IMF lifts 2025 global growth forecast, warns of ongoing trade ‘uncertainty’
In its flagship World Economic Outlook (WEO) report -- compiled before the most recent US-China tariff spat -- the IMF...
Economy
China accuses US of ‘double standards’ over new tariffs threat
Beijing, China -- China accused the United States of "double standards" on Sunday, after President Donald Trump threatened an additional...
Geostrategy
Economy
Asian markets creep up as investors await key speech
Hong Kong, China - Asian markets edged mostly upward in muted morning trading on Thursday, one day before a key...
- US Federal Reserve Chairman Jerome Powell, who has resisted public demands by President Donald Trump to cut rates, is scheduled to deliver remarks Friday
- Data last week provided a mixed picture of US inflation, making it uncertain if the Fed will lower rates as many investors expect in September
Economy
Gross national income of GCC countries hits $2.143 trillion
Muscat, Oman -- The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of...
- The value of disposable national income (available for consumption and savings after deducting taxes and other transfers) amounted to US$1.989 trillion.
- The data indicate that the contribution of the non-oil sector to the GCC’s Gross Domestic Product (GDP) at current prices rose to 71.5 percent by the end of 2023.
Economy
Trump says semiconductor tariffs coming soon
"I'll be setting tariffs next week and the week after, on steel and, I would say, chips. Chips and semiconductors,...
- Trump said the levy rate would be "lower at the beginning" but "very high after a certain period of time," as a way to encourage businesses to relocate operations to the US.
- On August 6, Trump announced a 100 percent tariff on semiconductors from firms that do not invest in the United States.
Economy
Oil prices rise ahead of US-Russia summit as stocks digest inflation data
New York, United States - Wall Street stocks finished little changed Thursday as markets absorbed a disappointing inflation report, while...
- The producer price index rose 0.9 percent on a month-on-month basis, much greater than analysts expected following benign consumer pricing data earlier this week
- Among individual companies, Intel surged 7.4 percent following a Bloomberg News report that Trump is considering an investment in the beleaguered chip company
Business
Stocks diverge as bitcoin hits record high
Bitcoin hit a new peak at $124,514.59 in Asian trading, before cooling to around $121,500. The world's biggest cryptocurrency is...
- Bitcoin is also winning investor support thanks to strong backing for the cryptocurrency sector from Trump.
- Most European equity indices climbed after major Asian peers ended lower.
Economy
Dubai GDP grows by 4 percent to reach $32.58 billion in first quarter of 2025
Human Health and Social Work activities registered the highest growth rate, rising 26 percent compared to the same period last...
- Real Estate activities grew by 7.8 percent, while financial and insurance activities expanded by 5.9 percent.
- Accommodation and food service activities recorded a 3.4 percent increase, and transport and storage rose by 2 percent.
Economy
Bitcoin hits record high above $124,000 before retreating
Tokyo, Japan - Bitcoin hit a record high on Thursday during early Asian trading, surpassing $124,000, driven by favourable US...
- US stocks ended higher Wednesday, with the S&P 500 index and the tech-heavy Nasdaq reaching new heights this week, contributing to the cryptocurrency's rise
- Bitcoin's value has recently soared, fuelled by US regulatory changes under US President Donald Trump, a strong backer of the crypto sector
Economy
Plastic pollution treaty talks in disarray as dozens of countries reject draft text
Geneva, Switzerland - Attempts to finalise a landmark treaty combating plastic pollution descended into disarray on the penultimate day on...
- With some 30 hours left to seal a deal among the 184 countries gathered at the United Nations in Geneva, states lined up to slam the text proposed by Luis Vayas Valdivieso
- Five previous rounds over the past two and a half years failed to seal an agreement, including a supposedly final round in South Korea late last year
Economy
Most markets rise as China-US tariff truce extended, US inflation data in focus
In an executive order, the White House reiterated its position that there are "large and persistent annual US goods trade...
- Donald Trump's widely expected trade announcement avoids the reimposition of sky-high levies and allows officials from Washington and Beijing to continue talking into November
- the White House reiterated its position that there are "large and persistent annual US goods trade deficits" and they "constitute an unusual and extraordinary threat."
Economy
Trump says to move homeless people ‘far’ from Washington
President Donald Trump said Sunday that homeless people must be moved "far" from Washington, after days of musing about taking...
- The Republican billionaire has announced a press conference for Monday in which he is expected to reveal his plans for Washington
- "I'm going to make our Capital safer and more beautiful than it ever was before," the president posted on his Truth Social platform Sunday
IMF lifts 2025 global growth forecast, warns of ongoing trade ‘uncertainty’
In its flagship World Economic Outlook (WEO) report -- compiled before the most recent US-China tariff spat -- the IMF...
Economy
Company News
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UNGA80: World leaders to discuss framework for inclusive, accountable AI governanc
As there is no recognised body to govern AI on a global level, world leaders will gather in New York...
Science
After Japanese Softbank, US Govt, Chip-maker Nvidia to buy stake in rival Intel
Shares in chipmaker Intel skyrocketed on Thursday after AI giant Nvidia announced it would invest $5 billion in its struggling...
Science
Stocks rise on $5 billion Nvidia-Intel deal, Fed rate cut
Nvidia announced a $5 billion investment in struggling US rival to jointly develop chips for PCs and data centers. The...
Business
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Science
Scientists train AI model to predict future illnesses
Paris, France - Scientists said Wednesday that they had created an AI model able to predict medical diagnoses years in...
- Based on a patient's case history, the Delphi-2M AI "predicts the rates of more than 1,000 diseases" years into the future
- Researchers trained the model on data from Britain's UK Biobank -- a large-scale biomedical research database with details on about half a million participants
Economy
AI to boost trade by nearly 40% by 2040: World Trade Report 2025
The 2025 edition of the World Trade Report reveals that, with the right enabling policies, artificial intelligence (AI) could boost...
- According to the report, AI could lead to significant increases in trade and GDP by 2040, with global trade projected to rise by 34-37% across different scenarios
- Trade can be a powerful enabler of inclusive AI -supported growth by helping economies access AI-enabling goods, such as raw materials, and semiconductors
Economy
US Fed set for first rate cut of 2025 as Trump pressure looms
The US Federal Reserve is poised to make its first interest rate cut of 2025 on Wednesday, but it battles...
- There is little doubt that the US central bank will lower rates at the end of its two-day policy meeting, and markets widely expect a 25 basis points reduction
- Typically, the Fed might be inclined to keep rates at a higher level to bring inflation back to its two-percent target -- or slash rates to support a weakening labor market