China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...Business Economy Energy
Majority of WTO members sign investment deal for development
The deal aims to facilitate "the flow of foreign direct investment... particularly to developing and least-developed" countries with the aim...Economy
US oil futures drop 3%, finishing at new low for 2022
Analysts note that conditions in the oil market have loosened compared with earlier in the year, adding to oversupply worries...WTI futures for delivery in January ended the day at $72.01 a barrel after US Energy Information Administration data showed a jump in gasoline stockpiles
WTI also closed at a 2022 low on Monday, while international benchmark Brent slipped to a level not seen since January
First shipment of UAEGD-compliant gold exported to Indian International Stock Exchange
The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices.The deal consists of exporting about 100 kilograms of gold worth $4 million from the Emirates Gold Refinery to the IIBX
The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices
Tunisian bakers strike again over unpaid subsidies
Subsidies on basic goods are a highly sensitive political issue in Tunisia, where a public finance crisis has caused repeated...The national bakery owners' union said more than 3,100 bakeries have joined the open-ended strike
The bakery owners are demanding payment of 14 months of overdue subsidies, which the union estimates at $80 million
Saudi Arabia posts budget surplus, first in nearly a decade
Thanks to high oil prices, Saudi Arabia has recorded its first annual budget surplus in almost a decade, beating its...The kingdom's budget approved for 2023 foresees a surplus of 16 billion Saudi riyals ($4 billion) and GDP growth of 3.1 percent
This year's surplus is the first since the 2014 collapse of oil prices from more than $100 a barrel,
UAE’s non-oil foreign trade at the end of third quarter $445 billion
Abu Dhabi, UAE----UAE's non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the...The value of exports at the end of the third quarter amounted to AED275 billion, a growth of nine percent, and re-exports recorded a growth of 22 percent.
Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said country's policies, legislations and economic relations and agreements have "begun to bear fruit".
CBUAE imposes financial sanction on UAE exchange house
The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE.The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws
PwC report confirms assertions of TOP CEO Conference experts: Skills help women get more jobs across MENA
Young women in the MENA region are more likely to be in the workforce, while the GCC countries have seen...Young women in the MENA region are more likely to be in the workforce, while the GCC countries have seen advances in labor force participation, says the latest PwC report
The TOP CEO Conference held in Dubai in May 2022 had suggested that women in the MENA region have made significant gains and have become a vital part of the region’s workforce
India raises interest rate but at slower pace
Mumbai, India—India's central bank on Wednesday raised its main interest rate for the fifth time this year, but by a smaller...Reserve Bank of India's move comes after US Federal Reserve chairman Jerome Powell signalled last week that officials would begin to take their foot off the pedal
The Indian central bank retained its inflation forecast of 6.7 percent for the fiscal year to March but trimmed its economic growth projection to 6.8 percent from 7.0 percent
World economy faces more pain in 2023 after a gloomy year
Economists expect Germany and another major eurozone economy, Italy, to fall into recession. Britain's economy is already shrinking. Rating agency...IMF still expects the world economy to expand in 2023, with growth of 2.7 percent but the OECD is forecasting 2.2-percent growth
Natural and man-made catastrophes have caused $268 billion in economic losses so far in 2022, according to reinsurance giant Swiss Re
Debt-service payments from IDA’s countries to top $62bn in 2022: World Bank
The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies.The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies
Rising interest rates and slowing global growth risk is tipping a large number of countries into debt crises
