World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
Economy
Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
Economy
UAE’s Federal Tax Authority launches tax whistleblower program
UAE’s Federal Tax Authority (FTA) has announced the launch of Raqeeb, the whistle-blower program for tax violations and evasion, which...
- Effective from April 15, 2022, Raqeeb allows the Authority to receive reports from individuals on tax evasion cases, tax-related fraud, and violations of tax legislation.
- It also allows the Authority to verify the reports and grant monetary rewards to informants when certain conditions are met.
Economy
USA to ease limitations on E-15 gasoline sale as oil demand surges
In an effort to ease Americans' pain at the gas pump, President Joe Biden has announced his administration will ease...
- In 2011, the US Environmental Protection Agency approved the use of E15 following research on its pollution impact.
- According to the White House, at today's prices, E15 can save an average of 10 cents per gallon of gasoline.
Economy
World Bank says war in Ukraine raising risks for Middle East
The war in Ukraine has "multiplied risks" for the Middle East and North Africa's poorer countries by raising food and...
- World Bank president David Malpass said this week that the Russian war on Ukraine has started a chain reaction in the global economy, pushing energy and food prices higher
- Oil-exporting economies are expected to grow 5.4 percent on the back of the recovery from the pandemic, the expected increase in oil output and high oil prices
Economy
IMF says Ukraine war slowing economic growth worldwide
The war in Ukraine has undercut the global recovery, slowing expected economic growth in most countries in the world, IMF...
- The war hit as the world was struggling to recover from the ongoing impact of the Covid-19 pandemic, which has caused an acceleration of inflation
- The IMF is due to release its updated economic forecasts on Tuesday, which Georgieva said will further downgrade the estimate for global growth
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
World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
Economy
Company News
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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...
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,...
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...
Economy
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Business
Stocks advance but traders wary of US rates outlook, China concerns
The gains, including a jump in US tech stocks, "looked more like a correction than a reaction to fresh news,...
- The gains followed a mixed showing on Monday as investors tried to turn the tide of losses that have swept over markets in recent weeks.
- Markets globally have struggled this month on the prospect that the US Federal Reserve will hike borrowing costs once more.
Business
RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...
- Holding companies can benefit from the UAE's favorable tax environment, a key factor boosting global investors' appeal.
- This structure offers enhanced protection against potential risks and legal claims, an essential feature in today's complex business landscape.
Economy
CBUAE foreign assets inch up to US$161.22bn in June
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to...
- According to the apex bank, foreign securities were down to $45 billion from $46.56 billion at the end of June,, with other foreign assets up to $17.27 billion
- The monetary base, according to the CBUAE, grew by 0.1%, climbing from $169.20 billion at the end of May 2023 to $169.42 billion at the end of June 2023