INSEAD Day 4 - 728x90

Economy

e& posts 11.6% revenue growth

The H1 net profit hits $1.63 billion.

TECOM profit up 9%

Revenue, occupancy drive earnings higher

DAE H1 profit $229m

Growth triggered by higher earnings, stron cash flow

EasyLease H1 profit $12.2m

Revenue rises on stronger operations.

FAB profit edges higher

Income growth supports steady earnings.

Jordan exports pharmaceutical products worth US$874m in 2023

AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to...

Business

TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia 

ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...

Business
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
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.

Jordan exports pharmaceutical products worth US$874m in 2023

AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to...
Business

Company News

Latest News

Jordan secures US$1.9bn in foreign aid amid dire global economic conditions

Amman, Jordan--Jordan has succeeded in securing US$1.9 billion in foreign aid and negotiations are underway to ramp it to $3.2...
Economy

Saudi Arabia’s archeologists make ‘significant’ discoveries at Al Abla site

Riyadh, Saudi Arabia--Saudi Arabia's Heritage Commission has announced significant discoveries made at the Al-Abla site in Asir region during the...
Arts & Culture

UAE-Hungary Political Consultations Committee discusses boosting cooperation

Budapest, Hungary--Senior officials from the UAE and Hungary met in Budapest on 22nd August for the inaugural round of the...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Science

AI risks repeating social media mistakes, says Microsoft president

NEW DELHI, INDIA - Breakneck development of artificial intelligence risked repeating mistakes made by the tech industry at the start of...
  • AI tools have shown in recent months the ability to generate essays, create realistic images, mimic voices of famous singers and even pass medical exams
  • But there are also worries that chatbots could flood the internet with disinformation, that biased algorithms will churn out racist material
Economy

US Federal Reserve prepared to raise interest rates further

The US Federal Reserve is prepared to raise interest rates higher - and hold them there - to bring down...
  • After 11 rate hikes in less than 18 months, the US benchmark lending rate now sits at a range between 5.25 and 5.5 percent - its highest level for 22 years.
  • The rapid cycle of interest rate increases has failed to definitively quash inflation, which remains stuck above the Fed's long-term target of two percent.
Economy

Lebanon central bank declines to address nation’s deficit through lending

Beirut, Lebanon -- Acting Lebanese Central Bank Governor Wassim Mansouri has said the bank will not be providing government lending...
  • Acting Lebanese Central Bank Governor Wassim Mansouri said it will apply to both Lebanese lira and US dollar.
  • Mansouri assured that public sector employees would receive their wages for the current month in US dollars, with an exchange rate set at 85,500 liras.