Cryptocurrency Ether witnesses meteoric rise since launch
NEW YORK, US – Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet...
Business
Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
Business
Economy
IMF chief urges action as global recession risks rise
IMF chief Kristalina Georgieva urged global policymakers to take concerted action as the risks of a worldwide recession are driven...
- The IMF chief said that if central banks move too aggressively to tamp down price pressures, it could trigger a prolonged economic downturn.
- Finance ministers and central bank governors from over 180 nations will gather in Washington for a meeting of the IMF and WB.
Business
Air travel rebounds but still suffering from pandemic
Air travel rose sharply in the northern hemisphere summer, traditionally the peak vacation travel season, but still remains considerably affected...
- Total air traffic in August soared up by two thirds from the same time last year, but was still only at 73.7 percent of its pre-Covid level.
- Asia experienced the biggest rebound, where traffic more than tripled.
Economy
WTO curtails global trade forecast for 2023 as Ukraine war takes toll
Presenting a revision of their annual trade forecast, WTO economists said they expected the volume of global merchandise trade to...
- "The picture for 2023 has darkened considerably. Today the global economy faces multi-prong crises," said WTO Director-General Ngozi Okonjo-Iweala.
- The WTO said surging energy prices in Europe, stemming from the war in Ukraine, were expected to squeeze household spending and raise manufacturing costs on the continent.
Geostrategy
UAE takes part in G20 Finance Track in Indonesia
UAE's Ministry of Finance (MoF) participated in the third Framework Working Group (FWG) meeting within the G20 Finance Track for...
- The meeting was held in Indonesia and sought to discuss key global economic issues.
- G20 members, invited non-G20 member countries, representatives of the World Bank, IMF, and OECD also attended the meeting.
Geostrategy
Nine NATO nations won’t accept Russia’s annexation in Ukraine
The presidents of the countries issued a joint statement saying they could not "stay silent in the face of the...
- The nine nations are Czech Republic, Estonia, Latvia, Lithuania, Montenegro, North Macedonia, Poland, Romania and Slovakia.
- Their reaction comes two days after Russian President Putin signed treaties to annex four Moscow-occupied regions of Ukraine.
Science
Two-day inaugural RAK Energy Summit to begin on Oct 4
The inaugural RAK Energy Summit, to be held on October 4-5, will feature experts from the energy sector in the...
- The summit will feature experts from the energy sector in the UAE and globally.
- The experts will discuss the challenges the world faces as it moves to cut carbon emissions.
Geostrategy
Dubai fifth globally in UN digital city governance survey 2022
Dubai ranked fifth globally and first in the Arab World in the Local Online Service Index (LOSI) 2022 issued by...
- The latest Local Online Service Index assessed digital governments in major cities across 193 countries.
- Dubai received perfect scores in Institutional Framework, Content Provision and Service Provision, earning it top ranking in these vital indicators.
Economy
WTO chief warns world edging into ‘global recession’
WTO Director-General Ngozi Okonjo-Iweala said Russia's war in Ukraine, the climate crisis, food price and energy shocks plus the aftermath...
- She noted that the World Bank and the International Monetary Fund had both downgraded global growth forecasts, while indicators on trade numbers were "not looking too good".
- She urged central banks to determine whether inflation was being caused by strong demand or whether the rise in prices was linked to structural problems on the supply side.
Geostrategy
IAEA asks Russia, Ukraine to secure nuclear plant
The head of the UN atomic energy watchdog - IAEA- said he was ready to continue talks in Ukraine and...
- Fighting around Ukraine's Zaporizhzhia nuclear power plant -- Europe's largest -- has raised fears of a nuclear disaster.
- The IAEA chief said that all efforts must be made in order to prevent a nuclear accident that would add tragedy to the suffering,
Geostrategy
‘Global economy will suffer due to Ukraine war’
The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war...
- OECD Secretary-General Mathias Cormann said that the world is paying a very heavy price for Russia's aggression against Ukraine.
- Global growth stalled in the Q2 in 2022 and data in many economies now point to an extended period of subdued growth.
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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
Cryptocurrency Ether witnesses meteoric rise since launch
NEW YORK, US – Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet...
Business
Company News
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Nations start negotiations over global plastics treaty at Nairobi meet
Nairobi, Kenya -- Nations grappling with the plastic "suffocating" nature and leaching into food and the human body began fresh...
Geostrategy
Dubai Airshow 2023 to see 1,400 exhibitors from 95 countries
DUBAI, UAE – The biggest edition of the Dubai Airshow, a significant global event for the aerospace, space and defense...
Business
Arab, Muslim leaders summit condemns Israel over Gaza offensive
Arab and Muslim leaders condemned Israeli forces' "barbaric" actions in Gaza but declined to approve punitive economic and political steps...
Geostrategy
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Science
European Euclid space telescope unveils first images
Darmstadt, Germany - The first images from Europe's Euclid space telescope were released on Tuesday, showing a nebula resembling a horse's...
- Euclid blasted off in July on the world's first-ever mission aiming to investigate the enduring cosmic mysteries of dark matter and dark energy.
- The first five images were unveiled during a press conference at the European Space Operations Centre in Darmstadt, Germany.
Geostrategy
UN calls for overhaul of financial system to help poorest countries
The UN called for an overhaul of the global financial system to help the world's poorest countries and their struggle...
- The 46 so-called least developed countries, or LDCs, suffered a sharp economic slowdown in the first years of the COVID-19 pandemic.
- As a consequence of the economic slowdown, an additional 15 million people have been pushed into extreme poverty, the UN body said.
Business
Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
- China, the US, Japan, Republic of Korea and Germany were the countries with the highest numbers of patent filings in 2022.
- innovators from around the world submitted 3.46 million patent applications in 2022, marking a third consecutive year of growth.