Browsing: Business

During a two-day visit to Turkey from 13th-14th July, a UAE delegation led by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, explored new opportunities for cooperation, primarily in energy, industry, and advanced technologies. Dr. Al Jaber, met with Turkish Minister of Industry and Technology, Mustafa Varank. Meetings with senior government and private sector officials were also held during the visit, along with an investment workshop between the UAE and Turkey. The UAE delegation also comprised Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Sarah bint Yousif Al Amiri, Minister of…

Due to the global rise in oil prices, Egypt’s Fuel Automatic Pricing Committee (FAPC) raised fuel prices on Wednesday by EGP0.5 to EGP1 per litre. Diesel prices for the electricity and food industries, however, remained unchanged. According to a statement released by the Ministry of Petroleum and Mineral Resources, the FAPC raised the price of 80-octane gasoline from EGP7.5 to EGP8 (US$0.424), 92-octane gasoline from EGP8.75 to EGP9.25 (US$0.49), and 95-octane gasoline from EGP9.75 to EGP10.75 (US$0.57). In addition, the price of diesel and kerosine rose from EGP6.75 to EGP7.25 per litre. Every quarter, the fuel committee assesses the prices…

In just six years, India has become the third largest startup ecosystem in the world, according to Union Commerce and Industry Minister Piyush Goyal. Rather than controlling startups, the BJP government under Prime Minister Narendra Modi has acted as a catalyst. A third edition of the Ranking of States’ Exercise 2021 on Support to Startup Ecosystems was released today by the Minister in New Delhi. Mr. Goyal said initiatives like the Fund of Funds, Seed Fund Scheme, Income Tax exemption for three years, and resolving the Angel Tax issue have helped the startup ecosystem in the country. In his speech,…

In Denmark’s capital Copenhagen, a 22-year-old man has been charged with murder in the deaths of three people at the Field’s Shopping Centre. Sunday’s attack killed two Danish citizens, both 17 years old, as well as a Russian citizen, 47 years old. According to police, the suspect had mental health issues and there is no indication he was acting in a terrorist capacity. According to police, the killer used a rifle and knife in his attack and his motive was not gender-based. Danish media report that the suspect appeared in court in a blue T-shirt with three heavily armed officers.…

The Fourth of July saw global stocks mostly higher and U.S. futures fluctuating. There will be minimal activity in the markets today since American investors are on vacation. However, the Federal Reserve’s monetary policy strategy and the risks of recession remain top of mind. US stock trading is on hold today, but U.S. stock-index futures moved mostly lower. The Dow Jones Industrial Average futures fell 200 points, or 0.6%, after ending last Friday 321 points higher at 31,097. There was a 0.7% decline in S&P 500 futures, as well as a 0.7% decline in Nasdaq futures. The second half of…

Airbus announced that China’s top airlines would purchase 292 planes from the European aerospace giant in a $37 billion deal. Airbus has received orders from Air China, China Eastern, China Southern, and Shenzhen Airlines for a total of 292 aircraft. Clearly the Chinese aviation market is on the road to recovery and prosperity. In a statement, Airbus said that once the relevant criteria are met, these orders will be added to the backlog. A total of 2,070 Airbus aircraft are scheduled to be in service by the end of May 2022 with Chinese operators. New generation engines and Sharklets combined…

According to the country’s statistics bureau, Pakistan’s consumer price index (CPI) rose 21.3% from a year earlier in June, marking the nation’s highest inflation in 13 years. In May, the CPI increased 13.8% over last year. The month-over-month increase was 6.3% in June. As a result of removing fuel subsidies in a bid to cut its surplus and secure resumption of an IMF bailout, fuel prices have risen about 90% since end May. In the month of June, the transport sector recorded the largest rise in its index, rising 62.2% when compared to the same period a year earlier. In…

In terms of regulating the cryptocurrency market efficiently, the UAE, Japan and Singapore have emerged as trendsetters, according to a top European academic. As crypto assets have moved into the mainstream, their value has exploded over the past year, and with a growing number of initiatives across Asia and the Gulf, digital assets are becoming a financial powerhouse, said Guy Burton, an Adjunct Professor at the Brussels School of Governance, where he teaches politics and international relations. In an article titled Getting it right on crypto regulation, published on the Brussels Report, featuring news and analysis covering European Union policy,…

Prime Minister Narendra Modi, the leader of the Indian government, is currently in Germany at the G7 summit. The members of the Indian diaspora in Munich, Germany, warmly welcomed PM Modi. While he was being welcomed by members of the Indian community, he interacted with the children. He will also participate in discussions with G-7 partners and other international organizations about climate, energy, food security, health, and gender equality on the sidelines of the visit. In a tweet, the Prime Minister said he was looking forward to productive discussions with world leaders during the Summit. The German Chancellor invited him…

Dubai has recorded 2,624 real estate and properties transactions at a value of $2.18 billion (AED 8 billion) in total during the week ending 24th June 2022. The Dubai Land Department (DLD) report said that 274 plots were sold for AED 1.15 billion, while apartment and villa sales totaled 1,757 at a value AED 4 billion. The top three transactions were a land in Palm Jumeirah sold for AED 126.25 million. This was followed by a land that was acquired for AED 52.53 million in Al Thanayah Fourth, and a land transaction for AED 26 million in Umm Suqeim Third.…