US Fed set for first rate cut of 2025 as Trump pressure looms
The US Federal Reserve is poised to make its first interest rate cut of 2025 on Wednesday, but it battles...Economy
Stock markets strike records despite geopolitical unrest
Gains for oil prices were relatively modest, while gas futures were unmoved after Israel's strikes Tuesday against Hamas in gas-rich...Business Economy
India’s Modi dangles tax cuts as US tariffs loom
Mumbai, India -- Indian Prime Minister Narendra Modi's push to slash consumption taxes on everyday goods could deliver billions of...The prospective measure has clouded the outlook for the world's fifth-largest economy, with Indian exporters warning of plunging orders and severe job losses.
His proposed cuts to the goods and services tax (GST) would make everything from small cars to air conditioners cheaper for consumers, economists say.
Austrian university develops technique to renew buildings without demolition
Vienna, Austria - A research team from Graz University of Technology in Austria has succeeded in developing an innovative fastening...The system enables the connection and disassembly of building components with ease, allowing the separation of long-term structural elements from shorter-lived components
The project won the gold medal in the scientific research competition under the sustainability category and is regarded as a pioneering step towards smart construction
US Fed chair opens door to rate cut as Trump steps up pressure
Last year, the Fed chair used his keynote speech at the Jackson Hole Economic Policy Symposium to indicate the time...Powell faces constant attacks from Trump -- who is aggressively pushing the independent bank for rate cuts -- alongside mixed economic data leading him towards a cautious approach.
Powell has warned that the risks of higher inflation and a weakening jobs market add up to a "challenging situation."
AI helps UK woman rediscover lost voice after 25 years
London, United Kingdom -- A British woman suffering from motor neuron disease who lost her ability to speak is once...Sarah Ezekiel, an artist, was left without the use of her voice after she was diagnosed at the age of 34 with MND while pregnant with her second child 25 years ago.
AI tools developed by a New York-based ElevenLabs developed voice very close to her original, complete with her London accent.
Less tax, more luxury: millionaires flock to Dubai for its zero income tax policy
Rich people are flocking to Dubai in record numbers, drawn to the desert city by its zero income tax policy...The UAE and Dubai have long welcomed wealthy people from nearby countries, and people helping millionaires to move there told AFP it is seeing more Westerners joining the fray
The Gulf state's golden visa scheme, meant to attract wealthy or skilled foreigners, allows individuals to obtain a 10-year residence permit
Google to provide Gemini AI tools to US government
Google will provide its Gemini artificial intelligence tools to US federal agencies practically free, the government announced Thursday.A suite of AI and cloud computing services called "Gemini for Government" from Google is intended to speed the adoption of the technology across the US government
AI tools being provided include generation of video, images, or ideas as well as digital "agents" capable of independently tending to complex tasks
Asian markets creep up as investors await key speech
Hong Kong, China - Asian markets edged mostly upward in muted morning trading on Thursday, one day before a key...US Federal Reserve Chairman Jerome Powell, who has resisted public demands by President Donald Trump to cut rates, is scheduled to deliver remarks Friday
Data last week provided a mixed picture of US inflation, making it uncertain if the Fed will lower rates as many investors expect in September
Gross national income of GCC countries hits $2.143 trillion
Muscat, Oman -- The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of...The value of disposable national income (available for consumption and savings after deducting taxes and other transfers) amounted to US$1.989 trillion.
The data indicate that the contribution of the non-oil sector to the GCC’s Gross Domestic Product (GDP) at current prices rose to 71.5 percent by the end of 2023.
Trump says semiconductor tariffs coming soon
"I'll be setting tariffs next week and the week after, on steel and, I would say, chips. Chips and semiconductors,...Trump said the levy rate would be "lower at the beginning" but "very high after a certain period of time," as a way to encourage businesses to relocate operations to the US.
On August 6, Trump announced a 100 percent tariff on semiconductors from firms that do not invest in the United States.
Oil prices rise ahead of US-Russia summit as stocks digest inflation data
New York, United States - Wall Street stocks finished little changed Thursday as markets absorbed a disappointing inflation report, while...The producer price index rose 0.9 percent on a month-on-month basis, much greater than analysts expected following benign consumer pricing data earlier this week
Among individual companies, Intel surged 7.4 percent following a Bloomberg News report that Trump is considering an investment in the beleaguered chip company
