Category: Economy

Crude oil prices jumped and U.S. stock futures sank Thursday night following reports of explosions in a city in western Iran, amid fears of a wider conflict between Israel and Iran.

Japan’s consumer inflation has stayed above the Bank of Japan’s 2% target for two years, government data confirmed Friday, amid speculation over further interest-rate increases.

Nordstrom Inc. has formed a special committee of independent directors to explore going private, the company said on Thursday — a move that arrives as clothing retailers struggle with subdued demand and pressure from investors for stronger profits.

Shares of Paramount Global were trading higher following a report that Sony’s movie studio division is in talks with Apollo Global Management about joining a bid for Paramount.

Alcoholic-beverage giant Constellation Brands Inc. on Thursday announced a number of moves intended to further wash its hands of the struggling Canadian cannabis producer Canopy Growth Corp., following a multibillion-dollar investment in the pot company several years ago.

The company says the investigation is related to company policies but not financial statements or reporting.

McMillan: Investment picture has changed and investors need to adjust their view now.

Greg Peters got a nearly 43% pay bump in 2023 after he was elevated to co-chief executive for nearly all of the year, Netflix Inc.’s latest proxy filing showed.

Funds pegged to retirement in 2020 still kept a meaningful allocation to the stock market.

On Wall Street, less disclosure is never a good thing, and Netflix investors should be displeased by a planned reporting change.

Meta unveiled Llama 3, the latest edition of the company’s publicly available large language model (LLM), its latest effort to keep up with similar technology from companies like OpenAI and Google….

French cosmetics giant L’Oréal reported an 8.7 % surge in its sales for the first quarter of 2024 to $12 billion (EUR 11.24 billion) on robust performance in Europe and emerging markets, beating expectations and dismissing concerns of a slowdown in the US beauty market. …

British oil major BP announced new departures and top management restructuring amid investor doubts over its energy transition….

Former President Donald Trump’s net worth inched back above $4 billion Thursday for the first time since last week, as shares of the Truth Social parent stage a surprise recovery—but Trump is still much less rich on paper than he was shortly after his company’s public debut….

Shares of Tesla sank again Thursday, this time following a downgrade from Deutsche Bank analysts panning Tesla’s apparent “thesis-changing” shift away from its core electric vehicle business, extending the stock’s brutal 2024 selloff….

UAE-based NABNI Developments has begun construction on Waldorf Astoria Residences Dubai Downtown’s Sales Experience Center located on an expansive plot in Business Bay….

President Joe Biden and First Lady Jill Biden earned $620,000 before taxes last year, according to their 2023 tax return, which the White House released on Monday. That’s a 7% increase from the $580,000 the couple reported making in 2022, a difference that mostly came from a jump in their interest income….

Norway’s sovereign wealth fund earned $109.72 billion in the first quarter, boosted by technology sector stocks….

US existing home sales fell 4.3% month-on-month in March to a seasonally adjusted annual rate of 4.2 million amid consecutive hikes in home prices, while weekly jobless claims were unchanged last week, maintaining low levels. …

The Treasury Department unveiled sanctions Thursday against more than a dozen individuals and two entities involved with Iran’s drone program, in response to the country’s weekend drone attack on Israel that further escalated tensions in the region….

Taiwan Semiconductor Manufacturing Company (TSMC) reported an 8.9% year-on-year growth in net income to $6.96 billion (NT 225.49 billion) for the first quarter of 2024, showed a company statement released Thursday. …

Finnish telecom giant Nokia's net sales declined 20% to $5 billion (EUR 4.7 billion) in the first quarter compared to the same period a year earlier, negatively impacted by foreign exchange rate fluctuations and overall market weakness. …

Operations at the Dubai International Airport were partially restored Thursday and are expected to be fully revived within 24 hours as the UAE grapples with record rainfall, which has caused widespread floods and disruptions across the country….

DP World has published a Sustainable Development Impact Disclosure in accordance with the recently released impact disclosure guidance, which helps connect sustainable investors with entities accountable for tackling development challenges in their countries….

Prabhpreet Singh Gill, Chairman of Eastern Fortune Investments, explains how the Dubai-based family office is supporting countries, businesses, and individuals to thrive in the digital economy…

Weight loss and diabetes may just be the beginning for drugs like Ozempic, Wegovy, Mounjaro, and Zepbound as reports increasingly suggest they may have far-reaching benefits for treating conditions as diverse as heart and liver disease, Parkinson’s, anxiety, and addiction, sparking research among firms competing in pharma’s latest gold rush….

