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 […]
The socioeconomic benefits of completely digitizing economies in the Middle East and North Africa would be enormous. GDP per capita may increase by more than 40%; manufacturing employment might increase by 7%; and tourist arrivals could increase by 70%, creating jobs in the hospitality industry. Furthermore, long-term unemployment rates might be reduced to insignificant levels, […]
According to the current Henley Global Citizens Report, the UAE is predicted to eclipse the most popular locations for the wealthy, such as the United States, the United Kingdom, and Russia, by drawing the greatest net inflows of millionaires internationally in 2022. The country already boasts 92,600 US-dollar millionaires, 4,000 multi-millionaires valued at more than […]
Russia, the world’s largest supplier of fossil fuel, has generated more than EUR 93 billion in income from exports in the first 100 days of the conflict, according to statistical data released by the independent, Finland-based Centre for Research on Energy and Clean Air (CREA). The report was released on Monday, as Russian forces continued […]
Lawmakers in the United States want the US Trade Representative (USTR) to press for an extension of the WTO’s digital trade moratorium. A bipartisan group of US congressmen has encouraged US Trade Representative Katherine Tai to press for an extension of a tax ban on digital trade that has been in effect since 1998 during […]
TotalEnergies of France has been given a 25% share in the world’s biggest natural gas field in Qatar. QatarEnergy, a state-owned company, will hold the remaining 75% of the company. The new joint venture will own a quarter of the 32 million tons per annum (Mtpa) North Field East (NFE) project, which is comparable to […]
Twitter Inc. agreed to reasonable adjustments, new standards, and a $150 million penalty to resolve a federal privacy lawsuit on Wednesday. The settlement was authorized by the FTC with a unanimous 4-0 voting. It marks the first big agreement between a huge internet giant and the Biden administration’s Federal Trade Commission (FTC), which has committed […]
Google’s participation in the ad tech business is being investigated again by the Competition and Markets Authority (CMA), the UK’s competition watchdog, to see if it is distorting competition. It’s the UK’s second major antitrust investigation into Google’s ad tactics. Under a new regulatory agency, the CMA seeks expanded ability to probe anti-competitive activity by […]
