Category: Economy

“I asked my wife to help by getting a job, but that did not happen.”

The S&P 500 index may climb to 5,100 by the end of next year in a broadening of the U.S. stock market’s rally, according to Citi analysts. 

U.S. stocks closed higher Friday, with the Dow Jones Industrial Average scoring its longest weekly winning streak since February 2019, as investors digested the latest job report.

SmileDirectClub Inc. is winding down operations, effective immediately, seeming to cast its millions of customers adrift — except when it comes to their bills.

Investors aggressively sold off U.S. government debt on Friday after a stronger-than-expected job report for November, sending the policy-sensitive 2-year yield up by the most in five months.

Friday’s official job report is spurring a bit of a rethink about how quickly the Federal Reserve can cut borrowing costs, and pushing yields up by more than any time in months.

“I’m a tradesman, and we pay for our tools, vehicles and years of training while earning zip.”

This post was originally published on MarketWatch

Disinformation is rampant on social media — a social psychologist explains the tactics used against you.

Oil prices finish higher on Friday, but still fall for a seventh straight week.

Lychee Egypt, known for its health-conscious food and & beverage products, has announced a Series A investment round led by Beltone Venture Capital, a subsidiary of Beltone Financial Holding, as well as Index Sports Fund and Twenty-Eight Capital Limited….

This year’s 30 Under 30 Healthcare listees use technology and ingenuity to develop solutions to some of healthcare’s biggest challenges, from developing new drugs to building new devices to expanding access to care….

U.S. job growth was slightly stronger than economists expected last month, as the Federal Reserve’s campaign to slow inflation continues to weaken the labor market as collateral damage….

Dubai has set a more stringent goal of reducing carbon emissions by 50% by 2030, hastening its shift towards clean energy and achieving its net-zero target by 2050….

The UK's competition watchdog will investigate Microsoft’s $10 billion partnership with OpenAI, the regulator announced Friday while citing concerns about whether the partnership has resulted in a merger situation and its impact on the local market. …

The Organization of the Petroleum Exporting Countries (OPEC) is urging its members to oppose any agreement at the UN climate talks (COP28) in Dubai that focuses on 'targeting' fossil fuels rather than addressing emissions….

Apple reportedly wants to expand iPhone manufacturing in India within the next two to three years to assemble nearly a quarter of all iPhones there each year….

Nine tax charges were filed against Hunter Biden in California on Thursday, tacking on further charges to existing firearms charges the president’s son pleaded not guilty to in October….

Livestock is responsible for 12% of greenhouse gas emissions produced by humans, and its damaging effects on the environment are likely to increase along with the rise in meat consumption around the world….

Saudi-based media giant MBC Group has announced plans to sell 10% of its stake through an initial public offering (IPO) on the Saudi Exchange main market. …

Toshiba and Rohm have decided to invest about $2.7 billion (¥388.3 billion) to produce power chips used in electric cars and electronic devices….

Tips for Traders: Understanding the dynamics behind gold prices is crucialAs gold prices hit new highs towards the end of 2023, here are some essential Tips for Traders on how to invest in gold and safe havens…

For much of the technology industry, there is a certain suspicion of COP28. They believe “sustainability” evangelists get paid large government salaries to regulate solutions, without building or solving very much at all…

Technology has democratized game development and launched a new wave of entrepreneurship. These young founders and content creators who made the Forbes’ 2024 30 Under 30 Games list are already scoring big….

Hong Kong-based Cathay Pacific Airways said Friday it placed an order for six Airbus A350F freighter aircraft to further strengthen its cargo fleet….

Carlos Wakim, CEO Of Bloom Holding: Premium Real Estate With A Beating Heart.developing premium real estate is not about bricks and mortar, but people and community. …

Global leader of luxury menswear, ZEGNA, continues its legacy of innovation, quality, and exceptional design with the launch of the Triple StitchTM Vetta: an outdoors-inspired evolution of the house’s iconic Luxury Leisurewear Shoe….

Oil prices partially recovered but were still on track for another weekly loss as concerns over a global supply glut and lackluster demand in China weighed on the market….

Saudi-based online ordering platform Blink secured Friday $2.1 million in a seed funding round, with participation from 500 Global and Global Founders Capital. …

The first “Grand Theft Auto VI” trailer shattered the record for YouTube’s most-viewed trailer launch of all-time on Monday, according to YouTube, raking in more than 93 million views in 24 hours….