Dubai-based Emirates Islamic Bank said Thursday that it has concluded its debut $500 million syndicated financing facility….

Cryptocurrency exchange Binance said on Thursday it had obtained a license from Dubai’s Virtual Assets Regulatory Authority (VARA) to extend its services to a wider array of users, including both retail and institutional investors….

The Gulf Cooperation Council (GCC) countries need to develop strategies for enhancing supply chain resilience to bolster their industrial growth, a report showed Thursday….

An AI-fueled boom drove up shares of Samsung Electronics, the crown jewel of the Samsung Group and the world’s largest memory chipmaker by revenue, propelling executive chairman Jay Y. Lee to the top spot on the list for the first time….

Abu Dhabi National Insurance Company (ADNIC) has purchased a 51% stake in German financial services provider Allianz Group's Saudi affiliate Allianz Saudi Fransi Cooperative Insurance Company for $133.1 million (SAR 499 million), a bourse filing showed Thursday….

Fueled by the country’s global chipmaking ambitions, collective wealth of Korea’s 50 Richest people in 2024 rises to $115 billion….

Oil prices fell by over 1% Thursday, reversing marginal gains in early trading, as ongoing worries about oil demand for the year persisted and signs emerged suggesting a potential easing of concerns about a broader conflict in the crucial Middle East region….

The UAE and Costa Rica have signed a comprehensive economic partnership deal to enhance bilateral trade, facilitate private sector collaborations and explore investment opportunities in both countries…

From $1 billion fortunes to a $233 billion empire: Here’s how the world’s richest spread out across the globe….

Set to occur on Saturday is the highly anticipated bitcoin halving event, a somewhat mysterious phenomenon that occurs every four years….

Oracle Corporation Japan will invest over $8 billion in the next decade to meet the growing demand for cloud computing and artificial intelligence (AI) infrastructure in the East Asian country….

Walmart-backed tech marketing firm Ibotta and shareholders raised about $577.3 million in an initial public offering, according to Bloomberg, pricing the IPO above its estimated range….

Billionaire X owner Elon Musk could bring back once-popular short-form video app Vine, asking users in a poll on Wednesday whether X should revive the shuttered app, potentially following through on months of speculation about a Vine comeback years after Twitter shelved the platform….

The UAE's President Sheikh Mohammed bin Zayed Al-Nahyan directed authorities Wednesday to study the condition of infrastructure and limit the damage caused after the country witnessed its heaviest rainfall on record….

Boeing whistleblower Sam Salehpour testified before a Senate subcommittee on Wednesday, where he told senators he received “physical threats” after raising concerns about the manufacturing process for the 787 Dreamliner and the 777….

Saudi Arabia’s NEOM is reportedly planning to raise as much as $1.3 billion (SAR 5 billion) from its first-ever riyal bond offering as the kingdom looks to diversify its funding for the futuristic megaproject. …

Telegram, the popular messaging app, is anticipating crossing 1 billion active monthly users within a year as its billionaire founder Pavel Durov says the social media platform is spreading like a “forest fire.”…

Egypt's Minister of International Cooperation, Rania Al-Mashat, said Wednesday that swapping debt for climate action strengthens solidarity between countries and reduces financial pressures on developing countries. …

Climate change is on track to cost the global economy $38 trillion a year in damages within the next 25 years, researchers warned on Wednesday, a baseline that underscores the mounting economic costs of climate change and continued inaction as nations bicker over who will pick up the tab….

The IMF has called for fiscal tightening among countries and rebuilding their buffers, which could prove challenging in a year with a sheer number of elections taking place….

The United Nations (UN) appealed Wednesday for $2.8 billion in funding to support over three million people in Palestine's Gaza and the West Bank until the end of the year….

A late-stage trial of Eli Lilly’s weight loss drug Zepbound showed promising results in treating sleep apnea symptoms in obese adults, the company announced Wednesday, the latest findings suggesting popular weight loss drugs have the potential to treat conditions other than obesity or type 2 diabetes….

Benjamin Harvey's AI Squared has secured a $13.8 million Series A investment….

Ratings agency Fitch said Wednesday that the debt capital market of the Gulf Cooperation Council (GCC) reached $940 billion outstanding by the end of the first quarter of 2024 and is on its way to crossing the $1 trillion mark….

With Tesla facing slow growth and a stock market slide, shareholders will have a pair of major proposals on the slate at the electric vehicle company's annual meeting: The reinstatement of billionaire CEO Elon Musk's historic pay package months after a Delaware judge ruled it was excessive, and a plan to ditch Delaware altogether….

