Economy
Business and economy news
1542 articles in this section
Canada-EU Summit: Deepening Ties Amid US Trade Tensions and 'Associate Membership' Proposal
Canada and the European Union are set to hold a summit in Montreal to deepen economic and strategic ties, potentially exploring an "associate member" status for Canada amidst strained relations with the United States and US-imposed tariffs.
Bank of Canada Hikes Key Interest Rate for First Time in Three Years, Cites Inflation Concerns
The Bank of Canada has raised its key interest rate for the first time in over three years to 2.5 percent, citing concerns that rising energy costs could fuel broader inflation. The bank also increased its inflation forecast for 2027 and warned further hikes may be necessary.
talabat Qatar Partners with Qatar Science & Technology Park to Launch 'talabat grow' Initiative for Small Businesses
talabat has launched 'talabat grow' in Qatar, a 12-month initiative in partnership with Qatar Science & Technology Park to support 180 local small businesses through subsidized commissions, training, and technology solutions.
World Bank Warns of 32% Energy Price Surge Amidst Escalating Global Crises
The World Bank predicts a 32% rise in energy prices this year due to global conflicts, warning of worsening inflation and economic instability. Commodity prices are also set to climb, with significant impacts expected on oil, gas, and food markets.
Dubai Regulator Slaps Moody's Middle East Unit with Dh2.15 Million Fine for Data Security Lapses
Dubai's financial regulator has fined Moody's Middle East unit Dh2.15 million for failing to protect confidential data over two years, citing seven incidents of inadvertent disclosure. The fine underscores the DFSA's commitment to maintaining the integrity of the UAE's financial system.
UK Chancellor Healey Unveils Budget Amidst Global Economic Turbulence
UK Chancellor John Healey has delivered his first budget, focusing on economic growth and fiscal control amidst global economic challenges, including trade tensions and regional conflicts. The budget includes measures to support households and businesses, such as energy bill cost controls and direct payments.
Burnham's Government Delivers First Budget Amid Inflation Woes and Defence Spending Push
Prime Minister Andy Burnham's government has unveiled its first UK budget, focusing on defence spending and addressing inflation and the cost-of-living crisis. The budget includes plans for new taxes on banks and online sellers, alongside support for social care and energy bills.
Syrian Refugees: A Pathway to Regional Economic Growth for the Gulf
Gulf countries can leverage the Syrian refugee crisis to foster regional economic growth by prioritizing refugee self-reliance and economic inclusion. This approach can strengthen regional integration, stimulate economies, and promote stability.
Jio Platforms Surges on Market Debut, Securing Record $3.1 Billion IPO Amidst Market Volatility
Jio Platforms made a strong market debut, soaring 27% on its first day of trading after raising a record $3.1 billion in India's largest IPO. Despite broader market volatility, the company's performance has bolstered investor confidence and positioned Reliance Industries as India's most valuable conglomerate.
Canada Forges New Trade Alliance with UAE, Diversifying Beyond US Markets
Canada and the United Arab Emirates have signed a Comprehensive Economic Partnership Agreement (CEPA) to reduce trade barriers and boost investment, marking a significant step in Canada's strategy to diversify trade beyond the United States. The deal aims to eliminate tariffs on over 99% of Canadian exports to the UAE and is expected to enter into force in 2027.
Abu Dhabi Crown Prince Sheikh Khaled Seals Major Deals with Canadian Prime Minister Mark Carney to Deepen Strategic Partnerships
Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed held significant talks with Canadian Prime Minister Mark Carney, resulting in key deals to boost strategic ties in defense, diplomacy, and renewable energy. The agreements aim to spur collaboration in mining, logistics, energy, and investment, with companies committing to C$21.1 billion in trade.
Zimbabwe's Platinum Riches: Billions Generated, But Communities Left Behind
Zimbabwe's booming platinum industry is generating billions, but communities near mining operations are struggling with inadequate infrastructure and basic services, despite the wealth extracted from their land.
