San Francisco, United States--Elon Musk has formed an X.AI artificial intelligence corporation based in the US state of Nevada, according to business documents that surfaced on Friday.Musk, who is already the boss of Twitter and Tesla, was listed as director of X.AI Corporation founded on March 9, a state business filing...

In the last 10 years, a motley of supposedly best-run companies in the Middle East have collapsed, disappearing into obscurity. TRENDS examines what went wrong.

The members also exchanged views on progressing the implementation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent base erosion and profit shifting (BEPS) to advance the international taxation agenda.

JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the sector - since the collapse of Silicon Valley Bank and two other banks - showed the industry is benefiting from the Federal Reserve's shift towards higher interest rates and from...

Sky-high inflation driven by sharp increases in the cost of energy prompted the ECB to crank up interest rates at a record pace to try to tame consumer price prices.

The bank will act as a strategic partner during listing of EIH.

The performance was driven by strong sales, especially in Asia.

Finance Minister Ishaq Dar said the UAE had promised a billion dollars to prop up Pakistan's forex reserves -- which at their current level of $4.04 billion can barely pay for four weeks of imports. China on Friday released $300 million to Pakistan -- the last tranche of a $1.3...

The US should continue tightening monetary policy to bring down inflation while assessing the impact of last month's financial turmoil on bank lending, a top Federal Reserve official said. "How much further will depend on incoming data on inflation, the real economy and the tightening credit conditions," Federal Reserve governor...

Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong earnings. The dollar hit a year-low against the euro after official data this week showed high inflation slowing in the United States, fanning hopes the Federal Reserve would soon stop...

Riyadh, Saudi Arabia - Saudi Arabia's annual inflation rate dropped to 2.7 percent in March from 3 percent in February, as per government data. The decrease was mainly driven by a rise in housing rents. Housing, water, electricity, gas, and other fuels rose by 7.4 percent from the previous year, with...

Abu Dhabi, UAE - Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, retail, oil and gas, ports, agriculture, hotels, and services. This was revealed by Jamal bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC). Giving further details, Al Jarwan said that the...

Qatar bought a 17-percent stake in German auto group Volkswagen in 2009 and paid a reported $1.7 billion for Harrods in 2010. Volkswagen is recovering from a scandal while the landmark London store was badly hit by the coronavirus pandemic, reporting losses for 2020 and cutting hundreds of jobs.

Rome, Italy -- Tackling gender inequalities in agrifood systems and empowering women reduces hunger, boosts the economy, and reinforces resilience to shocks like climate change and the COVID-19 pandemic, a report by the Food and Agriculture Organization (FAO) of the United Nations said.The status of women in agrifood systems report,...

Countries must do more to avert the costly consequences of growing global trade fragmentation, and help avert a "second Cold War," the International Monetary Fund's managing director said. "I know what are the consequences of a Cold War: it is loss of talent and contribution to the world," Kristalina Georgieva...

Russia delivered a new warning to the West over a grain deal with Ukraine, saying a number of conditions must be met for Moscow to extend it beyond May 18. Negotiated in July by Turkey and the United Nations, the agreement has given Ukrainian grain shipments a safe corridor in...

Tunisia reached a deal in principle in October with the IMF for nearly $2 billion to shore up its sinking economy but the bailout still needs approval by the IMF board, which is pressing for reforms, primarily on the economy. Tunisia is heavily indebted and facing high inflation and unemployment.

ABU DHABI, UAE - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, announced on Thursday the deployment of five new-build Very Large Gas Carriers (VLGC).The gas carriers were built at Jiangnan Shipyard in Shanghai, China, and will be owned and operated by AW Shipping,...

Berlin, Germany--Inflation in Germany eased to 7.4 percent in March, mainly thanks to government measures to bring down energy prices, final figures showed on Thursday.The data from federal statistics agency Destatis confirm a downward trend since annual inflation peaked at 10.4 percent in Europe's biggest economy in October -- revised to...

Even before the roasting summer months, the soil is dry and dusty in the small Mediterranean country, whose water resources are steadily depleting as climate change intensifies. With some Tunisian water reservoirs almost completely dry, authorities imposed emergency measures last month, rationing household supplies and banning water use for washing...

It has sold more than US$7bn of its shares since early 2023.

Doha, Qatar: Chinese oil giant Sinopec on Wednesday became the first Asian firm to get a stake in Qatar's expansion of North Field East, the Gulf country's energy company announced.North Field contains the world's biggest natural gas reserves and extends under the Gulf into Iranian territory.China is already the biggest...

Washington, United States--World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing president David Malpass said Wednesday.The move, announced during the International Monetary Fund (IMF) and World Bank spring meetings in Washington, is part of an ongoing evolution of the development lender...

Cairo's foreign reserves fell by about 20 percent in one year to $34.45 billion -- about $28 billion of which are deposits from wealthy Gulf donors. Experts have for months warned that Egypt is among the top five countries at risk of defaulting on its debt, which hit a record...

Under investigation both at home and abroad on suspicion of fraud, money laundering and illicit enrichment, Riad Salameh has been summoned for a hearing in Paris next month. He is part of a political class widely blamed for the country's economic crisis that the World Bank says is of a...

