US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
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...
UAE calls for global solidarity at environment ministers meet
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri participated in the Joint Environment and Climate Ministers’ Meeting as part of the G20 Summit in Indonesia.Oil tanker briefly shuts down Egypt’s Suez Canal
According to website Vessel Finder, the 250-meter-long, Singaporean-flagged tanker is headed for the Saudi port of Yanbu.Moscow warns EU against restricting Russian tourists
The Kremlin on Tuesday warned it would respond if the European Union makes it harder for Russians to travel to the bloc as part of measures in support of Ukraine. The idea to ban Russian tourists from Europe has divided EU nations, with some in full support and others against...Saudi to host second Global Artificial Intelligence Summit in Sept
Riyadh, Saudi Arabia: Riyadh will host the second edition of the Global Artificial Intelligence Summit from 13 to 15 September, the largest international AI event, with the participation of global policymakers and heads of technology, communications, and investment companies. The Summit, themed “Artificial Intelligence for the Good of Humanity,” is...Japan vows billions at Africa investment conference
Japanese Prime Minister Fumio Kishida Saturday pledged $30 billion over three years for Africa in a virtual address to a development conference in Tunis. The eighth Tokyo International Conference on African Development (TICAD8) takes place amid a "complex" international environment caused by the coronavirus pandemic and the war in Ukraine,...DEWA organizes virtual seminar, 90 Turkish firms participate
Dubai Electricity and Water Authority (DEWA) has organized a virtual seminar with 90 leading Turkish companies in the energy and water sectors.Outgoing UN rights chief urges Putin to stop attack on Ukraine
Bachelet, who steps down at the end of the month, marked the six months since the February 24 Russian invasion by insisting on accountability for serious rights violations in the conflict, some of which may amount to war crimes, she said. Her office has so far documented 5,587 civilians killed...Jordan government committed to public-private engagement
The government is committed to expanding the management consulting services sector's participation in enhancing industrial production processes and facilitating access to global markets, said Youssef Shamali, Jordan's Minister of Industry, Trade and Supply.Stocks slide as traders mull Fed outlook, gas price spike
World stocks sank Monday and the dollar rallied on concern the Federal Reserve will stick to its interest rate-hiking plans to combat inflation. Eurozone equities tanked as spiking natural gas prices sparked fears that winter energy shortages could cause recession, which helped push the euro down to a 20-year low...Russian agricultural products embargo to cause food crisis, says UN
Russian fertilizers and agricultural products must be able to reach world markets "unimpeded" or a global food crisis could strike as early as next year, UN Secretary General Antonio Guterres said Saturday. "It is important that all governments and the private sector cooperate to bring them to market," he said...Erdogan supports Ukraine, warns of ‘another Chernobyl’
The Turkish leader met his Ukrainian counterpart Volodymyr Zelensky in Lviv just two weeks after flying to Sochi for talks with Russian President Vladimir Putin during which the two sides pledged to boost economic cooperation.UN ship with grain for Africa sails from Ukraine: ministry
The UN brokered agreement lifted a Russian blockade of Ukraine's ports and established safe corridors through the naval mines laid by Kyiv.US, Russia explore prisoner swap including arms dealer, athlete
Last weekend Bill Richardson, a former US ambassador to the UN who has negotiated the release of several Americans held in other countries, said he was "optimistic" about efforts to negotiate a "two for two" prisoner swap with Russia.Russia, Ukraine blame each other for striking N-plant
Kyiv and Moscow accused each other on Saturday of striking the Zaporizhzhia nuclear plant in southeastern Ukraine, which has been shelled repeatedly in the past week. Zaporizhzhia is the biggest nuclear power plant in Ukraine and in Europe. The plant has been under Russian control since March.UN rights chief calls killing of Palestinian children ‘unconscionable’
Of the 360 Palestinians reported injured, nearly two-thirds were civilians, including 151 children, 58 women and 19 older people, OHCHR said.SAMI revenue vaults to $605m
The Saudi firm says weapons business fueled growth.Tunisia’s judiciary vetoes sacking of judges by President Saied