Dr. Hesham Ahmed Abdullah, Senior VP, Global Head Oncology, Research And Development, GSK: Shaping The Future Of Cancer Care In The Middle East…

Japan’s gross domestic product (GDP) contracted at a faster-than-expected rate in the third quarter, revised official data showed Friday, primarily due to weak consumer and business spending….

Billionaire Tesla CEO Elon Musk asked the Supreme Court to hear his case against the Securities and Exchange Commission, which he alleged put a “muzzle” on his constitutional free speech rights when it enforced a settlement requiring Tesla attorneys to review his tweets. …

Former President Donald Trump repeated claims Thursday when attending his civil fraud trial that he and his co-defendants won their case in appeals court before the trial even began—in reality, the court only delivered a narrow ruling on the scope of the case that did not hand Trump and his associates an actual victory….

Montenegro's top justice official reportedly plans to extradite the disgraced cryptocurrency tycoon Do Kwon to the US instead of South Korea to face criminal charges….

Rating agency Moody's upgraded Oman's issuer and long-term senior unsecured ratings to Ba1 from Ba2, changing its outlook from positive to stable amid a lower government debt burden….

The Painter sisters are among this year’s stand-outs on the 2024 Forbes 30 Under 30 Food & Drink list, which highlights up-and-coming superstars from the worlds of restaurants, farming, packaged food, and recipe development who have persevered despite the odds….

US investment firm Arctos Partners has acquired a minority common equity stake in French club Paris Saint-Germain (PSG), which is owned by Qatar Sports Investment (QSI)….

The UK and its allies have accused Russian Intelligence Services of cyber campaigns targeting politicians and entities to access and interfere in confidential UK political information, an official statement showed Thursday….

The UAE announced Thursday a dedicated court to handle bankruptcy and restructuring cases, scheduled to commence operations in May….

Russia and Saudi Arabia have urged OPEC+ members to stick to the pledged supply cuts and broader oil cooperation after President Vladimir Putin concluded his one-day visit to the Middle East….

Musk’s AI hopes to compete with Open AI’s ChatGPT and Alphabet’s Gemini AIALBAWABA – Elon Musk’s AI startup, xAI, seeks to raise $1 billion in hopes to compete with OpenAI’s ChatGPT and Google’s long-awaited Gemini AI, launched on Thursday…

The machinery and equipment manufacturing sector caused a 3.5% decline in production for the German economy….

China exports up, imports down points to uneven economic recoveryALBAWABA – China exports picked up for the first time in six months in November, which suggests that the manufacturing sector in the world’s second-largest economy may be recovering, though slowly…

Russia's state-owned nuclear firm Rosatom signed a deal with Dubai's DP World Thursday to establish a joint venture JV logistics firm for developing container shipping through the Arctic sea route….

Gold prices hover over the $2k threshold as stocks worldwide tumbleALBAWABA – Stocks worldwide dipped on Thursday as Wall Street fell ahead of the crucial non-farm US jobs data report this Friday, while gold prices were more or less stable…

Oil prices partially recovered Thursday after plunging to a six-month low a day earlier, although investors remained skeptical of a recovery in demand amid an economic slowdown in the US and China….

ALBAWABA – The US dollar dipped on Thursday as oil prices rose from the six-month low they hit on Wednesday, capped by demand concerns in the world’s two largest economies…

Forbes' 17th edition of the annual list spotlights 15 philanthropists who have in the past year shown commitment and donated generously to causes close to their hearts….

ALBAWABA – Google announced that its Bard chatbot has been upgraded with a new-generation artificial intelligence model called Gemini, which the company claims has superior reasoning abilities compared to its competitors, including ChatGPT from OpenAI…

Dubai Taxi Company (DTC) shares soared 19.4% on debut trading on the Dubai Financial Market (DFM) Thursday, after the taxi operator offered nearly 25% of its stake in an initial public offering (IPO), bringing its market capitalization to $1.49 billion (AED 5.5 billion)….

Netflix has renewed its “Squid Game” spin-off competition show for a second season weeks after a pair of former contestants claimed to be considering a lawsuit against the streamer….

