Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
Geostrategy
Dubai real estate market saw record transactions worth $142.1bn in 2024
Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
Business
Geostrategy
IEA lowers its forecast for global oil demand growth in 2024
According to the IEA, oil demand growth in Q1 2024 was lower than expected at 1.6 mln bpd, and the...
- The IEA emphasized that decreasing global oil demand growth indicates consumption will peak in the current decade.
- Despite the anticipated decline, however, the current rate of oil demand growth is largely similar to the trend prior to the COVID-19 pandemic.
Business
JPMorgan Chase profits up 6%
The bank's CEO warns about risk of persistent inflation.
- Profits were $13.4 billion, up six percent from the year-ago period, boosted by higher net interest income.
- The bank expects the boost from higher interest rates on profits to erode or "normalize" over time.
Business
Most equity markets fall as US inflation data dims rate cut hopes
The losses tracked a sell-off on Wall Street and saw the dollar strike a 34-year high against the yen, fueling...
- The disappointing data sent all three main indexes on Wall Street deep into the red. Asia followed suit in the morning but some bounced into positive territory as the day wore on.
- Hong Kong, Tokyo, Sydney, Singapore, Wellington, Taipei, Bangkok and Manila slipped, while Shanghai and Seoul edged up.
Business
Uniqlo upgrades net profit forecast
It now expects to make $2.1bn in the year to August.
- It also sees full-year operating profit of 450 billion yen on sales of 3.03 trillion yen, both of which would also be record figures if realized.
- Its low-cost GU clothing brand has been another key driver of the retail group's expansion, Fast Retailing added.
Business
ByteDance profits jump 60%
Sales also grew to nearly $120 billion from $80 billion.
- ByteDance has grown into one of the world's biggest tech firms -- best known in most countries as the creator of video app TikTok -- since its birth in a Beijing apartment 12 years
- A privately held firm, ByteDance does not release revenue and profit figures but media estimates of its earnings put it on par with some of the biggest firms in the world.
Geostrategy
WTO eyes global trade rebound in 2024 but warns of risks
Geneva, Switzerland -- The World Trade Organization said Wednesday that global trade should rebound this year from an unexpected slump in...
- In its annual trade forecast, the WTO disclosed that world trade volumes unexpectedly declined by 1.2 percent in 2023.
- WTO has also warned of worrying signs of growing protectionist behaviour by some countries, although it refuses to name them.
Business
Germany shares observations on Qatar hosting Autonomous e-Mobility Forum
In its efforts toward sustainable transportation, the German embassy is the first diplomatic representation in Doha to utilize an electric...
- The diplomats shared their observations and views on Qatar’s trajectory as a hub for dialogue and the potential of autonomous e-mobility moving forward
- The German embassy is indeed the first diplomatic representation in Doha to utilize an electric vehicle as a staff car
Geostrategy
BP issues upbeat Q1 outlook
The energy major's share price gained almost 2 percent.
- Gas sales are "expected to be strong" after a solid performance in the fourth quarter of 2023.
- Oil sales have regained strength after a weak performance in the prior period.
Geostrategy
Turkey imposes trade restrictions on Israel over Gaza war
The new measures come a day after Turkey said Israel had blocked its attempt to airdrop aid to Gaza. "This...
- Foreign Minister Hakan Fidan on Monday vowed reprisals against Israel for blocking Turkey's air force from airdropping aid to Gaza.
- Turkey is one of the harshest critics of Israel's war on Gaza, with Erdogan branding Israel a "terrorist state". It attached a list of 54 products subject to export restrictions.
Economy
UN food organization raises forecast for world cereal production
Rome, Italy -- The Food and Agriculture Organization of the United Nations (FAO) has released a new Cereal Supply and...
- FAO forecast for world cereal production in 2023/24 to 2.841 billion tons, reflecting expectations of greater outputs of maize, rice and wheat.
- FAO also adjusted its forecast for global wheat production in 2024, now standing at 796 million tons, marking a 1.0 percent increase from 2023.
Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
Geostrategy
Company News
PIF sets up sarcc company
Business
Latest News
US vetoes Gaza ceasefire call at UN
The resolution demanded "an immediate, unconditional and permanent ceasefire" in the war between Israel and the Palestinian group, along with...
Geostrategy
Talabat IPO offer price range announced
The subscription will close on 27 Nov for UAE retail investors.
Business
Hamas negotiators ‘not in Doha’ but political office not closed: Qatar
Qatar, along with the United States and Egypt, had led months of fruitless negotiations for a truce in the Gaza...
Geostrategy
Most Read
Geostrategy
UN climate chief at deadlocked COP29: ‘Cut the theatrics’
As the UN climate talks limp into a second week in Azerbaijan, the world is no closer to a finance...
- Nations have until Friday to break the impasse over how to raise $1 trillion a year for developing countries to cope with global warming.
- Climate-vulnerable countries want developed nations to commit to substantially raising their existing pledge of $100 billion a year.
Economy
Egypt’s middle class cuts costs as IMF-backed reforms take hold
Cairo, Egypt -- Egypt's economy has been in crisis for years, but as the latest round of International Monetary Fund-backed reforms...
- The world lender has long backed measures in Egypt including a liberal currency exchange market and weaning the public away from subsidies.
- Foreign debt quadrupled since 2015 to register $160.6 billion in the first quarter of 2024. Much of the debt is the result of financing for large-scale projects.
Arts & Culture
Magritte’s ‘Empire of Light’ to fetch nearly $100m at New York auction
New York, United States -- With a Magritte painting estimated to sell for nearly $100 million, drawings by pop artist Keith...
- The seminal 1954 work is one of a series of paintings from the Surrealist master depicting the interplay of shadow and light.
- Its estimated price is $95 million, which would easily shatter the previous record for a Magritte, $79 million in 2022.