A total of 46 judges' sackings have been revoked, administrative court spokesman Imed Ghabri said, adding that the appeals of seven others had been rejected.DIFC unveils wealth center
The center will be a hub for high-net-worth individuals.Micron to invest in chip production
The firm will invest $40bn by the end of the decade.UAE foreign ministry, ECI sign MoU to promote trade, investment
The Ministry of Foreign Affairs and International Corporation (MoFAIC) and Etihad Credit Insurance (ECI), the UAE's federal export credit company, have signed a Memorandum of Understanding (MoU) to promote global trade and investment.Dubai Chambers gets new CEO and President
Dubai Chambers has announced a leadership change, with Hamad Buamim, President and CEO, moving on after 16 years of service. Hassan Al Hashemi, Vice President, International Relations – Dubai Chambers, has been appointed to the role of President and CEO in an acting capacity.UN chief calls for global nuclear disarmament
It is totally unacceptable for states in possession of nuclear weapons to admit the possibility of a nuclear war, United Nations Secretary-General António Guterres said early on Saturday in Japan at a ceremony marking the 77th anniversary of the atomic bombing of Hiroshima.France warns companies might have to cut energy use this winter
The French government warned Wednesday that companies might have to reduce energy use this winter even with the country's natural gas reserves at full capacity, as Russia continues to reduce its gas exports to Europe. "The main players, government agencies and businesses, must reduce their consumption" of gas as well...World is a miscalculation away from nuclear annihilation, says UN head
UN head Antonio Guterres warned Monday that the world faced "a nuclear danger not seen since the height of the Cold War" . In January, the five permanent members of the UN Security Council -- the United States, China, Russia, Britain and France -- had pledged to prevent the further...Dubai closes in on top spot for sea trade
The city, with a rich history of trading with the world through sea, looks to emerge as one of the top maritime cities of the world with a new bout of investments in infrastructure.Misses and uncertainty: US tech giants stumble after pandemic boom
As people are freed from pandemic lifestyles that had them relying on the internet for shopping, playing, working and learning, inflation is pushing up prices and Covid-19 is causing temporary shutdowns of factories in China relied on by tech firms.High energy prices help Russia weather damaging sanctions: IMF
Despite damaging Western sanctions imposed on Moscow in the wake of the invasion of Ukraine, Russia's economy appears to be weathering the storm better than expected as it benefits from high energy prices, the IMF said Tuesday. The sanctions were meant to sever Russia from the global financial system and...EU agrees to reduce gas consumption by 15 percent
The usage is reduced to counter the dependency on Russian gas supplies.Natural gas a weapon of war between Russia and Europe
Natural gas has emerged as a weapon of war between Russia and Europe since Moscow's February 24 invasion of Ukraine. Here is how the standoff developed: Nord Stream 2 halted On February 22, 2022, German Chancellor Olaf Scholz says he is suspending the Nord Stream 2 pipeline project with Russia...French, UK satellite firms eye tie-up to create ‘global champion’
French satellite operator Eutelsat said on Monday it was in talks with British counterpart OneWeb for a tie-up to create a "global champion" in broadband internet, rivalling US operators such as Elon Musk's Starlink. Satellite broadband promises to bring coverage to the most remote areas of the planet and supply...WHO highest alert on monkeypox: calls it global health emergency
The World Health Organization on Saturday declared the monkeypox outbreak, which has affected nearly 17,000 people in 74 countries, to be a global health emergency -- the highest alarm it can sound. "I have decided that the global monkeypox outbreak represents a public health emergency of international concern," WHO chief...African Union lauds Russia for allowing Kyiv to resume grain export
Ukraine and Russia and two of the world's largest grain producers.Iranian dissident summit in Albania put off over ‘security threats’
A global summit in Albania dedicated to advocating regime change in Iran has been postponed due to security threats, an exiled Iranian opposition group said Friday.Boeing wins $8 bn contract
The US planemaker will manufacture 66 MAX aircraft.EU car sales down 14 percent in H1 as supply shortages persist
EU auto sales slumped by 14 percent in the first half of this year, data showed Friday, as supply shortages continued to plague manufacturers. With the lack of computer chips still hobbling production, new auto sales slumped to 4.6 million in the European Union, data from the European Automobile Manufacturers...US stocks rise on strong retail sales, positive Citigroup results
