WTO convenes ministers in UAE with slim hopes for breakthrough
The World Trade Organization's 13th ministerial conference (MC13), scheduled to run until Thursday in Abu Dhabi, the capital of the...Economy
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...Business Economy
World equities extend gains on Fed rate optimism
Global stocks rose as Federal Reserve boss Jerome Powell flagged a moderation in interest rate hikes, while China signaled a...Equities were also helped by signs that China is edging towards a more pragmatic approach to fighting the coronavirus.
The dollar sank, having soared across the board this year as Fed monetary policy diverged more and more from other central banks.
‘Carbon credits need more supply, integrity to meet global demand’
RIYADH, SAUDI ARABIA - Carbon credits could make a significant contribution to achieving net zero by 2050, but only if...Trade in voluntary carbon credits could grow 100-fold by 2050 if teething problems are addressed.
A carbon credit allows a country or organization to produce a certain amount of carbon emissions and it can be traded if the full allowance is not used.
Natural disaster losses hit US$115 bn this year, says Swiss Re
GENEVA, SWITZERLAND - Natural catastrophes have caused an estimated US$115 billion of insured losses in 2022 to date, driven by...Swiss Re added that so-called secondary natural disasters such as floods and hailstorms caused more than $50 billion of insured losses.
Total insured losses topping $100 billion for a second consecutive year, said Swiss Re.
Financing for nature must more than double by 2025, says UN report
The world must increase financing for nature-based solutions to meet key climate, biodiversity and land degradation goals, a United Nations...The UNEP report said that investments for nature-based solutions must increase to US$384 billion per year by 2025.
By 2030 finance flows of $484 billion a year will be required for nature-based solutions.
Singapore has highest number of crypto job openings
Luxembourg has the second highest rate at 55.59 crypto jobs per million people.Luxembourg has the second highest rate at 55.59 crypto jobs per million people
North America offers the best average salary for crypto jobs, amounting to annual earnings of $120,000
World Bank says remittances to lower income countries ease in 2022
The World Bank estimates that cash transfers to low income countries eased this year as high prices ate up migrants'...The World Bank says while the reopening of economies as the pandemic receded helped with employment, rising costs "adversely affected migrants’ real incomes"
Rising oil prices and continued demand for migrant workers boosted remittances to Central Asian countries
Gulf countries seek to procure India’s BrahMos missile
Reports said that the UAE’s discussions with the Indian government to procure BrahMos are already in advanced stages.Reports said that the UAE’s discussions with the Indian government to procure BrahMos are already in advanced stages
The discussions with Saudi Arabia which got delayed due to Covid19 pandemic, too are reported to be in advanced stages
Fed report says US economic activity slows amid uncertainty
Washington, United States—US economic activity eased in recent weeks, while uncertainty and "increased pessimism" clouded the country's outlook amid high prices...The Fed's latest survey of economic conditions comes as the US central bank pushes on with its all-out effort to cool surging inflation
Higher interest rates took a toll on home sales, which fell "steeply" in some districts
Nasdaq surges 3% as Fed Chair says could soon ease rate hikes
Stocks have risen over the last month, in part on expectations that the Fed would soon pivot on monetary policy....Near 1945 GMT, Nasdaq Composite Index was up 2.9 percent at 11,305.08 as Powell indicated that Fed could soon shift from its ultra-aggressive response to inflation
Earlier, government data showed the United States economy grew at 2.9 percent in the third quarter, annualized, better than the 2.6 percent figure in the prior estimate
US economy rose 2.9% in Q3, more than early report
The US economy grew more than initially reported in the third quarter this year, with government data released Wednesday reflecting...It has been the first GDP expansion this year, after two quarters of negative growth that deepened fears of a recession in the world's biggest economy
The pick-up came days before midterm elections in the United States, in welcome news for President Joe Biden, but analysts have cautioned of a less rosy path ahead
