Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
Economy
Business
DFSA regime to provide whistleblowers enhanced legal protection
Enhanced legal protection will be provided to persons who report financial misconduct internally within the entities regulated by Dubai Financial...
- DFSA regulatory regime for whistleblowing is the first of its kind to be introduced by a financial service regulator in the UAE.
- The regime applies to all DFSA Regulated Entities operating in or from the Dubai International Financial Centre.
Rich nations to tap 120m barrels from emergency oil reserves: IEA
The IEA members which include the United States, European countries, Australia and Japan, among others had already pledged last month...
- IEA, which holds emergency stockpiles totaling 1.5 billion barrels, concurred with the decision to tap oil reserves again
- Joe Biden had already announced that the US would release 1 million barrels its oil reserves onto the market every day for six months
Economy
Rome unveils €650m boost for electric vehicles
"First the pandemic and now the war (in Ukraine) are putting a severe strain on this sector which represents one...
- Prime Minister Mario Draghi has chaired the cabinet meeting where the new decree has been adopted and funded by the "automobile fund"
- Purchases of low-emission electric or hybrid vehicles will be eligible for a bonus of between €2,000 and €3,000 in Italy
Science
Climate-related health emergencies on the rise in Africa: WHO
Floods, water, and vector-borne diseases have been worsening the health crises in Africa, said WHO's regional director for Africa.
- The WHO has said health emergencies caused by climate change are increasing in Africa
- The UN health agency has called on governments to implement WHO air quality guidelines
Economy
Ukraine war, energy crisis force UK into fossil fuels rethink
Boris Johnson's government will consult with local communities to host onshore wind farms in return for "guaranteed lower energy bills,"...
- The UK will release energy strategy to call for more renewable power from nuclear, offshore wind, and solar
- This new strategy may permit more drilling for North Sea oil and gas to control the spike in energy prices
Geostrategy
Yemen president transfers power to leadership council
In a major shake-up in the coalition battling Houthi rebels, Yemen's president Abedrabbo Mansour Hadi has formed a new council...
- A United Nations-brokered truce that started on Saturday has offered a glimmer of hope in the conflict amid the humanitarian crisis
- The truce came as peace talks were unfolding in Riyadh without the participation of the Houthis, who refused talks on ‘enemy’ territory
Economy
Saudi Arabia hosts annual joint meetings of Arab financial institutions
The meetings are taking place under the patronage of the Custodian of the Two Holy Mosques and Saudi ruler King...
- The Arab financial institutions hold these annual meetings to review the performance of each entity and the topics on its agenda
- The meetings also reportedly contribute to financing development projects in vulnerable countries
Business
More checks needed as crypto scams hit all-time high
Blockchain expert Kim Grauer offers insights into why people fall prey to scammers, how they can protect their crypto assets...
- In 2021, cryptocurrency-based crime reached an all-time high, with criminal addresses receiving $14 billion.
- By the end of 2021, criminals had accumulated $11 billion in crypto from known sources, compared to $3 billion in 2020.
Economy
Foreign Direct Investment into UAE reaches $20.7 billion in 2021
UAE received $20.7 billion in Foreign Direct Investment in 2021, recording a 3.9 percent growth over 2020. The country’s FDI...
- The country’s FDI balance now stands at AED 630 billion ($171.6 billion) by the end of 2021, a 13.7 percent growth over 2020.
- UAE's outward FDI flows reached nearly AED 82.6 billion ($22.5 billion) in 2021, with an annual growth of 19.1 percent.
Economy
UAE launches database to monitor energy, water consumption
Announced in July 2021, the national program aims to boost efficiency by 40 percent across the three most energy-consuming sectors...
- The database is part of the initiatives of the National Water and Energy Demand Management Program.
- It will help gauge energy and water consumption in government buildings and identify buildings with the highest consumption rates to develop rationalization programs.
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
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.