Stock markets and oil prices slumped as investors grow fearful that more big interest rate hikes will tip economies into deep recessions. The mood darkened also on the worsening Ukraine war and weaker demand expectations in China. Analysts said US consumer price index data released later this week will be...

The Ministry of Human Resources and Emiratization (MoHRE) of UAE announced that an 'Unemployment Insurance Scheme' for employees of the federal government and the private sector has come into force.

German Chancellor Olaf Scholz criticized US climate protection plans that would shield domestic companies from foreign competition, saying they could trigger "a huge tariff war". Unease has been growing abroad about US President Joe Biden's landmark "Inflation Reduction Act", which includes tax breaks for US-made electric cars and batteries.

The agency's report, published ahead of meetings of International Monetary Fund, the World Bank, and also of G20 finance ministers in Washington, highlighted the need for swift action. But UNDP chief Achim Steiner told reporters in Geneva that despite repeated warnings, "little has happened so far, and the risks have...

Erdogan still hopes to bring Putin and Ukrainian President Volodymyr Zelensky together for truce talks that neither side particularly wants but which Turkish officials insist are both essential and realistic.

The UN and Oxfam have previously decried the unequal distribution of vaccines from richer Western countries to lower-income ones, particularly in Africa, putting lives at risk.

The week had already seen action taken by the BoE and UK government aimed at bringing calm to markets. The move is in response to soaring UK bond yields and after the pound tumbled to a record low against the dollar since the government of new Prime Minister Liz Truss...

The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market.

Luxury goods business in the MENA region is seeing a reorganization, surprising market experts, as homegrown brands challenge the hegemony of high-end Western labels.

The Mesopotamian Marshes, a UNESCO World Heritage site, have been battered by low rainfall and reduced flows in the Tigris and Euphrates rivers due to dams built upstream in Turkey and Iran. Oil-rich Iraq, battered by decades of war, is also the world's fifth-most vulnerable country to some key effects...

Current trends in the automotive sector such as zero-emission vehicles and carbon-neutral manufacturing demonstrate the growing importance of sustainability, says a key BMW Group Middle East official.

Dubai real estate market recorded 445 sales transactions worth US$321 million, in addition to 68 mortgage deals of $121 million and 37 gifts deals amounting to $16 million on Monday, data released by Dubai's Land Department (DLD) showed.

Riyadh, Saudi Arabia-- Saudi Arabia's Industrial Production Index in August 2022 increased by 6.8 percent compared to August 2021. The IPI continued to show a positive growth rates due to the high production in mining and quarrying, manufacturing activity, and electricity and gas supply, SPA reported. In August 2022, mining...

A Saudi Arabian delegation led by Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha is on a visit to Oman.

The Algerian and French prime ministers hailed a "new dynamic" as they launched a joint economic forum during a visit to Algiers by France's Elisabeth Borne. The French PM's two-day trip to Algeria comes just weeks after President Emmanuel Macron concluded his own three-day visit in August, following months of...

Ex-Fed chief Ben Bernanke together with Douglas Diamond and Philip Dybvig were honoured for having "significantly improved our understanding of the role of banks in the economy, particularly during financial crises, as well as how to regulate financial markets".

A brief rally across trading floors last week gave way to gloom as investors grow increasingly worried that central bank efforts to tame runaway prices will plunge the global economy into recession. Adding to the stress is the upcoming corporate earnings season, which many fear will show that companies are...

The BoE "announces additional measures to support market functioning", said a statement, adding that the central bank was ready to increase the size of its UK government bond purchases under an emergency measure due to end Friday.

According to the cabinet decision, the price of large-sized white pitta bread will remain at 320 fils, while small-sized white pitta bread will remain at 400 fils.

On Monday, Turkey said it had signed a memorandum of understanding on exploration for hydrocarbons in Libya's seas with the authorities in Tripoli. "This agreement threatens stability and security in the Mediterranean," Greek Foreign Minister Nikos Dendias said in Cairo, where he met his Egyptian counterpart Sameh Shoukry.

Riyadh, Saudi Arabia - Remittances from expatriates in Saudi Arabia saw a 13 percent year-on-year (YoY) decline to SAR 11.92 billion ($3.15bn) in August, according to recent data released by the Saudi Central Bank (SAMA). On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia rose 3 percent %,...

Qatar plans to hike its imports of Jordanian food products during FIFA World Cup Qatar 2022 as demand is expected to increase at unprecedented rates due to influx of over 1.5 million fans and visitors.

Egypt’s Minister of Environment Yasmine Fouad said that protecting migratory birds and biodiversity is one of the global and regional environmental challenges that her country is keen to address during the UN Conference of Parties on Climate Change (COP27).

French Prime Minister Elisabeth Borne starts a visit to Algeria with a top-level delegation, pushing for better ties with the former French colony and major gas exporter. Her two-day trip along with 16 ministers comes just six weeks after President Emmanuel Macron concluded a three-day visit aimed at ending months...

