IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister
Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...
Economy
Economy
OPEC+ agree on modest supply boost amid demand concerns
Saudi Arabia, Russia and other key producers agreed to adjust upward the monthly overall production by 0.432 mb/d for the...
- As in previous months, the cartel continued to open the taps slightly, a strategy begun in the spring of 2021 when the economy began recovering after the pandemic-induced cuts.
- Russia's invasion of Ukraine has added to supply concerns, which have increased with Europe's announced moves on a potential Russian oil embargo.
Economy
Financial institutions exposed to high risk by global water crisis: Report
Financial institutions are exposed to significant risks posed by depleted and contaminated water supplies, a report released by non-profit Carbon...
- A first-of-its-kind report by CDP and Planet Tracker shows how global companies in key industries are already losing billions as a result of the global water crisis.
- By focusing on oil & gas, electric utilities, coal and metals & mining sectors, the report found that $13.5 bn in assets are already stranded and $2 bn at risk due to water issues.
Economy
BoE hikes interest rate to highest level in 13 years
The Bank of England on Thursday raised its main interest rate by a quarter point to one percent to tackle...
- BoE policymakers voted 6-3 at a regular meeting for a hike to one percent -- the highest level since the global financial crisis in 2009
- The latest increase came as Britons on Thursday headed to the polls in local elections, seen as a mid-term test for embattled Prime Minister Boris Johnson
Economy
Saudi Central Bank raises interest rate to curb inflation
In order to curb the soaring inflation in the kingdom, the Saudi Central Bank (SAMA) has raised its main interest...
- SAMA raised its repo rate and reverse repo rate to 1.75 percent and 1.25 percent respectively
- The Saudi decision came in the wake of the US Federal Reserve decision to hike the interest rate
Economy
Turkey inflation surges close to 70 percent in April
Turkey's official inflation rate spiraled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to...
- The consumer price index rose by 69.97 percent year-on-year in April compared with 61.14 percent in March, the national statistics agency said
- Erdogan insists that sharp cuts in interest rates are needed to bring down soaring consumer prices, flying in the face of economic orthodoxy
Economy
UAE Central Bank raises base rate by 50 basis points after Fed hike
The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility...
- This decision was taken following the US Federal Reserve Board’s announcement on Wednesday to increase the Interest on Reserve Balances (IORB) by 50 basis points.
- The bank also decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate
Geostrategy
EU eyes Russian oil import ban amid new bid to evacuate Mariupol
State Department spokesman voiced skepticism about the ceasefire, saying that Moscow has repeatedly resumed shelling after announcing pauses.
- European Union vowed to "significantly increase" its support for Moldova which has been targeted by a Moscow-backed separatist region
- Ukrainian Foreign Minister said that EU countries would be "complicit" in Russia's crimes in Ukraine if they block an oil embargo against Moscow
Economy
Turkey inflation spirals to nearly 70% in April
Turkey's official inflation rate spiralled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to...
- Erdogan insists that sharp cuts in interest rates are needed to bring down soaring consumer prices, flying in the face of economic orthodoxy
- The collapse of the lira has pushed up the cost of energy imports and foreign investors are now turning away from the once-promising emerging market
Economy
Sustainable construction key to greener MENA
Industry specialists in the region believe that the sector is becoming more sustainable despite many conflicting goals and complex challenges....
- With COP27 being held in Egypt in November 2022 and COP28 in the UAE in 2023, the MENA region is firmly putting climate change in the spotlight
- A key focus in the run-up to the two conferences is on accelerating policy, technology, and deployment of finance to set regional economies on a path to decarbonization
Economy
US Fed makes biggest rate increase since 2000 to fight inflation
With inflation at the highest rate in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the...
- After a quarter-point hike in March, the US central bank's policy-setting FOMC pushed the benchmark interest rate above 0.75%
- The hike will raise the costs of all types of borrowing, from mortgages to credit cards to car loans, cooling demand and business activity
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IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
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Greek firefighters struggle to control wildfires for sixth day
Athens, Greece--Hundreds of firefighters in Greece struggled Thursday to gain the upper hand against major wildfires burning unchecked for a sixth...
Economy
Egypt reports drop in unemployment rate in Q2 of 2023
Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to...
Economy
COP28 will provide a pivotal moment in climate action
The conference will focus on practical aspects, unifying action, and establishing partnerships, as well as aligning efforts to transition from...
Economy
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Economy
AI startups set to rake in $10bn investments by 2026
Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of...
- Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of all data analysis by deep neural networks by 2025, says a report
- By 2024, data-centric AI will prioritize synthetic data, comprising 60% of AI data, while ChatGPT's popularity prompts 45% of executives to boost AI investments, adds Gartner
Economy
Iran’s steel production sees 4.1% growth in first 7 months of 2023
Tehran, Iran - The World Steel Association (WSA) has reported a significant 4.1% increase in Iran's steel production during the...
- In July 2023, Iran's crude steel production slightly decreased by 1.5% compared to the same month in the previous year
- China remains the top global steel producer, contributing 626.5 million tons, followed by India, Japan, the United States, and Russia
Economy
Suez Canal ship traffic normal after tanker collision
Cairo, Egypt--Shipping traffic was flowing normally on Egypt's Suez Canal on Wednesday, two shipping sources based in the country said,...
- According to ship tracking company MarineTraffic, the two tankers briefly collided in the canal citing eyewitnesses
- A media outlet quoting a Suez Canal official said that a ship that broke down in the canal was starting to be towed