US President Joe Biden is calling on the United States Trade Representative (USTR) to consider tripling the existing tariff rate on Chinese steel and aluminum….

Abu Dhabi National Energy Company (TAQA) confirmed on Wednesday its ongoing discussions for a potential takeover of Spanish utility firm Naturgy, which would involve acquiring stakes of the three largest shareholders—Criteria Caixa, CVC, and GIP—in the company, showed a regulatory filing….

Paris will be at the center of global attention this year as it hosts the 2024 Summer Olympics from July 26 to August 11, earning the prestigious title of the City of Light once again. Here are various ways to explore Paris during the 2024 Olympics….

Cairo-based Beltone Holding said Wednesday its wholly-owned subsidiary, Beltone Venture Capital (BVC), has forged a partnership deal with Abu Dhabi's CI Venture Capital to manage a $30 million investment fund dedicated to fostering the growth of early-stage startups in the region….

Japan's exports extended their upward trend for the fourth consecutive month in March, marking a 7.3% increase compared to the same month a year ago, driven by the depreciation of the yen, official data showed on Wednesday….

Dutch semiconductor equipment maker ASML's net income plunged 37.4% year-on-year to $1.3 billion (€ 1.2 billion) in the first quarter of 2024, mainly hit by a fall in sales income, according to a company statement Wednesday….

The European Union (EU) is urged to make adjustments and implement stronger enforcement mechanisms within the single market to prevent further lagging behind the US, AFP reported Wednesday, citing a report from Enrico Letta, a former Italian prime minister….

The UK's inflation rate plunged to its lowest level in two-and-a-half years in March, falling to 3.2% from the previous month's 3.4%, primarily due to a further drop in food prices….

The United States will bring new sanctions against Iran, including its missile and drone program, according to a statement from the White House, days after Iran launched hundreds of missiles and drones at Israel….

Emirates Airlines announced the suspension of passenger check-in for departures until midnight, citing operational challenges caused by adverse weather and road conditions in the UAE….

Crude oil prices dipped in early trade on Wednesday, driven by concerns over weakened demand amidst China's economic challenges and diminishing prospects for near-term interest rate cuts in the US….

The CDC and FDA have launched an investigation into counterfeit Botox, which they say has caused almost 20 adverse reactions across nine states, and the agencies warn the injections from counterfeit products can lead to harmful outcomes, including a serious illness called botulism….

The Saudi Fund for Development (SFD) has signed a $40 million loan agreement with the government of Saint Kitts and Nevis to support the island state's energy sector….

Deliveries for Tesla’s Cybertruck halted last week, The Wall Street Journal reported, which may be related to a problem with the truck’s accelerator pedal—the latest setback for the electric vehicle manufacturer after its stock price slumped to a 12-month low following CEO Elon Musk’s Monday announcement that the company would cut more than 10% of its global workforce….

Germany-based sportswear giant Adidas on Tuesday raised its full-year guidance for 2024 as it reported better-than-expected performance for the first quarter….

French luxury giant LVMH Moët Hennessy Louis Vuitton reported $22 billion (EUR 20.7 billion) in revenue for the first quarter of 2024, indicating a year-on-year fall of 2% on a reported basis, as shoppers spent less on luxury goods due to rising prices….

The first branded item from Meghan Markle’s shrouded-in-secrecy lifestyle brand, American Riviera Orchard, was shared by L.A. fashion designer Tracy Robbins one month after the Duchess of Sussex soft launched the venture on Instagram, overshadowed by a scandal at Kensington Palace….

China’s overproduction of renewable energy goods, like solar panels, EVs, and batteries, among others, are putting the US and other countries at a disadvantage, and this needs to be mitigated, US Treasury Secretary Janet Yellen said….

Sam Salehpour, a quality engineer at Boeing, will testify before the Senate on Wednesday regarding what he says is the company’s “alarming and dangerous manufacturing deficiencies” that could cause “potentially catastrophic” incidents for the 787 Dreamliner and the 777….

Ten of the 14 A-listers on the ranking have become billionaires in the past four years, spurred by entertainers capitalizing on their brand and fame….

Former President Donald Trump’s net worth dipped below $4 billion Tuesday for the first time since his social media company went public last month, as shares of the Truth Social parent continue to go belly up—but Trump is still richer on paper than he was before his company’s public debut….

European Central Bank (ECB) President Christine Lagarde said Tuesday that the central bank still plans to cut interest rates in the near term, pending any significant unexpected developments….

