Lebanon parliament approves changes to banking secrecy law
Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International...Economy Geostrategy
Beijing slams ‘appeasement’ of US in trade deals that hurt China
China on Monday hit out at other countries making trade deals with the United States at Beijing's expense, promising countermeasures...Economy
Eurozone business activity continues downward trend in December
BRUSSELS, BELGIUM - Business activity in the eurozone slumped at a faster rate in December, weighed down by a deeper downturn...The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global fell to 47 in December from 47.6 in November.
A figure below 50 indicates contraction and the risk of recession in the 20-nation single currency area remains, analysts warned.
‘Double efforts to tackle labor market challenges’
"The digital economy represents a clear path to employment opportunities. Additionally, exploring other avenues, such as the green economy, is...Employment rates for young men and women in the Arab region are around 26 percent, says International Labor Organization Director-General Gilbert F. Houngbo.
He also highlights the significant challenges currently intensified by climate change, rapid technological advancements, demographic shifts, and geopolitical tensions.
Palestine sees 3.7% economic shrink amid conflict
The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling...The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling from 36% to 17% since 2005.
Despite the conflict in Gaza causing job losses, infrastructure damage, and rising poverty, the Palestinian banking sector has shown resilience amidst the ongoing crisis, it adds.
UAE GDP set to double in 2024 from oil and non-oil boost: report
Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023,...The UAE has been actively pursuing non-oil sector expansion as part of its economic development plans
The recent successful sovereign bond sale, which raised US$1.5 billion, has bolstered these efforts
ADCB, EIH sign agreement
ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).
This achievement adds to the recent major records, including a score of 77.66 during Q3.
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...The cost-of-living index for November rose to 110.06 points, according to the base year 2018, from 108.25 points in the same month a year earlier.
The higher consumer price index (CPI) in November was mainly impacted by a 7.8 percent rise in housing, water, electricity, gas, and other fuel prices.
EU reaches deal to reform electricity market
The agreement will see states given the "possibility to exclusively support" the acquisition of new renewable generation, in line with...EU's plans are aimed at making the market less vulnerable to volatility
The deal includes a regulation that will improve the EU's protection against market manipulation
‘Nuclear solutions remain key to sustainable future’
“In the context of energy transition, flexibility is gaining more traction in the energy markets. This is exactly what small...Kirill Komarov of Rosatom underscores the importance of nuclear power in combating climate change.
SMRs have become crucial for decarbonizing remote areas reliant on carbon-intensive diesel generators.
GCC countries follow US Federal Reserve’s lead in holding interest rates
Abu Dhabi, UAE – The Central Banks of the United Arab Emirates and Qatar have chosen to maintain their current...The Central Bank of the UAE (CBUAE) announced that it would keep the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40 percent
Following suit, Qatar Central Bank (QCB) also maintained its current interest rates, including the rates for deposit, lending, and repurchase agreements
