Economy
Business and economy news
1542 articles in this section
Bank of America Hit with Over $1.2 Billion in Fines for Anti-Money Laundering and Sanctions Violations
Bank of America has been fined over $1.21 billion by the U.S. Treasury Department for failing to comply with anti-money laundering and sanctions laws. The penalties address significant deficiencies in reporting suspicious transactions and mitigating national security risks.
Namibia's Livestock Exports Hit by Foot-and-Mouth Disease Outbreak, EU Imposes Import Restrictions
Namibia is facing a severe foot-and-mouth disease outbreak, leading to widespread livestock movement restrictions and the suspension of several key meat exports, notably by the European Union. The crisis is significantly impacting local vendors, farmers, and the national economy.
Bank of America Slapped with $1.2 Billion Fine for Sanctions and Anti-Money Laundering Violations
Bank of America has been fined over $1.2 billion by the Treasury Department for violating anti-money laundering and sanctions laws. The bank also agreed to a $750 million penalty from the OCC and an $11.6 million settlement related to sanctions breaches.
Dubai Unveils Ambitious Dh2.1 Trillion Project Portfolio Spanning Housing, Transport, and Infrastructure
Dubai has announced a Dh2.1 trillion portfolio of ongoing projects covering housing, transport, aviation, and infrastructure, aiming to drive economic growth and development. Key investments include real estate, airport expansion, fleet growth for airlines, and significant infrastructure upgrades.
IMF Forecasts Economic Contraction for Middle East and Central Asia in 2026 Amid War Fallout
The IMF forecasts the Middle East and Central Asia's economy to contract by 0.3% in 2026, a significant downgrade from previous projections, due to war fallout and shipping disruptions. Several countries, including Kuwait and Qatar, are expected to face severe economic contractions.
Global Economic Instability Looms: IMF Flags Risks as Gulf Recovery Depends on Hormuz Strait
The IMF has warned of significant global economic risks, with the Gulf's recovery tied to the Hormuz Strait's stability. The article also touches on airport security threats, a Riyadh airport attack, and celebrity news.
Iran War's Ripple Effect: Qatar's Revenue Plummets 42% Amidst LNG Export Crisis
Qatar's government revenue has fallen by 42% in the first half of the year due to the Iran war's impact on LNG exports, leading to significant economic challenges and projected contractions.
Dubai Inflation Edges Up in September Amidst Fuel Cost Surge Driven by US-Iran Tensions
Dubai's inflation rate rose by 5.03% in September, primarily due to increased fuel and transport costs linked to the US-Iran conflict, although the overall inflation rate slowed compared to previous months. Despite these pressures, Dubai's non-oil economy continues to show strong growth.
Egypt Forum 2026 to Tackle Inflation-Linked Cash Subsidies and Social Protection Reform
Egypt Forum 2026 will focus on transitioning subsidies to inflation-linked cash support to protect purchasing power and enhance social protection. Prime Minister Mostafa Madbouly highlighted the aim to promote social justice and gather public input on the reforms.
Egypt Aims to Become Regional Tourism Powerhouse, Foreign Minister Reveals in Bangkok
Egypt is planning to become a leading regional tourism hub through airport development, fleet modernization, and expanded international connectivity. The government is seeking partnerships, like one with Minor International, to boost the sector and workforce training.
IMF Urges UK to Maintain Fiscal Discipline, Warning of Inflation Risks Ahead of First Budget
The IMF has warned the UK economy to maintain fiscal discipline and limit cost-of-living support to avoid reigniting inflation, just weeks before Chancellor John Healey presents his first budget. The fund also highlighted concerns over energy prices and the need to address a significant deficit.
Iran Grapples with Billions in Missing Oil Revenue Amidst Sanctions
Iran is facing a significant financial shortfall as billions of dollars in oil revenue, owed by a network of intermediaries known as 'trustees,' have reportedly gone missing. This crisis is exacerbated by US sanctions, which complicate the recovery of these funds and have led to accusations of corruption.
Cuba Advances Renewable Energy Amidst US Oil Blockade and Economic Strain
Cuba is accelerating its renewable energy initiatives in response to a U.S. oil blockade that has crippled its economy. The nation is exploring domestic resources like solar and wind power to offset the lack of foreign fuel imports, despite facing significant challenges and humanitarian concerns.
UK Faces Winter Energy Crisis as European Gas Prices Skyrocket 150%
Britain is facing a severe energy crisis as European gas prices have surged by over 150% this year, leading to critically low reserves and the threat of high costs throughout winter. This situation is expected to result in higher household bills and increased economic pressure.
Global Energy Security Under Severe Threat Amid Middle East Conflict and Supply Crunches
The International Energy Agency warns that the ongoing US-Israel war on Iran and the Russia-Ukraine conflict have triggered the largest energy crisis in history, threatening global economic stability.
US Academics Robert Hall and Michael Woodford Win 2026 Nobel Economics Prize for Pioneering Stabilization Models
US academics Robert Hall and Michael Woodford have been awarded the 2026 Nobel Prize in Economic Sciences for developing macroeconomic models that help stabilize economic fluctuations.
talabat Appoints Moaiad Aqel as Managing Director of Qatar to Drive Future Expansion
talabat has appointed Moaiad Aqel as the new Managing Director of talabat Qatar to spearhead the company's next phase of growth and operational excellence.
Unpacking Donald Trump's Strategic Shifts on Russian Oil and the New Energy Ceasefire
US President Donald Trump announced an 'energy ceasefire' between Russia and Ukraine to help ease soaring global fuel prices and domestic political pressures ahead of the midterm elections. However, the move has drawn mixed reactions and sparked questions from international allies and experts.
UAE Net Wealth Projected to Reach $6 Trillion by 2030 Despite Regional Geopolitical Volatility
A new Boston Consulting Group report reveals that UAE net wealth is projected to hit $6 trillion by 2030, driven by real assets and financial growth despite regional conflict.
US Energy Secretary Reports Strait of Hormuz Oil Flows Rebound to 14 Million Barrels Per Day
US Energy Secretary Chris Wright announced that oil flows through the Strait of Hormuz have recovered to 14 million barrels per day, despite ongoing regional security concerns and attacks in Saudi Arabia.
Qatar's Energy Minister Calls to Keep Energy Above Politics as Doha and Riyadh Sign Landmark Cooperation MoU
Qatar and Saudi Arabia have signed a major energy cooperation MoU, while QatarEnergy's Saad Sherida Al-Kaabi urged the global community to keep energy infrastructure insulated from political conflicts.
Egypt Places Top Priority on Food and Water Security Ahead of Upcoming 2026 Forum
Prime Minister Mostafa Madbouly stressed that food and water security are top national priorities during preparations for the upcoming Egypt Forum 2026.
UAE Approves Dh292.5bn Federal Budget for 2027-2029 Cycle Highlighting 28.3% Spending Growth
The UAE has approved its 2027-2029 federal budget with Dh292.5 billion in spending, focusing on key priorities such as education, health, housing, and social services.
Prime Minister Mostafa Madbouly Prepares Urban Development Agenda Ahead of Egypt Forum 2026
Prime Minister Mostafa Madbouly met with key officials to outline sustainable urban development discussions and transparency goals for the upcoming Egypt Forum 2026 in the New Capital.