Economy
Business and economy news
1542 articles in this section
Strait of Hormuz Becomes Danger Zone as Iran Escalates Attacks, Sinking Two Cargo Ships
Two cargo ships have sunk near the Strait of Hormuz in separate incidents after being struck by unknown projectiles, highlighting increased risks to shipping as Iran escalates attacks. The incidents come as the US midterm elections approach, with rising oil prices being a key concern for voters.
Aldar Expands into Sharjah with Dh1.1 Billion Residential Acquisition, Bolstering Rental Portfolio
Aldar, Abu Dhabi's largest listed developer, is expanding into Sharjah by acquiring over 1,100 homes for Dh1.1 billion from Arada's Aljada development. This strategic move bolsters Aldar's rental portfolio and develop-to-hold pipeline.
G20 Finance Leaders Convene in Bangkok Amid Global Economic Uncertainty Fueled by Middle East Conflict
G20 finance ministers and central bank governors are meeting in Bangkok amid global economic uncertainty, largely due to the US-Israel war on Iran. The discussions are expected to focus on the conflict's economic fallout, including rising energy prices and global debt levels.
Gulf Oil Giants Reroute Shipments to India Amidst Hormuz Congestion and Attacks
Gulf oil producers are rerouting shipments to India for ship-to-ship transfers and offering deep discounts to maintain exports to Asia, as congestion and attacks disrupt traditional routes around the Strait of Hormuz. This shift highlights the strain on existing export workarounds and the growing importance of secure infrastructure.
IMF Warns of Narrowing Defenses Against Iran War's Economic Fallout
An IMF official warned that economic buffers against the Iran war's impact are diminishing, increasing regional uncertainty despite current mitigation efforts. While some economies have shown resilience, prolonged conflict poses significant risks.
Tunisia's Economy Under Kais Saied: Seven Years of Growth, Persistent Challenges
Seven years into President Kais Saied's tenure, Tunisia's economy shows mixed results with continued growth but persistent challenges like high inflation, youth unemployment, and strained public finances. While the economy grows and overall unemployment has eased, the rising cost of living and limited job opportunities for young people remain significant concerns for citizens.
Tax Worries Drive One-Third of Wealthy Britons to Consider Emigrating
Nearly a third of wealthy Britons are considering leaving the UK due to concerns over the economy and potential tax changes, with the UAE emerging as a popular destination. A new study highlights a rise in emigration considerations among high-net-worth individuals.
Dubai's New Housing Rules: Safer Living, But At What Cost for Low-Income Workers?
Dubai's new shared housing regulations aim to improve living conditions but may increase costs, potentially making affordable accommodation less accessible for low-income workers. While the rules enhance safety and legal frameworks, balancing compliance with affordability remains a key challenge.
Alaska LNG Project Becomes $54 Billion Investment Battleground for Asian Energy Buyers Amidst Global Supply Concerns
A massive Alaska LNG project has become a point of contention for potential Asian buyers seeking supply diversification, with conflicting reports on investment commitments from Taiwan and South Korea. The project faces significant cost and logistical challenges, alongside competition from other global LNG developments.
Aldar Set to Unveil Major Dubai Villa and Townhouse Development by Year-End
Aldar is set to launch a major villa and townhouse project in Dubai by the end of the year, expanding its presence in the emirate through a partnership with Dubai Holding. This development comes amid a cautious market, though Aldar remains confident in its product offerings.
UN Official Urges Swift Iran-US Deal to Avert Asian and African Food Crisis Amid Hormuz Standoff
A senior UN official warns that parts of Asia and Africa could face a food crisis if Iran and the US do not quickly agree to a UN plan for fertilizer shipments through the Strait of Hormuz. The plan aims to ensure safe passage for vital agricultural inputs during the approaching planting season.
Addison Lee Founder Sells Regent's Park Mansion at Nearly 50% Loss Amidst London Property Slump
Addison Lee founder John Griffin has sold his Regent's Park mansion for £11.5 million, nearly half of what he paid in 2013, reflecting a broader downturn in London's prime property market. The sale highlights a significant drop in value amidst tax changes and economic uncertainty impacting high-end real estate.
