Iran declares major lender bankrupt
Iran declared one of the country's largest private banks bankrupt with its assets absorbed by the state, official media reported...Economy
Celebrities, AI giants urge end to quest for superintelligence capable of outsmarting humans
Signatories include the "Godfather of AI" and 2024 winner of the Nobel Prize in Physics Geoffrey Hinton; Computer Sciences Professor...Technology
Saudi Arabia’s real GDP up by 3.9 percent in Q2 2025: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) grew by 3.9 percent in the second quarter of...Flash estimates of GDP for Q2 say non-oil activities recorded the highest growth at 4.7 percent.
The estimates, released by GASTAT, said oil activities grew by 3.8 percent and government activities at 0.6 percent.
Microsoft valuation surges above $4 trillion as AI lifts stocks
Shares of Microsoft vaulted 5.3 percent after it reported $27.2 billion in quarterly profits as it touted massive investments in...About 25 minutes into trading, the tech-rich Nasdaq Composite Index was up 1.3 percent at 21,396.04.
The gains came as President Donald Trump announced a trade deal with South Korea that imposes a 15 percent tariff on imports from the Asian country.
Trump hits India with 25% tariff and ‘penalty’ over Russia ties
US President Donald Trump said Wednesday that imports from India will face 25 percent tariffs, while also announcing an unspecified...The measures will kick in on Friday, Trump posted on his Truth Social platform, adding to a bevy of other tariff hikes -- some up to 50 percent -- set to take effect the same day
He had previously issued multiple delays to his so-called "reciprocal" tariffs since first announcing them in early April, while instituting an interim 10 percent baseline
IMF lifts 2025 global growth forecast on ‘fragile’ easing in trade tensions
Looking ahead, the IMF expects the world economy to expand 3.1 percent next year, an improvement from the 3.0 percent...Despite the upward revisions, "there are reasons to be very cautious," IMF chief economist Pierre-Olivier Gourinchas told AFP.
"Businesses were trying to frontload, move stuff around, before the tariffs were imposed, and so that's supporting economic activity," he said.
Tunisia plastic collectors spread as economic, migration woes deepen
Tunis, Tunisia - A towel draped over his head, Hamza Jabbari sets bags of plastic bottles onto a scale. He...The 40-something-year-old said he starts the day off at dawn, hunching over bins and hunting for plastic before the rubbish trucks and other plastic collectors come
"It's the most accessible work in Tunisia when there are no job offers," Jabbari said, weighing a day's haul in Bhar Lazreg, a working-class neighbourhood north of Tunis
GCC countries record $587.8 billion in nominal GDP by end of Q4 2024
Muscat, Oman -- The nominal Gross Domestic Product (GDP) of the Gulf Cooperation Council (GCC) countries reached US$587.8 billion by...The contribution of non-oil activities to the GCC's nominal GDP reached 77.9 percent by the end of the fourth quarter of 2024,
The manufacturing sector contributed 12.5 percent to the GDP, while wholesale and retail trade accounted for 9.9 percent.
US says tariff deadline of Aug 1 is firm, no extensions
Washington, United States -- The US deadline of August 1 for imposing tariffs on its trading partners is firm and...After the levies kick in, President Donald Trump -- who was negotiating with European Union officials -- is still willing to keep talking, Commerce Secretary Howard Lutnick said
Britain, Vietnam, Indonesia the Philippines, and Japan have struck deals with the Trump administration ahead of the Friday deadline.
US Fed poised to hold off on rate cuts, defying Trump pressure
Policymakers at the independent Federal Reserve have kept the benchmark lending rate steady since the start of the year as...With Trump's on-again, off-again tariff approach, Fed officials want to see economic data from this summer to gauge how prices are being affected.
When mulling changes to interest rates, the central bank, seeks a balance between reining in inflation and the health of the jobs market.
Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...Doreen Bogdan-Martin, head of the UN's International Telecommunications Union (ITU), said regulation was key as concerns rise over fast-moving technology.
Bogdan-Martin, the first woman to serve as ITU secretary-general in the organization's nearly 160-year history, also stressed the need to get more women into the digital space.
China says balance between AI development, security ‘urgently requires consensus’
China's Premier Li Qiang warned Saturday that artificial intelligence development must be weighed against the security risks, saying global consensus...This week US President Donald Trump unveiled an aggressive low-regulation strategy aimed at cementing US dominance in the AI field
Opening the World AI Conference (WAIC) in Shanghai on Saturday, Li emphasised the need for governance and open-source development