ALBAWABA – Gold prices in Amman, Jordan today opened at a selling price of JOD 1,440.109 per ounce, Thursday, December 7, at 11:10 a…

ALBAWABA – Gold prices in Riyadh, Kingdom of Saudi Arabia today, Thursday, December 7, opened at SAR 7,606…

ALBAWABA – Gold prices in Doha, Qatar, today, Thursday, December 7, opened at QR 7,383.74 per ounce, according to Qatar-goldprice…

ALBAWABA – Gold prices in Dubai, the United Arab Emirates (UAE) today, Thursday, December 7, opened at a selling price of AED 7,444…

Meta launched default end-to-end encryption for personal chats and calls on Messenger and Facebook in a bid to boost user privacy on its social media platforms….

Saudi Arabia’s economy contracted 4.4% year-on-year in the third quarter of 2023, official data showed Thursday, hit by a plunge in the oil sector….

During a challenging year for startups and financial institutions, these entrepreneurs, traders and investors are navigating tough terrain and making an outsized impact….

Chinese exports edged higher for the first time in seven months in November, indicating that the country’s economy started recovering from the post-pandemic slump….

Apple is reportedly updating its iPads and MacBook Airs next year in hopes of improving a drop in sales for the two products amid the company’s warning that it doesn’t expect revenue growth during this holiday season….

The billionaire head of the U.S.’ largest bank issued scathing criticism of cryptocurrency at a Wednesday Senate hearing, suggesting the only reason crypto exists is to fund illegal activity and encouraging the government to “close” the $1.7 trillion industry….

At the 2023 Watches and Wonders event, the Hermès pavilion stood out as a marvel, enchanting visitors with the scenography titled “The Finesse of Time.”…

Twitter's former global head of information security filed a lawsuit against X on Tuesday, alleging he was fired following billionaire Elon Musk’s acquisition of the company for opposing a request he claims would have violated an FTC order to safeguard users’ privacy….

Google launched a pared-down version of what it calls its “largest and most capable” AI model, Gemini, in its AI chatbot Bard on Wednesday, while the most advanced version of Gemini is expected in 2024—adding fuel to the race among tech giants to lead AI development….

Generative AI makes frequent appearances in the 2024 class of the Under 30, but it's not the only way entrepreneurs are changing the way their generation works….

Oil prices plummeted by around 4% Wednesday as official data showed a more-than-expected rise in US gasoline inventories, one day after Moody's downgraded China's outlook over concerns surrounding its economy….

US fast food giant McDonald's plans to reach 50,000 restaurants globally by 2027 and add 100 million members to its loyalty program in what the company calls the fastest expansion in its history….

The Bank of England (BoE) warned on Wednesday that its multiple interest-rate hikes will prolong the cost-of-living crisis, adding that the UK's banking system could contain the fallout despite the worsening economy….

The Gulf Cooperation Council (GCC) approved Wednesday the Unified Tourist Visa, facilitating travel across its member countries with a single visa and promoting the region as an accessible tourist destination, Saudi Press Agency (SPA) reported….

Saudi Arabia has forecast a budget deficit of $21.1 billion (SAR 79 billion) for the fiscal year 2024, the Saudi Press Agency (SPA) reported Wednesday. …

Russian President Vladimir Putin made a one-day trip to the UAE and Saudi Arabia, focusing on energy cooperation and discussions on conflicts in Gaza and Ukraine. …

In the first quarter of 2023, Saudi Arabia's date exports experienced a significant 2.5% increase compared to 2022, even amid globally low rates of date consumption, Saudi Arabia's Agriculture Minister Abdulrahman Abdulmohsen Al Fadley said Wednesday….

The German economy saw a 7.3% year-on-year drop in manufacturing orders in October due to declining machinery and equipment orders, data released by the Federal Statistical Office (Destatis) showed Wednesday….

Renault's alliance partners Nissan and Mitsubishi confirmed plans to pour investments in the French automaker's electric vehicle (EV) unit Ampere and use it to manufacture EVs for the European market, the companies said on Wednesday….

Impact thus far of the boycott for Palestine, GazaALBAWABA – There is no telling what the impact thus far has been, of the regional and global boycott for Palestine and Gaza, at least not accurately and not until the quarterly and annual results come out, but one can infer…

Emirati businesswomen Hana Al Rostamani and Raja Easa Al Gurg continued to claim spots on Forbes’ 20th list of the World’s 100 Most Powerful Women, making them the only Arab women featured on the 2023 ranking….

Mourad Alem, General Manager, South East Europe, Middle East, and Africa at Whirlpool Corporation, explains how the home appliances giant is making a sustainable impact….

