Indonesia begins $5.9 bn EV battery project despite environment fears
Jakarta, Indonesia -- Indonesia broke ground Sunday on a $5.9 billion megaproject for EV battery production backed by Chinese giant CATL, despite NGOs raising concerns over a lack of environmental guarantees. Indonesia is the world's largest nickel producer and it is trying to capitalize on its vast reserves, with a...
G7 to exempt US multinationals from global minimum tax
The deal will see US companies benefit from a "side-by-side" solution under which they will only be taxed at home, on both domestic and foreign profits, the G7 said in a statement released by Canada, which holds the group's rotating presidency.Morocco’s Atlantic gambit: linking restive Sahel to ocean
Dubai, UAE -- A planned trade corridor linking the landlocked Sahel to the Atlantic is at the heart of an ambitious Moroccan project to tackle regional instability and consolidate its grip on disputed Western Sahara. The "Atlantic Initiative" promises ocean access to Mali, Burkina Faso and Niger through a new...World Bank announces Lebanon, Syria reconstruction projects
Beirut, Lebanon -- The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and a $146 million grant to rehabilitate neighboring Syria's electricity sector. Lebanon is reeling from last year's devastating war between Israel and Iran-backed Hezbollah, while Syria faces massive needs after Islamist-led...US Fed chair signals no rush for rate cuts despite Trump pressure
The Fed has a duty to prevent a one-time spike in prices from becoming an "ongoing inflation problem," said Federal Reserve Chair Jerome Powell before the House Committee on Financial Services.Oil prices spike after US strikes on Iran nuclear sites
Economists at MUFG warned of "high uncertainty of the outcomes and duration of this war", giving a "scenario analysis" of an oil price increase of $10 per barrel.Tesla to build first grid-scale power plant in China
New York, United States - Tesla announced Friday that it signed an agreement to build its first grid-scale energy storage power station project in mainland China. The project will help with the flexible adjustment of grid resources, and "effectively solve pressures relating to urban power supply," Tesla said in a...Trade war worsens foreign investment outlook: UNCTAD World Investment Report
Presenting the annual report at a press conference, UNCTAD chief Rebeca Grynspan said it contained a "clear and urgent" message that FDI remains weak -- with the outlook negative for this year.US Fed keeps interest rates unchanged in face of Trump criticism
Fed Chair Jerome Powell told reporters the central bank would make better decisions if it waited a few months to understand how tariffs impact inflation, spending and hiring, in a sign that the next rate adjustment could take some time to materialize.Asian stocks drop after Fed warning, oil dips with Mideast in focus
Hong Kong, China - Asian stocks fell Thursday after the Federal Reserve warned Donald Trump's trade war would likely reignite US inflation and dampen economic growth, while oil prices edged down as investors awaited developments in the Israel-Iran conflict. While geopolitical tensions are the key focus for markets, traders were...MENA Brief | June 18: Oil calms after Trump’s threat rattles markets; UAE-Iran calls, Riyadh Air signs big Rolls-Royce deal
Oil prices steadied Wednesday after Trump’s demand for Iran’s ‘unconditional surrender’ roiled markets and revived supply fears, as regional diplomacy and major Gulf business deals unfolded alongside.US Fed set to hold rates steady as it guards against inflation
Washington, United States - The US central bank is expected to hold interest rates steady Wednesday after its key policy meeting, as officials gauge the impact of tariffs on inflation -- and despite President Donald Trump's calls for rate cuts. The Federal Reserve has kept the benchmark lending rate unchanged...Cross-border payments and financial inclusion drive stablecoin popularity
London, United Kingdom -- Stablecoins -- a form of cryptocurrency backed by traditional assets -- are gaining traction, with the US Senate set to vote Tuesday on a bill to regulate such digital tokens. But as stablecoins move closer to the financial mainstream, experts warn that weak regulation could leave...Global oil demand to dip in 2030, first drop since Covid: IEA
IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to produce power. Annual demand growth will slow from around 700,000 barrels per day (bpd) in 2025 and 2026 "to just a trickle over the next several years, with a small...Oil prices drop, stocks climb as Iran-Israel war fears ease
Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices soaring as much as 13 percent at one point on fears about supplies from the region.MENA Brief – June 16: Netanyahu eyes Gaza breakthrough, Iran rejects talks, Trump at G7, UAE oil giant bids big
Israeli Prime Minister Benjamin Netanyahu says there’s a fresh opening to free hostages held in Gaza, backing a US-mediated proposal for a 60-day ceasefire as Israel continues its unprecedented military exchange with Iran.Boeing lowers 2044 global air fleet outlook amid supply chain woes
