Istanbul, Turkey - Turkey's annual inflation rate stayed stable in January at nearly 65 percent, but month-on-month consumer price increases jumped sharply following a huge minimum wage hike, official data showed Monday.The year-on-year inflation rate moved to 64.86 percent -- up a notch from 64.77 percent in December, the TUIK statistics...

"The markets continue to forge ahead despite a blowout jobs report from the US last Friday which seems to have finally put the nail in the coffin of the idea rates will be cut next month," said AJ Bell investment director Russ Mould.

DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as dealmakers grappling with high interest rates, regulatory scrutiny and mixed macroeconomic signals had to be more selective about which deals to pursue in 2023.But the biggest obstacle was the gap...

The value of certificates of origin issued stood at US$65m.

Riyadh, Saudi Arabia--Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), held a virtual meeting with ministers from the region to discuss a strategy for food security in the Middle East.Ministers responsible for agriculture and food security from the GCC countries attended the meeting.The meeting discussed the future...

DOHA, QATAR - The total number of inbound visitors to the country reached about 519 thousand in December 2023, recording a monthly increase of 31.9 percent (compared to November 2023), and an annual decrease by 15.4 percent (compared to December 2022).The new issue of Qatar Monthly Statistics bulletin, released by...

Africa is moving away from stereotypes of poverty and incapacity to a narrative of ability and competitiveness, Sithembile Ntombela maNdaba, the CEO of Brand South Africa, tells TRENDS.

Riyadh, Saudi Arabia - Saudi Arabia has revised the regulations of its Privatization Law, setting the minimum limit for a public-private partnership project at $54 million (SR 200 million). The amended executive regulations, published in the official gazette Umm Al-Qura, outline that the minimum value for the transfer of asset...

The company profit vaulted to US$36bn during the year 2023.

Riyadh, Saudi Arabia - The Saudi Central Bank Governor (SAMA) Ayman Al-Sayari discussed the recent developments in central banking and the outlook for the global economy in a meeting with President of the European Central Bank (ECB) Christine Lagarde at SAMA’s headquarters in Riyadh on Thursday. Several events were organized...

Erkan resigned just a week after completing a historic series of interest rate hikes that have pushed the baseline rate from 8.5 percent to 45 percent. The bank said last week that it intends to keep rates high for the immediate future to make sure inflation is brought under control.

BEIJING, CHINA - China's economic slowdown is likely to persist in the coming years as the Asian giant struggles with sagging productivity and a rapidly aging population, the International Monetary Fund (IMF) said on Friday.The world's second-largest economy last year saw some of its slowest growth in decades, as a debt...

DOHA, QATAR - The Qatar Central Bank issued treasury bills and sukuk with maturities of one week, one month, three months, six months and nine months totaling US$686 million (QR 2.5 billion).In a statement posted on the social media platform "X" on Thursday, QCB said that the issuance was distributed...

Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and liquid status.S&P Global‘s ‘GCC Banking Sector Outlook 2024’ reveals a challenging yet optimistic perspective. The ratings agency anticipates overall stability in key metrics for GCC banks in 2024. Credit growth...

But its sales in China dropped during October to December.

DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire population is expected to rise by 85 percent over the next 10 years, a report said.  There are currently 1.6 million individuals with investable assets of over US$1 million in...

ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next month to address the potential challenges of de-globalization and its impacts on global supply chains, Minister of State for Trade of Spain Xiana Mendez said.“The main challenges we may have...

Riyadh, Saudi Arabia -- Foreign Direct Investment inflows into Saudi Arabia hit SAR 17 billion in the third quarter of 2023, a decrease of 14.4 percent compared to the second quarter, the Kingdom's General Authority for Statistics (GASTAT) said.The total FDI outflows reached SAR 5 billion, a decrease of 22.5...

Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation Council (GCC) have announced decisions to hold their interest rates steady, mirroring the recent actions of the US Federal Reserve. This collective stance reflects a cautious approach to navigating the...

Geneva, Switzerland-- Air cargo demand rebounded in 2023 with a particularly strong fourth quarter performance despite economic uncertainties, according to new data for global air-freight market released by the International Air Transport Association (IATA).As per the new data full-year demand reached a level just slightly below 2022 and 2019.Global full-year...

With inflation up at 35 percent, and amid a severe foreign currency crunch, the Egyptian pound is plunging and the US dollar has become hard to come by. The country's highly import-reliant economy, dominated by military-linked enterprises and with a fondness for infrastructure mega-projects, has been hit hard by a...

"Markets are eagerly anticipating today's meeting from the Federal Reserve with traders looking for signs over whether a March rate cut is plausible," said Joshua Mahony, chief market analyst at Scope Markets.

It made record profit on the back of higher interest rates.

