The ruble reaffirmed its unusual standing as the world’s best-performing currency this week, surging to multi-year highs. The ruble has roared back after plummeting in the weeks following Russia’s invasion of Ukraine, which provoked broad international sanctions aimed at damaging the Russian economy. On Wednesday, the Russian ruble reached 52.3 per dollar, a 1.3% rise […]
Meta, previously Facebook, promises to spend at least $10 billion this year on virtual reality and augmented reality research and development. On Monday, CEO Mark Zuckerberg demonstrated the company’s development by unveiling many of the incomplete headgear prototypes it has produced in its laboratories. Zuckerberg has staked his company’s future on virtual reality, which immerses […]
Vistara, an India-based joint venture airline between the Tata Group and Singapore Airlines, is planning to introduce several more routes to the Middle East in the coming weeks. Singapore, Male, and Dubai are among the international destinations covered from Mumbai, while service to Jeddah will begin on August 2. Vistara now operates 53 aircrafts, including […]
In reaction to alleged abuses of the primarily Muslim Uyghur minority population, the US Senate has enacted legislation prohibiting imports from China’s Xinjiang province. Unless proven otherwise, the legislation will assume that commodities created in Xinjiang are made with forced labor. With the Uyghur Forced Labor Prevention Act (UFLPA) passed by unanimous consent, which is […]
Oil prices slid early on Monday as investors refocused on tight supply, although the mood remained shaky following a 6% drop the previous day due to fears about slowing global economic growth and fuel consumption. Due to Western sanctions, most nations are still unable to obtain Russian oil. The damage has been offset in part […]
DP World and the Saudi Ports Authority (Mawani) announced the signing of a 30-year deal for more than SAR 500 million ($133.33 million) to construct a state-of-the-art, port-centric Logistics Park at the Jeddah Islamic Port. The 415,000 square meter purpose-built facility will expand DP World’s regional presence and deliver cutting-edge multi-modal logistics solutions to the […]
In a complaint, an investor accused Tesla Inc’s executives and directors of enabling a “toxic working culture” to develop in the business. The company was previously been accused of racial discrimination and sexual harassment at its facilities. According to a complaint filed on Thursday in federal court in Austin, Texas, by stockholder Solomon Chau, Elon […]
Revlon Inc declared Chapter 11 bankruptcy after being unable to handle its massive debt burden in the face of a supply chain crisis and rising inflation. The cosmetics conglomerate requested judicial protection in the Southern District of New York in late April, with assets reaching $2.3 billion. According to court documents dated June 15, the […]
Following the US Federal Reserve’s largest interest rate rise since 1994, the Central Bank of the UAE (CBUAE) has decided to boost interest rates. The Fed increased interest rates by three-quarters of a percentage point on Wednesday. While announcing the interest rate hike, US Federal Reserve Chairman Jerome Powell said that the US central bank […]
World Trade Organization members faced a tense last day of discussions, with little guarantee of reaching an agreement on any modification to global trade rules on Wednesday. India was insistent that it would not compromise on food, fisheries, and vaccines. WTO Director-General Ngozi Okonjo-Iweala cautioned the more than 100 ministers in attendance that time was […]
The European Commission is set to target Facebook parent Meta, Google, Twitter, Microsoft, and TikTok with new anti-disinformation measures, including deepfakes and fake accounts. Companies that fail to comply with the amended legislation may face substantial fines, according to reports. Deepfakes are highly detailed forgeries made by computer processes that have sparked widespread concern, particularly […]
The Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has signed an agreement with Capital Bank of Jordan to open a credit line of approximately AED 73.4 million ($20 million). Khalil Al Mansouri, interim director-general of the Abu Dhabi Exports Office, and Daoud Al-Ghoul, CEO of Capital […]
