First week of Ramadan sees Saudis spend $3.12 billion
Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the...Economy
Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...Economy
Inflation likely to drop in Europe but uncertainty remains: ECB
Sky-high inflation driven by sharp increases in the cost of energy prompted the ECB to crank up interest rates at...In March, consumer prices in the eurozone rose by 6.9 percent on an annual basis in the eurozone, down from 8.5 percent in February.
The figure was the lowest rate recorded in a year, and much below the peak of 10.6 percent recorded in October.
Hermes Q1 revenue at US$3.7bn Â
The performance was driven by strong sales, especially in Asia."The first quarter of 2023 is a continuation of the good results of 2022," Hermes chief executive Axel Dumas said in a statement.
China, the world's second biggest economy, ended nearly three years of Covid restrictions in December.
Pakistan IMF deal may materialize after UAE, China promise $1.3bn
Finance Minister Ishaq Dar said the UAE had promised a billion dollars to prop up Pakistan's forex reserves -- which...Pakistan signed a $6.5 billion bailout package with the IMF in 2019, but has repeatedly reneged on conditions and so far just $3 billion has been released.
The IMF insists Pakistan must boost its low tax base, end tax exemptions for the export sector, and raise artificially low fuel and power prices meant to help low-income families.
More monetary tightening required, says top Federal Reserve official
The US should continue tightening monetary policy to bring down inflation while assessing the impact of last month's financial turmoil...The rate-setting Federal Open Markets Committee voted last month to continue raising interest rates to tackle inflation.
The FOMC took this decision despite the turmoil when Californian high-tech lender Silicon Valley Bank dramatically collapsed.
Stocks jump, dollar falls as Federal Reserve seen curbing rate rises soon
Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong...In a sign of cooling inflation, Singapore's central bank kept rates steady, having previously hiked five times in a row.
Stocks advanced "on increasing signs that the global round of interest rate hikes could be drawing to a close".
Saudi inflation eases to 2.7%Â in March: official data
Riyadh, Saudi Arabia - Saudi Arabia's annual inflation rate dropped to 2.7 percent in March from 3 percent in February,...Housing, water, electricity, gas, and other fuels rose by 7.4% from the previous year, with overall rents for housing increasing by 8.7%
Experts predict a decelerating trend in inflation in Saudi Arabia over the coming months due to easing global supply-side costs
300 UAE companies operating in Egypt, more investment likely
Abu Dhabi, UAE - Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, retail, oil and gas,...Al Jarwan said that the two countries also aim to increase the investment to $35 billion over the next decade.
Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, and other areas
Saudization, progress help KSA reduce unemployment
Since the launch of Vision 2030, the kingdom's unemployment rate has notably dropped due to economic development, job localization, and...Since the launch of Vision 2030, the kingdom's unemployment rate has notably dropped due to economic development, job localization, and greater women participation in labor market
The Saudi Ministry of Human Resources, which conducted a labor market supply and demand study, aims to create a national unit to identify future specializations and required skills
Qatar right to buy Harrods, economy doing well, says prime minister
Qatar bought a 17-percent stake in German auto group Volkswagen in 2009 and paid a reported $1.7 billion for Harrods...Sheikh was questioned about the Qatar Investment Authority's foreign purchases in the rare televised encounter
Despite global economic troubles, Qatar last year had a budget surplus of nearly $25 billion as natural gas prices surged
EU privacy watchdog sets up ChatGPT task force
The European Union's central data regulator said it was forming a task force to help countries deal with AI chatbot...ChatGPT can generate essays, poems and conversations from the briefest of prompts and is capable of passing exams.
Chatbot can only function if it is trained on vast datasets, raising concerns about where OpenAI gets its data.