In recent years, China's auto sector has grown remarkably largely because of massive investments in electric cars, an area where Japanese firms have been more cautious. The JAMA figures showed that Japan shipped 4.42 million vehicles in 2023, compared with 4.91 million exported by China, as reported by China's automobile...

Its board has proposed a cash dividend of US$76.24m.

Its operating profit for Q4 was US$2.1bn.

The updated figure, released in the latest World Economic Outlook (WEO) report, is 0.2 percentage points higher than the International Monetary Fund's previous forecast in October. "The global economy continues to display remarkable resilience, with inflation declining steadily and growth holding up," IMF chief economist Pierre-Olivier Gourinchas said.

ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department of Economic Development (ADDED), has reported annual growth of major indicators.The report emphasizes the business ecosystem's attractiveness and its ability to attract quality investments, supported by the Emirate's strong economic...

It will invest US$169m to develop new capacity.

Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries.In this regard, Khalid Najibi, First Deputy of the Chairman of the Bahrain Chamber of Commerce and Industry (BCCI), highlighted the high potential of investment opportunities for the Bahraini private sector and its Hungarian...

The firm said the new brand will replace MiCCO Logistics.

It posted losses to the tune of US$502m during the year 2023.

Tehran, Iran--Iran and Turkey will join hands to set up a free trade zone at the border crossing in Khoy city.Head of the Iranian-Turkish parliamentary friendship group in the Iranian shura council Adel Najafzadeh said during the recent visit of the Iranian President Ebrahim Raisi to Turkey, Raisi and his...

The Japanese firm will lease a warehouse in the free zone.

Washington, United States -- The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as inflation edges closer to its long-run target of two percent.What is less clear, however, is when the first of those cuts will come.While the US central bank is almost certain...

Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the Egyptian Minister of Supply and Internal Trade.The minister said the country's reserves of wheat are sufficient for 4.2 months, oil for 5.3 months, and sugar for 5.4 months.He noted that...

Doha, Qatar--Qatar and Nepal have held talks to enhance commercial and economic relations between the two countries, explored the investment climate, numerous opportunities available in both countries, and identified the most important sectors for cooperation and partnership In this regard, the acting general manager of the Qatar Chamber, Ali Saeed...

The voyage comes after the Federal Aviation Administration on Wednesday announced a maintenance and inspection program to clear the MAX 9 to resume service. The FAA grounded 171 MAX 9 planes with a similar configuration to the one in the January 5 incident, in which a door plug blew out...

DUBAI, UAE – Developments in Artificial intelligence (AI) have been impacting businesses, governments and economies across the world. Advancements in AI, especially generative AI (GenAI), are leading to a once-in-a-generation shift.The Cisco AI Readiness Index has revealed that 95 percent of respondents have an AI strategy in place or under...

iPhone users can download alternative app stores.

Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner at the Consulate General of Malaysia in Hong Kong.Speaking on the sidelines of the Asian Financial Forum (AFF) in Hong Kong, Syakhairi told the Emirates News Agency (WAM) that the...

India's urban unemployment rate -- the percentage of people wanting work who cannot find a job -- dipped to 5.1 percent in July 2022-June 2023, from 6.6 percent between the same months a year earlier. Over the same period, nearly 22 percent of India's workforce was classified as "casual labour",...

It grounded the Boeing 737 MAX after in-flight safety episode.

Abu Dhabi, UAE-- The UAE and Malaysia have signed a memorandum of understanding (MoU) to boost investment cooperation in the digital-infrastructure sector with an emphasis on data centres in Malaysia.The MoU centres on establishing robust and efficient collaboration through the development of bilateral relationships between public and private organisations. The...

Washington, US - US economic growth was stronger than expected in the final months of 2023, government data showed Thursday, offering a boost to President Joe Biden as he starts his reelection campaign.The world's biggest economy expanded at an annual rate of 3.3 percent in the fourth quarter, fueled by a...

The central bank is tipped to leave rates unchanged for a third consecutive meeting, keeping the benchmark deposit rate at a record four percent. The bank's governing council is expected to repeat that it considers rates are currently at levels that "will make a substantial contribution" to returning inflation to...

Hong Kong--Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in the first 11 months of 2023.According to Dr. Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), the United Arab Emirates has solidified its position as...

Last year, the company reported a profit of $739 million.

The chip maker said the profit was boosted by strong sales.

Manama, Bahrain--Bahrain and South Korea have reviewed ways to enhance diplomatic, economic and parliamentary cooperation and partnership to benefit the two countries. In this connection, Dr. Shaikh Abdulla bin Ahmed Al Khalifa, Political Affairs Undersecretary at the Foreign Affairs Ministry, has affirmed the keenness of Kingdom of Bahrain, under the...