Economy
Business and economy news
1542 articles in this section
OPEC+ Maintains December Oil Output Amidst Middle East Conflict Disruptions
Opec+ has decided to maintain its December oil production targets unchanged, keeping them at September levels amidst ongoing disruptions from the Middle East conflict. Oil prices saw a significant increase, reaching six-month highs.
Economic Expert: Egyptian Pound to Stabilize Between LE 54-57 Amidst Global Tensions
Economist Mohamed Anis predicts the Egyptian pound will stabilize against the US dollar between LE 54-57 in the next two months, attributing recent stock market declines to liquidity-seeking sales for the Banque du Caire IPO and foreign investment exits.
Egypt and Bahrain Deepen Economic Ties: Ministers Discuss Investment Partnerships
Egyptian Minister of Foreign Affairs Badr Abdelatty and Bahraini Minister of Finance Salman bin Khalifa Al Khalifa met to discuss enhancing economic and investment partnerships, focusing on infrastructure, logistics, and energy sectors.
Dubai Unveils Groundbreaking Loyalty Program and Expanded Visa Access to Boost Tourism
Dubai has launched a pioneering tourism loyalty program, the Dubai Access Club, and is expanding tourist visa accessibility to enhance its global standing as a top travel destination. These initiatives aim to reward repeat visitors and streamline the travel process.
Malawi Farmers Undertake Grueling Journeys for Cattle Feed Amidst Worsening El Niño Drought
Malawi's cattle farmers are facing severe challenges as the El Niño-induced drought worsens, forcing them to travel long distances in search of scarce fodder for their livestock. The scarcity of grass and rising costs of supplementary feed are impacting milk production and farmers' earnings.
Syria and Lebanon on Path to Reconstruction, US Envoy Declares Amid Regional Tensions
US Assistant Secretary of State Donald Blome stated that Syria and Lebanon are entering a new phase focused on rebuilding after years of conflict. While recovery prospects are clouded by regional tensions, diplomatic channels remain open.
UAE Overhauls E-Invoicing Penalties to Boost Business Compliance and Digitalization
The UAE Ministry of Finance has updated e-invoicing penalties to support businesses and streamline compliance. New regulations aim to provide regulatory certainty and reduce administrative burdens, with a phased rollout planned until October 2027.
Big Tech's AI Spending Spree: Is the Bond Market the Real Bottleneck?
Big Tech's massive spending on AI infrastructure is raising questions about sustainability, as the stock market reacts negatively to high costs and delayed profits. The real concern lies in the bond market's capacity to continue financing this spree, which will ultimately determine AI's success.
From IPO Splash to Telecom Titan: How Mukesh Ambani's Jio Became India's Second-Largest Company
Mukesh Ambani's Jio Platforms has become India's second-largest company after a successful IPO, disrupting the telecom market with aggressive pricing and expanding into a digital ecosystem. The company now faces potential competition from Elon Musk's Starlink.
Egypt and Morocco Forge Deeper Ties: Ports, Industry, and Logistics Cooperation on the Horizon
Egyptian Ambassador to Morocco, Ahmed Nihad Abdel Latif, met with Tanger Med Group's CEO Mehdi Tazi-Riffi to discuss expanding cooperation in ports, industry, and logistics. The talks aimed to strengthen economic ties and explore joint ventures, potentially boosting trade and investment between Egypt and Morocco.
Egypt Unveils Ambitious Industrial Strategy 2030 to Boost Local Manufacturing and Global Supply Chain Integration
Egypt's Industrial Strategy 2030 aims to boost local manufacturing and integrate into global supply chains by promoting industrial localization, deepening domestic production, and increasing value addition. The strategy encompasses five industrial groups and includes support for investors, technology adoption, workforce development, and rural industrial initiatives.
S&P Projects 15% Economic Surge for Qatar in 2027 Driven by Gas Sector Resurgence
S&P Global Ratings forecasts a 15% economic rebound for Qatar in 2027, driven by the recovery and expansion of its gas sector, despite current disruptions. The agency affirmed Qatar's strong AA credit rating with a stable outlook.