Wall Street stocks rose early Friday as markets cheered unexpectedly strong US retail sales and better-than-expected results from Citigroup. After a pair of grim readings on US consumer price and wholesale inflation the last two days that pressured stocks, markets were pleased by data showing US retail sales jumped one...G20 finance ministers, top bankers warn of energy crisis
Other issues to be tackled by the ministers include digital financial inclusion –- with more than a billion of the world's population still without access to a bank account -– and the deadline for an international tax rules overhaul.Biden holds joint investment talks with UAE, Israel and India
US President Joe Biden held joint investment talks Thursday with Israel, India and the United Arab Emirates, as Washington seeks to counter the global reach of China. The multilateral summit was convened in Jerusalem where Biden is on his first Middle East tour as president, with leaders from India and...US pledges to stop Iran from making nuclear weapons
The US will use "all elements of its national power" to stop Iran from acquiring nuclear weapons, President Joe Biden pledged in a security declaration signed with Israel on Thursday. In the document inked by Biden and Israeli Prime Minister Yair Lapid in Jerusalem, the two countries "reaffirm the unbreakable...European stocks fall on fears of aggressive Fed interest rate hike
Europe's main stock markets slid at the open on Thursday, as a fresh spike in US inflation reinforced expectations of more aggressive Federal Reserve interest rate hikes. In initial deals, London's FTSE 100 index lost 0.3 percent to 7,138.54 points compared with the closing level on Wednesday. In the eurozone,...Twitter down for short period in US, Europe, restored later
Twitter experienced a widespread but seemingly brief outage in the United States and parts of Europe on Thursday. The Downdetector website showed that outage reports spiked in the United States around 1200 GMT, while users reported service interruptions in France and elsewhere.Equities fall, euro slides below $1 on US inflation data
Global stocks fell Wednesday and the euro dipped below $1.00 for the first time in nearly 20 years after data showed a surge in US inflation last month, convincing investors that further increases in borrowing costs are on their way.France to proceed with second phase of digital euro experiment : Central Bank
France's central bank said Tuesday it will push ahead with the second phase of its experiment with a digital euro with the aim of rolling out the cryptocurrency next year. Last year, the Banque de France successfully completed the first stage of its experiment with a central bank digital currency. "We'd...Middle East airlines’ traffic rises more than 300 percent in May 2022: IATA
The International Air Transport Association (IATA) said the Middle Eastern airlines’ traffic rose 317.2 percent in May compared to May 2021. The IATA announced passenger data for May 2022 showing that the May capacity rose 115.7 percent versus the year-ago period. The recovery in air travel accelerated heading into the...Iran reports new technical advances at nuclear plant: IAEA
The UN watchdog's director-general Rafael Mariano Grossi said the changes at the plant under mountains south of the Iranian capital had been verified.Record exports help US trade deficit reach its lowest in 2022
The US trade deficit with China declined again, falling $2.8 billion to $32.2 billion in May, on another big drop in imports from the world's second largest economy.UAE to woo at least 300 global tech firms with ‘NextGenFDI’
The UAE will encourage some 300 global technology firms and software developers to set up base in the country under the newly launched "NextGenFDI."New multilateralism likely to define global trade in 2022: DMCC report
Global trade hit a record high of $28.5 trillion in 2021, with more growth expected in 2022. The future also promises growth due to a new era of multilateralism, supported by regionalization, trade in services, innovation and sustainable trade, which would counter global recession, according to 'The Future of Trade 2022'...European stocks bounce back after sharp losses on global recession fears
European stock markets rebounded on Wednesday, recovering some ground following sharp losses the previous session on fears of a global recession. Oil prices recovered slightly, but WTI remained under $100 per barrel. The euro hit a fresh 20-year low point under $1.02 -- the European single currency fast closing in...Sri Lanka appeals Russia for fuel and resumption of tourist flights
Sri Lanka is facing its worst economic downturn since it gained independence from Britain in 1948.