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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 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 […]
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 […]
Shares of the state-owned Life Insurance Corporation of India (LIC) were set to open at an 8% discount from their IPO price on Tuesday. In pre-open trade, LIC shares were trading at 872 rupees, compared to the offer price of INR 949. This valued the company at ₹5.7 trillion (INR) or $73 billion (USD). Since […]
Due to concerns from the Russia-Ukraine war and China’s COVID-19 spike, Wall Street Investment-banking giant Morgan Stanley expects global economic growth to be less than half that of 2021. This comes at a time when the central banks are tightening monetary policy to contain record-high inflation. On a year-over-year basis, the brokerage predicts global growth […]
In the first quarter of 2022, Abu Dhabi’s non-oil international trade was $16.74 billion (AED 61.522 billion), up 15% over the same time in 2021. Exports increased by 35% in the first three months of the year, reaching AED 24.449 billion, compared to the same time in 2021. Non-oil trade increased by 15% to over […]
The US dollar ($) remains at a two-decade high. Investors await new inflation data to determine how aggressively the Federal Reserve needs to tighten monetary policy to keep increasing prices in line. On Tuesday, gold prices reversed course and plummeted as the dollar strengthened again. Silver declined 0.8% to $21.61 per ounce on the spot […]
The NOPEC (No Oil Producing and Exporting Cartels) Act was passed by a Senate subcommittee on Thursday with a 17:4 vote. The measure is meant to safeguard American consumers and companies from artificially inflated gasoline and heating oil prices, but some analysts warn that enacting it might have unexpected effects. This bill is now passed […]
Elon Musk’s $44 billion Twitter acquisition is allegedly being investigated by the US Federal Trade Commission (FTC) for possible antitrust violations. Musk must inform the FTC and the Justice Department of the purchase and wait at least 30 days before closing to allow for an examination into any antitrust problems, according to US merger legislation. […]
Following the US Federal Reserve’s decision to increase rates, the Central Bank of the UAE (CBUAE) has decided to raise the base rate for the overnight deposit facility (ODF) by 50 basis points (bps), effective May 5, 2022. This is the second time the rates have been raised this year. The UAE Central Bank’s base […]
Uber, the ride-hailing and delivery service, has lost $5.9 billion (£4.7 billion), owing to its investments in other businesses. However, Uber Technologies Inc said on Wednesday that it did not need to increase incentives to attract more drivers and that the second quarter would be strong. Uber shares fell 9% in early trade. Investors were […]