Former President Donald Trump’s social media site Truth Social announced on Tuesday it will create a streaming platform as it looks to compete in the escalating streaming wars, though shares of the platform’s parent company continue to slide, bringing down the former president’s net worth….

Tesla shares stumbled again, accelerating their dire start to 2024 as one notable analyst questioned whether investors attracted to Tesla’s bread-and-butter car business will soon “throw in the towel.”…

Top US banks Morgan Stanley and Bank of America posted first-quarter results that beat analysts’ estimates helped by investment banking results. …

Algeria’s state-owned oil and gas giant Sonatrach has signed a memorandum of understanding (MOU) with the Swedish oil exploration and production company Tethys Oil, according to a statement issued Tuesday….

Johnson & Johnson (J&J) reported Tuesday a 2.3% surge in first-quarter sales to $21.4 billion from $20.9 billion recorded during the same period last year, primarily driven by growth in the company's medical devices business….

Dubai saw 105 luxury homes sold in the first quarter of 2024 worth a total of $1.73 billion, global property consultant Knight Frank said Tuesday….

America doubles its lead on China while India hits new high. These are the places the world's richest call home….

The International Monetary Fund (IMF) reduced its growth projection for the Middle East and North Africa (MENA) region by 0.2 percentage points to 2.7% for 2024 on Tuesday due to lower non-oil activity and oil revenue. …

Alpha Dhabi Holding (ADH) plans to sell a 49% stake in its subsidiary, Alpha Dhabi Construction Holding (ADCH), to sovereign wealth fund Abu Dhabi Developmental Holding Company (ADQ)….

A movie from Saudi Arabia has been selected to compete at the 77th Cannes Film Festival, which will be shown in the festival’s prestigious Un Certain Regard section. “Norah' marks the first feature film by director and writer Tawfiq Alzaidi…

Chinese tech giant Baidu said Tuesday that its artificial intelligence (AI) chatbot, “Ernie Bot,” has amassed over 200 million users, underscoring the firm's commitment to leading the competitive market of ChatGPT-like chatbots in China. …

Only a tiny sliver of the world’s billionaires are women who’ve created their own fortunes. Still, this year their numbers reached a record-high….

UAE-based Al Seer Group plans to sell its 25% stake in Spinneys Holding in an initial public offering (IPO) next week….

Microsoft plans to invest $1.5 billion in Abu Dhabi-based artificial intelligence (AI) technology firm G42 to drive AI technology advancements and introduce skilling initiatives in the UAE and other economies….

Company—owned by billionaire brothers Lee Yeow Chor and Lee Yeow Seng—has built its presence in the Lion City, where it now has properties valued at about $5 billion….

Oil prices rose by nearly 1% Tuesday, driven by concerns of potential geopolitical tensions following the Israeli military chief's pledge to respond to Iran's missile and drone attacks over the weekend. …

A declining ringgit offset a 9% rise in the stock market since we last measured the fortunes of Malaysia’s tycoons around 11 months ago. Consequently, the combined wealth of the nation’s 50 richest is up by only a modest 2% to $83.4 billion this year….

China reported better-than-expected economic growth in the first quarter of 2024, official data showed on Tuesday, despite facing a crisis in its property sector and subdued domestic demand. …

President Joe Biden and First Lady Jill Biden brought in $619,976 in combined adjusted gross income last year, according to tax returns released by the White House on Monday, a 7% increase from the nearly $580,000 reported by Biden and his wife in 2022….

The death toll from Oman's flash flood surpasses 14, with rescue operations underway to recover missing people as unstable weather conditions sweep across the broader Middle East, impacting the UAE and Saudi Arabia. …

X owner Elon Musk suggested Monday new users on the social network formerly known as Twitter will need to pay a small fee to use basic functions on the platform—a change he says is needed to combat a bot problem that has plagued the site for years….

Stocks tanked Monday as geopolitical concerns added to inflation concerns and put more pressure on financial conditions, a familiar but nightmarish tale for bullish investors hoping for stock indexes to hold their record levels….

Health regulators in Zimbabwe, Tanzania, and Rwanda join other African countries in recalling a batch of Johnson & Johnson children’s cough syrup as a precautionary measure after toxin was detected last week….

France and its allies have gathered aid pledges worth over $2.1 billion (EUR 2 billion) to tackle the dire humanitarian crisis unfolding in Sudan, as the African country enters the second year of its civil war that has killed tens of thousands while displacing millions….

Economic activity in Gaza has nearly come to a standstill, with an 86% decline in GDP recorded in the final months of 2023, according to the World Bank….

