Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
China’s annual political conclave starts as economy sputters
Proceedings kick off Monday at 3:00 pm with the opening ceremony of China's People's Political Consultative Conference (CPPCC), which will...
Economy
Economy
US bans Xinjiang imports, forcing firms to navigate sticky diplomacy
The new law bans the import of all goods from the region unless companies offer verifiable proof that production did...
- The new law bans the import of all goods from the region unless companies offer verifiable proof that production did not involve forced labor
- The vote came despite lobbying by US firms, many of which are heavily dependent on Chinese suppliers
Economy
Asia markets climb as Covid fears recede
Studies indicating Omicron infections are less likely to result in hospitalisation have increased confidence that the pandemic will have less...
- Studies indicating Omicron infections are less likely to result in hospitalisation have increased confidence that the pandemic will have less impact on the economy
- On Wall Street, the S&P 500 ended the last session before the holiday weekend at a fresh record following a raft of mostly decent US economic data
Geostrategy
World Bank pledges $37 million to help Lebanon teachers
The World Bank on Thursday said it agreed with its partners to repurpose $37 million in funds to help Lebanon's...
- The "exceptional" financing, which is valid only for the 2021-2022 academic year, came at the request of Lebanon's government, the bank said.
- Public school teachers who were already underpaid before the onset of the economic crisis two years ago have since been pushed deeper into poverty.
Economy
Saudi economy set to be buoyant in 2022
The country is aiming for a budget surplus for the first time in eight years amidst increasing oil prices and...
- Jadwa Investment Company and Al-Rajhi Capital expects value-added tax unlikely to change.
- Beltone expects that inflation would remain around 2 percent, affected by global inflationary pressures.
Economy
Many factors shaping global economic outlook: Expert
UBP Senior Portfolio Manager Fares Benouari has predicted that 2022 would see greater exposure to ESG, automation, and fintech in...
- UBP Senior Portfolio Manager Fares Benouari has said the current global economic outlook depends on strains, spells, and administrative responses
- He also pointed out that businesses, however, have made productivity gains, pivoting to digital, increasing efficiencies, and reducing costs
Economy
World Bank approves $112 million to fund employment in Jordan
Jordan’s persistently high levels of unemployment are driven by the limited capacity of its private sector to create more and...
- WB finances the National Employment Programme (NEP) in the country to help its recovery from the COVID-19 pandemic by promoting private sector-led job creation
- The NEP aims to enable more than 2,000 private sector firms to hire and train over 63,000 new employees, a third of them women
Economy
China gives celebrities 10 days to shell out unpaid taxes
China has launched a sweeping state crackdown on tax evasion and perceived immoral behavior in the entertainment industry. The move...
- YouTuber Huang Wei was ordered to pay a record $200 million fine for tax evasion on Monday
- Actress Zheng Shuang was in August hit with a $46-million fine for tax evasion
Interview
Breathable sand could disrupt UAE agri-sector
The technology could help the UAE grow more crops within its boundaries, ensuring food security, says Dake Rechsand CEO and...
- The UAE is 80 percent desert, with less than 1 percent agricultural land
- Systemic, climatic, and geographic concerns threaten food and water security in the country
Economy
Queues grow longer at Istanbul’s discount bread shops
The queues are a worrying sight for Turkey's veteran President Recep Tayyip Erdogan, who is trying to fight inflation by...
- Countries usually raise borrowing rates to slow spending and bring down prices -- a policy mix the Turkish leader, a pious Muslim, rejects citing Islamic laws against usury.
- One newspaper claimed Istanbul mayor Ekrem Imamoglu was playing a "dirty game" by shutting down many of the discount bread shops, making the queues longer at existing ones.
Economy
Top company leaders highlight priorities for MENA governments at CEO Dialogue
Top company leaders highlight priorities for MENA governments at CEO Dialogue Leaders of top regional and international companies in the...
- The CEO Dialogue was hosted by the World Government Summit in collaboration with the Atlantic Council’s empowerME Initiative and Majid Al Futtaim.
- They discussed economic and social changes in the region over the past few years, development and opportunities for global growth.
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Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
Company News
Dana Gas posts fall in profit
Business
Latest News
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
Most Read
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