UK inflation slows to lowest level since September 2021
ONS chief economist Grant Fitzner said "food prices were the main driver of the fall, with prices almost unchanged this...Economy
Oman issues Treasury Bills worth US$181m this week
MUSCAT, OMAN – The Central Bank of Oman (CBO) has announced that the total issuance of Treasury Bills amounted to...Banking & Finance Economy
Oil cuts in interest of energy markets, says Russia
The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar...Saudi Arabia and other major oil producers announced Sunday a production cut of more than one million barrels per day.
Russia said it would extend until the end of the year its own voluntary production cut of 500,000 barrels per day.
China begins security probe into US chipmaker Micron
BEIJING, CHINA - Chinese authorities have begun an investigation into leading US memory chipmaker Micron Technology, a decision Beijing's foreign ministry...The probe escalates an already fierce battle between US and China for supremacy in the field of semiconductors.
US authorities have in recent years sought to prevent the country's advanced chip technology from being exported to China.
Oil market surges as Saudi-led top producers cut output defying US pressure
Sunday's move "caught the markets off guard" and reversed recent oil-price gains, noted ActivTrades analyst Ricardo Evangelista. "With the fizzling...Crude futures surged almost eight percent at one stage after multiple members of the OPEC+ exporters' alliance unexpectedly slashed production
The shock reduction, unveiled  Sunday by Algeria, Iraq, Kuwait, Oman, Saudi Arabia and the UAE, will start in May and last until the end of the year
Turkey’s inflation slows to 50% ahead of election
Analysts warn that the economy may start heating up as the government rebuilds huge swaths of Turkey's southeast that were...The inflation rate slowed for a fifth consecutive month from a high of more than 85 percent, according to the state statistics agency
Erdogan has tried to fight Turkey's inflation by slashing interests rates, the opposite approach taken by central banks in other countries
Business confidence drops among Japan’s largest manufacturers
Tokyo, Japan--Japan's largest manufacturers feel less optimistic about business conditions with confidence falling to its lowest level in more than...The quarterly Tankan survey undertaken by the Bank of Japan is seen as the broadest indicator of how Japanese businesses are performing
Business confidence among major manufacturers dropped to plus one from plus seven three months earlier
Iraq and Jordan to set up economic city on common border
A joint economic city is going to come up on the Iraq-Jordan border and in this regard an international tender...The Iraqi-Jordanian Company for Industry, which will carry out the project, urged international companies to make a bid
The economic city is expected to boost trade cooperation between the two countries and achieve integration in many fields
Regulatory clarity to help GCC region unlock full potential of Metaverse, cryptocurrency markets
Data privacy, security, consent management, safety, integrity, equity, inclusion, accessibility, affordability, and protection of virtual asset ownership remain key concerns.Data privacy, security, consent management, safety, integrity, equity, inclusion, accessibility, affordability, and protection of virtual asset ownership remain key concerns
The two technologies provide an opportunity to KSA and UAE to enable and accelerate non-oil use cases in the region and become hubs in the region and beyond
Egyptian President al-Sisi meets Saudi Crown Prince amid quest for financial aid
CAIRO, EGYPT - Egyptian President Abdel Fattah al-Sisi met Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz...Both Egypt and Saudi Arabia possess significant influence within the Arab, Islamic, and international spheres.
The similarity between Egyptian and Saudi policies leads to alignment on several global, Arab, and Islamic issues.
Dubai Chamber reviews software development, Artificial Intelligence sector
DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session...Various executives, business leaders and experts of the digital industry discussed at length the challenges and opportunities present in the sector
Dubai aims to become a top destination for global digital investment and tech talent and is attracting software development professionals,
EU bloc records highest ever trade deficit in 2022
BRUSSELS, BELGIUM - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching...The deficit was due, in particular, to a steep rise in the value of energy imports, which started towards the end of 2021 and continued through most of 2022.
Also in 2022, non-EU imports (+41 percent) and exports (+18 percent) reached their highest year-on-year growth rates recorded over the last 10 years.
