Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...Business Economy Energy
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...Business Economy
World Bank applauds UAE for improving gender balance
Abu Dhabi, UAE--Commending the UAE for being in the forefront of the drive to improve gender balance in the country,...Iva Hamel of the World Bank said that the UAE has introduced legal provisions to ensure women receive equal pay and to prohibit gender-based discrimination in the workplace
She lauded the UAE for becoming the first country in the Middle East and North Africa to implement parental leave for fathers
Joe Biden reassures Americans about safety of banking system
Washington, United States--President Joe Biden sought to reassure Americans over the country's financial system Monday as more US banks and leading...Biden told Americans in a brief White House address that they can have confidence that the banking system is safe
The president while reassuring SVB depositors that they will get their money back, said "no losses will be borne by the taxpayers"
SVB’s demise: Â Warning signs were missed by investors, regulators
Banking experts have been among those alarmed at the rapid collapse of SVB, the country's 16th biggest bank by assets...The Federal Reserve announced Monday plans for a "thorough, transparent and swift" review of the supervision of SVB that will be publicly released on May 1
President Joe Biden promised a "full accounting of what happened," adding that he would ask regulators and banking regulators to tighten rules on the sector
Turkish current account deficit rises to 40-year high
Istanbul, Turkey - Turkey's current account deficit increased to $9.85 billion in January, the highest monthly deficit since 1984, the...Turkey's trade deficit widened 38 percent in January to $14.24 billion, largely due to the sharp rise in gold imports and the rising cost of energy imports
Excluding gold and energy, the current account showed a surplus of $2.6 billion in January, as opposed to a surplus of $1.7 billion in the same month last year
Iraq finalizes three-year budget designed to instill fiscal stability
Just days ahead of the 20th anniversary of the US-led invasion that resulted in war, chaos, and political instability, Iraq's...Iraq is plagued by corruption as well as power cuts that reflect its crumbling infrastructure
The United Nations estimates that nearly one-third of Iraq's 42 million population live in poverty
Lebanon central bank chief summoned in European probe
A Lebanese judge has asked central bank chief Riad Salameh to appear before visiting European investigators, a judicial official said...Lebanon central bank chief Riad Salameh denies all accusations against him and has rarely appeared before the judiciary.
If he shows up, it would be the first time Salameh, 72, appears before European investigators probing suspected financial misconduct.
UAE, Qatar least corrupt Arab nations
The 2022 Corruption Perception Index says corruption is undermining democratic processes and fueling violence in the Middle East and North...The CPI ranks180 countries and territories around the world by their perceived levels of public sector corruption on a scale of 0 (highly corrupt) to 100 (very clean).
With a score of 90 and 87 respectively, Denmark and Finland top the CPI, while Somalia and Syria hit rock bottom with a score of 13 and 12 respectively.
Russia agrees to grain export deal extension for 60 days
Russia has agreed to extend the Ukraine grain export deal following talks with the United Nations - but only for...The grain export deal has helped ease the global food crisis triggered by Russia's full-scale invasion of Ukraine in February 2022.
The invasion saw Ukraine's Black Sea ports blocked by warships until a deal signed in July allowed for the safe passage of exports of critical grain supplies.
UN investigators hit out at lackluster help for Syria quake victims
GENEVA, SWITZERLAND - The world failed to act quickly enough to rush life-saving aid to Syrians in desperate need following the...Almost 6,000 people were killed in Syria by the 7.8-magnitude tremor that struck the country and neighboring Turkey.
The UN estimates that five million people need basic shelter and non-food assistance in the quake-hit part of Syria.
Biden vows to fix ‘mess’ as US regulators rush to contain SVB fallout
Treasury Secretary Janet Yellen said the government wants to avoid financial "contagion" from the SVB implosion, as it ruled out...Joe Biden vowed to hold accountable the people responsible for SVB collapse and said he would deliver remarks Monday on maintaining a resilient banking system
In a joint statement, financial agencies including US Treasury said SVB depositors would have access to "all of their money" starting Monday, March 13
