US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...Economy Geostrategy Global
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar.Exchange companies...Business Economy Global
US retail sales, industrial production post April gains
Retail sales in the United States returned to growth in April fueled by a rebound in motor vehicle sales, data...Retail sales rose by 0.4 percent in April from a month earlier to $686.1 billion, the US Commerce Department said in a statement.
A separate report released by the Federal Reserve showed that industrial production rose 0.5 percent month-on-month.
Russian oil exports hit post-invasion high, says IEA
PARIS, FRANCE -  Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by...The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd in April.
Russia's tax receipts from its oil and gas sector were down by 64 percent year-on-year, the agency added.
European Union backs tougher tax rules on crypto transactions
Regulators worldwide are increasingly worried about the lack of oversight of the digital currency sector but the European Union has...During a meeting of EU economy and finance ministers on Tuesday, they agreed on rules to go after individuals who stash their cash where tax authorities have no oversight.
The rules will close loopholes that allow people to avoid taxation on their income using crypto assets, Swedish Finance Minister Elisabeth Svantesson said.
European economy expands less than previous estimates
On Monday, the European Commission boosted its 2023 economic growth outlook for the 20-country euro area by 0.2 points to...The European Union of 27 members registered a growth of 0.2% in Q1, in comparison to the first quarter of 2022, where it grew at 0.3%.
The European Commission has forecast a rate of 5.8% for inflation in the current year, slightly above its prediction of 5.6% previously.
China sets economic growth target of 5% in 2023
Beijing, China - China has set a growth target of approximately 5 percent for the Gross Domestic Product (GDP) as...Government Work Report also sets an ambitious goal of generating 12 million urban jobs this year, surpassing the previous year's benchmark of at least 11 million
The country's GDP experienced a growth rate of 4.5% in the first quarter of 2023 marking the highest growth since the first quarter, according to National Bureau of Statistics.
Saudi Arabia’s per capita insurance spending up 30%
The majority of per capita insurance spending (60%) went towards health insurance, followed by general insurance (37%) and protection and...Health insurance accounted for 60 percent of total per capita spending on insurance, followed by general insurance (37%) and protection and savings (3%).
The health insurance’s gross written premiums stood at $8.59 billion in 2022, up 27 percent from $6.78 billion in 2021
Moody’s upgrades Oman’s credit rating to Ba2 with positive outlook
Muscat, Oman - Moody's has upgraded Oman's credit rating from Ba3 to Ba2 while maintaining a positive outlook due to...Moody's attributed the upgrade and the rise in public revenues to the government's demonstrable efforts to manage its finances
Earlier in April, the World Bank said Oman is expected to have the fastest-growing economy in the GCC region in 2023
Central Bank of Bahrain Sukuk Al-Salam securities oversubscribed 197%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been...Carrying a maturity period of 91 days, subscriptions worth $225 million were received for the BD 43 million issue
The issue, which begins on May 17 and matures on August 16, is expected to a give a return of 6.15 percent
UAE ministry calls on eligible employees to subscribe to the low-cost job security net
Dubai, UAE – The UAE Ministry of Human Resources and Emiratisation (MoHRE) has called on eligible employees to subscribe to...The Unemployment Insurance Scheme covers employees in the federal government sector and the private sector, divided in two categories
The insurance compensation can be claimed as long as the employee has subscribed to the Unemployment Insurance Scheme for at least 12 consecutive months
Qatar and Bahrain to restart flights in signs of improving relations
Dubai, UAE-- Qatar and Bahrain have agreed to restart flights toward the end of the month, in a sign of...The resumption of flights between the estranged countries, according to Bahrain News Agency, falls within "the framework of the brotherly relations between the two countries
In recent months, GCC countries have patched up differences with each other and begun to focus on their economies, taking advantage of high oil and gas prices