New York, United States -- The global commercial aviation fleet will stand just under 50,000 planes in 2044, with most built over the next 20 years, according to a Boeing forecast released Saturday. The global fleet will nearly double to 49,600, a bit below Boeing's prior annual outlook, the company...World Bank cuts growth forecast on trade tumult, warns of ‘deep’ harm
The bank lowered its projection for global GDP growth to 2.3 percent in its latest economic prospects report, down from 2.7 percent expected in January, the latest in a series of downgrades by international organizations.IMF upgrades Saudi real GDP growth forecast to 6% in 2025, up from
Riyadh, Saudi Arabia -- The International Monetary Fund (IMF) has revised upwards its forecast for Saudi Arabia's economic growth to 6 percent in 2025, an increase from the earlier prediction of 5.5 percent. This adjustment from earlier estimates reflects the impact of extended oil production cuts and a slower-than-expected rebound...World Economic Forum unveils framework highlighting transformative technology convergences across key industries
Agentic AI, spatial intelligence and robotic advancements in manipulation and adaptive control are enabling autonomous systems to make intelligent decisions in complex environments, driving progress in automotive and smart manufacturing.Saudi top diplomat says ‘at vanguard’ of efforts to rebuild Syria after 14 years of civil war
On a visit to Riyadh earlier this month, US President Donald Trump said he would lift US sanctions on Syria, a move that should help pave the way for economic recovery in the war-torn country.Global economic outlook worsens, AI emerges as both catalyst and risk
Geneva, Switzerland – The global economic outlook has worsened since the start of the year, as rising economic nationalism and tariff volatility fuel uncertainty and risk stalling long-term decision-making, according to a World Economic Forum report released today. The latest Chief Economists Outlook reveals that a strong majority (79 percent)...United Kingdom renationalizes first train operator under Labor reforms
London, United Kingdom -- Britain's South Western Railways on Sunday becomes the first private train operator to be returned to public ownership under the Labor government's plans to renationalize the country's much-maligned railways. Renationalizing all of the UK's rail operators is among the key policies launched by Prime Minister Keir...Trump threatens Apple with a 25% tariff if iPhones aren’t made in US
Washington, United States -- US President Donald Trump on Friday threatened Apple with a 25 percent tariff if the iPhones the company sells in the United States are not manufactured locally. In a post on Truth Social Trump said he had "long ago informed Tim Cook of Apple that I...UAE-Morocco consortium sign $14 billion worth of energy, water infrastructure projects
Morocco on Monday signed deals with an Emirati-Moroccan consortium for energy and water infrastructure projects, which according to one of the companies involved were worth more than $14 billion.China factory output beats forecasts, weathering tariffs
Beijing, China - Factory output in China grew at a faster rate than expected last month, official data showed Monday, weathering a brutal trade war with Washington. Industrial production in the export powerhouse grew 6.1 percent on-year in April, according to figures published by the National Bureau of Statistics (NBS)....General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December 2024 compared to the figures recorded during same month of the previous year, according to the Consumer Price data released by the Statistical Centre for the Cooperation Council for the...Moody’s downgrades US credit rating on rise in govt debt
Moody's on Friday downgraded the United States's credit rating from the top triple-A level, citing rising levels of government debt and dealing a blow to Donald Trump's narrative of economic strength and prosperity.US stocks move sideways but poised for weekly gains
The S&P 500 has risen the last four sessions, extending the positive momentum after last weekend's trade talks resulted in both the United States and China lowering tariffs on each other for 90 days.Travel Agencies of Tomorrow: Blending AI Efficiency with the Warmth of Human Touch
For travel and tourism companies based out of the Middle East, utilizing technology to optimize the content creation process, and enabling content editing for Arabic language is crucial. This empowers them to target their core segment and showcase their fluent communication to specific micro markets, leading to better dividends.Trump welcomed grandly as Saudis invest big in US arms
Under imposing chandeliers, Trump welcomed a promise by Crown Prince Mohammed bin Salman, who effectively rules the kingdom due to King Salman's frail health, for $600 billion in investment and quipped that it should be $1 trillion.US, China to publish details of ‘substantial’ trade talks in Geneva
The US and China will Monday give details of "substantial progress" touted by Washington on trade talks aimed at ending a devastating tariff war launched by US President Donald Trump that has wiped billions off equities and brought chaos to international commerce.Damascus, Ankara agree natural gas deal for Syria
Damascus, Syria - Syrian Energy Minister Mohammad al-Bashir said Friday Damascus and Ankara had reached a deal for Turkey to supply natural gas to the war-torn country via a pipeline in the north. "I agreed with my Turkish counterpart Alparslan Bayraktar on supplying Syria with six million cubic metres of...US Fed expected to pause cuts again and wait for clarity on tariffs
