Regulated dollar transactions on the rise in Iraq, says central bank
With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically....
Economy
UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...
Economy
Economy
ECB contends with high inflation and weak growth
European Central Bank policymakers meet on Thursday faced with the challenge of threading a response between record-high inflation figures and...
- The bank's 25-member governing council gathers for the second time since Russia launched its invasion at the end of February
- Inflation in the eurozone hit 7.5 percent in March, an all-time high for the currency bloc and well above the central bank's own two-percent target
Business
Economic freedom, effective governance key to attract FDI: AMF
The study calls for the stability of the business environment by reforming relevant laws.
- The study calls for the stability of the business environment by reforming relevant laws
- The regulatory quality index outperforms all other factors in attracting investment
Economy
IMF unveils new trust to help ‘vulnerable’ countries
The IMF plans to raise at least $45 billion for a new trust to help ‘low-income and vulnerable middle-income countries’.
- The Washington-based crisis lender's Resilience and Sustainability Trust is expected to come into effect May 1
- It is in addition to a $650 billion boost to reserve assets called Special Drawing Rights allocated earlier this year
Economy
Agencies urge urgent food insecurity action
Major international organizations issued an appeal on Wednesday for urgent measures to deal with rising food insecurity in poor countries.
- The Russian invasion of Ukraine, and Western sanctions on Moscow, have sent energy and food prices soaring
- Meanwhile, rising natural gas prices also have impacted fertilizer production, which in turn has hurt farmers
Economy
Unvaccinated citizens can travel if they present negative PCR: UAE
The UAE will allow unvaccinated individuals to travel on April 19 if they present a negative PCR test result taken...
- Unvaccinated individuals aged under 16 is exempt from presenting a negative PCR test result upon arrival
- The policy is aimed at achieving sustainable recovery and the return to normalcy to boost the economy
Geostrategy
Iran says preliminary deal reached on frozen funds abroad
Tens of billions of dollars in Iranian money were blocked in many countries including China, South Korea and Japan.
- Delegations from concerned countries met Iran's foreign minister to discuss the deal to release its funds frozen in foreign bank
- In January 2022, Iran urged South Korea to unlock its funds and not to wait for the results of the Vienna talks
Geostrategy
Saudi, Kuwait to develop gas field despite Iran complaint
Saudi Arabia and Kuwait will develop a disputed gas field despite Iranian objections, while urging Tehran to engage in negotiations,...
- The two countries also issued a new invitation for Iran to negotiate over the boundary of the gas field
- Tehran had earlier said that the deal contravened "previously held negotiations", adding that it "reserves its right to exploit" the field
Economy
Yen slides to 20-year low against dollar
The yen hit its lowest level against the dollar in two decades on Wednesday, extending recent falls as the gap...
- Despite being traditionally considered a safe-haven currency, uncertainty fueled by the war in Ukraine has not caused the yen to strengthen
- Government spokesman Hirokazu Matsuno said "the stability of exchange rates is important and we see rapid currency moves as undesirable"
Economy
KSA to back joint Arab actions, develop regional economic ties
The Cabinet authorized the Tourism Minister to discuss tourism promotion with Iraq.
- The Cabinet authorized the Tourism Minister to discuss tourism promotion with Iraq
- Approval was also given for an MoU between Saudi Arabia and Algeria in housing field
Economy
IEA lowers world oil demand outlook on China lockdowns
Russian oil supply, meanwhile, is expected to continue to fall in April by 1.5 million barrels per day amid its...
- Rich countries have agreed to tap an additional 120 million barrels of oil from emergency reserves, with half from the United States.
- Prices fell below $100 in recent days as severe lockdowns in Shanghai raised concerns that crude demand from China would fall.
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Regulated dollar transactions on the rise in Iraq, says central bank
With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically....
Economy
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GCC steps up to diversify Europe’s natural gas supply
Amid Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia...
Economy
Rival branches of Central Bank of Libya reunite
Libya's central bank announced that its two rival branches in the west and east are reuniting after nearly a decade...
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
Business
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Business
Bread-short Tunisia to restore flour supply to some bakeries
Since the beginning of August, European-style bakeries selling baguettes in the formerly French-ruled country had been prevented from accessing their...
- Days later those same bakeries also stopped receiving non-subsidized flour and semolina from the state, which controls the supply of all such essential goods in the country.
- Economists attribute the bread shortage partly to speculation but, more broadly, to the lack of cereals. Tunisia's debt is around 80 percent of gross domestic product.
Science
Saudi Arabian Crown Prince launches KAUST’s new strategy
RIYADH, SAUDI ARABIA - Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Prime Minister and Chairman of KAUST Board...
- Strategy aims to transform research into economically productive innovations by focusing on national priorities for research, development and innovation.
- It aims to strengthen KAUST’s partnerships with both the public and private sectors, which will contribute to achieving the objectives of Vision 2030.
Geostrategy
Hungarian companies want to expand work in Russia, says PM Orban
BUDAPEST, HUNGARY – Hungarian Prime Minister Viktor Orban said that companies from his country plan to expand their activities in...
- Hungarian Prime Minister Viktor Orban made the statement at a meeting with the head of Russia’s Tatarstan region Rustam Minnikhanov in Budapest.
- The head of Tatarstan came to Budapest at the invitation of Orban in connection with the Hungarian national holiday, St. Stephen's Day.