Among the options available to travelers, the Anantara Golden Triangle Elephant Camp & Resort and the Avani+ Khao Lak Resort are both top-tier destinations. Revered for their lush surroundings and peaceful retreats, they provide the ultimate haven for a tranquil escape amidst Thailand’s natural beauty. …

Meet the latest entrants to the three-comma club….

The same day the FBI opened a criminal investigation into the collapse of the Francis Scott Key Bridge in Baltimore, Mayor Brandon Scott announced that the city would pursue legal action against the owners of the M/V Dali container ship that crashed into the bridge last month….

Singapore Prime Minister Lee Hsien Loong will step down on May 15 after two decades in power, paving the way for his deputy Lawrence Wong to take the reins….

Bank Muscat, Oman's largest lender by assets, posted a net profit of $140.9 million (54.24 million Omani Rials) in the first quarter of 2024, a 5.7% increase over the same period last year….

Meta said Monday it will temporarily shut down its Threads platform in Turkïye in compliance with an interim order from the Turkish Competition Authority (TCA) about data sharing….

Trump Media's stock plummeted over 15% Monday after the company announced plans to issue millions of additional shares of stock….

Tesla will reportedly lay off more than 10% of its global staff as it faces decreasing sales and a price war for electric vehicles. …

The Federal Bureau of Investigation has opened a federal investigation into the collapse of the Francis Key Scott Bridge in Baltimore, multiple outlets reported Monday, weeks after the National Transportation Safety Board launched its own probe….

Major airlines across the Middle East have resumed operations Monday after canceling and rerouting some flights over the weekend following Iran’s overnight attack on Israel with drones and missiles in retaliation for a strike on Tehran’s consulate in Syria on April 1….

The US Department of Commerce and Samsung signed Monday a non-binding preliminary memorandum of terms (PMT) for $6.4 billion in direct funding under the CHIPS and Science Act to bolster the domestic semiconductor supply chain….

Armed with more than $750 million in funding, Brett Adcock vows that Figure will become one of the most important businesses in the world. First, he has a lot of work to do….

Goldman Sachs has reported $4.1 billion in net profit for the first quarter of 2024, marking a growth of 28% year-on-year, driven by strong growth in its investment banking unit, according to a statement issued Monday….

Hong Kong has authorized its first exchange-traded funds tracking digital assets bitcoin and ether, according to statements from multiple issuers, boosting the wider market and making the city Asia’s first to offer the popular products after the U.S. launched the first spot bitcoin ETFs earlier this year….

India sets another record on Forbes’ World’s Billionaires list, with 200 names, a cumulative total nearing a trillion dollars and Asia’s very first centibillionaire. …

Kuwait's Emir Sheikh Mishal Al Ahmad Al Jaber Al Sabah appointed Sheikh Ahmad Abdullah Al-Sabah as the country's new prime minister on Monday….

Egypt plans to construct two solar power stations valued at $21.7 million (EGP 1.1 billion), with funding provided by the European Union (EU)….

Thermal power is expected to maintain its dominance in the UAE's energy mix, thanks to the Gulf state's ample gas and oil reserves, according to a recent report by Global Data. …

Saudi Arabia's annual inflation eased to 1.6% in March from 1.8% in February, mainly due to reduced prices of food and beverage items….

China's central bank maintained its key policy rates steady on Monday while also withdrawing some liquidity from the banking sector, according to a statement on its website….

We have unveiled our list of the Middle East’s Top 30 Asset Managers 2024. Saudi Arabia dominates, with 14 of the 30 entries based in the kingdom, followed by Kuwait with five and the U.A.E. with four….

Samsung Electronics has overtaken Apple to regain its leadership position in the global smartphone market with a market share of 20.8% in the first quarter of this year, data from the International Data Corporation (IDC) showed on Monday….

Oil prices dropped in early trade Monday due to concerns over a potential escalation in the Middle East conflict that could impact crude traffic following Iran's attack on Israel a couple of days ago….

“Turn on your television and watch the great LIV Golf tournament live from Doral, Miami,” Donald Trump posted in all caps on Truth Social, his Twitter knockoff, on April 7, in between bragging about his fundraising numbers and showing off a poll indicating he would beat Michelle Obama in a hypothetical 2024 matchup. …

Oil prices are expected to increase on Monday, following Iran's attack on Israel that took place late on Saturday, but suggest that gains may depend on the response. …

Flight schedules of major airlines across the Middle East were disrupted with cancellations and rerouting following Iran's attack on Israel that took place Saturday night. …

These 4 self-made business mavericks leaped into entrepreneurship and built big fortunes by leveraging their backgrounds in finance. …

Surging values for both public and private companies with ties to artificial intelligence (AI) led to a flurry of new billionaires in the sector. Here are nine new billionaires whose companies are tied to AI….

