Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
Economy
Ukraine crisis pushes US inflation to new four-decade high
"The Russia-Ukraine war has added further fuel to the blazing rate of inflation," Kathy Bostjancic of Oxford Economics said.
- Consumer price index has hit 8.5 percent over the 12 months to March, considered the biggest jump in last 4 decades
- Central bank Governor said that fall of Ukraine war "probably skews risks to the upside in inflation"
Business
UAE Central Bank, Bank of Korea renew bilateral currency swap pact
The agreement will allow the exchange of local currencies between the two central banks of up to AED20 billion and...
- The agreement will allow the exchange of local currencies between the two central banks of up to AED20 billion and up to KRW6.1 trillion for five years
- "The agreement with the Bank of Korea contributes significantly to the development of financial markets in both countries,” Mohamed Balama said
Economy
Qatar, UK ink pact on food safety, environmental health
Qatar Food Safety and Environmental Health Department Director Wassen Abdullah Al Bakr said that the agreement would enhance food safety...
- Qatar Food Safety and Environmental Health Department Director Wassen Abdullah Al Bakr said that the agreement would enhance food safety in Qatar
- It provides a framework for enhanced cooperation in food safety research, particularly food contaminant and risk management analyses
Economy
Ferries resume between Morocco and Spain
A Spanish ferry docked in Morocco's Tangiers port Tuesday for the first time in two years, after a pandemic and...
- Spain and Morocco reopened ferry links days after Spanish Prime Minister Pedro Sanchez visited the North African kingdom
- The busy, 14-kilometre (nine-mile) route across the Strait of Gibraltar had originally been shut in March 2020
Economy
OPEC cuts 2022 world oil demand forecast due to Ukraine war
In a monthly report, the OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022,...
- In a monthly report, the OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast
- The invasion in February sent oil prices soaring above $139 a barrel, the highest since 2008, worsening inflationary pressures
Economy
DMCC registers record 665 companies to its Free Zone in Dubai during Q1
Dubai Multi Commodities Centre, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, welcomed...
- This represents DMCC’s best first quarter since its inception over twenty years ago, a 13 percent year-on-year increase.
- In the first quarter of 2022 alone, 16 percent of all company registrations were for crypto-related activities.
Economy
Sri Lanka declares $51 bn foreign debt as economic crisis worsens
Sri Lanka's snowballing economic crisis began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances.
- Acute food and fuel shortages, as well as long daily electricity blackouts, have brought widespread suffering to the country's 22 million people.
- The government has struggled to service foreign loans and Tuesday's decision comes ahead of negotiations for an International Monetary Fund bailout.
Business
Czech Republic delegation explores business opportunities in Bahrain
A business delegation of Czech Republic visited Bahrain to explore investment opportunities and expansion of economic projects between the two...
- The delegation expressed keenness on cooperating with the Bahraini private sector for investment in various sectors.
- A minister said Bahrain welcomes all international investments and projects with added value to investment and investors.
Geostrategy
Oman becomes first GCC nation to ratify a treaty on rights of seafarers
Oman has become the 100th country to ratify a 2006 treaty that protects the rights, pay and conditions of seafarers. The...
- Maritime Labor Convention has become a worldwide reference for the maritime industry and a pillar of international maritime rules and regulations since its signing in 2006.
- Guy Ryder, the ILO Director-General, said Oman, a longstanding maritime nation, has set an example for other countries in the region.
Geostrategy
Jordan plans to expand cultivation of wheat, barley
The plan includes allocating interest-free loan packages to farmers through the Agricultural Credit Corporation.
- The plan includes allocating interest-free loan packages to farmers through the Agricultural Credit Corporation
- Jordan Minister of Agriculture, Khaled Hneifat said the ministry will provide seeds to grow wheat and barley in alignment with the climatic condition of the cultivation areas
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Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
Company News
Latest News
Iran-European Union trade reaches $2.5 billion in first half of 2023
Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...
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...
Business
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...
Science
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Economy
Carbon neutrality strategy to propel green transition
This ambitious strategy, commissioned by the ASEAN Member States and with the support from the Australia for ASEAN Futures (AUS4ASEAN)...
- The ASEAN Strategy for Carbon Neutrality aims to complement national initiatives of ASEAN Member States in meeting their Paris Agreement commitments
- The strategy, supported by AUS4ASEAN initiative, highlights the urgency of pursuing carbon neutrality to unlock the value potential of a green transformation
Economy
Indonesia president to participate in BRICS summit in South Africa
Jakarta, Indonesia--Indonesian President Joko Widodo departed for South Africa on Sunday to attend the BRICS summit in Johannesburg amid speculation that...
- Before leaving for the BRICS summit, Widodo told reporters that apart from attending the event he will also meet with other world leaders
- Launched in 2009, BRICS aims to tame Western economic domination in global affairs, much to the consternation of the Western political leadership
Economy
Iran-China cooperation at its best in various fields: envoy
Tehran, Iran-- China's ambassador to Iran has affirmed that his country's cooperation with Iran is at its best in various...
- The Chinese ambassador said there were many opportunities for cooperation with west Azarbaijan province in the areas of international trade with Europe
- He noted that a document has been signed to boost China's trade with Europe via Iran, noting that the capacities of west Azarbaijan can be used in this regard