Dubai International Boat Show helps in marine business
DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important...
Business
EU queries Meta about ad-free subscriptions, shadow banning
BRUSSELS, BELGIUM - The EU on Friday used new regulatory powers to query Meta about ad-free subscriptions to Facebook and Instagram as...
Business
Economy
World economy will pay a ‘hefty price’ for Ukraine crisis: OECD
The OECD warned Wednesday that the world economy will pay a "hefty price" for Russia's invasion of Ukraine as it...
- The Paris-based organization, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the conflict.
- The OECD noted that commodity prices had risen, hitting real income and spending, "particularly for the most vulnerable households".
Business
Wall Street stocks down as World Bank lowers global growth outlook
Wall Street stocks fell early Tuesday as the World Bank slashed its global growth outlook and Target warned of lower...
- The World Bank cut its growth estimate for the global economy to 2.9 percent, 1.2 percentage points below the January forecast.
- The broad-based S&P 500 fell 0.5 percent to 4,100.91, while the tech-rich Nasdaq Composite Index also declined 0.5 percent.
Business
Apple unhappy as EU agree on common charger for all its devices
The EU said the current situation remained wasteful and that European consumers spent approximately 2.4 billion euros ($2.8 billion) annually on...
- For most portable devices the requirement for charging via a USB Type-C port will come into effect from late 2024, negotiators said, while laptops will be given more time.
- The USB-C rule will also stretch to digital cameras, headphones, headsets, portable speakers and E-readers.
Economy
Stock markets up globally as China eases lockdown
Adding to the upbeat mood were comments from US commerce chief Gina Raimondo that she was considering lifting tariffs on...
- Traders took heart also from a wind-down of Covid containment measures in China that have crippled its economy for months.
- As infections trended down in major cities, cities like Shanghai and Beijing authorities allowed some sense of normality to return.
Geostrategy
Lebanon seeks US intervention as Israel shifts gas production vessel
Lebanese officials said Sunday that any Israeli activity in disputed waters would constitute a "hostile act" and an "attack" on...
- The ship operated by London-listed Energean Plc arrived in the Karish gas field on Sunday and will immediately commence operations.
- The move immediately drew condemnation from Lebanon's president and prime minister who held talks on Monday to discuss next steps.
Geostrategy
Iran seized Greek oil tankers in retaliation: Supreme leader
Iran's supreme leader on Saturday said that the country's seizure of two Greek oil tankers late last month was in...
- The Revolutionary Guards of Iran boarded and took control of the two vessels in the Gulf on May 27
- The oil seizure came two days after Greece confirmed it would send 115,000 tons of Iranian oil to US
Economy
US adds nearly 400,000 jobs in May, jobless rate 3.6 percent
Restaurants and hotels that were decimated due to Covid-19 showed a strong recovery in May, adding 84,000 positions, the data...
- The jobless rate held steady at 3.6 percent for the third consecutive month
- Employers have struggled to fill open positions, which has pushed wages higher
Economy
OPEC to boost oil production as prices surge and EU bans Russian imports
Major oil producers led by Saudi Arabia and Russia on Thursday decided to open taps wider than expected amid soaring...
- Analysts had expected OPEC+ producers to stick to their policy of modest output increases, as they have done since May 2021.
- OPEC+ drastically slashed output in 2020 as demand slumped when the world locked down under the coronavirus pandemic.
Geostrategy
Iran’s uranium pool exceeds nuclear deal limit: UN nuclear watchdog
The International Atomic Energy Agency said in its latest report on Iran's nuclear program that it "estimated that, as of...
- The report also says that Iran is continuing its enrichment of uranium to levels higher than the 3.67 percent limit in the deal.
- Enrichment levels of around 90 percent are required for use in a nuclear weapon. Iran has always insisted its nuclear program is peaceful.
Geostrategy
Egypt court jails ex-presidential candidate for 15 years
An Egyptian emergency court on Sunday sentenced former presidential candidate Abdelmoneim Aboul Fotouh to 15 years in prison for "spreading...
- Aboul Fotouh has been in detention since 2018 and his trial began last November
- Aboul Fotouh's assets have been frozen since he was arrested and added to the state's terror list for "leading a terrorist organization"
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
Dubai International Boat Show helps in marine business
DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important...
Business
Company News
Latest News
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
Business
FAO raises its forecast for global cereal production in 2023
ROME, ITALY - The Food and Agriculture Organization of the United Nations (FAO) raised its forecast for global cereal production...
Economy
Drought caused major global hydropower drop in early 2023
BANGKOK, THAILAND - Dry conditions, particularly in China, caused a "historic" global drop in hydropower in the first half of 2023,...
Science
Most Read
Economy
Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
- The region’s gross domestic product is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production cuts.
- The decline in growth this year is expected to be more pronounced in the oil exporting countries of the Gulf Cooperation Council.
Science
Nobel Chemistry Prize awarded to quantum dots researchers
The trio, whose names were leaked in the Swedish press ahead of the announcement, succeeded in producing these tiny components,...
- Bawendi, 62, born in Paris to French and Tunisian parents, is a professor at Massachusetts Institute of Technology (MIT) in the United States.
- Brus, 80, is a professor at Columbia in New York, and Russian-born Alexei Ekimov works at the US-based Nanocrystals Technology.
Science
Trio wins physics Nobel for illuminating electrons
France's Pierre Agostini, Hungarian-Austrian Ferenc Krausz and Franco-Swede Anne L'Huillier won the Nobel prize in physics for research using ultra...
- The Royal Swedish Academy of Sciences likened the process to how the flapping wings of a humming bird turn into a blur for the human eye.
- "We can now open the door to the world of electrons," Eva Olsson, chair of the Nobel Committee for Physics, said in a statement.