ALBAWABA – Following the cryptocurrency’s longest and biggest rally since May, Bitcoin broke over $44,000 then dipped slightly on Wednesday but held close to the new threshold as hopes built on the prospect of the United States (US) allowing its first spot Bitcoin exchange-traded funds (ETFs)…

Abu Dhabi-based portfolio and funds management firm Neovision Wealth Management is gearing up to establish a $250 million fund, sponsored by Global Frontier Capital, to invest in the development of carbon credits in frontier markets…

Gold prices up slightly, stocks worldwide rise on US jobs reportALBAWABA – A soft rebound pushed gold prices back up on Wednesday as United States (US) Treasuries dipped in the previous session and stocks worldwide reportedly rose on the latest US jobs data hinting at a cooling economy…

Virtually unbeatable on the racetrack, Max Verstappen is top of the paycheck podium as well, leading a group of 10 drivers who collectively made $258 million this year….

The UAE’s non-oil business activity grew at a slower pace in November compared to the previous month, a survey showed Wednesday, as total sales eased from the previous month on severe competition and a moderate rise in export orders. …

Oil prices up as markets mull OPEC+ cuts, US dollar slightly strongerALBAWABA – Oil prices rose as the market weighs in the latest output cuts by the Organization of Oil Exporting Countries and its allies (OPEC+) against demand prospects in China, while the US dollar ticked marginally higher…

Bitcoin surpassed the $44,000 mark for the first time since April 2022….

ALBAWABA – Gold prices in Jordan opened at JOD 1,443.455 per ounce today, Wednesday, December 6, 10:56 a…

ALBAWABA – Gold prices in Riyadh, Saudi Arabia opened at SAR 7,600.88 per ounce today, Wednesday, December 6, at 10:31 a…

ALBAWABA – Gold prices in Doha, Qatar opened at a selling price of QR 7,368.82 per ounce today, Wednesday, December 6, 10:32 a…

ALBAWABA – Gold price in Dubai, the United Arab Emirates (UAE) opened at a selling price of AED 7,429…

Gautam Adani, who was once the second richest person on the planet but whose fortune tumbled in the past year, is now the world’s 16th richest person with a fortune of $70.8 billion….

The uncertainty surrounding the ability to implement voluntary output cuts announced by the extended grouping of the Organization of the Petroleum Exporting Countries (OPEC+) last week and demand concerns are still haunting the oil market, sending the prices to near five-month lows on Wednesday….

This year’s Forbes 30 Under 30 energy list features 21 first-generation listers, 11 immigrants, and 17 people of color out of 46 total honorees, including cofounders….

Saudi Arabia said Tuesday it would offer 30 years of tax relief for foreign companies that locate their regional headquarters in the Gulf kingdom….

Apple’s market capitalization crossed the elusive $3 trillion threshold again Tuesday as its stock rallied to a four-month high amid projections about a booming holiday quarter for the Silicon Valley behemoth….

xAI, billionaire Elon Musk's artificial intelligence venture, has submitted documents to the US Securities and Exchange Commission (SEC), seeking approval to raise up to $1 billion through an equity offering. …

Egyptian billionaire Nassef Sawiris plans to relocate investment and family business office NNS Group's headquarters to Abu Dhabi next year….

Airlines and hotels across the UAE garnered top honors at the 2023 World Travel Awards (WTA), the grand finale of which was held at Burj Al Arab in Dubai last week….

Illustrating a year headlined by artificial intelligence, the Forbes 30 Under 30 consumer tech founders are building applications that help people put the advanced technology to real use….

President Vladimir Putin will pay a state visit to the UAE and Saudi Arabia on Wednesday, the Kremlin said, as Russia seeks to recruit new allies amid a boycott from the West….

Rating agency Moody’s downgraded its outlook on China’s government credit ratings to negative from stable on Tuesday amid surging government debt and a deepening property crisis in the world's second-largest economy….

Abu Dhabi's Technology Innovation Institute (TII) announced the launch of its blockchain-powered platform for tracking and trading carbon emissions at COP28 on Tuesday….

