The online retail giant axed 18,000 jobs in January.

International Monetary Fund predicts economic growth in the Middle East and North Africa will fall to 3.2% this year from 5.4% in 2022, before rising to 3.5% next year.

Firm said non-monetary factors played a role in earnings.

FRANKFURT, GERMANY -  The European financial system is "resilient" and has sufficient liquidity, the European Central Bank said Monday, as banking shares plunged following the announcement that UBS would take over troubled rival Credit Suisse. "The European banking sector is resilient, with robust levels of capital and liquidity," the ECB said...

Signature Bank was seized by the Federal Deposit Insurance Corporation (FDIC) a week ago after it imploded in the wake of the collapse of Silicon Valley Bank (SVB) earlier in March, a failure that has sent convulsions through the global banking sector. The FDIC is also seeking a similar deal...

Amman, Jordan--A government-sponsored program in Jordan has helped place 20,000 people into private sector jobs since its launch in April 2022. According to the Jordan News Agency (Petra), the National Employment Program (Tashgheel) has helped 673 men and 877 women, who are beneficiaries of the National Aid Fund, secure employment...

New Delhi, India--Japanese Prime Minister Fumio Kishida arrived in India on Monday for talks expected to focus on deepening trade and technology ties as well as shared concern about China. India and Japan along with the United States and Australia make up the Quad alliance, which positions itself as a bulwark...

The PIF-owned firm looks to deepen investment in recycling.

Manama, Bahrain: Aerolam Middle East and Titan Company are set to launch their operations in Bahrain with a total investment of  $45 million. This was was announced during the recent high-level Bahraini delegation visit to India this week, which was organised to highlight investment opportunities in Bahrain across priority sectors....

Riyadh, Saudi Arabia--Saudi Arabia and Turkey have signed three agreements in the industrial sector during the Turkish Export Products Trade Fair in Riyadh. Saudi Minister of Commerce, who is also Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, met here...

Renewing their commitment to "continuing to strengthen bilateral relations", Egyptian President Abdel Fattah al-Sisi met with a senior Russian delegation in Cairo, in spite of calls by Western powers to isolate Russia over its invasion of Ukraine last year. Egypt has maintained relations with Russia in part to mitigate the...

The central banks will step up so-called swap line operations, which give non-US central banks greater access to dollars. "To improve the swap lines' effectiveness in providing US dollar funding, the central banks currently offering US dollar operations have agreed to increase the frequency of 7-day maturity operations from weekly...

The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real estate, logistical transportation, storage, financial services, insurance activities, manufacturing and information technology.

Doha, Qatar--In a sign of growing business ties between Qatar and France, trade between the two countries has increased by 165 percent to $4.5 billion in 2022, compared with $1.70 billion in 2021. Qatar Chamber recently participated in the Arab French Economic Summit 2023 which was held in Paris under...

Riyadh, Saudi Arabia-- The market capitalization of Tadawul, the Saudi stock exchange, has shot up 477 percent to $2.6 trillion during the last five years. According to Yazid Al-Dumaiji, the Capital Market Authority’s (CMA) Undersecretary for Strategic and International Affairs, the exchange takes the ninth place among the world’s stock...

Turkey announced the extension of a deal that has allowed exports of Ukrainian grain to resume following Russia's invasion, but it was unclear if it had been prolonged for 60 or 120 days. Russia said it had agreed to a 60-day extension, while Ukraine's infrastructure minister said the deal had...

AMMAN,  JORDAN -  Vice President of the Jordan Chamber of Commerce (JCC) Jamal Rifai discussed with Hungarian Ambassador to Jordan Attila Kali ways to develop joint economic and trade relations and the role of commerce chambers in strengthening them. According to a JCC statement on Saturday, the meeting went over...

New Delhi, India--India has stepped up multi-faceted consultations with GCC states ahead of the Group of Twenty (G20) Summit to be held in New Delhi in September under its presidency. A 12th round of India-Oman Strategic Consultative Group meeting in Muscat “reviewed bilateral ties in different domains and identified new...

Riyadh, Saudi Arabia -- The global credit rating agency S&P Global Ratings updated its credit report for Saudi Arabia, raising its long and short-term foreign and local currency sovereign credit ratings to 'A/A-1' with a stable outlook, the Saudi Press Agency (SPA) reported Friday. Moody's, a rival ratings agency, also stated that Saudi Arabia's plans will support it despite fluctuating oil prices and a global shift to renewable energy. Moody's also has changed the kingdom's...

It will dole out cash dividends to the tune of US$601m.

Dubai, UAE-- Consumer spending in the UAE has shot up 19 percent in 2022 as against the previous year, according to Majid Al Futtaim's "state of the UAE retail economy" Q4 report. There was a notable 13 percent growth in spending across the retail economy for the full year including,...

TOKYO, JAPAN - The ninth session of the Abu Dhabi-Japan Economic Council (ADJEC) here has reaffirmed its commitment to further enhance partnerships and benefits from investments opportunities. Chairman of Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi and President of Japan Cooperation Center for the Middle East...

The UAE and Georgia signed a joint statement confirming the successful conclusion of negotiations towards the UAE-Georgia Comprehensive Economic Partnership Agreement (CEPA). UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi and Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia Levan Davitashvili...

Lebanese central bank governor Riad Salameh maintained his innocence following a second day of questioning before European investigators in Beirut as part of a probe into his personal wealth. Salameh, 72, is part of the Lebanese political elite widely blamed for a crushing economic crisis that began in late 2019.

A multi-plural world that embraces diversity and contradictions is crucial for peaceful coexistence free of conflicts, Prof Subramanian Rangan of INSEAD tells TRENDS.

