Economy
Business and economy news
1542 articles in this section
UAE's Ali Alhosani Makes History as First Emirati Executive Director at the International Monetary Fund
Ali Alhosani has been elected as the first Emirati executive director at the International Monetary Fund (IMF), a significant achievement for the UAE. This appointment highlights the nation's growing global economic influence and its commitment to leadership in international financial organizations.
JP Morgan Taps Executive to Spearhead Critical Minerals Strategy Amid $1.5 Trillion National Security Investment
JP Morgan has appointed Andrew Frame to lead its critical minerals strategy as part of a $1.5 trillion investment in industries vital to U.S. national security. This move aims to address supply chain vulnerabilities and reduce reliance on foreign sources for essential minerals.
Qatar Pledges 'Massive' Solar Plant for Lebanon to Combat Energy Crisis
Qatar has announced plans to fund and implement a 'massive' solar power plant in Lebanon to help address the country's severe energy crisis, with no cost to the Lebanese state. The initiative is part of a broader cooperation framework in the energy sector.
China's Gold Rush: Diversifying Reserves Amidst Global Economic Uncertainty
China is increasing its gold reserves to reduce dependence on the US dollar and hedge against financial and geopolitical risks, while households are turning to gold amid domestic economic uncertainty. This strategic diversification is part of a broader trend among emerging economies.
New China-North Korea Bridge Opens Amid Skepticism Over Trade Impact
A new bridge connecting China and North Korea has opened, but experts are skeptical about its potential to significantly boost trade due to international sanctions and North Korea's political priorities. While officials hail it as a symbol of strengthened ties, analysts suggest political considerations will continue to dictate economic engagement.
Egypt Secures EU Approval for Fish Exports, Opening Major European Market
Egyptian farmed fish have officially gained approval for export to all 27 European Union member states, marking a significant breakthrough for the country's agricultural export ambitions after a two-year overhaul of food safety standards.
Norway's $2.3 Trillion Wealth Fund Faces Calls to Ease Nuclear Arms Ban Amid Gaza Investment Controversy
Norway's sovereign wealth fund is facing calls to ease its ban on investments in nuclear weapons and companies linked to the Gaza conflict. A government committee's report suggests greater discretion for the fund's manager, sparking debate over ethical investment standards.
UAE Navigates Global Tensions, Forges New Trade Deals Amidst Iran Conflict
The UAE is strengthening its position as a global trading hub by expanding alternative trade corridors and forging new economic partnerships, despite geopolitical tensions and the Iran conflict. Undersecretary Fahad Al Gergawi discussed these strategies, including Comprehensive Economic Partnership Agreements, in a Business Extra episode.
AI Cloud Giants Face $8.5 Trillion Debt Hurdle Amidst Global Market Volatility
AI cloud companies are facing an $8.5 trillion debt challenge amidst global financial volatility. The article also touches upon recent news from Tesla, the UAE's business initiatives, and events in the Middle East.
UK Universities Face Declining Interest from Gulf Students Amidst Visa Restrictions and Safety Concerns
UK universities are experiencing a significant decline in student visa applications from the Gulf region, driven by stricter visa policies, reduced post-graduation work opportunities, and growing safety concerns.
Gaza Faces Goods Embargo Amid Tax Dispute: Israel Cites Hamas Fees, Hamas Denies
Israel has stopped all commercial goods from entering Gaza, citing a tax dispute with Hamas. Hamas denies the claims, calling it disinformation and an attempt to blame them for disruptions, while a global hunger monitor warns of worsening food insecurity in the Strip.
US Extends Lukoil Sanctions Waiver Until 2027, Allowing Continued Service Operations
The US has extended a sanctions waiver for Russian oil company Lukoil until April 2027, allowing its service operations, including petrol stations in the US, to continue. This decision comes amid ongoing global oil market volatility and a recent deal concerning Russian diesel supply.