Jump in sales across all regions, including China.

The global economic slowdown and swelling interest rates are pummeling debt-ridden developing countries, the UN warned, urging bold global action to ward off catastrophe. In a fresh report, the United Nations Conference on Trade and Development cautioned that poorer countries were expected to suffer as higher interest rates eat away...

The Mohammed Bin Rashid Space Center in UAE said that Rashid Rover, onboard the HAKUTO-R Mission 1 Lunar Lander, is scheduled to land on the Moon on April 25. At around 7.40 pm (UAE time) on April 25, the Lander carrying Rashid Rover will perform multiple orbital control maneuvers before...

US consumer inflation slowed in March lessening the pressure on the Federal Reserve to maintain its aggressive posture to cool the economy. The rate of inflation year-over-year fell to 5.0 percent last month from 6.0 percent in February, the smallest 12-month increase since May 2021, as per the Bureau of...

Multi-day weddings, feeding the bereaved and homemade bread are all becoming things of the past in rural Egypt.

Global government debt is on track to reach levels not seen since the height of the COVID-19 pandemic, the International Monetary Fund warned. China and the United States are responsible for the vast majority of the expected debt increase over the next five years, the head of the IMF's Fiscal...

DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year.According to a report issued by the Dubai Health Authority (DHA), 39% percent of the medical tourists who came to Dubai were from Asian countries, 22% from Europe and the Commonwealth...

The proposed rules set aggressively low standards for emissions of greenhouse gases and criteria pollutants, which is expected to lead to further manufacturing and marketing of EVs amid already considerable investments announced by US and foreign carmakers.

The dividend for H2 of 2022 will be at AED 0.4 per share.

Washington, United States--The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund's chief economist told AFP on Tuesday.Prices around the world have surged since the rapid reopening of the global economy after the Covid-19 pandemic. Inflation was further fueled by Russia's invasion of Ukraine last year,...

It edged out its rival Airbus by just three aircraft.

In the wake of the fall of Silicon Valley Bank, the US Federal Reserve should be cautious in setting interest-rate policy. Chicago Fed president Austan Goolsbee said at a conference in Chicago that caution should be exercised until "we see how much work the headwinds are doing for us in...

The IMF predicted the global economy will grow by 2.8 percent this year and three percent in 2024, a decline of 0.1 percentage point from its previous forecasts in January. The American economy is expected to grow by 1.6 percent in 2023, up 0.2 percentage point on IMP's previous forecast.

Abu Dhabi, UAE-- The UAE and Malta have signed three memoranda of understanding in areas of maritime affairs, youth, and sports.Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, received Ian Borg, Minister for Foreign and European Affairs and Trade of the Republic of Malta.During the...

Struggling to recover from its pandemic-driven slump, China, the world's second largest economy, has reported that its consumer price inflation fell below one percent in March, a sign of weak demand. The country is targeting an average inflation rate of three percent for 2023, which is still far below the...

During this week's session, lawmakers will have to endorse the guarantees, but the vote is only symbolic, said Samuel Bendahan, a National Council member and an economics professor at the University of Lausanne's business school. Parliament cannot cancel the government's decision taken under emergency law, and "the money has already...

Most of the participants, in the poll from as far away as Egypt and Lebanon, picked up Dubai to celebrate the festival in, with Doha coming at a distant second.

Successful business leadership requires that we innovate and embrace change. This means a commitment to seek paths untrodden, embracing new technologies, willingness to take risks, experimenting with new ideas and strategies, and focusing on creating sustainable, long-term growth, he adds.

The closely watched non-farm payrolls reading on Friday followed a string of figures last week showing the world's top economy was slowing down and dented investor sentiment. Focus is now on the release of inflation figures later this week, which will play a crucial role in the Fed's decision-making when...

MoU will leverage core competencies of both the firms.

Cairo, Egypt-- Egypt's financial inclusion has widened as total ownership of transactional accounts reached 64.8 percent of the total 65.4 million eligible adult population at the end of 2022.The financial inclusion, according to the country's central bank, increased 147 percent between 2016 and 2022 to 42.3 million citizens who own...

Washington, United States-- The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform and fundraising agenda likely to be overshadowed by concerns over high inflation, rising geopolitical tension and financial stability."Growth remains historically weak -— now and in the medium term," IMF managing...

Dubai, UAE--Dubai Customs has discussed with the Global Innovation Institute (GInI) how they can further enhance their customs services and boost returns on commercial operations.Dr. Hussam Jumaa, Director of Service Innovation at Dubai Customs, and Anthony Mills, the Executive Director of the Global GInI, discussed various initiatives to improve strategic...

MUSCAT, OMAN  -   Oman Ministry of Commerce, Industry and Investment Promotion on Sunday  issued an order to regulate the activities of consumer cooperatives.The order aims at promoting Omani products, establishing new supply chains, supporting national industries, developing governorates and providing new investment opportunities.The regulation consummates the "National Product Support Initiative",...

Federal data shows that some depositors at small banks did head for the exits, moving some $120 billion in a single week into larger banks sometimes viewed as too big to fail. But minnows like Leader Bank of Massachusetts and Heritage Bank of Minnesota also have a solution to the...