Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...Banking & Finance Economy
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...Business Economy
Saudi Arabia’s FDI bid: Economic zones, 100% foreign ownership, tax sops
The kingdom hopes that its regulatory incentives and strategic location would help it compete with the UAE, whose tax-free zones...The kingdom's availability of natural resources, organizational changes, and a young population add to its attraction for the investors
The country has benefited from the rise in oil prices caused by the Ukrainian war and is expected to achieve the G20's highest growth rate
Iraq police arrest more than 200 in raids on ‘illegal casinos’
Baghdad, Iraq--Iraqi police arrested overnight almost 200 people in raids on illegal casinos where alcohol was served in defiance of the...According to the interior ministry spokesman, the raids targeted four locations in Baghdad where games of blackjack and roulette were underway
In Muslim-majority Iraq public consumption of alcohol is frowned upon, although beverages can be readily purchased from liquor stores
Lebanon postpones municipal elections due to lack of funds
With the cash-strapped country mired in an unprecedented economic meltdown, Lebanon's parliament on Tuesday put off municipal elections scheduled for...Citing a lack of funds as the reason, deputy parliament speaker Elias Bou Saab warned last week that "holding municipal elections has become almost impossible"
Putting off polls was commonplace in Lebanon even before 2019, when the country plunged into an economic crisis described by the World bank as the planet's worst
Green groups sue Europe over false energy label
BRUSSELS, BELGIUM - Environmental groups lodged a lawsuit against the European Commission on Tuesday to challenge its definition of natural gas...The lawsuit over gas was launched by WWF, ClientEarth, Transport&Environment and the German NGO BUND.
Greenpeace, sued the EU executive separately for deciding that nuclear energy was worthy of its sustainable investment label.
Glaxo buys Bellus for US$2bn
Move after GSK demerged its consumer healthcare unit.GSK has agreed to buy Quebec-based biopharmaceutical Bellus Health Inc. for $14.75 per share, the British drugmaker said in a statement.
Chronic cough is defined as a persistent cough that lasts more than eight weeks and affects an estimated 28 million people worldwide.
Ericsson Q1 net profit at $155m Â
Firm announced that it would slash 8,500 jobs worldwide.Ericsson said it expects customers "to remain cautious" with investments and continue to adjust their inventories in the second quarter.
Sales rose 14 percent but were flat when adjusting figures to take currency exchanges and other parameters into account.
ADNOC, Japan sign deal to bolster low-carbon hydrogen value chain
Tokyo, Japan--Abu Dhabi National Oil Company has signed two agreements with Japanese partners to strengthen the low-carbon hydrogen value chain between...One of the agreements, with Kawasaki, aims to explore the production, liquefaction, and transportation of hydrogen to key global markets
The deal comes as countries around the world ramp up efforts to reduce carbon emissions and meet the goals of the Paris climate agreement
Soaring prices challenge Morocco’s export-led agriculture model
Rabat has pledged that prices will soon fall, and announced several initiatives to tackle market speculation, but government spokesman Mustapha...Official figures from February put year-on-year inflation in the North African country at just over 10 percent - a figure that also included a 20 percent jump in food prices
In March, the central bank of Morocco raised interest rates to 3 percent in an attempt to curb inflation which is impacting low-income and vulnerable households
World Bank and Jordan sign $650 million financing pacts
Dubai, UAE -- The World Bank and Jordan have signed two financing agreements worth $650 million for the programs of...The first agreement includes additional financing of $ 400 million for the program of inclusive, transparent and climate-responsive investments.
The second agreement worth $250 million includes financing the program to enhance the efficiency of the electricity sector.
China’s economy bounces back after zero-Covid scrapped
Beijing, China--China's economy grew much better than expected in the first three months of the year as the country reopened after...Chinese people, after years of travel restrictions and quarantines, have finally returned in recent months to restaurants and begun to move around more freely
There was more growth expected in April to June as China heads into another quarter in the sweet spot, according to Ting Lu, Chief China Economist at Nomura
