Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
Putin vows retribution on Moscow concert hall attacks, as toll rises
Russian President Vladimir Putin vowed to punish those behind a "barbaric terrorist attack" on a Moscow concert hall that killed...
Geostrategy
Business
Airlines to fly 4.35bn passengers this year, says industry group
ISTANBUL, TURKEY - Airlines will fly 4.35 billion passengers this year, close to the 2019 record as the industry bounces back...
- The sector will also be back in the green, with net profits forecast to reach $9.8 billion in 2023.
- The association said that its 2022 losses were half as bad as previously estimated at US$3.6 billion.
Geostrategy
US official meets UAE diplomats to discuss climate change
DUBAI, UAE - US special climate envoy John Kerry has met senior Emirati officials in Abu Dhabi, including the head of...
- Oil producers have for year touted carbon capture as a potential global warming solution.
- With little investment, carbon capture technology is nowhere near the scale needed to make a significant difference.
Business
EU bicycle exports surged to US$1.1bn in 2022
BRUSSELS, BELGIUM - The EU exported US$1.1 billion (€1.1 billion) worth of bicycles in 2022 (both electric and non-electric, a...
- The EU exported 365,000 electric bicycles and imported 1.2 million in 2022 while the imports were worth US$2.6 billion.
- The overall increase in the trade of bicycles can be attributed to an increase in the export and import of electric bicycles.
Geostrategy
Dane, two Austrian-Iranian citizens released by Tehran arrive home
One Dane and two Austrian-Iranian citizens released from detention by Tehran arrived in their home countries, after the latest in...
- Belgian Foreign Minister Hadja Lahbib welcomed them at the airport along with Danish and Austrian diplomats.
- The trio's release, as well as that of a Belgian aid worker a week earlier, were part of a prisoner swap.
Business
Renewable power capacity to rapidly expand, IEA report reveals
PARIS, FRANCE - Renewable power capacity is expected to jump by a third this year globally as growing policy momentum,...
- Renewables are at the forefront of Europe’s response to the energy crisis, accelerating their growth there.
- New policy measures are also helping drive significant increases in the United States and India over the next two years.
Geostrategy
Danish, two Austrian-Iranian citizens freed by Iran
Iran released one Danish and two Austrian-Iranian citizens it had been holding after mediation by Oman, and they are being...
- Thanking Belgium, Austrian Foreign Minister Alexander Schallenberg said, "Our years of diplomatic efforts to secure their release have borne fruit."
- The Danish man, who was not immediately identified, had been arrested in Iran in November 2022 on the sidelines of a demonstration for women's rights.
Economy
US Senate all set to pass debt deal bill as default almost avoided
US senators raced to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case...
- The bill passed the House on Wednesday with a big majority of 314 votes to 117 -- putting it on a glide path to the White House.
- The Senate has to agree unanimously to fast-track legislation and any individual member can draw out consideration of a bill for days.
Economy
UAE exports to reach $544bn by 2030, says Standard Chartered report
DUBAI, UAE - The UAE is poised to play a pivotal role in global trade with its exports projected to...
- The report forecasts the global trade industry to reach US$32 trillion by 2030, with a projected growth rate of five percent.
- The report said that corridors anchored in Asia, Africa, and the Middle East are expected to outpace the global trade growth rate.
Business
IEA says renewable energy capacity to increase at record level in 2023
PARIS, FRANCE - Renewable power capacity will grow by a record number this year as high fossil fuel prices and energy...
- Global additions of renewable energy capacity are expected to rise by 107 gigawatts to more than 440 GW in 2023.
- Newly installed solar and wind capacity is estimated to have save EU electricity consumers $107 billion between 2021-2023.
Market Report
Stock markets give out mixed signals as traders await US debt ceiling vote
Stock markets wobbled as a deal to hike the US debt ceiling and avoid a painful default goes to a...
- Ultra-conservative Republicans feel House Speaker should have secured far deeper spending cuts in exchange for raising the debt ceiling.
- The left wing of the Democratic Party is equally unhappy that President Joe Biden agreed to any spending limits at all.
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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
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
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5 WEF reports shaping your 2024 agenda
Geostrategy
Latest News
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.