Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...Economy
Saudi Arabia to highlight role in dealing with global challenges at WEF meet
RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...Economy Energy Geostrategy Global Climate Change
ECB to put an end to bond buying in July
The European Central Bank "should" end its stimulus program at the beginning of the third quarter, its vice-president said in...The Frankfurt-based institution has been under pressure from rising prices to withdraw its stimulus faster and follow other central banks towards interest rate hikes
In the eurozone, inflation ran at 7.5 percent in March, the highest figure on record for the currency club and well above the ECB's own two-percent target
UAE government holiday for Eid al-Fitr begins on 29th day of Ramadan
The holiday will last till the third day of the month of Shawwal, which is yet to be declared.The holidays will begin on Tuesday, the 29th day of Ramadan
That date corresponds to April 30 on the Gregorian calendar
Oil prices up as traders weigh demand and supply issues
Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in...The United States has said it will release a substantial portion of its oil reserves to cushion the shortfall
"Oil is still trading mixed after Tuesday's sharp pullback but is opening in Asia near the midpoint of yesterday's trading range," Stephen Innes of SPI Asset Management said
Third dust storm in two weeks sweeps through Iraq
Iraq was hit Wednesday by its third heavy dust storm in two weeks, temporarily grounding flights at Baghdad and Najaf...Two dust storms struck the country earlier in April, leaving dozens hospitalised with respiratory problems
Iraq is particularly vulnerable to climate change, having already witnessed record low rainfall and high temperatures in recent years
BNPL gains currency in the UAE
It also seems to be extremely helpful for customers who want to pay for a purchase in installments or make...BNPL payments in the UAE are expected to grow 89.4% on an annual basis to reach $1.82 billion in 2022
BNPL is not just for Gen Y and millennials; it is expected to see adoption by elderly individuals as well
Temporary aid can offset inflation hit to families: IMF official
Faced with surging inflation that is hitting poor families especially hard, which has sparked unrest in some countries, policymakers should..."We've seen already in some countries people protesting when they see the price of food or basic items increasing very rapidly," said IMF chief economist Pierre-Olivier Gourinchas.
Governments can alleviate impact of the price jumps with "targeted measures to try to support vulnerable populations", he said.
Arab economies expected to grow by 5% in 2022: AMF
The expected growth rate for 2022 reflects the rise in the growth of the Arab oil-exporting economies to 5.6 percent...The expected growth rate for 2022 reflects the rise in the growth of the Arab oil-exporting economies to 5.6% due to the anticipated increases in the output of the oil sector
The growth rate of the Arab oil-importing economies is expected to reach a moderate level of 3.7 percent, reflecting the challenges facing their internal and external balances
UAE launches Dirham-denominated Treasury Bonds worth $400 million
The UAE has launched conventional AED denominated Treasury Bonds (T-Bonds) with benchmark auction size of AED1.5 billion ($400 million). The...The bonds were launched by the Ministry of Finance (MoF) as the Issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent.
Subject to market conditions, the first auction date to be held in May 2022 is expected to be announced soon, followed by a series of periodical auctions.
Saudi Fashion Commission, Chalhoub Group to explore opportunities
The agreement is said to align with the objectives of the Fashion Commission to enhance collaboration and empower the sector...The MoU sets out a framework for the creation of leadership roles furthering nationalization in the fashion retail sector
It is also to secure commercial spaces for the display of work by Saudi designers, and provide training courses in the field
Italy looks to Africa for gas to end Russia dependence
Meanwhile, Italy is also looking into buying or renting two floating storage and regasification units (FSRU) to allow it to...Italy is one of Europe's biggest guzzlers of gas, which currently represents 42 percent of its energy consumption, and it imports 95 percent of the gas it uses
The government hopes to reduce those imports by accelerating the investment in renewables and has vowed to cut red tape on wind and solar farms
