WTO conference ends with acceptance of Abu Dhabi Declaration
Abu Dhabi, UAE--The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) has concluded with the acceptance of Abu...
Economy
WTO talks end with no major win, throwing trade body into ‘crisis’
Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings. "Despite...
Economy
Tunisia central bank calls to avoid monetary financing of budget deficit
The Banque Centrale du Tunisie (BCT) board has urged for continued coordination between financial and monetary policies.
- The central bank reaffirmed its intention to closely monitor all economic, monetary, and financial developments
- It also said it would use mechanisms at its disposal to support the country’s economic recovery while containing inflation
Economy
EU moves to label nuclear, gas energy as ‘green’
The fact that the European Commission quietly distributed the text of this proposal to member states late on Friday, in...
- The proposal aims to support the 27-nation bloc's shift towards a carbon-neutral future
- It also looks to gild the EU’s credentials as a global standard-setter for fighting climate change
Economy
Tunisia launches national consultation to make new constitution
Eligible topics include electoral, economic, financial, social, developmental, health, education and cultural affairs.
- The move is part of a reform package pushed by President Kais Saied
- The exercise calls on citizens to send in suggestions and will last until March 20
Economy
Global stocks end strong year with losses
On Wall Street, the broad-based S&P 500 had its best December in over a decade, and scored a third straight...
- On Wall Street, the broad-based S&P 500 had its best December in over a decade, and scored a third straight year of double-digit gains with a 27.1% jump
- In Asia, Hong Kong's main stocks index finished with gains Friday, on surging Chinese tech shares
Economy
Cryptocurrency’s volatility may ease this year
Experts believe that 2022 will be a milestone year for bitcoin, with the ups outweighing the downs. Cryptos may suffer...
- Some experts believe that improved use and legality of cryptocurrencies will help reduce the wild swings in their prices
- The Dubai World Trade Center has announced it would become a specialized area in encrypted assets, including digital assets
Economy
Lebanon fuel distributors urge government to curb dollar rise
The Lebanese pound has lost more than 90 percent of its purchase power since end-2019, due to its devaluation against...
- Fuel distributors issued a statement urging ministers to shore up the value of the Lebanese pound against the dollar
- Their statement, read by representative Fadi Abu Shakra, stressed that ‘the schedule of fuel prices will be issued next Tuesday’
Economy
Oman on road to economic recovery, say government numbers
Given the current trends, the country’s GDP is expected to grow by 13.8 percent by the end of the current...
- As a percentage of the GDP, the deficit was down from 15.5 percent in 2020 to 3.8 percent this year
- All credit rating agencies amended Oman’s future outlook during this year to ‘stable’ and ‘positive’
Economy
Tunisia in ‘uncertainty’ as president pushes new constitution
Tunisian President Kais Saied is preparing to ask the public for their thoughts on a new constitution.
- President Kais Saied sacked the government, suspended parliament, and seized wide-ranging powers on July 25
- The former law professor has long called for an overhaul of the country's post-revolution political system
Economy
Libya PM back in position after election postponed
The election, set for December 24, was meant to be the culmination of UN-led efforts to drag Libya out of...
- Libya's interim Prime Minister Abdulhamid Dbeibah chaired a cabinet meeting on Thursday, marking his return to the post
- This happened despite concerns that postponing of the country's presidential election could jeopardize his position
Economy
Bitcoin faces uncertain 2022 after record year
Having more than trebled in value to $60,000 between December 2020 and April, bitcoin has lost some shine to trade...
- Having more than trebled in value to $60,000 between December 2020 and April, bitcoin has lost some shine to trade at under $50,000 heading into the new year
- The record high in April occurred with the stock market debut of cryptocurrency exchange Coinbase.
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WTO conference ends with acceptance of Abu Dhabi Declaration
Abu Dhabi, UAE--The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) has concluded with the acceptance of Abu...
Economy
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Business
Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
Geostrategy
Dubai posts 44 percent growth in business event bid wins in H1 2023
DUBAI, UAE – The city has registered a strong year-on-year growth of 44 percent in business event bid wins in...
Business
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Economy
Global debt dominates as G20 finance chiefs meet in India
Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the...
- Key on the two-day agenda will be "facilitating consensus to intractable issues associated with rising indebtedness", Sitharaman said
- A top official from G20 chair India said there had been a "not so encouraging response" from Beijing on shared debt understanding
Business
Standard Chartered sells Africa business
It sold the sub-Saharan Africa business to Access Bank.
- Last year, the bank decided to divest from a number of markets, in Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan
- The two entities will work together to ensure a seamless transition, with the transaction expected to be completed over the next 12 months
Business
QIB posts 7.7% profit rise
The net profit shot up to US$538m in H1 of 2023.
- The bank said its earnings per share amounted to QR 0.83 on June 30, 2023 as against QR 0.77 in the same period of last year
- The total assets the bank now stand at $50.27bn., financing assets reached $33bn and customer deposits now stand at $32.14bn