Turkey central bank cuts rate to 42.5% as inflation eases
Istanbul, Turkey - Turkey's central bank on Thursday lowered its key interest rate for a third consecutive time as inflation...Economy
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Saudi Arabia’s output cut stabilizes global oil market
The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent...The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly
Reducing production may not suffice if demand falls. However, diversifying the economy beyond oil is likely to benefit all sectors by mitigating risks, says a market expert
Syrians rally against poor economic conditions in government-held areas
Beirut, Lebanon - Hundreds of demonstrators took to the streets again on Monday in Syria's southern city of Sweida, local media...Days of rare protests have erupted in the south after the government lifted fuel subsidies last week, dealing a blow to Syrians.
"We've had enough, the Syrian people are suffocating," one activist in Sweida said on condition of anonymity for security reasons.
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.OIWSS has established a partnership with Intertrust Group.
OIWSS will be the trustee and the operator of this scheme
Soniqs wins PUBG Global Series 2 Crown
It claimed $600,000 prize at Gamers8 - The Land of Heroes.Saudi team Twisted Minds came in second and earned US$260,000.
Question Mark, the Russian team, finished third and got US$162,000.
Generative AI likely to supplement than destroy jobs: ILO
Geneva, Switzerland -- Generative Artificial Intelligence (AI) is more likely to augment than destroy jobs by automating some tasks rather...An International Labour Organization (ILO) study has found most jobs and industries are only partly exposed to automation and are more likely to be complemented by Generative AI.
It suggests this new wave of technological transformation could offer important benefits for developing countries.
European stocks rise, China rate cut fails to ease worries
European stocks rebounded but Asian markets ended mixed after a Chinese rate cut failed to reassure investors. At midday, Paris...There are concerns that the US Federal Reserve could raise interest rates further and keep them elevated for longer.
Focus turns this week to a symposium of top central bankers and business leaders at Jackson Hole, Wyoming, with dealers hoping for guidance on rates.
Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the...The MoU also aims to establish a framework for cooperation that advances trade, investment and economic relationships between the UAE and Ethiopia.
The signing of the MoU was held on the sideline of the UAE delegation's visit to the Federal Democratic Republic of Ethiopia.
Arab Parliament endorses call to support victims of terrorism
Cairo, Egypt-- Arab Parliament on Monday endorsed the call for victims of terrorism in the Arab world to be supported...The parliament said the victims of terrorism in the Arab world must be supported with money to overcome their tragedies
The parliament expressed solidarity to coincide with the International Day of Remembrance and Tribute to the Victims of Terrorism
China cuts key interest rate to support economy
The measures, which run counter to rising interest rates around the world as other major economies work to curb inflation,...The one-year loan prime rate was reduced from 3.55 percent to 3.45 percent, the People's Bank of China said in a statement
The decision is intended to encourage commercial banks to grant more loans and at more advantageous rates
UAE’s ERC unveils housing project for victims of February quake in Syria
Latakia, Syria--The Emirates Red Crescent (ERC) has inaugurated the Al Naqa housing project in the Latakia Governorate in Syria.The ERC...In April the ERC had announced its intention to build 1,000 prefabricated housing units in seven areas in the Latakia Governorate for the victims of earthquake
The governor of Latakia, Amer Hilal, expressed his gratitdue to the UAE for implementing relief projects in Syria since the early days of the earthquake