Washington, United States -- The US Federal Reserve is widely expected to extend a recent pause in rate cuts this week as it waits to see how President Donald Trump's stop-start tariff rollout affects the health of the world's largest economy. Trump has imposed steep levies on China, and lower...Global rice output in 2024/25 likely to expand by 1.5%: FAO
Rome, Italy -- The Food and Agriculture Organization of the United Nations (FAO) released a new Cereal Supply and Demand Brief on Friday, with revised estimates for 2024 and fresh insights on cropping conditions and prospects for 2025. FAO’s latest forecast for 2025 wheat production is pegged at 795 million...Warren Buffett says will retire from Berkshire Hathaway by year’s end
Buffett transformed Berkshire Hathaway from a medium-sized textile company when he bought it in the 1960s into a giant conglomerate,OPEC+ countries to open the oil taps despite price slump
Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000 barrels a day out of the ground, as in May, according to a OPEC+ statement, whereas the initial plan called for an increase of just 137,000 barrels.Trump’s next 100 days: Now comes the hard part
In a dizzying first three months, Trump wielded executive power like no other modern president, signing more than 140 orders on immigration, culture war issues and slashing the federal bureaucracy.Massive GCC infrastructure investments set stage for rising foreign equity: Franklin Templeton
The Franklin Templeton Emerging Markets Equity outlook emphasizes how GCC countries have reduced their dependence on oil and gas, opened their capital markets, and diversified their economies — all underpinned by strong fiscal positions that bolster investor confidence.Slower growth expected in MENA region in 2025: IMF
"Growth is still projected to increase in 2025 and 2026, but at a considerably slower pace than anticipated last October," the IMF said in its regional report.US reaching out to China for tariff talks: Beijing state media
United States officials have reached out to their Chinese counterparts for talks on vast tariffs that have hammered markets and global supply chains, a Beijing-backed outlet said on Thursday citing sources.Global stocks mostly rise as Trump grants auto tariff relief
Stocks moved sideways on Monday after notching four straight positive sessions last week as Trump adopted a more conciliatory posture on the trade war with China and said he doesn't plan to fire Federal Reserve Chair Jerome Powell.China says on ‘right side of history’ in trade standoff with US
Since returning to the presidency in January, US President Donald Trump has imposed 10 percent tariffs on most US trading partners and a separate 145 percent levy on many products from China.Tariff war: Xi says China must ‘overcome’ AI chip challenges
Beijing, China - President Xi Jinping said China must "overcome" the challenges of developing core AI technologies including high-end chips, state media reported Saturday, as Beijing seeks to become a world leader in the rapidly developing industry. China aims to dominate the artificial intelligence sector, a goal complicated by the...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 Monetary Fund, as Lebanese officials hold meetings with global finance institutions in Washington. A statement from speaker Nabih Berri's office said parliament passed amendments to "the law related to banking...The game of ‘chicken’ being played with the world economy can be brought to a cooperative end
A meaningful “G3” accord between the US, Europe, and China must include coordinated fiscal, monetary, development, and trade policies. From reducing the US fiscal deficit to boosting China’s domestic consumption and reforming global trade norms, such a grand bargain could modernize outdated systems and spark a long-overdue recalibration of global...Trump eyes ‘fair deal’ with China, but path to ending tariff war remains unclear
Trade tensions between the world's two biggest economies have soared as Trump ramped up levies on imports from China this year, imposing an additional 145 percent tariff on many products over practices Washington has deemed unfair, and other issues.IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the effect of US President Donald Trump's new tariff policies on the world economy. The IMF's projections, which incorporate some but not all tariff measures introduced this year, see the global...Trump tariffs have increased financial stability risks: IMF report
The IMF's Global Financial Stability Report (GFSR) was published as world financial leaders gather for meetings in Washington under the cloud of policy uncertainty triggered by Trump's tariff announcements. The administration's tariff plans "triggered a bout of policy uncertainty," which was only exacerbated by the retaliatory measures unveiled by China,...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 against those who "appease" Washington in the blistering tariff war.UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021 and 2024, contributing 2.5 percent to global merchandise exports and 2.2 percent to imports. Exports reached $603 billion and imports totaled $539 billion in 2024.