US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
Economy
World’s only Dragon Ball theme park launched in Saudi Arabia’s Qiddiya City
RIYADH, SAUDI ARABIA – The Board of Directors of the Qiddiya Investment Company (QIC) revealed on Sunday the launch of...
Arts & Culture
Geostrategy
Covid-19 has not gone away, kills 1,000 a week in Europe: WHO
Copenhagen, Denmark - The World Health Organization's European office on Tuesday warned the risk of Covid-19 has not gone away, saying...
- "Whilst it may not be a global public health emergency, however, Covid-19 has not gone away," WHO Regional Director for Europe Hans Kluge said
- "Unless we develop comprehensive diagnostics and treatment for long Covid, we will never truly recover from the pandemic," Kluge said
Geostrategy
Global body to fund 26 FAO projects worth $174.7m
ROME, ITALY - Building on growing momentum to tackle environmental problems by addressing the ways in which our food and...
- With these new projects, FAO's partnership with the GEF will have helped countries access over $1.4 billion in financing.
- These 26 projects will support countries to create or improve the management of nearly 17.9 million hectares of protected areas on land and sea
Geostrategy
Ready for prisoner swap with US, says Iran
Iran said it was hoping indirect talks with the United States could lead to a "positive" outcome for a prisoner...
- At least three Iranian-Americans are being held in Iran, including businessman Siamak Namazi, arrested in October 2015 and sentenced to 10 years in prison.
- "We are negotiating for the release of Iranian citizens through parties who play a role in good faith," Iran's foreign ministry spokesman Nasser Kanani said.
Business
New regulations aim to restrict greenwashing practices
PARIS, FRANCE- Common standards unveiled on Monday for companies to report their greenhouse gas emissions could curb misleading climate claims in...
- Currently, most large companies report how many tons of carbon they emit into the atmosphere each year, but the data is often not reliable.
- The poor quality of data and lack of common standards allows companies to overstate their climate credentials - the practice of "greenwashing".
Business
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
- With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
- ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.
Geostrategy
China supported Russia to counter Wagner mutiny, says Moscow
MOSCOW, RUSSIA - Russia's foreign ministry said on Sunday that Beijing had backed Moscow's efforts to counter a short-lived armed uprising...
- Russia said China expressed for the efforts of the leadership of the Russian Federation to stabilize the situation in the country.
- It came after a meeting in Beijing between China's deputy foreign minister Ma Zhaoxu and Russian deputy foreign minister Andrey Rudenko.
Geostrategy
India’s Modi, Egypt’s Sisi pledge to deepen strategic partnership
Indian Prime Minister Narendra Modi met Egypt's President Abdel Fattah al-Sisi in Cairo on a rare visit during which both...
- New Delhi and Cairo have pledged to boost bilateral trade as India is also stepping up investment in Egypt, particularly in renewable energy.
- India is already Egypt's seventh-largest trading partner, according to data from Cairo's central bank, with trade reaching $7 billion last year.
Business
Siemens Energy shares fall due to technical problems at wind turbine unit
FRANKFURT, GERMANY - Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
- Siemens Energy said it was setting aside over US$1.1 billion over the coming years to fix the issues at troubled wind turbine subsidiary Siemens Gamesa.
- Shares in Siemens Energy plunged by more than 30 percent shortly after trading opened in Frankfurt, and ended the day about 37 percent lower.
Economy
Interest rate increase must to control inflation, says Federal Reserve official
A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I...
- The Federal Reserve's benchmark now sits in a range between 5.0 and 5.25 percent - its highest level since 2007.
- All members of the Federal Open Market Committee predicted that the bank will have to raise its benchmark further before the end of the year.
Business
Musk, Zuckerberg seek cage fight to settle differences
Months after Musk took over Twitter, Zuckerberg's Meta hinted it was planning to launch its own text-based social media platform...
- The two men have baited each other for years with opposing views on everything from politics to artificial intelligence.
- Musk responded angrily to a recent claim by a Meta official that there was appetite for a "sanely run" Twitter alternative.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
Economy
Company News
Latest News
No Middle East escalation, urges EU foreign policy chief after US strikes
European Union foreign policy chief Josep Borrell called on all parties to avoid further escalation in the Middle East after...
Geostrategy
UAE is the most popular destination for global workers, says report
Dubai, UAE – The United Arab Emirates is the most popular country for international talent seeking employment visas, a report...
Business
Jordan defeats Tajikistan to reach first Asian Cup semi-final
DOHA, QATAR - Jordan set up a semi-final against South Korea or Australia after ending Tajikistan's fairytale Asian Cup run with...
Arts & Culture
Most Read
Business
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...
- The ministerial meeting (MC13) will convene representatives of 164 nations and trading blocs.
- MC13 will seek key reforms to the global trading system, including expanding WTO membership .
Business
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion...
- Fueled by revenues from Norway's state-owned oil and gas companies, the fund is aimed at financing future spending in the generous welfare state
- Around 71 percent of its portfolio was dedicated to equities, with stakes in 8,859 companies worldwide -- or 1.5 percent of all listed stocks
Business
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.
- Three-quarters of the reductions are set to come in the first half, UPS CEO said.
- The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.