Oil prices higher on China boost, Syria uncertainty
Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for...
Business
Vegetable oil pushes global food prices to seven-month high in Nov
Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
Business
Economy
Sharjah approves $9bn general budget for 2023
The general budget for this year aims to achieve financial sustainability and enhance the economic competitiveness of the emirate.
- The general budget for this year aims to achieve financial sustainability and enhance the economic competitiveness of the emirate
- The budget has adopted many goals, priorities and strategic indicators with economic, social, scientific and cultural dimensions.
Economy
UAE Cybersecurity Council warns against cyber attacks during New Year celebrations
The council highlighted the need for all authorities and institutions to activate their cyber defence systems.
- The council highlighted the need for all authorities and institutions to activate their cyber defence systems
- It also noted that hacking tools have now become easier to use, enabling hackers to take advantage of the holiday season
Economy
Tunisia to raise new taxes to close budget deficit
The state, saddled with a crippling public wage bill and politically sensitive subsidies, is set to take in around 46.4...
- The 2023 budget comes as the North African country grapples with eye-watering public debt, shortages of goods from sugar to petrol and inflation at nearly 10 percent
- The latest plans aim to cut the budget deficit from 7.7 percent of gross domestic product to 5.2 percent, Finance Minister Sihem Boughdiri told journalists
Business
Export Bahrain, BCCI to facilitate global market access for local businesses
Manama, Bahrain---Â Export Bahrain and the Bahrain Chamber of Commerce and Industry have signed an MoU to support Bahrain-based businesses in...
- The two entities will facilitate the business community in Bahrain to attract strategic investment partnerships and enhance the competitive work environment in the Kingdom.
- The access to markets will be enabled through seminars, webinars, workshops and trade exhibitions.
Economy
US Congress green-lights $1.7 trillion in government spending
The $1.7 trillion blueprint passed by senators on Thursday was rubber-stamped by the House of Representatives just hours ahead of...
- Failure to get the package to Biden's desk would have been an embarrassment, days after his Ukrainian counterpart Volodymyr Zelensky visited the White House
- Nine Republicans crossed the aisle to help the package cross the line by 225 votes to 201, while one Democrat - New York progressive Alexandria Ocasio-Cortez - voted no
Business
Citi names new co-heads of emerging markets division in EMEA
Shaikh and Girach have worked at the bank for about 20 years.
- Rizwan Shaikh and Hamza Girach have worked at the bank for about 20 years
- Girach was a member of the group that covered Saudi Aramco's historic IPO in 2019
Economy
Chinese city seeing half a million Covid cases a day: official
A news outlet operated by the ruling Communist Party in Qingdao on Friday reported the municipal health chief as saying...
- China this month has rapidly dismantled key pillars of its zero-Covid strategy, doing away with snap lockdowns, lengthy quarantines and travel curbs
- Cities across the country have struggled to cope as surging infections have emptied pharmacy shelves and filled hospital wards
Economy
Abu Dhabi conference brings hospitals up to date with cybersecurity threat
The conference was organised in collaboration with the Cyber Security Council with the participation of 10 biggest healthcare groups of...
- The conference was organised in collaboration with the Cyber Security Council with the participation of 10 biggest healthcare groups of Abu Dhabi
- The healthcare sector is a frequent target for cyber-attacks due to the sensitivity of information, which are often sold and used in identity theft
Business
Uniper, UAE’s Masdar working on hydrogen project
Upon the approval of the European Commission, the Berlin government this week completed a 34.5 billion euro ($36.55 billion) bailout...
- Upon the approval of the European Commission, the Berlin government this week completed a 34.5 billion euro ($36.55 billion) bailout for Uniper
- Germany has intensified its focus on energy security and the use of green hydrogen produced from renewable energy compatible with EU climate goals
Economy
Russia says may cut oil output following price cap
Introduced alongside an EU embargo on seaborne deliveries of Russian crude oil, the cap aims to ensure Russia cannot bypass...
- Russia will not supply oil to countries that are enforcing a price cap -- a part of punitive measures on Moscow following its offensive in Ukraine
- The price ceiling of $60 per barrel agreed by the European Union, G7 and Australia came into force in early December and seeks to restrict Russia's revenue
Oil prices higher on China boost, Syria uncertainty
Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for...
Business
Company News
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McDonald’s profits up 7%
Business
Saudi records $412m venture capital funding in H1, highest in MENA
Riyadh, Saudi Arabia -- Saudi Arabia has maintained its first rank across MENA in terms of the amount of Venture...
Business
Methanol-powered ship to set sail for Europe’s first ‘green’ route
Rotterdam, Netherlands -- The first methanol-powered ship to ply routes between Europe's busy ports was unveiled Tuesday in Rotterdam, with shipping...
Business
China’s BYD signs deal to open electric car plant in Turkey
Istanbul, Turkey -- China's electric vehicle giant BYD on Monday signed a one-billion-dollar agreement with Turkey to open a plant in...
Business
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Geostrategy
Gaza battles rage as mediators push for truce deal
Mediators Egypt and Qatar were due to host new talks this week, according to officials, as the bloodiest-ever Gaza war...
- Cairo and Doha have resumed diplomatic efforts to halt the fighting, aiming for an initial six-week ceasefire
- Hamas has signaled it would drop its insistence on a "complete" ceasefire
Geostrategy
Is Artificial Intelligence a major drain on the world’s energy supply?
Paris, France -- When Google announced this week that its climate emissions had risen by 48 percent since 2019, it pointed...
- The International Energy Agency (IEA) said in a report earlier this year that data centers in general used roughly 40 percent of electricity on computing and 40 percent on cooling.
- Big tech firms have been rushing to pack all their products with AI ever since OpenAI launched its ChatGPT bot in late 2022.
Business
Airbus nets satellite deal
The $2.5bn contract was awarded by the German army.
- The contract was awarded for next generation SatcomBw 3 military communications satellites, the European aerospace firm said.
- The contract, for deployment by the end of the decade, includes the prime contractor of two satellites "as well as the ground segment (receiving stations.