Gaza Faces Commercial Goods Halt Amid Hamas Tax Dispute with Traders
Commercial goods entry into Gaza has stopped due to a dispute between traders and Hamas over a new tax and cash payment demands. Israel's Cogat stated the halt will halve the number of lorries entering the territory, impacting humanitarian aid and commerce.
IEA Exceeds Oil Release Target, Accelerating Supply to Combat Soaring Prices
The International Energy Agency (IEA) announced it will exceed its oil stock release target, accelerating the release of remaining supplies to help stabilize soaring global energy prices. This move comes as the war in Iran continues to impact supply.
Qatari Conglomerate Power International Holding Deepens Kazakhstan's Energy Sector Involvement
Qatari conglomerate Power International Holding (PIH) is expanding its energy and gas operations in Kazakhstan, including developing two gas-processing plants at the Kashagan field and participating in a major gas pipeline project. The company also recently acquired Mobile Telecom-Service for $1.1 billion.
Kenyan Manufacturer HACO Bets Big on Africa's Industrial Future, Expanding Reach and Local Sourcing
Kenyan manufacturer HACO Industries is expanding its reach across Africa by producing locally relevant household, hair, and skincare products. The company is strengthening its supply chain through local sourcing and strategic partnerships, aiming to boost manufacturing and add value to African raw materials.
China and North Korea Inaugurate New Border Bridge, Signaling Deepening Alliance Amid Economic Isolation
China and North Korea have officially opened the New Yalu River Bridge, a long-delayed project aimed at deepening bilateral ties and boosting trade. The inauguration underscores North Korea's efforts to overcome economic isolation by strengthening its relationship with China.
Pierre Fabre Laboratories Expands Middle East Footprint with New Dubai Hub to Drive Regional Growth
Pierre Fabre Laboratories has opened a new regional hub in Dubai to accelerate its growth in the Middle East, Africa, Russia, and Turkey. The expansion aims to leverage local expertise and Dubai's international talent pool to double sales within six years.
Adnoc's Decade-Old Contingency Plan Ensured Oil Flow Amidst Iran War
Adnoc's proactive 10-15 year old contingency plans and infrastructure investments were crucial in maintaining oil production during the Iran war. The company's preparedness, including drills and scenario planning, ensured operational continuity.
France's Fiscal Woes Spark Fears of Renewed Eurozone Debt Crisis
France is experiencing a crisis of confidence in its public finances, with borrowing costs at a two-decade high. The country faces pressure to cut spending amid high debt and deficits, while protesters demand more education investment, complicating efforts to find a solution and raising fears of a Eurozone-wide debt crisis.
UAE Economy Minister: Hormuz Strait Vital, But Nation Boasts Multiple Trade Gateways
UAE Minister of Economy and Tourism Abdulla bin Touq emphasized that while the Strait of Hormuz remains crucial, the UAE has diversified its trade routes with multiple gateways, including east-coast ports and robust logistics corridors. He also highlighted signs of tourism recovery and outlined economic strategies focused on growth and innovation.
Egypt and Tunisia Forge Ahead in Non-Banking Microfinance Cooperation
Egypt's Financial Regulatory Authority (FRA) and Tunisia's Microfinance Control Authority met to discuss strengthening cooperation in non-banking microfinance regulation, focusing on expertise exchange and regulatory practices. Both countries highlighted the importance of microfinance for financial inclusion and economic development.
Iraq's Dinar Devalued by 15% Amidst Financial Crisis, Traders Face Uncertainty
Iraq has devalued its currency by nearly 15 percent to address a cash crunch and revenue shortfalls, a move that has left traders facing significant losses and uncertainty over pricing. The government aims to cover salaries and essential expenditures amidst financial pressures.
Egypt and Thailand Forge Deeper Economic Ties: Ministers Discuss Trade and Investment
Egyptian Minister of Foreign Affairs Badr Abdelatty and Thai Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas met to strengthen economic, trade, and investment cooperation between their nations. The discussions also covered enhancing collaboration through ASEAN.