Economy
Business and economy news
1542 articles in this section
Asia's Economic Ascendancy: The Future is Now, Data Confirms Global Shift
Data from the IMF's World Economic Outlook confirms that the rise of Asia and other developing economies is no longer a future prospect but a present reality, evident in global production and growth. While economic weight has shifted, realizing widespread prosperity will depend on strategic investments and policy choices.
Sharjah's Khor Fakkan Port Expansion Set to Significantly Boost Regional Trade and Logistics
Sharjah is significantly expanding Khor Fakkan Port's capacity to bolster its role in regional trade and logistics. The development includes enhancing transport infrastructure, with future rail connections and airport expansions also planned to support economic growth and improve quality of life.
Alphabet's Record Plunge Sparks AI Fears, Dragging Tech Stocks Lower
Alphabet's shares experienced a record 13% plunge, dragging down tech stocks and reigniting investor fears about the impact of AI on core business models. While other sectors showed resilience, the tech industry faced renewed scrutiny over AI investments and valuations.
QatarEnergy Secures Overseas LNG Deals to Mitigate Hormuz Strait Disruption Risks
QatarEnergy is diversifying its LNG supply by purchasing from overseas producers like the U.S. to mitigate risks associated with potential disruptions in the Strait of Hormuz. This strategy aims to leverage price differences between markets and secure revenue streams.
IMF Aims for December Deal on Egypt's Economic Program Review
The International Monetary Fund (IMF) is in Egypt this week to finalize talks for a staff-level agreement on the country's economic program, aiming for executive board approval by mid-December. This review is crucial for the final disbursement of approximately $2.3 billion.
ECB President Christine Lagarde to Depart Early, Sparking Succession Race Amidst Eurozone Turmoil
European Central Bank President Christine Lagarde announced her early departure on February 7, nine months before her term ends, prompting a race for her successor amidst eurozone challenges. The timing allows EU leaders to appoint her replacement before the French presidential election.
Soaring Fuel Prices Lead to Cruise Ship Passenger Shortage
The cruise industry is facing a downturn as escalating fuel prices lead to a reduction in passenger capacity on ships. This situation is forcing cruise lines to adjust their operations and potentially increase fares.
QatarEnergy Secures Major US LNG Supply Deal Amidst Hormuz Disruptions
QatarEnergy has signed a 20-year deal to buy up to 3 million tonnes of LNG annually from Woodside Energy's Louisiana project, bolstering its US supply strategy amidst ongoing disruptions in the Strait of Hormuz. This move makes QatarEnergy the largest buyer of US LNG and comes as the company continues to extend force majeure on its own shipments due to an earlier incident impacting its capacity.
Abu Dhabi Real Estate Soars: Apartment Prices Jump 24% in Q3 Amidst Strong Economic Growth
Abu Dhabi's apartment prices surged by 24% and villa prices by 10.2% in the third quarter, driven by strong economic momentum. The Al Reef area saw the most significant price increases, while overall residential values grew by 16.8% year-on-year.
Christine Lagarde Steps Down as ECB President Amidst Economic Uncertainty and Political Shifts
European Central Bank President Christine Lagarde has announced her resignation, effective February 7, 2027, amid rising economic volatility and political shifts in Europe. Her departure comes as the ECB navigates inflation and interest rate decisions.
QatarEnergy Secures 20-Year LNG Supply from Australia's Woodside Louisiana Project
QatarEnergy has signed a 20-year deal to buy up to three million tonnes of LNG annually from Australia's Woodside, sourced from its upcoming Louisiana project. This agreement strengthens QatarEnergy's global LNG supply portfolio.
UK Budget: Labour Delivers Stability but Lacks Ambitious Vision
John Healey's first UK budget as Chancellor was characterized by stability and a lack of radical measures, aiming to repair damage from previous policies and reassure investors. While offering some relief, it lacked the ambitious vision previously outlined by Andy Burnham.
Egypt Partners with World Bank to Supercharge Investment and Boost Exports
Egypt is partnering with the World Bank to implement a new investment promotion strategy aimed at boosting foreign investment, enhancing production, and increasing exports by focusing on priority sectors and global value chains. The initiative also seeks to improve the business environment and leverage trade agreements.
Diplomatic Overtures Ease Iran Tensions, Leading to Oil Price Dip
Oil prices dipped as diplomatic efforts to avert US military action against Iran gained traction. Despite a letter from US Vice President JD Vance to Iran's National Security Council chief, President Trump downplayed the initiative, stating it was for humanitarian aid. Market sentiment remains cautious due to ongoing conflict risks.
Europe's Widening Generational Wealth Chasm: Young Earners Face Stark Disadvantage
Younger households in Europe hold significantly less wealth than older generations, with a median net wealth of approximately 25,000 euros for those under 35 compared to over 208,000 euros for those aged 55-64. This widening gap is exacerbated by rising housing costs and increased prices for everyday goods and services.
IMF Expert Jihad Azour on Historic Oil Shock and Gulf's Path to Economic Resilience
The IMF's Jihad Azour discusses the unprecedented oil shock from the Iran conflict, noting the region's resilience due to economic diversification. He also touches on AI investments, regional trade routes, and economic outlooks for Iran, Iraq, Syria, Lebanon, and Egypt.
First Abu Dhabi Bank Sees 6% Profit Surge in Q3 Driven by Robust Business Activity
First Abu Dhabi Bank reported a 6% rise in third-quarter profit, reaching Dh5.73 billion, driven by increased net interest income and fee and commission income due to strong business activity. The bank's nine-month profit also grew by 3%.
Al Gharbia Pipe Company Poised for Growth as Middle East Nations Seek Alternatives to Hormuz Strait
Al Gharbia Pipe Company anticipates increased demand for its products as Middle Eastern nations develop new pipelines to bypass the Strait of Hormuz amid regional conflict. The company is also exploring opportunities in hydrogen transport.
Minnesota Man Sentenced to 30 Years in Massive COVID-19 Food Fraud Scheme, Drawing Trump's Ire
Salim Said has been sentenced to 30 years in prison for his role in a $44 million COVID-19 food fraud scheme in Minnesota. The case, which involved falsifying meal counts for needy children, drew significant national attention and criticism from former President Donald Trump.
Alphabet Stock Tumbles as AI Spending Outpaces Profit and Sales Growth
Alphabet's stock dropped significantly after its third-quarter results missed profit and sales expectations, raising concerns about its substantial AI investments. Despite strong performance in its cloud unit, the search business and overall financial results fell short of analyst projections.
US Federal Reserve Pauses Interest Rate Hikes Amid Persistent Inflationary Pressures
The US Federal Reserve has decided to hold interest rates steady, opting for patience despite persistent inflation concerns and a tight labor market. Officials are closely monitoring energy prices and AI-driven investments as potential inflation drivers.
UK Autumn Budget: Key Policies Unveiled for 'Working People' Amidst Economic Challenges
The UK Autumn Budget, presented by Chancellor John Healey, includes measures for energy bill support, increased defence spending, and a new savings account for first-time buyers. While aimed at 'working people,' some economists question the scale of the support for the cost-of-living crisis.
US Federal Reserve Pauses Interest Rate Hikes Amid Persistent Inflation
The US Federal Reserve has decided to hold interest rates steady, opting for patience as inflation remains a concern. Despite two dissenting votes, the move was largely expected and comes ahead of the midterm elections.
Khartoum Families on Brink: War and Soaring Inflation Threaten Survival
Families in Khartoum are facing an existential crisis as the ongoing war and rampant inflation decimate their purchasing power. Daily necessities are becoming unaffordable, forcing many to deplete savings and go into debt.