost their pensions.
- The fund said it is allowed to procure the service period for insured employees after they have completed a minimum of 20 years of actual service.