UN Official Urges Adaptation to Soaring Prices Amidst Middle East Tensions and War Threats
A UN official warns that the Middle East must adapt to a rapidly increasing cost of living due to the Iran conflict and Strait of Hormuz standoff, with decades of change compressed into months. The crisis has led to a severe economic shock, reordering national priorities and widening the gap between wealthy and vulnerable nations.
UAE Fuel Prices Unexpectedly Fall in November, Reversing Trend Amidst Middle East Tensions
UAE petrol prices will decrease in November, the first drop in four months, defying expectations after a surge in global oil prices. Despite the reduction, prices remain significantly higher than earlier in the year due to ongoing Middle East tensions.
Middle East Fertiliser Exports Plummet 70% Amid Iran Conflict, Threatening Global Food Security
Middle East fertiliser exports have plummeted by up to 70% due to the ongoing conflict disrupting supplies through the Strait of Hormuz, raising concerns about global food production and potentially fueling food inflation.
Oil Prices Surge Amid Strait of Hormuz Tensions and US-Iran Hostilities Threat
Oil prices have surged significantly, with Brent crude and WTI both seeing substantial gains for the month, driven by a tanker incident in the Strait of Hormuz and renewed US threats against Iran. This comes as the conflict between the US and Iran enters its ninth month.
AI Investment Fears Spark Major Sell-off: Amazon and Intel Shares Plummet
Investor concerns over the high costs of AI development have intensified as Amazon and Intel reported disappointing earnings, leading to significant drops in their share prices and broader market declines.
Egypt's Central Bank Surprises Markets with 1% Interest Rate Hike Amidst Currency and Inflation Fears
The Central Bank of Egypt unexpectedly raised interest rates by 1% to combat inflation and currency pressures, surprising market analysts. The decision comes as the US dollar nears EGP 56, exacerbating concerns over imported goods and global supply chain stability.
Asia's Largest Ever Delegation Heads to ADIPEC Amidst Global Energy Reassessment
Asia is sending its largest-ever delegation to ADIPEC in Abu Dhabi, with a record number of companies and visitors attending amidst global energy market reassessments. The event offers a critical platform for Asian nations to discuss supply security and partnerships with Gulf producers.
UAE Central Bank Slaps Foreign Bank Branch with Dh200 Million Fine for Anti-Money Laundering Violations
The Central Bank of the UAE has fined a foreign bank branch Dh200 million for serious and repeated failures in anti-money laundering and combating the financing of terrorism. The bank's chief executive and head of compliance also received personal fines.
BP Achieves Highest Quarterly Profit in 18 Years Amidst Geopolitical Tensions and Strong Refining Margins
BP reported its highest quarterly net profit in 18 years, exceeding expectations with $8.46 billion due to high energy prices and strong refining margins. The company also met its net debt target a year early.
Despite Increased Oil Flows, Iran War Turmoil Fuels Persistent Price Hikes
Despite increased oil flows from the Gulf, oil prices continue to rise due to ongoing conflict anxieties, dwindling stocks, and higher transportation costs. Analysts do not foresee a return to normal prices soon without de-escalation and rebuilt inventories.
2PointZero Group's Nine-Month Profit Triples Amidst Aggressive Global Expansion
2PointZero Group reported a three-fold increase in its nine-month net profit, reaching $2.3 billion, driven by global expansion and acquisitions. Despite a quarterly dip due to higher costs, the company remains financially strong and continues to invest in energy and consumer sectors.
AI's Thirst for Power: Nuclear Deals Signal a Shift in Energy Strategy Amidst Rising Costs
Major cloud computing companies are signing long-term nuclear power contracts to meet the immense electricity demands of AI, signaling a shift in energy strategy. However, these deals raise concerns about rising electricity costs for consumers and the long-term sustainability of voluntary commitments.