Whether it’s the exhilaration of freefalling out of the sky or the thrill of being immersed among the shark-filled reefs of the Indian Ocean, adventure travel trends involve embracing inherent risks, but such expeditions help strengthen both physical and mental resilience….

Police forces led by Spain arrested an international gang that is allegedly involved in a $686.4 million scam revolving around medicinal cannabis from victims in 35 countries, according to the UK National Crime Agency (NCA). …

Chelsea Football Club is under pressure to avoid breaching the Premier League's profit and sustainability rules (PSR), after reporting a $112 million financial loss for the 2022/2023 season. …

China's Ministry of Emergency Management said Saturday that natural disasters caused direct economic losses of $3.28 billion in the first quarter of 2024. …

The Company announced Roberto Cavalli’s passing with a heartfelt message said by Fausto Puglisi on an Instagram post, who expressed gratitude for the opportunity to work under Cavalli's legacy and continue creating for the brand….

Relations between the Middle East and Asia are going from strength to strength, bolstered by some significant trade deals….

Meet the 17 investors and entrepreneurs who made ten-digit fortunes on the blockchain….

Against the backdrop of Meta's recent 20-year mark, the tech conglomerate has undergone several transformations, made some astute acquisitions, and molded a generation along the way….

The hotly anticipated and controversial film “Civil War” made almost $3 million in box office previews Thursday and is in a position to become the highest-earning film ever from production company A24….

The World Trade Organization (WTO) forecasts a gradual recovery in the global merchandise trade volume during 2024 and 2025, following a contraction witnessed last year due to the lingering impacts of inflation and higher energy prices in advanced economies….

A record 14 people worldwide have gained entry into the $100 Billion Club—the elite class of billionaires who have 12-figure fortunes….

The European Union (EU) has pledged $1.06 billion (€1 billion) in short-term financial aid to Egypt to help stabilize the North African nation's struggling economy….

JPMorgan Chase has reported a 6% rise in its profit for the first quarter of 2024 to $13.4 billion, boosted by the acquisition of the First Republic Bank (FRB). Meanwhile, Citigroup posted a 26% fall in its quarterly profit to $3.4 billion Thursday, amid increased spending on replenishing the Federal Deposit Insurance Corp (FDIC) fund….

Australian billionaire Andrew Forrest faced a major setback in a legal fight against Meta on Friday after government prosecutors dropped his criminal case against the social media giant over scam cryptocurrency ads. …

Societe Generale (SocGen) has agreed to fully divest its Moroccan business to Saham Group for $794 million (€745 million) as part of a broader divestment strategy, the company said in a statement on Friday….

The National Highway Traffic Safety Administration has opened an investigation into a fatal crash involving a Ford vehicle last month, after regulators suspect the car was relying on its automated driving system—the latest probe into a fatal crash this year in which Ford’s driver assistance system this year was a suspected factor….

The International Energy Agency (IEA) lowered its forecast for crude oil demand for this year on Friday, citing lower-than-expected consumption in OECD countries. …

There is no evidence to suggest COVID vaccines could cause sudden cardiac death and other heart problems in young people, the Centers for Disease Control and Prevention said Thursday….

The British economy marginally grew by 0.1% in February, official data showed on Friday, indicating progress toward exiting recession….

India’s telecom service provider Vodafone Idea Ltd said Friday it plans to raise up to $2.2 billion (₹180 billion) through a follow-on public offering (FPO), marking the country’s biggest FPO issue….

MENA saw 4 IPOs hit the main markets in Q1 this year up to March 21, 2024, with $1.7 billion in combined proceeds. Here’s a look into the details….

Former President Donald Trump’s first criminal trial will begin Monday in Manhattan, as the ex-president goes on trial for felony charges stemming from “hush money” payments made during his 2016 campaign—an expected weeks-long proceeding that could feature high-profile witnesses and ultimately land Trump in prison….

Amazon hit a new record share price Thursday for the first time since July 2021, completing its dramatic recovery from its 2022 doldrums as investors seemingly can’t get enough of big technology stocks….

For the first time in 15 years, there are no self-made billionaires under the age of 30….

IMF Managing Director Kristalina Georgieva cautioned central banks against premature interest rate cuts and urged them to carefully calibrate their decisions on easing monetary policies to incoming data….

