China manufacturing contracts for fourth straight month
While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...Economy
Asia-Pacific markets mixed, dollar down Monday as Fed readies to acknowledge cuts
Asia-Pacific markets were mixed on Monday after a week that saw a broad rally in stocks, as investors awaited a...Economy
Iran expects cooperation with Turkey to grow in Erdogan’s new term
Tehran, Iran-- Iran's President Ebrahim Raisi expects cooperation between his country and Turkey to grow during the "new term" of...Iran's president met with the foreign minister of Turkey and other officials and hoped for an enhancement in ties between the two countries
The Turkish foreign minister believes that the bilateral trade between Ankara and Tehran can reach US$30 billion as the overall relations grow
Turkey’s inflation nears 60%, piling pressure on new team
campaign pledges and a massive reconstruction effort launched after a major earthquake claimed more than 50,000 lives in Turkey's southeast....The state statistic agency said prices rose by 58.9 percent over 12 months ending in August compared to 47.8 percent in July
The latests data will test the limits of how much leeway Erdogan's new market-friendly team has to raise borrowing costs
Middle East needs ‘New Deal’ to deliver for its 600 million people: IMF officials
Dubai, UAE - Middle East needs a ‘New Deal’ to deliver for its 600 million people more jobs, better education,...MENA countries are urged to move away from state-dominated economic activities, particularly those with high debt burdens and youth unemployment rates
Governments are advised to improve digital infrastructure, enhance digital literacy, and develop workforce skills to promote digital adoption
Iraq signs deal with IFC to develop Baghdad International Airport
Baghdad, Iraq--Iraq has signed an agreement with the International Finance Corporation (IFC) - a member of the World Bank Group...The agreement, according to the Iraqi PM's office, will provide for the expansion, financing, operation, and maintenance of Baghdad International Airport
The PM's office further said the agreement is part of a series of deals signed with the private sector to develop critical infrastructure across the country
GCC Secretary General praises DCO role in digital transformation of Saudi economy
RIYADH, SAUDI ARABIA – Secretary General of the Gulf Cooperation Council (GCC)Jassem Mohamed Albudaiwi visited the Digital Cooperation Organization (DCO)...DCO plays an important role in e-development and helps in enabling countries to keep pace with the rapid growth of the digital economy.
The GCC Secretary General stressed on the importance of digital cooperation between the regional organization and the DCO.
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...Chronic electricity shortages had shaped the daily lives of Libyans since the fall of Moamer Kadhafi in a NATO-backed 2011 uprising.
A decade of stop-start fighting between rival groups followed, adding combat damage and looting to the dilapidated grid in Libya.
Two convictions in FIFA corruption scandal overturned by US judge
Miami, United States--Two convictions in the FIFA corruption case have been overturned by a US federal judge citing a recent Supreme...The investigation, including raids on FIFA officials in Zurich, resulted in a series of arrests and trails and subsequent charges, convictions and guilty pleas
In a ruling on Friday, US district Judge Pamela Chen said a May Supreme Court decision meant that the convictions for wire fraud could not stand
Tech’s carbon footprint: can AI revolutionize responsibly?
The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...In 2019, researchers trained several large language models, and found that training a single AI model can emit the CO2 emission equivalent of five cars over their lifetimes.
Between 2010 and 2018, global data center energy use rose by only 6 percent, despite a 550 percent increase in workloads and computing instances, according to the IEA.
DEWA presses into service seven 132 KV transmission substations in H1
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half...DEWA's MD and CEO, Saeed Mohammed Al Tayer, said that the total cost of electricity transmission network projects under construction exceeds $1.14bn
Al Tayer further revealed that the total number of transmission substations across Dubai reached 368 stations by the end of the first half of 2023
Oil prices climb to highest level in seven months on supply fears
Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by...Russia's Deputy Prime Minister Alexander Novak said on Thursday that his country has agreed with OPEC+ to cut oil exports next month
The International Energy Agency and OPEC are relying on China, the world's largest oil importer, to shore up oil demand over the rest of 2023
