China says will fight to ‘bitter end’ if US pushes trade war
Pressure from Trump could motivate Beijing to strengthen the kinds of support for the economy seen last year -- interest...Economy
Asian stocks rise as Powell rate warning taken in stride
Equities rose in Asia on Wednesday as traders took in their stride a warning from Federal Reserve boss Jerome Powell...Economy
World’s largest cruise ship all set to sail
TURKU, FINLAND - With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard...Royal Caribbean's luxurious new vessel Icon of the Seas is nearing completion in the Turku shipyard on Finland's southwestern coast.
Resembling a village more than a ship, the mammoth vessel boasts colourful waterparks, more than 20 decks and can carry nearly 10,000 people.
UAE witnesses record 2.4m tourists in first six months of 2023
Abu Dhabi, UAE - A record 2.4 million tourists visited the UAE during the first six months of 2023, a...The emirate’s hotel establishments generated revenues exceeding AED3 billion during the same period, a 26 percent growth compared to last year.
The hotels also recorded an average occupancy rate of 70 percent, with the average stay in the emirate's hotels being 2.7 nights.
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
CBUAE revokes licenses of currency exchange house, commercial broker company
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
Global stock markets slip as European banks’ shares hit
The dollar remained steady with talk of yet another US interest rate hike, while oil prices retreated following disappointing Chinese...The US trade deficit narrowed in June to $65.5 billion, compared with $68.3 billion in May, on a bigger pullback in imports than exports.
Another weak batch of trade data compounded worries about the struggling Chinese economy. Sales of Chinese products to foreign markets sank 14.5 percent on-year last month.
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...Dubai’s growth in Q1 2023 is significantly higher than that of some of the most developed countries in the world. OECD countries recorded seasonally adjusted growth of 1.6%.
The accommodation and food services sector reported a 5.6 percent growth rate in the first quarter of 2023.
Residential prices, rents dip across Qatar as World Cup boost dissipates
Doha, Qatar - The residential property market in Qatar is grappling with a dual challenge of decreased demand and increased...Lusail's Waterfront and Fox Hills districts have experienced the highest quarterly depreciation in average quoted rents for apartments
The office market in Qatar is grappling with a challenge of its own, with a widespread drop in average rental rates attributed to an oversupply of office space
Erdogan defends expansion of controversial coal mine
Dramatic scenes have emerged since July 24 when Akbelen forest in the Milas district of the Aegean province of Mugla...Turkish President said the power plant needed to continue production with new coal basins as the existing reserves were close to depletion
Erdogan's comments come on the eve of a special session in parliament, currently on a summer break, to discuss the situation in Akbelen at the request of the opposition
China posts biggest fall in exports as global demand recedes
The drop in exports was bigger than expected and the heaviest since a 17.2 percent plunge in January-February 2020, when...Sales of Chinese products to foreign markets sank 14.5 percent on-year last month, a third consecutive drop
The threat of recession in US and Europe, combined with high inflation, has contributed to weakening international demand
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...The plan aims to achieve a string of goals underscored by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future
The latest initiative by Dubai Taxi Corporation looks to protect its database and monitor systems to prevent disruptions caused by server downtime