Forbes found 342 billionaires with fortunes in tech on this year’s World’s Billionaires list, up from 313 last year….

OPEC+ kept its crude oil demand forecast for 2024 unchanged from last month and predicted strong fuel use in the summer months….

Actor and Heisman Trophy winner O.J. Simpson, whose acquittal on murder charges in the so-called trial of the century tarnished his reputation, died of cancer on Wednesday, his family announced Thursday morning….

The European Central Bank left its key rates unchanged but hinted it was considering a cut during its next meeting in June….

A leading Vietnamese property tycoon reportedly received a death sentence on Thursday in what is deemed the country's largest-ever corruption case, involving damages estimated at a whopping $27 billion. …

Normally as mundane an investment as it gets, gold has captivated the attention of the market lately for its seemingly logic-defying, record rally in recent months, and now heads are turning toward a new, unlikely player in the gold market: Wholesale retailer Costco….

Soaring temperatures across East Asia and the Pacific threaten millions of children, the UN warned Thursday, urging immediate action to shield vulnerable populations from the looming threat of heatwaves forecasted for this summer….

Apple sent out threat notifications to users in 92 countries on Wednesday, informing them that they may have been the target of “mercenary spyware attacks,” a warning that comes as several countries are preparing to hold critical elections….

The Asia-Pacific region's developing economies are projected to achieve an average growth of 4.9% for both this year and 2025, according to the latest outlook report from the Asian Development Bank (ADB) released on Thursday, underscoring the region's resilience, driven by strong domestic demand and improvements in semiconductor exports and tourism….

Shares of Paramount Global briefly plummeted more than 7% in intraday trading Wednesday, hitting a 14-year low before recovering to close down 4.3%, as four company board members reportedly prepare to depart amid merger talks with Skydance Media, a potential partnership pairing the legacy media company with billionaire Larry Ellison’s son….

A New York judge in former President Donald Trump’s hush money case denied his third request in as many days to delay the start of the trial—meaning Trump’s first criminal trial will likely begin Monday as scheduled….

Globally, only 31 female billionaires exist in the finance and investments category, according to Forbes. Here are five wealthy powerhouses who have accumulated their fortunes from investment and finance and have capacities in their businesses and beyond. …

Elon Musk on Wednesday said X received a query from U.S. lawmakers on actions the social media platform had undertaken in violation of Brazilian law and claimed the law was being used to target accounts of sitting lawmakers in the country, amid the billionaire’s escalating public feud with Brazil’s Supreme Court….

Ahmad Hammouda and Seif Amr, cofounders of Egypt-based digital investment platform Thndr, are facing competition from brokerages and investment banks to democratize investing. Having seen exponential growth in four years, they’re now looking at expanding to the U.A.E. and Saudi Arabia. …

Bankruptcy, scandal and stock crashes helped knock 189 people out of the three-comma club over the past year….

As VCs invested less in startups during 2023, the trend was also witnessed in the fintech sector, which experienced a more severe plunge in funding. …

Jack Ma, co-founder of Alibaba, lauded the company's restructuring and leadership in a memo to employees, sparking a share surge and signaling his comeback after keeping a low profile following tensions with Beijing….

Fitch's downgrade of China's Long-Term Foreign-Currency IDR to Negative reflects rising concerns over the country's fiscal health during its transition to a more sustainable economic model….

TSMC, the Taiwanese chip giant, exceeded revenue expectations in Q1, reporting $18.54 billion, up 16.5% from last year's figures….

Alphabet, the parent company of Google, achieved its all-time highest stock price on Tuesday, capitalizing on the surge of artificial intelligence and reaching a historic market valuation. …

As tech stocks surged with the AI boom, so did the fortunes of the ultra-rich behind them….

Hisham Al-Falih, Ashu Gupta, Aditya Sarkar, and Mehdi Tazi, Cofounders of Saudi-based Lean Technologies, have created one of the region’s leading third-party regulated open banking platforms with $37 million in funding. Now, they’re planning another funding round and expansion across key markets. …

Boeing’s first quarter airplane deliveries dropped to 83, most of them 737s, compared to the 157 in the previous quarter and 130 in the year-ago period as the company continues to face scrutiny amid a safety crisis….

Women account for just over 13% of the world’s billionaires. They are richer than ever before….

Technology giant Microsoft is planning a $2.9 billion AI-focused investment in Japan that includes installing advanced AI semiconductors at two existing facilities in Tokyo and Osaka, and setting up a new lab for research and development on robotics and AI….