International Law in Action: Navigating the Seas to Intercept Sanctioned Russian Oil
Western allies are increasingly using the Law of the Sea to inspect and board vessels suspected of circumventing Russian oil sanctions, applying Article 110 of UNCLOS to disrupt the 'shadow fleet'. This strategy, particularly evident in the Baltic Sea, is pressuring Russia's oil trade and economy.
Global Diesel Crisis to Extend Through 2027 Amidst Iran Conflict, Warns IEA
The International Energy Agency (IEA) warns that the global diesel shortage, intensified by the Iran conflict, is expected to continue until the second half of 2027 due to depleted inventories and reduced supply from key regions like the Middle East and Russia.
Trump's Accidental Climate Presidency? Iran War's Unforeseen Impact on Global Energy
The ongoing war in Iran has led to soaring oil prices and a surprising acceleration in the global adoption of clean energy, potentially making President Donald Trump an accidental climate advocate on the world stage despite his pro-fossil fuel policies.
Lebanon's Corrupt Power System Fuels Generator Crisis, Exorbitant Bills
Lebanon's electricity crisis is exacerbated by a corrupt system where private generators supply half the nation's power, leading to exorbitant bills for citizens and significant profits for connected individuals. Decades of mismanagement and lack of reform have entrenched this dependence, with little prospect of immediate improvement.
Watchdog Rules Vashi Investors May Recoup Losses Through Anti-Fraud Scheme
Investors in the collapsed jeweller Vashi may receive compensation after a Financial Ombudsman Service ruling overturned an initial decision, potentially allowing millions to be recovered through an anti-fraud scheme.
Dubai and Abu Dhabi Rank Top 10 Globally for Next-Generation Wealth Transfer, Savills Report Reveals
Dubai and Abu Dhabi have been recognized among the top 10 global destinations for next-generation wealth, according to a Savills report. The UAE cities are attracting significant capital due to government initiatives, business-friendly policies, and lifestyle appeal.
Aldar International's London Square to Build 9,000 Homes in UK Capital Over Five Years
Aldar International's London Square is set to deliver 9,000 homes in London over the next five years, with a focus on both sale and build-to-rent properties. The developer cites resilient demand and strong performance under Aldar's ownership.
AI Boom Fuels China's Exports to Record Highs, Boosting Economy Amid Growth Concerns
China's exports surged by over 36% in September, driven by AI-fueled demand for high-tech goods, reaching $447.18 billion and marking the largest monthly rise since 2021. This export boom provides a crucial boost to the Chinese economy amidst concerns about slowing overall growth and unbalanced domestic demand.
Navigating Sanctions: How Iranians Move Money Abroad Amidst Financial Restrictions
Decades of international sanctions have forced Iranians to rely on informal and often risky alternative channels, including currency exchangers, intermediary firms, private arrangements, and cryptocurrency, to move money abroad due to restricted access to the global financial system. These methods, while circumventing some restrictions, come with significant costs, delays, and security risks, further exacerbated by the depreciating Iranian rial and geopolitical disruptions.
IMF Warns of Global Economic Strain from Depleted Oil Reserves and Soaring Debt
The IMF warns that declining emergency oil reserves and rising global debt levels, coupled with geopolitical tensions, pose a significant threat to economic resilience. The report highlights vulnerabilities in energy markets and potential risks from AI stock market fluctuations.
China and North Korea Set to Inaugurate New Yalu River Bridge, Boosting Trade Prospects
China and North Korea are set to open the New Yalu River Bridge on Thursday, a move expected to boost trade. This comes after years of delays and follows recent strengthening of ties between China and North Korea, as well as North Korea's growing relationship with Russia.
Singapore's Economy Surges Over 5% Fueled by AI Boom, Outpacing Global Peers
Singapore's economy has experienced a significant growth of over 5 percent, driven by a boom in artificial intelligence and the semiconductor industry. Despite strong performance, the central bank anticipates a moderation in AI-driven growth and maintains its monetary policy settings.