Gulf nations transition from oil to solar powerhouses
The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...Economy Energy
Google’s new AI for corner kick tactics gets Liverpool approval
PARIS, FRANCE – Liverpool football analysts have given their seal of approval to a new artificial intelligence tool from Google that...Business Economy Global Sports
WTO sees 2023 global trade growth at 1.7 percent
The World Trade Organization said 2023 global trade growth would be slightly better than feared, but would remain "subpar", weighed...The forecast was slightly better than feared last October, when the WTO projected 2023 trade growth would be as low as one percent.
The organization's economists also estimated that real global GDP growth at market exchange rates would be 2.4 percent this year.
Global equities waver on US recession fears, New Zealand rate hike
Asian indices drifted after losses on Wall Street, as data showing a softening in the US jobs market pointed to...The central bank of New Zealand on Wednesday became the latest to hike interest rates sharply to tackle soaring inflation.
Gold climbed as high as $2,028.44, a level last seen in early 2022 and not far from a record $2,075.47 set in August 2020.
Lufthansa to sell catering unit
LSG Group is to be sold to private equity group Aurelius.The airline giant had already sold LSG's European operations activities to Swiss-based Gategroup in 2019.
The Lufthansa group was brought to the brink of bankruptcy when the COVID-19 pandemic saw global air travel grind to a halt.
Iran working on key pipeline to supply gas to Oman
Reza Noshadi, who heads the National Iranian Gas Company’s engineering subsidiary, said that Iran will be able to export gas...In June last year, Oman and Iran signed deals to develop two gas pipelines and an oil field along their maritime border
Oman has close ties with Iran and played a mediating role between Tehran and Washington in the build-up to the nuclear deal in 2015
Iraq and TotalEnergies agree on delayed US$10bn deal
Paris, France--French energy giant TotalEnergies announced Wednesday an agreement with Iraq on a $10 billion project that had been delayed due...While TotalEnergies will own 45 percent stake, Iraq's Basrah Oil Company will get a 30-percent stake in the project and QatarEnergy will get 25 percent
The French company said that a one-gigawatt solar power plant will be built to supply electricity to the Basra regional grid, with Saudi firm ACWA Power joining the project
Egypt’s non-oil private sector contracts for 28th month as inflation surges
Cairo, Egypt-- A new survey has revealed that Egypt's non-oil private sector activity contracted for the 28th straight month in...According to S&P Global, a drop in client demand and high inflationary pressures continued to impact non-oil businesses, leading to reduction in new orders
In spite of its currency depreciating in value by half since last year and the signing of a $3 billion support package with the IMF, the country remains short of foreign currency
Rise in legal awareness leads to fewer labor disputes
An improved awareness of laws among companies and individuals, as well as successful awareness campaigns conducted by ADJD in collaboration...Abu Dhabi sees a 40% drop in labor disputes in 2022 compared to 2021, thanks to increased legal awareness and successful campaigns by the Abu Dhabi Judicial Department
The efficient handling of labor disputes in the labor court and the advancement of legal procedures in labor cases have contributed to enhancing economic stability of the UAE
Red Cross to cut 1,500 jobs over funding crunch
GENEVA, SWITZERLAND - The Red Cross announced Tuesday that it would cut 1,500 jobs over the next 12 months in a...The Red Cross said an expected drop in humanitarian assistance budgets over the next two years was forcing it to make significant cuts.
The Geneva-based organization said its governing board on March 30 had approved US$474 million in global cost reduction through early 2024.
Virgin Orbit files for bankruptcy, plans to sell business
Virgin Orbit, the satellite launch company founded by Richard Branson, has filed for Chapter 11 bankruptcy and will sell the...Virgin Orbit suffered a major setback earlier this year when an attempt to launch the first rocket into space from British soil ended in failure.
The company had organized the mission with the UK Space Agency and Cornwall Spaceport to launch nine satellites into space.
IMF approves $5bn under flexible credit line for Morocco
Washington, USA - International Monetary Fund (IMF) approved SDR 3.7262 billion ($5 billion) on a two-year arrangement for Morocco under...Morocco has benefited from four Precautionary and Liquidity Line (PLL) arrangements since 2012, each totaling about US$ 3 billion.
The first PLL was approved on August 3, 2012, followed by three more approvals on July 28, 2014, July 22, 2016, and December 17, 2018.
