Passenger air traffic has reached pre-pandemic levels, says ICAO
MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic...
Business
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.
Business
Hyundai targets two million EV sales by 2030
SEOUL, SOUTH KOREA - Hyundai Motor said on Tuesday it aims to sell two million electric vehicles a year by 2030,...
- If the firm reaches the new goal, its electric vehicles, including luxury brand Genesis, would account for 34 percent of its worldwide sales in 2030.
- The South Korean carmaker - one of the world's largest - is under pressure in the United States and Europe to boost local production of clean vehicles.
Business
Expo 2030: All eyes on Riyadh as it makes a big pitch
With ongoing mega-projects and economic diversification, Riyadh's strong Expo 2030 candidacy has already garnered support from 90 of 170 member...
- With ongoing mega-projects and economic diversification, Riyadh's strong Expo 2030 candidacy has already garnered support from 90 of 170 member states
- Aiming to surpass Expo 2020 Dubai's visitor count, the Kingdom anticipates more than 40 million on-site and a billion virtual Metaverse visits during the event
Business
India’s IndiGo places record order for 500 Airbus A320
Indian carrier IndiGo said it had ordered a 500 A320 airliners from European manufacturer Airbus at the Paris Air Show....
- Airbus boss Guillaume Faury said the signing was "an enormous milestone, to our knowledge and recollection no-one has ever ordered" so many planes at a stroke.
- With an order book now at over 1,300 aircraft, the contract also makes IndiGo Airbus' largest customer for the A320 family.
Geostrategy
UAE, Morocco speakers of parliament discuss ways to enhance cooperation
MARRAKESH, MOROCCO - Speaker of the UAE Federal National Council (FNC) Saqr Ghobash met with Morocco Speaker of the House...
- The two sides discussed ways to enhance their parliamentary cooperation, including the exchange of visits and sharing of best practices.
- The meeting also highlighted the deep-rooted relations between the UAE and Morocco based on mutual respect and appreciation.
Business
Dubai International Chamber opens Europe’s first representative office in UK
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a...
- The new office will focus its efforts on strengthening relationships with key public and private sector stakeholders.
- The office will support UK firms seeking to relocate to expand in Dubai and grow their business through the emirate.
Geostrategy
Saudi Arabia announces international conference on Sudan aid
Saudi Arabia announced that it would jointly lead a conference on the humanitarian response to the war in Sudan next...
- Saudi Arabia and the United States have been mediating in the eight-week conflict.
- The kingdom played a leading role in evacuating thousands of foreigners from Sudan early in the war.
Geostrategy
Iranian nuke expert, EU officials review Tehran’s atomic program
A landmark deal in 2015, formally known as the Joint Comprehensive Plan of Action (JCPOA), gave Iran sanctions relief in...
- Germany's foreign ministry said the meeting took place on Monday and that discussions broached topics concerning Iran's nuclear program.
- Iran's nuclear program has long been the subject of scrutiny from Western powers, resulting in sanctions that have hit the country's economy.
Business
Stock markets rise globally on cooling US inflation
Stock markets jumped after data showed US inflation slowed further in May, raising hopes the Federal Reserve will pause its...
- The dollar fell against other major currencies as the greenback usually benefits from higher interest rates.
- The US central bank has raised interest rates 10 straight times in efforts to combat elevated inflation.
Passenger air traffic has reached pre-pandemic levels, says ICAO
MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic...
Business
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5 WEF reports shaping your 2024 agenda
Geostrategy
UN chief calls for continuity in aid as battle rages in Gaza
Heavy fighting raged in Gaza amid a row over the UN agency for Palestinian refugees that has called its future...
Geostrategy
Australia, Canada stop UN agency funding after Israeli allegations
Australia and Canada have suspended their funding to the UN agency for Palestinian refugees, after Israel accused several employees of...
Geostrategy
UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
Business
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Geostrategy
EU plans measures to protect sensitive technology from China
The European Union unveiled plans to strengthen the bloc's economic security including measures to protect sensitive technology from falling into...
- The fallout from the war in Ukraine hit Europe particularly hard, forcing the bloc to find alternative energy sources.
- Now, it wants to avoid a similar over-reliance on China, which dominates in green technology production and critical raw materials.
Business
Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...
- Driven by Dubai Business Events, the wins reflected a robust 49 percent increase in successful bids compared to 2022.
- DBE brought a citywide offering to the global market that resonated with the core needs of the business events industry.
Business
Imane Ayissi brings African tradition to Paris couture
PARIS, FRANCE - Imane Ayissi is on a mission to put authentic African textiles in the spotlight but faces an uphill...
- Ayissi in 2020 became the first designer from sub-Saharan Africa at haute couture week and seeks to resurrect more traditional fabrics like rafia.
- Such fabrics are drawn from local trees and plants, that were used before the African market was flooded with imports during the colonial period.