Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...Economy
Water security remains crucial for stability, prosperity
“Water is the fundamental element of life, enabling human societies to stabilize, develop civilizations, and achieve prosperity. Water is the...Economy
IEA’s call to halt oil investments will hurt market
His remarks came after the IEA Executive Director, Fatih Birol, criticized OPEC+ for their unexpected decision to reduce oil output...OPEC Secretary General Haitham Al Ghais has cautioned IEA against discouraging oil investments crucial for global economic growth
Russia's Deputy PM Alexander Novak says the OPEC+ group, comprising leading oil producers, sees no need for further output cuts
European probe officials to question Lebanon central bank audit firms
European investigators probing Lebanese central bank chief Riad Salameh's wealth will question officials from two international firms previously tasked with...Visiting European investigators plan to question officials from the Lebanon offices of Deloitte, Ernst and Young, and a local firm.
The European investigators arrived in Beirut this week on their third trip to Lebanon in connection with the probe.
US Fed accepts supervision failed in Silicon Valley Bank
The US Federal Reserve called for greater banking oversight while admitting to its own failures in a report published into...Silicon Valley Bank's management failed to adequately manage risk prior to the bank's swift collapse.
Federal Reserve supervisors failed to take forceful action after they had identified issues at the bank.
Uzbekistan, IsDB ink pacts worth US$396.7m for infrastructure, education
JEDDAH, SAUDI ARABIAÂ - Islamic Development Bank (IsDB) President and Group Chairman Dr. Muhammad Al-Jasser and Uzbekistan Minister of Investments,...Under the agreement, IsDB will provide US$260 million in financing for the Integrated Rural Development Project.
The project will empower local communities, improve their access to quality and resilient infrastructure.
KEZAD, Al Ghurair Foods ink pact
Pact involves investment of over US$272 million.The agreement will mark the first phase of Al Ghurair Foods division’s investments in KEZAD.
The highest standards of food safety in line with International biosecurity standards will be followed.
Swiss central bank says tough rules needed for sector
BERN, SWITZERLAND - Switzerland's central bank said Friday that the country's banking regulations needed toughening up after the implosion of Credit...Credit Suisse's share price plunged on March 15, causing the central bank to step in with a $54-billion lifeline for the second-biggest bank in Switzerland.
The Swiss government, Swiss National Bank and the financial market regulator strongarmed UBS into a $3.25-billion takeover on March 19.
UAE to take part in meeting with Arab finance ministers, experts
ABU DHABI, UAE - The UAE will participate in the Joint Annual Meeting of Arab Financial Institutions, which will be...UAE will participate in the 52nd annual meeting of the Board of Governors of the Arab Fund for Economic and Social Development.
UAE will also take part in the 47th annual meeting of the Board of Governors of the Arab Bank for the Economic Development in Africa.
DFM net profit surges 30%Â
The consolidated revenue rose 13 percent to $24.2 million.The total consolidated revenue rose 13 percent to $24.2 million in Q1 2023, compared to $21.4 million in Q1 2022.
Operating income amounted to $12.9 million, while investment returns and other income reached $11.3 million
American Q1 profit at $10m
The airline's revenues were $12.2 billion, up 37 percent.The strong first-quarter results will enable American to make profit-sharing payments to employees for the first time in three years.
With higher debt levels than rivals, American said it is around 60 percent through its goal of reducing debt by $15 billion by the end of 2025.
Global stocks rise despite data showing US economic  slowdown
Wall Street stocks pushed higher despite data that showed US economic growth is slowing, which raised fresh questions about interest...The first quarter growth figure adds to lackluster US consumer confidence data which has deepened worries about a broader recession.
Yields on US government debt rose after the data was released and also reported a drop in weekly jobless claims.
