Counterfeit products cost Europe $13 billion, 200,000 jobs a year
Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in...Business Economy
Saudi inflation rate declines slightly to 1.5 percent in Dec: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation declined to 1.5 percent in December 2023, compared with 1.7 percent in November, according to recent...Economy
Sustainable construction key to greener MENA
Industry specialists in the region believe that the sector is becoming more sustainable despite many conflicting goals and complex challenges....With COP27 being held in Egypt in November 2022 and COP28 in the UAE in 2023, the MENA region is firmly putting climate change in the spotlight
A key focus in the run-up to the two conferences is on accelerating policy, technology, and deployment of finance to set regional economies on a path to decarbonization
US Fed makes biggest rate increase since 2000 to fight inflation
With inflation at the highest rate in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the...After a quarter-point hike in March, the US central bank's policy-setting FOMC pushed the benchmark interest rate above 0.75%
The hike will raise the costs of all types of borrowing, from mortgages to credit cards to car loans, cooling demand and business activity
Inequality widens in Britain as financial sector salaries increase
Salaries in Britain's financial sector have surged in recent months, widening inequality amid the nation's cost-of-living crisis, a study showed...Average monthly pay in the industry jumped 31 percent in February from December 2019, propelled by high-earners.
The news comes as many Britons face a cost-of-living crisis, slammed by decades-high inflation and rising taxation.
India central bank raises interest rate ahead of Fed announcement
India's central bank announced a surprise interest rate hike of 0.4 percentage points on Wednesday, as Asia's third-biggest economy reels...Reserve Bank of India governor Shaktikanta Das said it would "increase the policy repo rate by 40 basis points to 4.40 percent with immediate effect."
The announcement came hours before the US Federal Reserve was expected to undertake its largest rate hike in two decades in response to the country's accelerating inflation.
Years after IS defeat, northern Iraq struggles to rebuild
In Iraq, "maku" means "nothing", and father-of-five Issa al-Zamzoum says "maku" a lot: no electricity, no home, no rebuilding and...According to Human Rights Watch, after the siege "pro-government militias and volunteer fighters as well as Iraqi security forces raided Sunni villages and neighbourhoods"
HRW used satellite imagery to map "heavy smoke plumes of building fires, likely from arson attacks" in the village
Expat remittances from Saudi rise 5 percent to $3.91 bn in March
Personal remittances of expatriates in Saudi Arabia jumped 5 percent year-on-year (YoY) to SR14.7 billion ($3.91 billion) in March. Saudi...Saudi Arabia was the third largest source of remittances globally in 2020, just behind the UAE and the US, according to the World Bank.
The US was the biggest source country, sending $68 billion abroad last year, while foreign workers in the UAE sent home $43 billion.
Infantino says Qatar migrant workers take pride from hard work
FIFA President Gianni Infantino said migrant workers take pride from hard work when he was asked about the conditions of..."Let's not forget one thing, when we speak about this topic, which is work, even hard work, tough work," Infantino said
"When it comes to the building of World Cup stadiums -- we are investigating all these matters with external entities -- it is actually three persons who died," he added
Increase in Japan’s imports of UAE crude oil in March
This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs.This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs
Japan's total oil imports in March amounted to 89.15 million barrels, compared to 78.51 million barrels in February
Saudi real estate rides high on positive sentiment
Saudi Arabia's real estate sector continues to show promising signs, with increasing tourist numbers, consumers returning to retail stores, and...Q1 2022 saw an increase in the number of units built in Saudi Arabia's residential sector
In Q1 2022, Saudi Arabia's house price index rose by 0.4 percent compared to Q1 2021
Eurozone unemployment hits new historic low in March
The unemployment rate in the eurozone reached its lowest level ever recorded in March, the EU's official statistics agency said...Eurostat said 6.8 percent of the workforce were without a job, down 0.1 percentage point from February.
Since December 2021, unemployment in the 19-member eurozone has been at the lowest levels since Eurostat began compiling the data in April 1998.
