Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
Business
World resource extraction could surge 60 percent by 2060, UN warns
Paris, France - Extraction of Earth's natural resources could surge 60 percent by 2060, imperiling climate goals and economic prosperity, the...
Economy
Economy
Kuwait Airport ready to operate at full capacity
Kuwait International Airport will gradually operate commercial flights for all aviation companies.
- The airport has been closed since August last year, when the authorities banned all incoming and outgoing flights
- Some hope of resumption was seen earlier this year, but the spread of the Delta variant of Covid-19 stopped the consideration
Business
DEWA signs several digital tech agreements at GITEX 2021 stand
Dubai Electricity and Water Authority (DEWA) signed a slew of MoUs with local and international companies at the ongoing GITEX...
- The MoU with Etisalat is aimed at speeding up the digital transformation using Etisalat’s MobileHub platform.
- Digital DEWA subsidiary sInfraX has partnered with WoM Technologies for its planned rollout of the first-ever Low Power Wide Area Network wireless Internet of Things.
Economy
Iran bank loans to economic sector rise 58%
The Iranian banking system has paid 12.41 quadrillion rials (over $295.49 billion) of facilities to domestic economic sectors in the...
- Working capital loans to different economic sectors in the six months were above 8.376 quadrillion rials (about $199.4 billion)
- According to the data provided by the Central Bank of Iran, this accounted for 67.5 percent of the total provided facilities
Economy
Turkey cuts interest rate for second successive month despite soaring inflation
Turkey's central bank cut interest rates for the second successive month on Thursday in what economists interpreted as confirmation of...
- The central bank has blamed rising inflation on "transitory" factors that will dissipate with time.
- The lira extended its fall into record-low territory against the dollar and euro after the announcement.
Economy
Jordan to get new national accounting system
An agreement has been signed to build capacities to establish a sustainable national accounting system in Jordan.
- The aim of this initiative is for accounts and GDP figures to reflect the contributions of the informal sector
- It is also expected to provide accurate details of the sub-sectors in accordance with the best international practices in this field
Economy
GCC cooperation sought to enhance region’s industrial sector
Dr. Sultan Al Jaber said that the national effort to develop the UAE’s industrial sector through the UAE Industry 4.0...
- The minister's remarks came during the 48th meeting of the GCC Industrial Cooperation Committee in the Kingdom of Bahrain
- He pointed out that the Covid-19 pandemic accelerated efforts to improve collaboration across the GCC
Economy
Iraq: Water-logged cash in Mosul central bank coffers
The banknotes were badly damaged after the coffers were engulfed in groundwater during offensive to take Mosul from the jihadists.
- The banknotes were badly damaged after the coffers were engulfed in groundwater during offensive to take Mosul from the jihadists
- Some 175 bags have been found although total value of the money is not known yet
Economy
Lebanon hikes fuel prices in de facto end to subsidies
The end to subsidies pushes the cost of filling a vehicle's tank to more than the monthly minimum wage in...
- The price increases have mostly erased massive queues at gas pumps that clogged streets across the country.
- The energy ministry on Wednesday also raised the price of diesel and cooking gas following a drop in Lebanese pound.
Business
Dubai records $4.4 billion realty sales in September, highest since 2013
The months leading up to the launch of Expo 2020 Dubai witnessed a surge in realty transactions, with September recording...
- A total of 5,762 sales transactions in September bring the year-to-date total value to over AED100 billion.
- In September 2021, 56 percent of all sales transactions were for secondary/ready properties and 44 percent were for off-plan properties.
Economy
Earnings joy lifts Asian markets as Fed mulls taper
Signs of progress on US President Joe Biden's massive spending bill provided an extra lift to sentiment
- Signs of progress on US President Joe Biden's massive spending bill provided an extra lift to sentiment
- Strong profit reports from big-name firms over the past week have reinforced optimism that the corporate sector is weathering slowdown in economic growth
Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
Business
Company News
FAB posts Q1 net profit of $1bn
Business
Barclays Q1 net profit at $2.2bn
Business
Latest News
Abu Dhabi frames new grazing regulations to protect rangelands
Abu Dhabi, UAE-- In order to protect natural rangelands and promote sustainable traditional grazing practices, the Environment Agency – Abu...
Economy
Russia to cut oil output by another 500,000 bpd
Moscow, Russia - Russia on Friday confirmed the reduction of oil supplies to markets by 500,000 barrels daily in August...
Economy
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Business
Iraq, GECF discuss role of oil, gas in country’s development
BAGHDAD, IRAQ -Â Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of...
- The two discussed the oil and gas sector and stressed on the importance of supporting gas and renewable energy investment projects.
- The two leaders discussed on the development of the oil and gas sector in Iraq and its role in the country's economy.
Market Report
Asian markets decline as US data spark interest rate fears
Asian stocks tumbled again after another round of strong US data reinforced expectations the Federal Reserve will resume its interest...
- Minutes from the Federal Reserve's last meeting showed officials plan to ramp up borrowing costs again this month.
- Equity-buying sentiment was hammered again by news that US private firms created twice as many jobs as expected in June.
Geostrategy
Kuwait has third largest millionaire population in world
Dubai, UAE -- Kuwait ranked third and Qatar 22nd on the list -- prepared by the World of Statistics --...
- About 15 percent of Kuwaitis were millionaires, after Hong Kong's 15.3 percent and Switzerland, which had the highest number of millionaires (15.5 percent) in the world.
- According to the World Wealth Report 2022, the average net worth of a millionaire in Kuwait is $2.9 million.