IMF chief urges countries to strengthen independence of central banks
"Financial stability benefits the whole economy and reduces the risk that the central bank becomes reluctant to raise interest rates...Economy
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...Business Economy
Lebanon judge to lift travel ban on central bank chief: judicial officials
Under investigation both at home and abroad on suspicion of fraud, money laundering and illicit enrichment, Riad Salameh has been...Speaking to the media, the first judicial official said that Judge Ghada Aoun will lift the travel ban on Riad Salameh tomorrow
Lebanon is also investigating Salameh on suspicion of financial misconduct including possible embezzlement, money laundering and tax evasion
LVMH posts Q1 revenue of $23.1bn
Jump in sales across all regions, including China.LVMH became Europe's most valuable company in January when its market capitalization soared to US$440 billion.
The United States had a steady performance while "Asia experienced a significant rebound following the lifting of health restrictions".
Interest rate hikes adversely affect developing countries, says UN
The global economic slowdown and swelling interest rates are pummeling debt-ridden developing countries, the UN warned, urging bold global action...Rate increases in the US and other wealthy countries may cost developing countries over US$800 billion in lost income by 2025.
UNCTAD said it now expected global GDP growth of 2.1 percent in 2023, down from 2.2 percent it forecast in September last year.
US consumer inflation slows to 5% in March year-over-year
US consumer inflation slowed in March lessening the pressure on the Federal Reserve to maintain its aggressive posture to cool...Bureau of Labor Statistics report is the latest evidence that the Fed's streak of interest rate hikes over the last year is weighing on economic activity.
While US labor market data has remained solid, recent reports on manufacturing and the services sector have shown signs of slowing.
Egypt’s village traditions in peril as costs rise
Multi-day weddings, feeding the bereaved and homemade bread are all becoming things of the past in rural Egypt.In a year, the Egyptian pound has lost nearly half of its value, pushing consumer prices to more than double in the import-dependent country.
Weddings in Nubian villages -- renowned for their long extravagant parties -- are no longer three-day, nine-meal affairs to which the entire town is invited.
Global debt growing due to US, China, says IMFÂ
Global government debt is on track to reach levels not seen since the height of the COVID-19 pandemic, the International...In the US, government debt as a percentage of economic output is expected to surpass its pandemic-era peak by 2027.
China's debt burden is forecast to be almost double its pre-pandemic levels by 2028, the IMF said.
RAKEZ wins award for Best RPA Excellence during Future Data Summit 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) received the 'Best RPA Excellence Award' during the Future...RAKEZ has embarked on its automation journey by utilizing virtual bots to handle visa-related services.
These virtual bots have successfully reduced the time needed for some of the processes by 1.5 days, completing them within 12 hours.
Dubai sees heavy influx of medical tourists in 2022, spending US$270m
DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year.According...Some 39 percent patients came from Asian countries, 22 percent from Europe and the Commonwealth of Independent States, and 21 percent from Arab and the GCC
The head of Dubai Health Authority attributed the arrival of medical tourists to the city's ability to provide quality acre, making it the top healthcare destination
US unveils tough emissions rules to speed electric auto shift
The proposed rules set aggressively low standards for emissions of greenhouse gases and criteria pollutants, which is expected to lead...The proposal -- which will next be open to a public comment period -- is the latest in a series of steps under Biden, a Democrat, to help put EVs on track for mass adoption.
Electric vehicles accounted for 5.8 percent of the US market for new vehicles in 2022, up from 3.2 percent in 2021, according to Cox Automotive.
IMF chief economist warns inflation could remain high until 2025
Washington, United States--The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund's chief economist told AFP...Following the fast reopening of the global economy after the Covid pandemic, prices around the world have risen exponentially
Inflation in many countries in the world has remained well above the two percent target, despite central banks raising interest rates