The Fed had unveiled the scheme alongside the Treasury and the Federal Deposit Insurance Corporation on Sunday night, as authorities looked to prevent other banks from running into the liquidity issues that ultimately doomed California's SVB. According to data made available Thursday, the Fed drew an additional $152 billion in...

ABU DHABI, UAE - Bharat Dynamics Limited (BDL), a Defense Public Sector Undertaking under India's Ministry of Defense appointed EDGE's GradeOne as an official channel partner. The handing over of the Authorization Letter occurred during the International Defense Exhibition (IDEX) held in Abu Dhabi from February 20-24. Khalifa Al Ali,...

The firm's revenue rose 14 percent to nearly US$2.4 billion.

Salameh had been summoned to appear on Wednesday but failed to show up, alleging that "the presence of international judges in Lebanon and the investigation into the financial matters is in conflict with national sovereignty". The judiciary rejected his claim and the session was rescheduled for Thursday.

AMMAN, JORDAN -  The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris. A statement issued by the JCC on Thursday said that the summit , jointly organized by the French-Arab Chamber of Commerce (CCFA), the Union of Arab Chambers, Business France, the...

While many women still believe they are not adequately compensated, men, in contrast, have a different view, with many saying women are paid the same as men.

Abu Dhabi, UAE  – The United Arab Emirates will invest $30 billion in South Korea over the next few years, Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade said during the meeting with Minister of Trade of Korea, Dukgeun Ahn in Dubai on Wednesday.  The meeting explored joint...

In order to reinstate full food rations for millions in Yemen, the WFP has said that it requires more than double the money raised for all United Nations agencies in Yemen this year. The UN was able to raise only $1.2 billion for all its agencies in Yemen at a...

"The country continues to grow in various sectors such as the energy sector, including oil, gas, and renewable energy, which contribute significantly to the growth and prosperity of the economy. Furthermore, significant opportunities will be available in all of the Kingdom's economic sectors," he adds.

Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US authorities to intervene at the weekend to prevent contagion. After a rebound on Tuesday, equities fell again on Wednesday, with European indices tumbling by more than three percent.

New Delhi, India -- India’s Minister for New, Renewable Energy and Power, R K Singh said on Tuesday that India and the UAE have both taken a lead in the development of renewables at low costs.  “The two countries are moving towards a strong relationship in the field of renewable...

The shareholders approved dividend after record growth.

Damascus, Syria--His medical studies in Syria keep Mohammed Shasho busy enough but whenever he can he also pores over German vocabulary and grammar points in hopes of a move to Europe. Like many youngsters in the war-ravaged country, he dreams of joining the almost one million Syrians already in Germany to...

Libya has seen more than a decade of stop-start conflict since a 2011 NATO-backed revolt toppled strongman Moamer Kadhafi, with myriad rival militias, foreign powers and multiple governments vying for influence. The country remains split between a supposedly interim government in the western capital, Tripoli, and another in the east...

Markets were rocked earlier this week by the collapse of two US regional lenders, SVB and Signature Bank, which forced authorities to launch measures aimed at preventing contagion across the sector. S&P Global Ratings said the European banks it follows and rates did not have the same economic model or...

Vienna, Austria  – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3 mb/d YoY in 2023 to average at 101.9 mb/d, driven by the ongoing recovery in the travel and transportation sectors. “Following estimated growth of 2.5 mb/d y-oy in 2022, oil...

Tokyo, Japan--The UAE and Japan are looking to increase economic, trade and investment cooperation, and explore new economic opportunities of common interest. This came at the Abu Dhabi Business Forum, which was organised by the Abu Dhabi Department of Economic Development following the conclusion of the 9th session of the...

Morocco has joined the bid by Spain and Portugal to host the centenary World Cup in 2030, according to its ruler, King Mohammed VI. The king said in a message delivered as he was named the winner of the African Football Confederation 2022 Award of Excellence in Kigali, where FIFA...

US consumer inflation edged down in February but remains elevated, according to government data, adding pressure to the Federal Reserve as it balances its inflation fight with financial stability concerns. The central bank has been on an aggressive campaign to tame inflation, raising interest rates eight times since early last...

Consultations to prolong Ukrainian grain exports deal are continuing, the UN said, after a Russian proposal for just a 60-day extension cast doubt over its fate. "The United Nations will do everything possible to preserve the integrity of the agreement and ensure its continuity," Jens Laerke, spokesman for the United...

New Delhi, India - The GDP of the UAE went up by 7.6 percent in 2022 and the FDI inflows to the country amounted to US$171.6 billion, the UAE minister of economy Abdullah bin Touq Al Marri revealed in his speech at the CII Partnership Summit 2023, being held in...

DUBAI, UAE - The UAE Regulations Lab has issued a license for an electric cargo aircraft to promote eco-friendly transportation and enhance the sustainability of the air cargo industry in the country. The license is aimed at reducing carbon emissions by encouraging the adoption of clean energy and leveraging technology...

Officially pegged at 15,000 to the dollar, the pound was trading at 100,000 against the greenback, dealers said -- a dizzying plunge from 1,507 before the economic crisis hit in 2019. The currency's market value was at around 60,000 to the dollar in late January.

Most of the MEPs who signed are from Green or left-wing parties. They were joined by non-governmental organizations, including Oxfam, supported by a dozen economists and by 20 millionaires. The signatories claimed that in 2018 Tesla owner Elon Musk, "then the second-richest man in the world, did not pay a...

Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for further gains, according to the Boston Consulting Group.   Analysis by the US-based firm reported the Kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since...