‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...Economy Uncategorized
China pledges to ‘work with all’ for results at Abu Dhabi WTO conference
Abu Dhabi, UAE--China is willing to work with all parties to achieve more pragmatic results at the 13th Ministerial Conference...Economy
US condemns WTO verdict on its steel tariffs
Geneva, Switzerland— Washington condemned the World Trade Organization's verdict Friday on the punitive US tariffs imposed on national security grounds on...Former US president Donald Trump's administration introduced the tariffs on steel and aluminium imports from China, Norway, Switzerland and Turkey
The WTO's Dispute Settlement Body found the measures imposed by the United States were inconsistent with various articles of the General Agreement on Tariffs and Trade (GATT)
US climate envoy commends decision to hold COP28 in UAE
Washington, US— The US has commended the decision to hold next year’s 28th UN climate change conference in the UAE....John Kerry said that fossil fuel economies should be encouraged to lead the transition to clean energy
The climate envoy said that this year’s COP27 conference nudged the world closer to the goal of the 2015 Paris Agreement to limit the rise in global temperatures
US lawmakers say oil giants ‘greenwashed’ image while hampering climate action
Washington, United States— Oil giants have "greenwashed" their public image while locking in fossil fuel production for years to come, potentially...An internal email from the American Petroleum Institute was said to show its 2021 climate action framework was organized around the aim of "continued promotion" of natural gas
The House of Representatives committee launched its investigation in September 2021
SASO, Chinese SAC renew technical cooperation program
The program aims to strengthen the strategic partnership between the two countries and contribute to ensuring the quality and safety...The program aims to strengthen the strategic partnership between the two countries and contribute to ensuring the quality and safety of goods
It also aims to establish frameworks for joint cooperation in several areas, most notably the exchange of information and research studies
Lebanon detains actor as witness in central bank chief case
A noted Lebanese actor Stephanie Saliba was briefly detained by authorities in Lebanon in connection with a money laundering case....Central bank chief Riad Salameh, 72, is among top officials widely blamed for Lebanon's unprecedented economic crisis
The country opened a probe into Salameh's wealth last year, after the office of Switzerland's top prosecutor requested assistance in an investigation into more than $300 million
EU seeks more sanctions on Iran for Russian drone supply
The EU is set to impose more sanctions on Iran for drone supplies to Russia and a crackdown on protests...The EU is looking under a separate sanctions package to stop the supply of drone engines from the bloc to Russia and Iran.
Another 20 individuals and one organization will be added to the asset freeze and visa ban blacklist over the repression of demonstrations in Iran.
Tourists, cruises, flights to Aqaba on the rise in December
AQABA, JORDAN - The southern city of Aqaba is welcoming an increasing number of local visitors and foreign tourists of...The ports of Aqaba are expected to receive eight giant cruise ships carrying about 2,700 tourists each.
King Hussein International Airport in Aqaba has received 18 flights from abroad in since the beginning of December.
UAE tax decree: Profits above $102,099 to be taxed at 9 percent
Abu Dhabi, UAE---The UAE has issued a decree on the Taxation of Corporations and Businesses, the Corporate Tax Law, under...Profits up to and including the $102,099 threshold will not be taxed "to support small businesses and start-ups".
Free zone entities will be eligible to benefit from the zero percent Corporate Tax rate on qualifying income.
IFC, UNHCR to jointly boost private sector engagement for refugees, host communities
GENEVA, SWITZERLAND - The International Finance Corporation (IFC) and UNHCR, the UN Refugee Agency, Friday announced a joint initiative to...The initiative aims to mobilize private sector projects over the next five years to demonstrate the viability of investments in forced displacement contexts.
Forced displacement is a growing crisis that is too large and complex for governments and humanitarian agencies to solve alone.
Equities boosted by China news before rate calls
Global stocks rose on China's slowing inflation and economic reopening, alongside hopes of less aggressive interest rate hikes next week....Traders were setting their sights also on the release of two key US inflation reports ahead of the Federal Reserve's final policy meeting of the year.
Investors were meanwhile hopeful that central banks in the United States, eurozone and UK will next week ease the pace of interest rate hikes.
