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
France, Saudi Arabia to co-chair June meet on creating Palestinian state: Macron
The French president said they want to involve both European and non-European allies who are ready to move in this...
Geostrategy
Economy
Bringing down inflation will take time, more rate hikes: Fed officials
As US annual inflation has soared to the fastest in 40 years, the Fed has moved aggressively this year to...
- The situation was exacerbated with Russia's invasion of Ukraine in February spurring a surge in energy prices and affecting global food markets
- While the Fed cannot act directly on supply, it can moderate demand by tightening monetary policy, Fed official said
Business
Dubai Industrial City unveils plant to manufacture electric cars
The ceremony was attended by Dr. Majida Al Azazi, Chairman of the Board of Directors of M Glory Holding Group,...
- The new plant houses the temporary assembly line, which has a maximum production capacity of 10,000 cars per year
- The setting up of the factory, according to DIC, will enable regional manufacturers like M Glory to establish businesses and further the 'Make it in the Emirates’ initiative'
Tennis sensation Ons Jabeur enters second round at home
The 28-year-old, whose ambition is "to be a good example for all the young people who follow her" has won...
- The Monastir tournament, staged on the central coast of Tunisia, is just the second women's professional circuit organized in Africa
- The world number two took 73 minutes to dispatch her 67th ranked opponent in their first meeting
Business
Anaam to raise US$42m
The capital will be raised through a rights issue.
- According to a bourse filing, the capital increase is aimed at boosting the working capital, lowering the loan rates, and supporting the business growth of the company
- The capital hike is subject to the approval of the relevant official authorities and the company’s shareholders
Geostrategy
US to impose ‘further costs’ on Iran over protests crackdown
Widespread street demonstrations sparked by the death of Mahsa Amini, 22, who died following her detention by morality police for...
- Iran has been under crippling US economic sanctions largely related to its controversial nuclear program which Tehran insists has only civilian purposes
- Biden said that he was concerned about reports of the violent crackdown on peaceful protestors in Iran, including students and women
Business
Saudi stocks shine, while UAE’s post losses
GCC markets had a mixed week as Saudi stocks powered by the banking and commodities retail sectors posted gains, while...
- The banking and commodities retail sectors, Saudi equities finished the week's trading higher, increasing the general index by 2.11 percent and adding 235 points
- The UAE equities on DFM declined by two percent, and the Abu Dhabi index dropped by 0.7 percent
Geostrategy
OPEC+ to meet in Vienna on Oct 5 for the first time since 2020
The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in...
- The gathering will take place as speculation grows of major output cuts in the face of recession fears affecting demand for crude.
- Oil prices soared to almost $140 a barrel in March after Russia invaded Ukraine, but have since fallen to around $80 per barrel amid recession fears.
Business
Some 72% children fall victim to online threats globally: report
These were the findings of a report from Boston Consulting Group (BCG) and the Global Cybersecurity Forum (GCF), based on...
- while 83% of the children surveyed said they would turn to their parents if threatened online, only 39% of parents had been approached with concerns about online threats
- only 41% of parents would report problematic content received by their children to the police, and only 34% would report such content to their children's school
Geostrategy
France’s Macron to meet Iran’s Raisi for revival of nuclear accord
The Biden administration says the deal remains the best way to restrict Iran's nuclear program but has been increasingly pessimistic...
- Macron will meet President Ebrahim Raisi on Tuesday on the sidelines of the UN General Assembly in New York and with US President Joe Biden the next day
- Raisi, in an interview with CBS News' "60 Minutes," said he was open to a "good" deal but pressed for guarantees from Biden that the US will not again leave the accord
Business
Women complain of bias in accounting profession in MENA
In a diversity, equity, and inclusion (DE&I) study in the MENA accounting profession, 63 percent of women across each of...
- The diversity, equity, and inclusion (DE&I) research study focuses primarily on gender, nationality, and ability within the MENA region
- 83 percent of respondents with a disability and 53 percent of female respondents have left an employer due to a lack of DE&I
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
Company News
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Swiss reserve hike hits UBS
Business
Israel carrier says Turkish workers refused to refuel plane
Jerusalem, Undefined -- Israel's national carrier El Al said Sunday its Warsaw to Tel Aviv flight was not allowed to refuel...
Geostrategy
Fighting for third day in north Gaza as thousands displaced
Palestinian Territories -- Explosions, air strikes and gunfire rattled northern Gaza on Saturday, the third day of an Israeli military...
Geostrategy
European Union chief in Egypt for joint investment conference
"At this conference, European companies are signing over 20 new deals ... which are worth over 40 billion euros," Ursula...
Geostrategy
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Business
US offers $5 million reward for Bulgarian ‘cryptoqueen’
SOFIA, Bulgaria -- The United States announced Wednesday a reward of up to $5 million for information that could lead to...
- Ignatova, 44, evaded arrest by fleeing on a flight from Sofia to Athens two weeks after her indictment in October 2017 and her whereabouts remain unknown.
- Ignatova, who has German citizenship, is accused of being the mastermind behind the mammoth fraudulent virtual currency scheme OneCoin.
Geostrategy
Remittance flows to low-middle-income countries $656bn
World Bank’s latest Migration and Development Brief said the modest 0.7 percent growth rate reflects large variances in regional growth,...
- Remittances to LMICs are expected to grow at a faster rate of 2.3 percent in 2024, although this growth will be uneven across regions.
- Remittances to the Middle East and North Africa fell by 15 percent to $55 billion While those to South Asia grew by 5.2 percent in 2023.
Geostrategy
Dubai to build $8 bn stormwater runoff system after record floods
Dubai, UAE -- Dubai on Monday announced an $8 billion plan for a stormwater runoff system, two months after an unprecedented...
- The rainwater drainage network announced by Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum is set to be completed by 2033 with construction to start in 2033.
- "It will cover all areas of Dubai and will absorb more than 20 million cubic meters of water per day," Sheikh Mohammed said of the plan for Dubai.