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
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...Economy
Gender equality in agrifood systems can add $1 trillion to global GDP: FAO
Rome, Italy -- Tackling gender inequalities in agrifood systems and empowering women reduces hunger, boosts the economy, and reinforces resilience...Globally, 36 per cent of working women are employed in agrifood systems, along with 38 per cent of working men.
The gap in food insecurity between men and women widened from 1.7 percentage points in 2019 to 4.3 percentage points in 2021.
IMF chief calls upon global community to avert a ‘second Cold War’
Countries must do more to avert the costly consequences of growing global trade fragmentation, and help avert a "second Cold...Multilateral institutions like the World Bank and IMF have an important role to play in preventing the world from splintering into different blocs.
An IMF report said that growing trade fragmentation due to Brexit, US-China trade war and Russian invasion of Ukraine, could make the global economy.
Russia to withdraw from grain deal if all conditions are not fulfilled
Russia delivered a new warning to the West over a grain deal with Ukraine, saying a number of conditions must...Russia, whose economy has been hit by a raft of Western sanctions, has repeatedly threatened to walk away from the agreement if obstacles to its own exports remain.
There are no sanctions on Russian exports of food and fertilizers to global markets but the problems are related to sanctions on shipping, insurance companies and banks.
Italy calls for unconditional pre-reform bailout package for Tunisia
Tunisia reached a deal in principle in October with the IMF for nearly $2 billion to shore up its sinking...EU leaders including Italian Prime Minister Giorgia Meloni have warned of the risks of an economic collapse which could drive more people to cross the Mediterranean Sea.
Migrants from across Africa and Tunisia itself regularly use Tunisia's coastline, less than 150km from the Italian island of Lampedusa, to reach Europe.
ADNOC L&S to deploy five very large gas carriers
ABU DHABI, UAE - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, announced on...The gas carriers will be owned and operated by AW Shipping, an ADNOC L&S joint venture with Wanhua Chemical Group.
VLGCs transport liquefied petroleum gas and will provide ADNOC L&S greater flexibility to meet growing global gas demand.
German inflation eases to 7.4% in March as high energy prices slide
Berlin, Germany--Inflation in Germany eased to 7.4 percent in March, mainly thanks to government measures to bring down energy prices, final...In March food prices continued to rise by 22.3 percent, up from 21.8 percent in February and 20.2 percent in January
In order to help bring energy prices down until 2024, including a cap on gas and electricity prices, Germany has committed $200 billion
Tunisia farmers stare at poor harvest as drought imperils food security
Even before the roasting summer months, the soil is dry and dusty in the small Mediterranean country, whose water resources...At a time when the global cereals market has been disrupted by Ukraine war, Tunisia's domestic grain production has also withered under a lack of rainfall that has killed off crops
UTAP has called on the government to urgently announce a drought and state of water "emergency" and has demanded a "clear strategy" to boost Tunisia's water reserves
SoftBank to sell Alibaba stake
It has sold more than US$7bn of its shares since early 2023.The Japanese investment titan, an early investor in the Chinese internet giant founded by Jack Ma, started offloading its shares last year
Alibaba like other leading Chinese tech firms has been badly impacted by a regulatory crackdown on the industry starting in 2020
World Bank members approve moves to boost lending by US$50bn over decade
Washington, United States--World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing...US Treasury Secretary Janet Yellen exhorted World Bank to continue taking on added reform measures this year
Outgoing World Bank president David Malpass said discussions with shareholders this week have "yielded signs of progress"
Egypt’s Sisi meets UAE leader amid economic woes
Cairo's foreign reserves fell by about 20 percent in one year to $34.45 billion -- about $28 billion of which...Sisi has been courting Gulf leaders as Egypt grapples with economic turmoil that has seen inflation shoot up to nearly 34% and the local currency halve in value
Egypt was hit hard by the impact of Russia's invasion of Ukraine last year, having heavily relied in wheat imports and revenues from tourism from both countries
