US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...Economy
World’s largest SWF posts $138 billion in H1 profit as AI demand boosts tech
Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust...Economy
UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023
ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...Credit facilities by national banks to business, industrial sectors in UAE rose by US$7.7 billion in H1 2023.
As per CBUAE’s figures the two sectors saw a 4 percent rise in cumulative credit balance to US$203 billion by the end of June 2023.
Global construction industry projected to reach $12.9 trillion by 2028
Dubai, UAE -- The global construction industry is projected to reach a staggering $12.9 trillion by 2028, with a robust...The study says residential construction will continue to dominate, driven by rising per capita income and disposable income.
The Asia Pacific region is poised to retain its leadership position, attributed to increasing urbanization and robust infrastructural development.
Eurozone inflation unchanged at 5.3% in Aug as energy prices drop
Brussels, Belgium - The annual rate of inflation in the eurozone remained unchanged in August as there was a smaller drop...Consumer prices reached 5.3 percent in August, although there was also a slowdown in the rise of food and drinks costs.
Core inflation, which strips out volatile energy, food, alcohol and tobacco prices, was down slightly to 5.3 percent in August.
Qatar’s Producer Price Index of industrial sector dips 0.22% in July
Doha, Qatar--Planning and Statistics Authority (PSA) of Qatar has released the new monthly Producer Price Index (PPI) of the Industrial...According to data, chemicals and chemical products prices decreased by 1.31 percent, followed by food products which fell by 0.76 percent
There was a dip in the prices of utilities like electricity, gas, steam, and air conditioning supply by 2.58 percent compared to June 2023
Turkey to ask Russia to resume grain deal in original form
According to TASS, quoting a diplomatic source, Turkey's Foreign Minister Hakan Fidan will propose to Russia at the upcoming talks...The diplomatic sourced quoted by TASS said that Turkey views the grain corridor as the most efficient and safe
He further said the deal if resumed in original format can prevent the expansion of the Ukranian conflcit into the Black Sea
CEPA boosts UAE’s trade ties with key global players
“The country's foreign trade will continue to thrive due to these CEPAs. Agreements with Türkiye and Indonesia are slated for...CEPA agreements with India and Israel have boosted trade, with new deals involving Türkiye and Indonesia coming in September
The UAE targets doubling its GDP by emphasizing innovation, advanced technologies, and expanding global service exports in trade
565 companies involved in ‘fake Emiratisation’ cases: UAE ministry
Dubai, UAE - The Ministry of Human Resources and Emiratisation (MoHRE) revealed that 565 companies were proven to have hired...The private sector now employs over 81,000 nationals, representing the highest level of Emiratization in the country's history
The ministry has ceased Nafis payments from nationals proven to have been involved in fake Emiratisation and recovered previous financial support
Second quarter GDP growth in US 2.1%, weaker than earlier estimates
Washington, United States - Economic growth in the United States was weaker than first estimated for the April to June period,...GDP growth in the world's biggest economy came in at 2.1 percent for the second quarter, down from the initial estimate of 2.4 percent.
Economists have been warning of a possible downturn as the US central bank rapidly lifted interest rates to tamp down demand and lower inflation.
UAE first half non-oil foreign trade hits all-time high of $337 billion
The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth...Imports increased to AED 693 billion, up 17.5 percent compared to the first half of 2022 and 2.6 percent more than the second half of 2022.
China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia.
Equities extend gains on US jobs data, China rate cut hopes
The mood was brightened by a report that China's biggest state-backed banks would slash rates on mortgages and deposits as...A separate report revealed consumer confidence falling owing to concerns about jobs, higher rates and lingering inflation.
The readings come ahead of the release of the Fed's preferred gauge of inflation -- the personal consumption expenditures price index --Â this week.