Scientists Tuesday confirmed that last month was the hottest March on record, extending a 10-month streak of temperature records following the world’s hottest year and as critical climate tipping points approach….

The airline industry is struggling with the lack of airplanes, while travel demand during the summer is expected to hit record levels. …

Electric vehicle (EV) sales in China reportedly increased by 14.7% year-on-year in the first quarter of 2024, marking the slowest quarterly growth since the second quarter of 2023….

Oil prices increased on Tuesday after hopes of negotiations between Israel and Hamas to lead to a ceasefire in Gaza decreased, which threatens to disrupt supply from the Middle East. …

We have unveiled our list of the Middle East’s 30 Most Valuable Banks 2024. Saudi Arabia represents a third of the list with 10 entries, followed by the U.A.E. with seven, Morocco with three, and Kuwait with two….

Tesla has settled a lawsuit brought by the family of a Model X owner who was killed while using the company’s Autopilot feature, averting a high-stakes trial involving Elon Musk’s electric carmaker, which has faced stiff criticism for its self-driving technology….

This French tastemaker came from a wealthy family and turned millions into hundreds of billions over nearly four decades….

The planet has a record 2,781 billionaires who are worth a record $14.2 trillion. Here’s who’s up, who’s down, who’s new and who’s off the ranking….

The highly anticipated total solar eclipse became visible in Texas after reaching the Pacific coast of Mexico on Monday, crossing the U.S. border as it makes a more than 10,000-mile journey across North America—the first total eclipse to sweep through the U.S. in nearly seven years….

Cocoa prices hit record levels this year as the world continues to face the largest cocoa supply deficit in more than 60 years. How long will the prices remain elevated and what does this price spike mean for consumers? Here’s what we know….

Forbes sifted through more than a dozen regulatory filings and spoke to more than a dozen people familiar with Altman's investments to reach the most thorough estimate of his net worth so far….

Algeria’s Sonatrach and France’s TotalEnergies have signed a memorandum of understanding to assess and develop gas resources in the North African country’s Timimoun region, according to a statement released Monday….

A chilly scenario for the U.S. economy, in which interest rates climb as high as 8% as the effects of the unprecedented monetary policy taken to combat inflation take hold, is still very much on the table, according to JPMorgan Chase CEO Jamie Dimon….

Investment Corporation of Dubai and Brookfield Corporation have agreed to divest a 49% stake in premium mixed-use property ICD Brookfield Place in DIFC to Abu Dhabi's Lunate and Saudi Arabia's Olayan Financing….

Iraq is reportedly planning to repair and reopen its oil pipeline by the end of the month, potentially enabling it to send 350,000 barrels per day (bpd) to Türkiye, a move expected to upset foreign oil companies and the Kurdistan Regional Government (KRG)….

Qatar National Bank (QNB) registered a 7% year-on-year growth in net profit to $1.1 billion (QR 4.1 billion) in the first quarter of 2024….

TSMC Arizona and the US Department of Commerce signed a non-binding preliminary memorandum of terms (PMT) for up to $6.6 billion in direct funding under the CHIPS and Science Act….

US Secretary of Treasury Janet Yellen said Monday that the US will not accept new industries being decimated by Chinese imports, as she concludes her four-day trip to China. …

Egypt's headline inflation fell to 33.1% in March from 36% in the previous month, due to a drop in prices of vegetables, bread, and cereals, despite a rise in food and beverage prices, official data showed on Monday….

A total of 322 trucks carrying humanitarian aid entered Gaza on Sunday—the most in a single day since the war began—the Israeli Ministry of Defense confirmed on Sunday, as Israel faces increased scrutiny over its treatment of aid workers that has resulted in over 200 deaths so far….

A Southwest Airlines flight from Denver on Sunday morning returned to the airport after part of the engine fell off during takeoff and struck the wing flap of the plane, a Boeing 737, according to the Federal Aviation Administration….

Oil prices fell by about 1% Monday due to easing geopolitical tensions in the Middle East, aided by Israel's decision to withdraw deployed forces in southern Gaza and its commitment to engage in dialogue for a possible ceasefire….

Israeli troops are withdrawing from Khan Yunis, the largest city in southern Gaza, a spokesperson for the Israeli Defense Force confirmed to Reuters on Sunday, raising the prospect Israel may back away from its controversial planned ground invasion into Rafah, the city where over one million Palestinians sought refuge after the war began….

Ahmed Wadi, Founder and CEO of Money Fellows, Egypt’s biggest ROSCA platform, has been addressing the cash-centric country’s financial challenges by digitizing traditional money circles. Now, he has even bigger plans….