Fourth Industrial Revolution centers announced for Riyadh, Muscat, Pretoria
Davos, Switzerland -- The World Economic Forum (WEF) has announced signing agreements for three new Centers for the Fourth Industrial...
World Economic Forum
There’s nothing more interlinked and global as international financial markets: Swiss president
In an exclusive interview with TRENDS, Swiss President Karin Keller-Sutter emphasized the critical role of financial stability in safeguarding global...
Economy
Economy
Asia-Pacific markets gain ahead of US inflation data
Asia-Pacific markets traded higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial...
- Overnight in the U.S., the S&P 500 rallied 0.71 percent to end at 5,792.04
- The labor market is perhaps stronger than FED officials favoring the 50 basis point move had expected
Economy
Oil prices at risk of further increases due to potential energy disruptions
Crude oil prices soared nearly 9% last week, marking the biggest weekly gain since March 2023, following a significant escalation...
- Israeli officials stated that Israel would target Iran's oil production facilities within Iran
- Iran is one of the top 10 oil producers globally, with production exceeding 3.3m barrels per day
Economy
Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
- ...if Iranian production sees a hit resulting from Israeli retaliation, said Goldman Sachs
- Iran produces almost four million barrels of oil per day, an estimated 4% of the world’s supply.
Economy
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
- Between July 2023 and June 2024. Sub-Saharan Africa received around US$125 billion in on-chain value
- About 70% of African countries face an FX shortage, and businesses struggle to get access to the dollar
Economy
Asia-Pacific markets mixed after Powell signals smaller rate cuts
Asia-Pacific markets are mixed on Tuesday, after Federal Reserve Chair Jerome Powell indicated the recent outsized cuts enacted by the...
- The current federal funds rate stands at 4.75%-5%
- Sentiment among large non-manufacturers in Japan improved, inching up to +34 from +33 in Q2
Economy
Riyadh leads Saudi Arabia’s date production with record sales
Riyadh, Saudi Arabia - Riyadh is currently hosting the third Seasonal Dates Exhibition, a major economic, social, and tourist event....
- Recent stats confirm Riyadh's leading role in date production, boosting Saudi Arabia's self-sufficiency rate to 124%
- The Riyadh region alone accounts for 436,000 tons of the Kingdom's total annual production of over 1.6 million tons
Business
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
- The deal could significantly shake up Australia's air travel market which is currently dominated by Qantas
- In 2023, Australia's center-left government rejected Qatar's bid to put on 21 extra international flights to and from Australia
Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
- Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025
- Estimates put total government revenues for 2025 at approximately US$320 billion, which would create a deficit of US$27bn
Economy
China launches late stimulus push to meet 2024 growth target
China's central bank on Friday lowered interest rates and injected liquidity into the banking system as Beijing assembled a last-ditch...
- hina plans to issue special sovereign bonds worth about $284.43 billion this year
- A wide range of economic data in recent months has missed forecasts
Economy
UAE airports see 14.2% passenger traffic surge in H1
Abu Dhabi, UAE -UAE's airports experienced a 14.2 percent increase in passenger traffic, in the first half of 2024, handling...
- A CBUAE report showed the increase in passenger traffic not only reinforces the UAE's status as a global aviation hub but also contributes to the national economy
- The report added that this growth in the aviation sector boosts tourism, trade and employment, further diversifying the UAE's economy
Fourth Industrial Revolution centers announced for Riyadh, Muscat, Pretoria
Davos, Switzerland -- The World Economic Forum (WEF) has announced signing agreements for three new Centers for the Fourth Industrial...
World Economic Forum
Company News
Latest News
Dubai real estate sets all-time record in 2024
Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time...
Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion...
Economy
Study: Legacy technology not impeding adoption of AI and Machine Learning in UAE and Saudi Arabia
Manufacturers see AI as critical for decarbonization (66%), improving ESG scores, energy monitoring (55%), advancing digital twins (68%), and enabling...
Economy
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Asia stocks mostly down after Wall St. losses
The "Santa Claus rally" got off to a good start but US stocks then fell across the board on Friday,...
- S&P 500 and the Nasdaq both dropped more than one percent
- Jeju Air shares tumbled more than eight percent after one of its planes crashed in South Korea
Economy
Indian workers replace Palestinians in Israel’s construction sector amid post-war labour void
Indians, long employed in Israel as caregivers, diamond traders, and IT professionals, are now increasingly recruited for the construction sector...
- Israeli researchers believe the number of Indians working in construction still does not match the number of Palestinians who did so before the war
- Before the Hamas attack, around 80,000 Palestinians were employed in construction, along with some 26,000 foreigners, Eyal Argov of the central Bank of Israel said
Asian stocks mostly up after US tech rally
Asian stocks were mostly higher on Tuesday after a tech rally on Wall Street, but their gains remained modest in...
- Hong Kong stocks were "consolidating before the long holiday"
- Honda shares soared 16 percent after announcing a buyback of up to $7 billion