The organization’s Trade and Development Report 2024 warned that this new “low normal" growth is insufficient to tackle pressing development and climate goals or help ease widespread discontent amidst a global cost-of-living crisis that has left many households in vulnerable positions.

UN members adopted a blueprint for the future Sunday to tackle the myriad wars, environmental threats, and technological challenges facing humanity that were hailed by the organization as "groundbreaking" but panned by critics as unambitious. Secretary-General Antonio Guterres billed them as "landmark agreements - a step-change towards more effective, inclusive,...

OSLO, NORWAY – An Iraqi refugee in Sweden who stoked international outrage by repeatedly desecrating the Quran last year has been arrested in Norway and now faces deportation back to Sweden, according to court documents viewed by AFP on Thursday.Salwan Momika, a Christian Iraqi who burned Qurans at a slew of...

NEW TAIPEI CITY, TAIWAN - Liu watched intently as rescuers carefully picked their way through the remains of a warehouse that crumbled like a house of cards Wednesday during Taiwan's strongest earthquake in 25 years, telling AFP it "was like a mountain collapsed".Propping ladders against the debris, the rescue workers managed...

The UN Human Rights Council on Friday is set to consider a draft resolution calling for a cessation of arms sales to Israel, nearly six months into the war in Gaza. If the text is adopted, it would mark the first time that UN’s top rights body has taken a...

BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday.Debt, trade barriers and policy uncertainties are...

WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel prices, according to government data published on Friday, but another gauge stripping out volatile food and energy prices continued to ease.US Federal Reserve chair Jerome Powell told a conference in...

MOSCOW, RUSSIA - Russia said on Thursday it had evidence the perpetrators of last week's massacre at a concert hall outside Moscow were linked to "Ukrainian nationalists", a claim that the United States called nonsense.President Vladimir Putin and his security services continue to allege Kyiv and the West were involved somehow...

Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to meet global energy demands and sustain economic growth.According to its secretary general, Haitham Al Ghais, these investments are crucial for ensuring reliable energy supplies for current and future generations.In statements...

Former US president Donald Trump warned Israel in an interview that it was losing support over the war in Gaza. The comments from Trump, the presumptive Republican nominee to take on President Joe Biden in November's US election, came as Washington abstained at a UNSC vote calling for an immediate...

BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products amounting to a total of 187.9 million tonnes.Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent), according to figures...

Russian President Vladimir Putin vowed to punish those behind a "barbaric terrorist attack" on a Moscow concert hall that killed at least 133, saying Russia had arrested four gunmen who were trying to flee to Ukraine. Kyiv has denied any connection, and Putin made no reference to the Islamic State...

EGA is to buy 100 percent of firm from Leichtmetall Holding.

Israeli Prime Minister Benjamin Netanyahu vowed to send ground forces into Gaza's southern Rafah city. The right-wing premier, whose security and war cabinets were also due to discuss latest international efforts towards a truce deal, stressed that "no amount of international pressure will stop us from realizing all the goals...

Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western sanctions. In a ceremony broadcast on state TV, the oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields.

Yemen's Iran-backed Houthi rebels discussed "expanding confrontations and encircling" Israel in a meeting in Lebanon with Hamas and other Palestinian factions, a Houthi official told AFP. Houthi attacks on Red Sea ships since the start of the Israel-Hamas war have disrupted global trade, actions the rebels say are in solidarity...

RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC 2024, Toronto, Canada under the umbrella of "Invest Saudi".The Saudi delegation was represented at the World’s Premier Mineral Exploration & Mining Convention by the CEO of the Saudi Geological Survey,...

MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social network Pavel Durov said.The US$30 billion valuation was made by global technology funds in particular, Durov said in an interview with The Financial Times.“Generally speaking, we see value in (an...

BUDAPEST, HUNGARY – Hungary's Prime Minister Viktor Orban has asserted that former US president Donald Trump told him during a meeting that he would "not give a penny" to the war in Ukraine -- a claim Trump's team did not comment on.Orban -- the only EU leader to have maintained ties...

WASHINGTON, US – Four astronauts left the International Space Station on Monday and were bound for Earth following a more than six month mission.Led by American astronaut Jasmin Moghbeli, NASA's Crew-7 arrived at the research platform last August aboard a SpaceX Crew Dragon.The same spacecraft undocked on Monday morning, with Andreas...

TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products worth US$5.5 billion to over 130 countries during the first eleven months of the year.Rouhollah Latifi, the spokesperson for the Trade Development Commission at the Iranian Ministry of Industry, Mine,...

AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months of 2024, compared to US$1.79 billion (JD1.272 billion) for the same period last year.According to statistical data obtained by Petra, exports of five sectors recorded an increase, while the rest...

BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater inbound tourists to Saudi Arabia as part of its Vision 2030 program.The joint effort aims to bring over 350 thousand additional tourists to Saudi over the course of the agreement.STA...

Western powers will not censure Iran over its lack of cooperation with the UN nuclear watchdog at its Board of Governors meeting for fear of aggravating geopolitical tensions, diplomats said. Last week, the International Atomic Energy Agency said in confidential quarterly reports that Tehran's cooperation with the agency remained poor...

