UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...Economy
Saudi Arabia grapples with over 1 million tons of annual vegetable waste
Riyadh, Saudi Arabia - Saudi Arabia faces substantial annual losses in its agricultural sector, including 234,000 tons of tomatoes and...Economy
US government seeks to avoid ‘bailout’ label amid banking turmoil
Days after SVB's collapse this month, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) announced that its...In the 2008 financial crisis, authorities spared shareholders and bondholders, said David Smith, professor of commerce at the University of Virginia
But "there's no bailout" this time in the sense that officials are protecting depositors rather than shareholders and bondholders, Smith said.
Rosneft 2022 profit at $10.5bn
Firm said non-monetary factors played a role in earnings.Western powers have imposed sanctions against Russia due to the Ukraine war.
Rosneft said that the profit level forms a solid basis for paying dividends.
‘Rich nations must achieve net zero carbon by 2040’
UN Secretary General Antonio Guterres called on wealthy countries to move up their goals of achieving carbon neutrality as close...Most rich countries have set their goal at 2050 but some are more ambitious, like Finland (2035), or Germany and Sweden (2045).
Leaders in emerging economies must commit to reaching net zero as close as possible to 2050, he said without naming any specific nation.
European banking sector is resilient, says ECB
FRANKFURT, GERMANY - The European financial system is "resilient" and has sufficient liquidity, the European Central Bank said Monday, as banking...Switzerland announced that UBS would buy Credit Suisse for $3.25 billion, in a bid to prevent economic turmoil from spreading.
ECB, European Banking Authority, EU's Single Resolution Board said they welcome the actions of the Swiss authorities to ensure financial stability.
US banking regulator sells Signature Bank assets to another lender
Signature Bank was seized by the Federal Deposit Insurance Corporation (FDIC) a week ago after it imploded in the wake...Flagstar Bank, a subsidiary of New York Community Bancorp, will take over all the deposits and some loan portfolios of Signature Bank, the regulator said in a statement
The collapse of SVB, Signature Bank and fellow regional lender Silvergate has sparked fears of contagion across the industry as worried customers withdraw their cash
Kuwait Oil Company declares ‘state of emergency’ after oil spill on land
Teams have been dispatched to determine the source of the leak and contain the incident, Al-Amer said, declining to give...The emergency followed an "oil leak in the west of the country", the state-owned company said in a statement
Kuwait is a major oil-producing country where nearly 90 percent of government revenues come from oil
Jordan’s ‘Tashgheel’ fetches 20,000 jobs for its citizens in private sector
Amman, Jordan--A government-sponsored program in Jordan has helped place 20,000 people into private sector jobs since its launch in April...The government program aims to provide 60,000 job opportunities in accordance with the private sector's demand
More than 50,000 job seekers registered for the program, 26,258 of whom were female and 26,885 of whom were male
Japan PM arrives in India to widen trade, technology ties
New Delhi, India--Japanese Prime Minister Fumio Kishida arrived in India on Monday for talks expected to focus on deepening trade and...Japan PM's visit comes in the wake of Australian PM's trip to India, which also saw talks centering around China and trade
India and Japan are expected to announce initiatives on clean energy, digital trade and infrastructure
SIRC buys 60% of Masab Plastic
The PIF-owned firm looks to deepen investment in recycling.According to Saudi Press Agency, the deal is intended to support the company's plan to establish partnership with the private sector
The agreement between the two groups was signed on the sidelines of the Private Sector Forum, which was held from March 14 to March 15
Two Indian companies investing $45m in Bahrain
Manama, Bahrain: Aerolam Middle East and Titan Company are set to launch their operations in Bahrain with a total investment...Titan is gearing up to launch Tanishq in Bahrain, backed by a franchise partner from India, with a total expected investment of approximately $30 million
The volume of trade between the two countries with a focus on financial services and logistics has increased by 30 percent since 2018, reaching $1.4 billion in 2022
