Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reported China’s consumer price index climbed...
Economy
US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
Economy
Economy
With inflation on rise, ECB readies tougher action
The European Central Bank is set to announce the end date to its bond-buying stimulus on Thursday, as concerns over...
- Inflation in the eurozone rose to 8.1 percent in May, the highest level in the history of the currency club and well above the ECB's own two-percent target
- The surge has largely been driven by the war in Ukraine, which has decisively pushed up the cost of energy, food and raw materials
Business
Sharjah sees Dh6bn in real estate deals in Q1
The emirate is currently witnessing the launch of related commercial, industrial and residential projects in various cities.
- The emirate is currently witnessing the launch of related commercial, industrial and residential projects in various cities
- Al Shamsi also highlighted the importance of the acres real estate exhibition, which the Sharjah Real Estate Registration Department organises annually
Economy
UAE Central Bank predicts country’s GDP to grow by 4.2 percent in 2023
The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent...
- In its Annual Report for 2021, the CBUAE estimated the non-oil GDP growth to reach 3.9 percent in 2023.
- The oil GDP growth will reach 5 percent in 2023, compared with earlier estimates of 3.4 percent.
Economy
World economy will pay a ‘hefty price’ for Ukraine crisis: OECD
The OECD warned Wednesday that the world economy will pay a "hefty price" for Russia's invasion of Ukraine as it...
- The Paris-based organization, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the conflict.
- The OECD noted that commodity prices had risen, hitting real income and spending, "particularly for the most vulnerable households".
Geostrategy
One third of humanity is still totally offline: UN report
The Global Connectivity Report 2022 argues that while easy, affordable access to fast broadband is near-ubiquitous in most rich-world nations,...
- The report advocates for putting 'universal and meaningful connectivity' at the center of global development.
- The cost of broadband subscriptions and digital devices remains a major barrier to connectivity, the report says.
Economy
Indian central bank raises interest rates to tame inflation
India's central bank on Wednesday hiked rates for a second time in as many months, as Asia's third-largest economy reels...
- The Reserve Bank of India raises its key repo rate by 50 basis points to 4.90 percent
- Consumer inflation has consistently overshot the central bank's two-to-six percent target range in the first four months of the year
Economy
UAE adopting membrane technology to desalinate water
In 2021, the UAE launched a strategic initiative to become carbon-neutral by 2050.
- In 2021, the UAE launched a strategic initiative to become carbon-neutral by 2050
- In 2018, the country put into action the National Water Security Strategy 2036
Economy
Ukraine to receive $1.5bn in aid from World Bank
The World Bank on Tuesday approves an additional $1.5 billion in aid for Ukraine, bringing the total planned support package...
- The new financing from World Bank to Ukraine will be used to pay wages for government and social workers
- According to Zelensky, Ukraine's government needs a total of $7 billion aid in a month to continue to function
Economy
Baghdad Metro project to be included in Iraqi budget
The 96-kilometers-long ring road project which is currently in the design phase will be completed in four phases.
- The 96-kilometers-long ring road project which is currently in the design phase will be completed in four phases
- There are several projects to relieve the traffic bottlenecks, including the five entrances to the capital project, a government spokesman said
Economy
UAE secures 32% of Japan’s crude oil needs in April
The Agency for Natural Resources and Energy in Tokyo.reported that the amount of crude oil that Japan imported during that...
- The Agency for Natural Resources and Energy in Tokyo.reported that the amount of crude oil that Japan imported during that month amounted to 87.59 million barrels
- Ninety three percent of this originated from seven Arab countries: UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, Oman and Algeria
Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reported China’s consumer price index climbed...
Economy
Company News
Latest News
US interest rates in ‘good place,’ for now: Fed officials
The comments from three regional Fed presidents with a vote on setting interest rates will likely solidify expectations that the...
Gig economy accounts for up to 12% of the global labor market: WB
Washington, US – The ‘gig economy’ accounts for up to 12 percent of the global labor market—much higher than previously...
Economy
Expansion may offer limited economic boost to BRICS
The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them,...
Geostrategy
Most Read
Geostrategy
Saudi crown prince says ready for economic partnership with BRICS
DUBAI, UAE – Saudi Arabian Crown Prince Mohammed bin Salman in a telephonic conversation with Russian President Vladimir Putin has...
- The Russian president and the Saudi crown prince discussed the outlook for BRICS expansion.
- The two leaders reviewed cooperation between the two countries within the OPEC+ agreement framework.
Economy
US Treasury pushing to increase IMF funding by raising quota obligations
The comments from Jay Shambaugh, the Treasury's under secretary for international affairs, underscore the Biden administration's push for the IMF...
- An increase in quotas "will reduce its reliance on borrowed resources and provide the IMF with a more consistent and predictable level of resources," said Jay Shambaugh.
- The Treasury is also looking at ways to expand the influence of emerging markets and developing economies at the top of the IMF, he said.
Business
Masdar, Africa50 sign MoU
The aim is to speed up clean energy transition in Africa.
- Masdar brings its technical expertise and extensive experience in emerging markets and will work with Africa50 to bridge the infrastructure funding gap.
- Africa50 brings its skill in developing projects in the continent and which, combined with Masdar, can help unlock clean energy potential.