The head of the UNRWA is set to defend his organization's work at the General Assembly, after crippling backlash over accusations that some employees were involved in Hamas's October 7 attack on Israel. Philippe Lazzarini warned in a letter to the General Assembly's president that his agency is at a...

DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important discussions addressing industry developments, groundbreaking agreements and partnerships set to shape the future of the yachting world.The exhibition, which concluded on Sunday, is recognized as one of the most influential...

Israel's top ally the United States said it began air-dropping aid into war-ravaged Gaza, as the Hamas-ruled territory's health ministry reported over a dozen child malnutrition deaths. The start of the US relief operation came hours after President Joe Biden, who has pushed Israel to allow more aid in, announced...

RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of Saudi Arabia's date exports increased by 14 percent in 2023, reaching US$389 million (SAR1.462 Billion), compared to US$341 million (SAR1.280 billion) in 2022.By the end of 2023, the number of...

Hamas said that seven more hostages seized during its unprecedented attack on southern Israel on October 7 had died because of Israeli military operations in Gaza. Meanwhile, four more children have died of "malnutrition and dehydration" in war-torn Gaza, the Hamas-ruled territory's health ministry said, the latest such reported deaths...

PARIS, FRANCE – Energy-related carbon dioxide emissions rose to a record level in 2023, but the growth slowed from previous years thanks to continued expansion of clean technologies, the International Energy Agency said on Friday.CO2 emissions from energy rose by 1.1 percent in 2023, increasing by 410 million tonnes to a record...

ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as a major WTO conference was extended beyond its scheduled deadline.With no signs of a breakthrough at the World Trade Organization's 13th ministerial conference (MC13) in Abu Dhabi, officials pushed back...

Iran announced the launch of a remote sensing and imaging satellite into orbit from Russia, according to state media. The launch of "Pars-I" with the Russian Soyuz-2.1b launcher was broadcast live by state television in Iran. The satellite was launched "from Russia's Vostochny launch base", some 8,000 kilometers east of...

The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release. It will help reduce the costs of global services trade by more than $119 billion every year, it added.

ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund to help female entrepreneurs in developing countries to export more using the opportunities offered by the digital economy.The announcement came ahead of the 13th ministerial conference of the WTO which...

ABU DHABI, UAE – Emirates Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan has announced that the UAE will provide a US$10 million grant to support key initiatives of the World Trade Organization (WTO), whose 13th Ministerial Conference is being held here.Sheikh Abdullah said that the grant to...

Heavy fighting rocked besieged Gaza as aid agencies warned of looming famine and new talks were held in Cairo towards an Israel-Hamas ceasefire and hostage release deal. The White House sent Middle East envoy Brett McGurk for renewed talks, a day after a UNSC resolution calling for a ceasefire was...

Stock markets diverged as traders awaited earnings from US tech darling Nvidia, in addition to minutes from the Federal Reserve that could shed fresh light on the outlook for interest rates. Wall Street shares fell at the opening bell, with downbeat guidance from other tech companies dampening the mood ahead...

THE HAGUE, NETHERLANDS -  A Dutch court quashed an appeal by Russia in a record $50-billion case on Tuesday, paving the way for a payment to former shareholders of dismantled oil giant Yukos.The decision is the latest in a legal tug-of-war over Yukos which broke up in the early 2000s after...

LONDON, UK - An international operation led by UK and US law enforcement has severely disrupted "the world's most harmful cybercrime group", the Russian-linked ransomware specialist LockBit, officials announced on Tuesday.LockBit and its affiliates have targeted governments, major companies, schools and hospitals, causing billions of dollars of damage and extracting tens...

DUBAI, UAE- As Houthi attacks roil the Red Sea and Western air raids target the rebels, moves to end Yemen's long-running war are at a standstill, threatening further woe for a country on its knees.As recently as December, painstaking negotiations were gaining ground and the United Nations said the warring parties...

ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in active talks with several nations eager to join the OPEC+ Charter of Cooperation, following the recent accession of Brazil.The names of these countries will be announced after the completion of...

ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan spoke by telephone to President of the Russian Federation Vladimir Putin to discuss bilateral relations and opportunities to further strengthen UAE-Russia ties.During the telephonic conversation on Monday, Putin expressed his gratitude to Sheikh Mohamed for the UAE’s successful mediation...

MADRID, SPAIN -  Spain said on Monday that it would give an additional US$$3.8 million (3.5 million euros) in aid to the UN Palestinian refugee agency UNRWA, which is facing a cash crunch after several nations suspended their funding.Over a dozen countries, including major donors the United States, Germany, Britain and...

The agreement provide for a rise in condensate volumes.

Dubai, UAE – The United Arab Emirates is the most popular country for international talent seeking employment visas, a report reveals.  The global HR platform,Deel, has released findings from its Annual Global Hiring Report and revealed UAE attracts a large number of international talent.This marks a significant milestone for the...

The United States approved a $4 billion sale of state-of-the-art drones to India, offering a new edge to the growing US partner. The sale marks a milestone in Indian purchases of American weapons after New Delhi's reliance on weapons from Russia, which have been increasingly controversial due to sanctions over...

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...

EDGE has a local and global orderbook of over $5billion.

HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and Sukuk in 2023 totaled around $2 billion (AED7.7 billion).For Q1 2024, the ministry is planning to issue bonds and Sukuk valued at US$1.3 billion (AED5 billion), he said. Speaking to...