UAE achieves a milestone in economic diversification
“This is a genuine milestone for our nation. The expansion of foreign trade is a pillar of the UAE’s economic...Economy
WTO chief insists global trade body still counts
WTO members' trade ministers have their biennial meeting in Abu Dhabi from February 26-29, at which they could put the...Economy Geostrategy
Lebanese pound plunges to all time low against dollar
The Lebanese pound has been officially pegged at 1,507 to the dollar since 1997, a rate that has not reflected...The pound's market value fell to over 40,000 to the greenback, after it had stabilized at around 38,000 for weeks.
The pound sank further as the country, led by a caretaker government, heads into presidential elections next month.
Social benefits and wages should rise with inflation: UN expert
"As with the Covid-19 pandemic, it is once again the most vulnerable that are paying the price of world events...."It is not hyperbole to say that unless governments increase benefits and wages in line with inflation, lives will be lost," said De Schutter.
The expert also urged countries to involve people living in poverty in designing policies aimed at tackling the soaring cost of living.
New Kuwaiti government sworn in after political crisis
Kuwait's crown prince swore in a new government, less than a month after the emirate held parliamentary elections in which...The new government team, led by Prime Minister Sheikh Ahmed Nawaf al-Ahmed Al-Sabah comes after lawmakers objected to an initial line-up in early October.
The new government will be tasked with dealing with "priority issues" such as development, investments and the fight against corruption.
BP to buy Archaea for US$4.1bn
BP bought US firm to reach net zero emissions by 2050.BP, the London-listed energy major, is flush with cash after recent surges in oil prices.
There have been calls for the cash-strapped UK government to massively enlarge a windfall tax on British energy giants.
Will immediately respond to new EU sanctions, says Iran
Iran vowed an "immediate" response to the European Union as it prepares new sanctions on the Islamic republic after over...Iran will "decide and act immediately in accordance with the decisions and actions" taken by EU member countries.
Iran has been rocked by demonstrations since the death of 22-year-old Amini and a crackdown on protesters.
Saudi to target 11 decisions for Emiratisation program by 2022 end
Riyadh, Saudi Arabia---Saudi Arabia will target 11 new decisions for Emiratisation program in project management, procurement, food and drug sectors...New Emiratisation decisions will be targeted in project management, procurement, food and drug sectors.
Emiratisation has cut unemployment rate of Saudis to 9.7 percent and increased the rate of economic participation of women by 35.6 percent.
Sterling rises with UK finance minister set to unveil spending plans
Jeremy Hunt was put in place on Friday after Prime Minister Liz Truss sacked Kwasi Kwarteng as she battles to...The pound held above $1.12, having sunk Friday owing to the uncertainty in Westminster, while a news conference by Truss did very little to reassure nervous investors
Bonds also rallied on the first day without the Bank of England support put in place in response to turmoil caused by Kwarteng's mini-budget
Credit Suisse to pay US$495m to settle legacy case
It has agreed to pay $495 million as part of a deal reached with US prosecutors in a long-running dispute...In the claim filed in 2013, Credit Suisse was criticized for not having provided sufficient information on the risks relating to $10 billion of mortgage-backed securities
Last year, Credit Suisse paid $600 million to financial guarantee insurer MIBA to settle other long-running litigation connected to the US subprime mortgage crisis
Biden faces tough options with Saudis after OPEC+ oil price hike
US National Security Advisor Jake Sullivan told CNN on Sunday that Biden would "act methodically, strategically" in re-evaluating US-Saudi relations,...Saudi Arabia has insisted the OPEC+ decision was purely economic and said US weapons sales serve both countries' interests
The Biden administration has voiced openness to retaliatory measures in Congress by enraged fellow Democrats
World Cup boom pushes some Qatar residents out of homes
With the World Cup a few weeks away, and a million fans expected to descend on Doha, Qatari landlords are...FIFA recently released thousands of hotel rooms it had reserved, which experts have said could push prices of hotel rooms down in the coming weeks
Some Doha residents are putting their flats and houses up for rent and fleeing Qatar for the month
