China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business
Majority of WTO members sign investment deal for development
The deal aims to facilitate "the flow of foreign direct investment... particularly to developing and least-developed" countries with the aim...
Economy
Market Report
Asian markets rise on outlook hope but eyes on inflation
A respite in the crisis surrounding troubled Chinese developer Evergrande also provided some much-needed support to the region.
- A respite in the crisis surrounding troubled Chinese developer Evergrande also provided some much-needed support to the region
- Analysts said dealers remained hopeful that the inflation spurt would not be long-lasting and flatten out as supply chains normalise
Analysis
Zero-carbon not the end of oil and gas
Some people conflate the target of zero carbon emissions with the notion that the era of oil, gas, coal, and...
- Carbon emission targets are sometimes misunderstood with the end of oil, gas, and coal
- Oil and gas are still the primary drivers of the global economy, and will continue to be so for decades
Economy
Trillions needed to fight climate threat: UN draft report
The draft Intergovernmental Panel for Climate Change report is scheduled for release early next year.
- Helping vulnerable nations cope with the multiplier effect of climate change will require trillions of dollars, according to a draft UN report
- The failure of rich countries to deliver the promised $100 billion a year for vulnerable nations has become a flashpoint at COP26
Business
Saudi Arabia sells dual-tranche bonds for $3.25 billion
Saudi Arabia has sold two bonds--a sukuk tranche and a conventional bond--for $3.25, the kingdom's National Debt Management Center (NDMC)...
- The value of the first tranche is at $2 billion for a nine-and-a-half-year sukuk maturing in 2031.
- The second tranche of $1.25 billion is for a 30-year bond maturing in 2051.
Economy
UAE, Bahrain to establish joint investment fund in both countries
“The governments of the UAE and Bahrain, in light of the fraternal ties and long-term mutual interests between the two...
- According to the Bahrain News Agency, Mumtalakat and Mubadala Investment Co will launch the new fund together
- Bahraini Crown Prince Salman bin Hamad Al Khalifa announced the deal during a visit to the UAE
Business
Apple loses bid to stall apps bypassing pay system in Epic Games case
A judge rejected Apple's request to delay letting App Store offerings bypass its payment system as ordered by the court...
- Epic filed the lawsuit to break Apple's grip on the App Store, accusing the iPhone maker of operating a monopoly in its shop for digital goods or services.
- The judge reasoned that Apple's policies not allowing app developers to steer users to payment platforms outside the App Store as being a factor in the "antitrust conduct."
Business
Elon Musk loses $50 billion as Tesla shares fall for third day
Elon Musk, the CEO of Tesla lost $50 billion in two days as shares of Tesla fell for the third...
- According to Bloomberg Billionaires Index, this is the biggest two-day fall in its history.
- his drop in net worth of Elon Musk reduces the gap between him and Jeff Bezos, the second richest man of the world to $83 billion.
Business
EDB, NBF agree to provide credit guarantee and co-lending for SMEs in UAE
The Emirates Development Bank (EDB) has signed an MoU with the National Bank of Fujairah (NBF) to offer credit guarantees...
- NBF will offer up to AED10 million financing to an SME, and 50 percent of the facility amount will be either guaranteed or co-lent by EDB.
- The program also aims to support UAE citizens in the startup journey by offering financing facilities of up to AED1 million.
Economy
World economy watches as China activity slows down
The economy of China is weighed down by electricity shortages and a vast real-estate crisis.
- The difficulties of the real-estate sector in China were triggered by the troubles of giant Evergrande
- Those problems could pose risks for the world economy and affect the United States, the US Federal reserve has said
Economy
ADX proposes region’s first SPAC regulatory framework
The ADX and ADDED, in conjunction with legal and investment specialists, have worked together to produce the proposed SPAC regulations,...
- The regulatory framework proposed by ADX and ADDED will facilitate initial public offerings of SPACs, providing investors worldwide with access to unique growth opportunities
- The proposed regulations will also allow sponsors outside of the UAE to apply for approval to list their SPACs on the ADX
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China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business
Company News
Alkhaleej Insurance posts profit
Business
Latest News
Dubai Police records 65,942 ‘transactions’ at smart police stations in H1
Dubai, UAE-- During the first half of 2023 the Dubai Police has recorded some 65,942 smart transactions at its 22...
Geostrategy
High oil prices, reforms spur Saudi economic boom
The Kingdom's non-oil private sector expanded sharply in June as output and new orders rose at accelerated, multi-year record rates,...
Economy
Libyan rival leaders to work together for oil income
TRIPOLI, LIBYA- Rivals in politically divided Libya have agreed to form a committee on sharing oil revenues, a move welcomed on...
Geostrategy
Most Read
Economy
‘Greenhouse gas emissions from agriculture likely to rise by 7.5% in next decade’
PARIS, FRANCE - Greenhouse gas emissions from agriculture are expected to increase by 7.5 percent in the next decade, said...
- Projected greenhouse gas emissions are less than half the projected output growth.
- This output indicates a significant fall in the carbon intensity of agricultural production.
Economy
At G20 meeting, UAE urges world to collaborate in scientific research
Mumbai, India--The UAE’s Minister of State for Public Education and Advanced Technology Sarah Al Amiri has urged the global community...
- Al Amiri made the remark during her address to ministers at the G20 Research and Innovation Initiative Gathering (RIIG) in Mumbai
- She said that the UAE will invest some $160 billion in the next 30 years to further develop and deploy green innovations
Business
Iran emerging as a hub for health tourism in West Asia: Raisi
Tehran, Iran--Iranian President Ebrahim Raisi has claimed that health tourism in the country has attracted patients from neighboring countries and...
- The Iranian president claimed that patients from Central Asia and Middle East have chosen Iran over Europe to come for medical treatment
- In May, Iranian health minister said that last year more than 1.2 million foreign patients had been to hospitals in the Islamic Republic for various treatments