Honda and Nissan in merger talks as electric vehicle competition intensifies
Tokyo, Japan --Japanese auto giant Honda and its struggling rival Nissan will reportedly begin talks on a merger to boost their...
Business
Economy
Developing countries paid $1.4 trillion to service their debts in 2024
The poorest countries paid out more than $96 billion to service their debts, the Bank announced in its latest report...
- The World Bank report noted that high interest rates have been a key driver of the rising cost of servicing foreign debt.
- Rates charged by private creditors were even worse, rising to a 15-year high of six percent -- an increase of more than one percentage point.
QatarEnergy inks gas supply deal for China with Shell
Doha, Qatar - Qatar has agreed to supply three million tonnes of gas a year to China in a deal...
- The liquefied natural gas deliveries would begin in January as part of a "new long-term sale and purchase agreement."
- Qatar is one of the world's top gas producers alongside the United States, Australia and Russia
Business
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
- Aramco said it bought the stake through its directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd.
- The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
Geostrategy
Macron to hold talks with Crown Prince Salman on Saudi visit
Macron is beginning the first state visit by a French president to Saudi Arabia since Jacques Chirac in 2006, cementing...
- Macron's three-day stay also coincides with a flare-up of violence in Syria, where anti-government rebels have seized Aleppo, the second largest city.
- The fighting in Syria comes after France helped to broker a fragile ceasefire in neighboring Lebanon, where Israel has been fighting Iran proxy Hezbollah.
Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...
- 3.7 billion acres must be restored by decade's end to combat crises
- Forest loss and degraded soils were reducing resilience to climate change and biodiversity loss
Geostrategy
Gulf summit in Kuwait urges ‘immediate ceasefire’ for Gaza
Kuwaiti Emir Sheikh Meshal al-Ahmad al-Sabah called on the international community to implement "an immediate ceasefire, providing international protection for...
- Sheikh Meshal hit out at what he characterized as the "double standards in the application of relevant international laws, charters and resolutions."
- The Kuwaiti ruler spoke in support of Saudi Arabia's work to form a global body pushing for an independent Palestinian state.
Geostrategy
Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States -- President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
- The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies.
- The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates
Business
Elon Musk asks US court to block OpenAi’s for-profit conversion
Washington, United States -- Elon Musk has again asked a US court to stop ChatGPT-maker OpenAI from converting into a for-profit...
- The move is the latest development in a business feud between OpenAI and Musk, who co-founded the group in 2015 but has since left.
- OpenAI has seen its profile skyrocket over recent years as it has become a star player in the growing field of artificial intelligence.
Turkish-backed jihadists breach Aleppo, displacing thousands and cutting vital highway to Damascus
By Friday, the jihadists and their allies had taken more than 50 towns and villages in the north and entered...
- The fighters took control of "half of the city of Aleppo" as regime forces withdrew, according to the Syrian Observatory for Human Rights
- The offensive began on Wednesday, the same day that a fragile ceasefire took effect in neighbouring Lebanon between Israel and Hezbollah
Geostrategy
Okonjo-Iweala’s second term: Trump’s disdain for WTO biggest challenge
Ngozi Okonjo-Iweala, the first woman and the first African to head the WTO, is the only candidate in the race,...
- Her term ends in August 2025, and the appointment process expected to lead to her next term had initially been scheduled to take months.
- During Trump's first term, the WTO also faced relentless attacks from his administration, which crippled the organization's dispute settlement appeal system.
Honda and Nissan in merger talks as electric vehicle competition intensifies
Tokyo, Japan --Japanese auto giant Honda and its struggling rival Nissan will reportedly begin talks on a merger to boost their...
Business
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Boeing to boost 787 production
Business
‘A matter of pride’: Saudis rejoice as World Cup bid approved
Riyadh, Saudi Arabia -- Fireworks and drones depicting the iconic golden World Cup trophy lit up the sky in Saudi Arabia's...
Arts & Culture
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
Business
Google unveils its most advanced Artificial Intelligence model, Gemini 2.0
San Francisco, United States -- Google on Wednesday announced the launch of Gemini 2.0, its most advanced artificial intelligence model to...
Business
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Business
Air passenger numbers to top five billion for the first time in 2025: IATA
Geneva, Switzerland -- Air passenger numbers are forecast to top five billion for the first time next year and the sector's...
- Total industry revenues are forecast at $1.007 trillion, helped by falling oil and fuel prices, "the first time that industry revenues top the $1 trillion mark," IATA said.
- Airlines have been hit by rising fuel costs since Russia invaded Ukraine in 2022 but IATA said it expected this factor to ease next year.
Business
UAE to introduce 15% tax rate on corporate profit from Jan 2025
Dubai, United Arab Emirates -- The United Arab Emirates, home to the regional headquarters of numerous multinational companies, said Monday it...
- The move will bring the UAE in line with efforts towards a global minimum corporate rate.
- The UAE, long considered a tax haven, last year began taxing the profits of companies worth more than 375,000 dirhams ($102,000) at nine percent.
Business
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...
- Oil prices rose more than one percent as traders tracked developments in Syria after president Bashar al-Assad fled the country over the weekend as rebels swept into Damascus.
- China is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt -- all of which threaten Beijing's official growth target.