Those with bottomless budgets in the resource-rich region have attractive accommodation options too, with one third-party site offering $4,000-a-night hotel rooms and $26,000 for a "head of state" suite -- with a 30-night minimum stay.

Frankfurt, Germany— Germans in the coastal state of Lower Saxony vote in a closely-watched regional election Sunday, seen as a key test for Chancellor Olaf Scholz's Social Democrats amid an acute energy crisis. Polls open at 8:00 am (0600 GMT) and close at 18:00, with latest surveys putting Scholz's centre-left SPD...

From Formula One racing to the football World Cup, the top-notch global sporting events are coming to Middle East, bringing with it billions of dollars in sports tourism.

Sharjah Commerce and Tourism Development Authority (SCTDA) has confirmed its participation at the 42nd GITEX Technology Week, to be held from October 10- 14 2022 at the Dubai World Trade Center.

Dubai Electricity and Water Authority (DEWA) has invited international developers to send their Expressions of Interest (EOI) to implement the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park based on the Independent Power Producer (IPP) model.

The Emirates Nuclear Energy Corporation (ENEC) announced that Unit 3 of the Barakah Nuclear Energy Plant has successfully been connected to the UAE’s transmission grid.

It remains without not only a new government but a budget too, obstructing much-needed reforms and infrastructure projects in the oil-rich but war-ravaged country. Iraq has raked in huge revenues from oil exports this year, but the profits are locked up in the central bank's coffers, which have amassed $87...

President Joe Biden, who has seen his approval erode in the face of surging prices, cheered the data as a sign of "historic progress" in the economy, even while he said there is more work to do to help American families. But the central bank likely will want to see...

An IsDB official said proceeds were used to finance projects to recover from the COVID-19 pandemic, reduce poverty etc.

The facility will enable clients globally to conduct meetings via a virtual platform, offering a unique and semi-realistic experience.

The Jordanian-German discussions covered a wide range of vital sectors including education, water and renewable energy

The package will help meet Ukraine's "urgent balance of payment needs... while playing a catalytic role for future financial support from Ukraine's creditors and donors," the IMF said in a statement adding the scale and intensity of Russia's war against Ukraine that started more than seven months ago have caused...

Delegations from France and Italy have visited the Expo Center Sharjah to discuss ways to strengthen cooperation and exchange expertise in the field of exhibitions and conferences.

Stocks mostly slid and the dollar surged after US jobs data showed only a timid slowdown in the labor market, setting the stage for further interest rate hikes. Equity markets have taken a battering as the US Federal Reserve has made it clear it intends to continue raising interest rates...

A high-level UAE delegation, on a visit to Egypt, met with senior officials of the Egyptian Ministry of Defense.

World food prices have fallen for a sixth month in a row in September, UN data showed as they continued to fall after a record reached after Russia's invasion of Ukraine. The Food and Agriculture Organization said its price index, which tracks monthly change in global prices of food commodities,...

EU leaders meeting in Prague looked to bridge divisions on how to tackle soaring energy prices as they grapple with the fallout from Russia's war on Ukraine. President Volodymyr Zelensky was dialling in from Kyiv as the bloc looks to maintain its economic and military support for Ukraine and hold...

The firm operates the world's largest silicon wafer factories.

The South Korean tech giant, Samsung Electronic, has said that it expects operating profits in the third quarter to fall 31.7 percent as a global economic downturn hit demand for consumer electronic. The latest forecast is the company's first projection of a year-on-year decline in profit for nearly three years.

As US annual inflation has soared to the fastest in 40 years, the Fed has moved aggressively this year to tamp down demand, raising the interest rates five times, for a total of three percentage points. "Inflation remains stubbornly and unacceptably high, and data over the past few months show...

The Algerian firm said in a statement that Sonatrach and its partner Naturgy have agreed to revise the prices of the existing long-term gas supply contracts taking into account market developments, It did not say which way they would be revised, but natural gas prices have more than doubled in...

With US inflation soaring new heights, the country's central bank has said more increases are likely to come this year in order to cool the world's largest economy and rein in high prices. Federal Reserve Governor Lisa Cook said 'inflation remains stubbornly and unacceptably high.'

To draw firms from around the world, the UAE and KSA have been working hard over past few years to build infrastructure comparable to that of industrialized nations.

IMF chief Kristalina Georgieva urged global policymakers to take concerted action as the risks of a worldwide recession are driven ever higher by repeated economic shocks. In a speech ahead of the fund's annual meetings next week, the IMF's managing director said it was critical to address challenges including inflation.

The move will help develop ADX derivatives market.

Air travel rose sharply in the northern hemisphere summer, traditionally the peak vacation travel season, but still remains considerably affected by the pandemic, industry data showed Thursday.