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
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
Economy
Inequality widens in Britain as financial sector salaries increase
Salaries in Britain's financial sector have surged in recent months, widening inequality amid the nation's cost-of-living crisis, a study showed...
- Average monthly pay in the industry jumped 31 percent in February from December 2019, propelled by high-earners.
- The news comes as many Britons face a cost-of-living crisis, slammed by decades-high inflation and rising taxation.
Economy
India central bank raises interest rate ahead of Fed announcement
India's central bank announced a surprise interest rate hike of 0.4 percentage points on Wednesday, as Asia's third-biggest economy reels...
- Reserve Bank of India governor Shaktikanta Das said it would "increase the policy repo rate by 40 basis points to 4.40 percent with immediate effect."
- The announcement came hours before the US Federal Reserve was expected to undertake its largest rate hike in two decades in response to the country's accelerating inflation.
Economy
Years after IS defeat, northern Iraq struggles to rebuild
In Iraq, "maku" means "nothing", and father-of-five Issa al-Zamzoum says "maku" a lot: no electricity, no home, no rebuilding and...
- According to Human Rights Watch, after the siege "pro-government militias and volunteer fighters as well as Iraqi security forces raided Sunni villages and neighbourhoods"
- HRW used satellite imagery to map "heavy smoke plumes of building fires, likely from arson attacks" in the village
Economy
Expat remittances from Saudi rise 5 percent to $3.91 bn in March
Personal remittances of expatriates in Saudi Arabia jumped 5 percent year-on-year (YoY) to SR14.7 billion ($3.91 billion) in March. Saudi...
- Saudi Arabia was the third largest source of remittances globally in 2020, just behind the UAE and the US, according to the World Bank.
- The US was the biggest source country, sending $68 billion abroad last year, while foreign workers in the UAE sent home $43 billion.
Economy
Infantino says Qatar migrant workers take pride from hard work
FIFA President Gianni Infantino said migrant workers take pride from hard work when he was asked about the conditions of...
- "Let's not forget one thing, when we speak about this topic, which is work, even hard work, tough work," Infantino said
- "When it comes to the building of World Cup stadiums -- we are investigating all these matters with external entities -- it is actually three persons who died," he added
Business
Increase in Japan’s imports of UAE crude oil in March
This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs.
- This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs
- Japan's total oil imports in March amounted to 89.15 million barrels, compared to 78.51 million barrels in February
Analysis
Saudi real estate rides high on positive sentiment
Saudi Arabia's real estate sector continues to show promising signs, with increasing tourist numbers, consumers returning to retail stores, and...
- Q1 2022 saw an increase in the number of units built in Saudi Arabia's residential sector
- In Q1 2022, Saudi Arabia's house price index rose by 0.4 percent compared to Q1 2021
Economy
Eurozone unemployment hits new historic low in March
The unemployment rate in the eurozone reached its lowest level ever recorded in March, the EU's official statistics agency said...
- Eurostat said 6.8 percent of the workforce were without a job, down 0.1 percentage point from February.
- Since December 2021, unemployment in the 19-member eurozone has been at the lowest levels since Eurostat began compiling the data in April 1998.
Economy
Sanction-hit Russian carmaker asks Iran for spare parts: Report
A Russian carmaker has asked Iran to supply it with key components it cannot access due to Western sanctions imposed...
- Some Iranian car components, including engine cooling and suspension systems, have already been exported to Russia in recent years.
- Iran has also suffered under stringent economic sanctions, reimposed by the United States in 2018 after Washington unilaterally pulled out of a deal with world powers.
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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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ECI, KazakhExport ink MoU
Business
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
Qantas posts bumper profit
The airline's annual profit climbs up to US$1.1 billion.
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...
Economy
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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
Economy
Saudi Arabia and Germany discuss cooperation in industrial, mining sectors
Riyadh, Saudi Arabia - Saudi Arabia and Germany have decided to strengthen cooperation in the industrial and mining sectors. A...
- Both parties explored opportunities to collaborate with the University of Munich for Applied Sciences
- The focus was on reviewing the university's educational curricula and academic programs in various fields related to industries and mining
Economy
UAE, KSA optimistic as BRICS leaders weigh expansion
South Africa has revealed potential BRICS expansion plans at the Johannesburg summit, with keen interest shown by Middle Eastern nations,...
- South Africa revealed potential BRICS expansion plans at the Johannesburg summit, with keen interest shown by Middle Eastern nations, notably UAE and Saudi Arabia
- Analysts suggest that BRICS' potential expansion could strain relations with major powers, highlight the bloc's diverse appeal, but also raise concerns about diluted influence