UAE's Trade Deals: Beyond Market Access to Foster Investment and Global Partnerships
The UAE's trade agreements, exemplified by the new CEPA with Canada, are evolving beyond simple market access to foster foreign direct investment and private-sector partnerships. This integrated approach aims to translate trade deals into sustained mutual benefits by strengthening infrastructure, encouraging deeper business collaborations, and creating a platform for global growth.
UK High Streets on Brink: Independent Retailers Battle Rising Costs and Online Competition
Independent retailers in the UK are facing immense pressure from rising costs, including rent, taxes, and energy prices, alongside intense competition from online shopping. Business owner Surpreet Suri highlights the struggle to remain profitable and questions the future of his family's 40-year-old business on Birmingham's high street.
Blackstone Eyes Fourfold Surge in Gulf Investments Amidst Infrastructure Boom
Blackstone is significantly increasing its investments in the Gulf region, aiming for a fourfold growth in assets despite geopolitical headwinds. The firm is capitalizing on the region's infrastructure spending boom and evolving role as an investment destination.
Dubai Unveils Ambitious Urban Plan to Skyrocket Property Values by Dh20 Billion
Dubai has approved a new Urban Centres Development Plan and a Sustainable Population Planning Policy, aiming to boost property values by Dh20 billion by 2040 and enhance the well-being of residents through integrated community development and strategic population growth.
Dubai Unveils Ambitious Dh20 Billion Plan to Skyrocket Property Values in 48 Urban Centers by 2040
Dubai has approved a Dh20 billion plan to boost property values in 48 urban centers by 2040, alongside policies for sustainable population planning and digital government transactions. The initiatives aim to enhance quality of life, economic growth, and infrastructure efficiency.
Oman Unveils New Mining Concessions to Bolster Critical Minerals Strategy
Oman has announced three new mining concession areas totaling 2,062 square kilometers to expand investment in critical minerals exploration and development. This initiative is a key part of Oman Vision 2040, aiming to boost the mining sector's contribution to GDP and align with regional economic diversification strategies.
QatarEnergy Extends LNG Supply Suspension to Italian Firm Edison Amidst Regional Conflict
QatarEnergy has extended its suspension of LNG deliveries to Italian utility Edison until the end of December, impacting three additional cargoes. This move is attributed to ongoing regional conflicts disrupting energy supplies and shipping.
Apollo's Marc Rowan Secures $1 Billion Mubadala Deal, Discusses AI Valuations and Anthropic's IPO
Apollo Global Management, led by Marc Rowan, has invested over $1 billion for a 10% stake in Mubadala Capital to aid its North American expansion. Rowan also discussed AI valuations, Anthropic's IPO, and regional investment opportunities.
Qatar's Amir and Iran's President Convene in Moscow Amidst Ongoing Energy Discussions
Qatar's Amir Sheikh Tamim bin Hamad Al Thani met with Iranian President Masoud Pezeshkian in Moscow on the sidelines of the GECF summit to discuss expanding political and economic ties, including energy cooperation. Qatar's Energy Minister also held separate talks with Iranian officials and other energy ministers.
Egypt Secures $650 Million for Major Solar Power Project with International Backing
Prime Minister Mostafa Madbouly witnessed the signing of agreements for the $650 million Dandara solar power project in Qena Governorate. The project, with international financial backing, aims to boost Egypt's renewable energy capacity and reduce carbon emissions.
Egypt Slashes Electricity Bills by 30% for Six Months on 'Coded Meters'
Egypt's Ministry of Electricity is offering a 30% discount on electricity bills for 'coded meters' for six months, a move aimed at balancing consumer concessions with state rights and encouraging formal integration into the electricity grid.
South Korea's Economy Surges Past Expectations, Fueled by AI Chip Demand
South Korea's economy significantly outperformed expectations in the third quarter, growing by 1% quarter-on-quarter, largely driven by booming demand for AI chips. This surge positions the nation for its strongest economic expansion in over a decade.