WEF24: Creative leap diversifies Nigerian economy
Nigeria is diversifying its economy, moving beyond oil to embrace the blue and digital economies, Minister of Art, Culture, and...Economy
Embracing renewables secures UAE’s green future
"COP28 saw all parties reach an agreement on the historic ‘UAE Consensus.’ This consensus includes achieving a well-organized, responsible, fair,...Economy Climate Change
UAE, Japan discuss forming a business council
The council aims to boost cooperation and visits between the business communities in both countries.The council aims to boost cooperation and visits between the business communities in both countries
Secretary-General of the FCCI bin Salem invited Japanese businesses to invest in the UAE and leverage government incentives
TotalEnergies of France pulls out of Russian oil project
Russian oil firm Zarubezhneft will take over its remaining 20 percent stake in the Kharyaga project in the Arctic pending...It has promised to stop purchasing Russian oil and gas by the end of the year, and make no further investments there
TotalEnergies had already ceded a 20 percent stake in the project and the role of operator to Zarubezhneft
Aramco expected to post $44bn profit in Q2: report
Al-Rajhi Capital which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1...Al-Rajhi Capital which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1 2022, amid rising oil prices
The profit of the chemical giant Saudi Basic Industries Corp’s (SABIC) is forecast to slightly slip by 1 percent to SR7.6 billion
Kurdish Iraq decries ‘unjust pressure’ from Baghdad in oil row
Iraq's autonomous Kurdistan region Wednesday deplored "unjust pressure" from the federal government's oil ministry, days after the judiciary nullified oil...The move comes as the Kurdish region and the federal government remain locked in a tug-of-war over the management of hydrocarbons
Iraq's supreme court in February ordered Kurdistan to deliver the oil produced in its territories to the federal government
Fuel prices drive demand for hybrid vehicles in UAE
While some buyers are opting for smaller compact SUVs and electric vehicles, others are putting their purchase decisions on hold...UAE fuel prices jumped around 75 percent since January 2022. Super 98 petrol price increased to Dh4.63 ($1.26) per liter in July 2022 compared to Dh2.65 per liter in Jan 2022.
Rising petrol prices in the UAE are pushing small businesses and private individuals to switch from vehicle ownership to rentals.
New multilateralism likely to define global trade in 2022: DMCC report
Global trade hit a record high of $28.5 trillion in 2021, with more growth expected in 2022. The future also...Geopolitics will shape the trade landscape in the 2020s, building on new developments in regionalism, bilateral trade, and global investment flows.
Pent-up demand from the COVID-19 shock is already driving trade in goods; a rebound in trade in services is set to follow.
European stocks bounce back after sharp losses on global recession fears
European stock markets rebounded on Wednesday, recovering some ground following sharp losses the previous session on fears of a global...London's benchmark FTSE 100 index was up 1.8 percent around midday and the pound was mixed against main rivals.
Crude futures had slumped nearly 10 percent Tuesday, while Europe's main stock markets lost about three percent.
Sri Lanka appeals Russia for fuel and resumption of tourist flights
Sri Lanka is facing its worst economic downturn since it gained independence from Britain in 1948.The Island nation has suffered months of blackouts, rampant inflation and critical shortages of food and petrol.
Russia and Ukraine were among the top sources of tourists for Sri Lanka before February's conflict began.
Britain’s new finance minister Nadhim Zahawi inherits a cost-of-living crisis
Britain's new finance minister, Iraqi-born Nadhim Zahawi, has inherited a cost-of-living crisis that risks pushing the UK economy into recession....Iraqi-born Zahawi was parachuted into the Treasury late Tuesday after predecessor Rishi Sunak's shock resignation over the culture of scandal plaguing Prime Minister Boris Johnson.
Zahawi takes charge with UK inflation at a 40-year peak of 9.1 percent, a level set to hit double figures this year on soaring energy and food prices.
GCC central banks should hike rates to combat inflation: L’AZURDE CEO
Inflation is an opportunity for a company to review strategically the portfolio of plans it offers, says L'azurde CEO.Inflation is an opportunity for a company to review strategically the portfolio of plans it offers, CEO L'azurde said
Companies, he said, should review costs from A to Z, from employees to manufacturing, automation and investment in technology
