US Fed likely to keep rates steady as uncertainty over Trump’s economic policies looms
Since January, Trump has imposed levies on major trading partners Canada, Mexico and China, and on steel and aluminum imports,...Economy
From healthcare to finance: How AI is reshaping global industries and GCC economies
A study by the World Economic Forum reveals that AI could replace around 85 million jobs by 2025Technology
Ajman’s exports rise 19 percent in H1 2023
AJMAN, UAE – The Ajman Chamber of Commerce and Industry (ACCI) has revealed that the volume of exports from the...Ajman’s total exports reached US$1.2 billion in H1 2023, compared to US$1.1 billion during the same period in 2022.
Ships and boats topped the list of exported products, followed by mineral oils, fish and steel products.
Stocks fall after Federal Reserve says it may hike interest rates
Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation...In a move dubbed a "hawkish hold" by analysts, the Fed held borrowing costs but indicated another hike is likely in 2023 to tackle US inflation.
Sweden's Riksbank and Norway's Norges Bank each raised their key interest rates by a quarter-point.
RAKEZ team wraps up roadshow to boost trade in China’s Guangdong province
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ), led by Group CEO Ramy Jallad,...The RAKEZ delegation aims to foster deeper ties with local enterprises, prominent trade associations and key government entities.
The delegation hosted business forums across Guangzhou, Shenzhen and Dongguan cities, highlighting the prospects of the Middle East market.
Syria’s Bashar Al-Assad visits China seeking funds
China becomes one of only a handful of countries outside the Middle East that Assad has visited since the 2011...The Syrian President arrived Thursday in the eastern city of Hangzhou, where he will attend the opening ceremony of the Asian Games on Saturday
Asad's Air China plane was greeted on the tarmac by jubilant music and rows of performers wearing colourful costumes, as Chinese and Syrian flags flapped in the sky
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might need to persist at these highs to tame inflation.
The CBUAE will continue to set the rate for short-term liquidity borrowing at 50 basis points above the Base Rate.
Turkey expected to hike interest rate to 20-year high
The mercurial Turkish leader performed one of his trademark policy reversals after winning a difficult re-election in May. The vote...Erdogan called high rates "the mother and father of all evil" and spent years pushing the central bank to lower borrowing costs to speed up economic growth
Inflation rate approached 60 percent in August and is climbing much faster than projected by Erdogan's new economic team of former Wall Street executives
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...The theme of the event is “Partnership for a Promising Economic Future”, and is expected to present multiple investment opportunities.
The Chamber hopes the event starts new wave of economic, trade, and industrial relations between the GCC countries and Iraq.
Belt and Road Initiative countries expect more cooperation ahead of China-Arab expo
YINCHUAN, CHINA - In the run-up to the sixth China-Arab States Expo, guests from countries and regions along the Belt...Morocco was the first country in North Africa to sign the Belt and Road cooperation document with China.
Since then, the two countries have maintained close political, economic, and cultural connections.
AI and LLMs poised to transform global job landscape
About 23% of global jobs will transform within five years due to LLMs and AI advancements, according to the World...About 23% of global jobs will transform within five years due to LLMs and AI advancements, according to the World Economic Forum's 'Future of Jobs Report 2023'
Jobs like Credit Authorizers, Management Analysts, and Telemarketers face high automation risks, while Insurance Underwriters and Bioengineers offer brighter future
Stocks diverge as oil hits 10-month high of above $95 per barrel
Brent North Sea crude oil traded above $95 per barrel Tuesday for the first time since November last year, supported...The Federal Reserve is seen keeping interest rates on hold Wednesday but is expected to be cautious over the outlook as crude pushes higher.
In Asian trading, Hong Kong managed a gain while Shanghai was flat. In Europe, London and Paris were in the green while Frankfurt was lower.