Mubadala Investment Company announced on Tuesday a $292.1 million (EUR 270 million) investment in Zenobē, an EV fleet and battery storage specialist, reinforcing its commitment to clean energy infrastructure. …

ALBAWABA – In a surprising turn of events, Apple, the tech industry juggernaut and world’s leading brand, may encounter obstacles in the coming year, according to recent reports and statements from industry insiders…

Egypt's non-oil business activity contracted in November due to higher inflation that led to a rise in the cost of production and a decline in output, a business survey showed Tuesday….

ADNEC Group has acquired French tourism group Karavel from private equity firm Equistone Partners Europe, a statement showed Tuesday, as the UAE firm seeks to diversify its core sectors geographically. …

From an AI-driven fashion house to a gallerist reframing how art is sold, these 30 visionaries on this year’s Forbes Under 30 Art & Style list are the vanguard of creativity….

Three leading telecom service providers in the Gulf region—Kuwait's Zain Group, Qatar-based Ooredoo, and Dubai's TASC Towers Holding—signed Tuesday a major merger deal to combine their tower assets into a $2.2 billion entity….

Omniful, which provides cloud-based supply chain and warehouse management solutions, has raised $5.9 million in a seed funding round led by VentureSouq….

Saudi Arabia’s non-oil business activity remained high in November despite price pressures accelerated to their highest levels in nearly one-and-a-half years, a survey showed Tuesday….

Cryptocurrency miner Phoenix Group shares shot up as much as 50% in debut trading on the Abu Dhabi bourse on Tuesday after the company raised $370.6 million (AED 1.4 billion) in an initial public offering (IPO)….

The entrepreneurs on the 2024 Forbes 30 Under 30 list are fighting climate change with carbon credit marketplaces, reinventing the 911 call, building banks and brewing up eco-friendly plastics….

Oil prices remained more or less steady Tuesday amid uncertainties over implementing voluntary output cuts by OPEC+ coupled with the ongoing conflict between Israel and Palestine causing supply concerns….

Qatar Holding is selling around $644.6 million (510 million pounds) of shares in Barclays, Reuters reported late Monday, citing one of the banks acting on the deal….

Premiums on war risk insurance have surged for ships traveling through the Red Sea after three vessels came under attack in the area by Yemen's Houthi group Sunday, raising concerns of further attacks targeting commercial shipping….

A court Monday vacated a $2.2 billion infringement verdict against chip giant Intel Corp, overturning one of the largest verdicts in the history of US patent law….

The Middle East and North Africa (MENA) region has a competitive edge in the green energy market, receiving from 22% to 26% of the planet's solar radiation energy, due to its privileged geographical location, according to a study published by McKinsey & Company….

Gold briefly touched an all-time high before paring gains Monday, driven by increased expectations that the US Federal Reserve could cut key interest rates as early as next year….

Swedish audio streaming company Spotify announced Monday that it will lay off 1,500 employees to reduce costs, marking its third round of layoffs this year….

The Arab Petroleum Investments Corporation (APICORP) has rebranded itself to the Arab Energy Fund (AEF) and unveiled plans to invest up to $1 billion in decarbonization and related technologies over the next five years….

Banks in the UAE pledged to pool funds worth $270 billion (AED 1 trillion) into green finance at COP28….

Swiss pharma giant Roche said Monday it agreed to acquire privately-owned obesity drug developer Carmot Therapeutics Inc. for $2.7 billion….

Saudi Arabia's Public Investment Fund (PIF) has signed a definitive agreement to purchase a significant minority stake in British hotel chain Rocco Forte Hotels….

Bitcoin is nearing the $42,000 mark for the first time this year amid high hopes about US interest rate cuts and possible approval for US-stock market traded bitcoin funds….

Emirates Nuclear Energy Corporation (ENEC), a state-owned firm of the UAE, and Bill Gates' nuclear reactor company TerraPower have signed a memorandum of understanding (MoU) to study the potential development of advanced reactors in the UAE and internationally, a statement showed Monday….

Alaska Airlines will buy Hawaiian Airlines for $1.9 billion, the companies said Sunday, in a deal that would bring Alaska Airlines closer to the big four Airlines: American, Delta, Southwest, and United….

The initial gains in oil futures were eroded Monday as uncertainties surrounding global fuel demand growth emerged due to the voluntary decision to implement OPEC+ output cuts….

The UAE and several charities at the COP28 summit pledged $777 million in financing for eliminating neglected tropical diseases that are expected to worsen as the world gets warmer….

Kuwait's KIPIC has announced the successful completion of the third unit of the Al-Zour refinery, marking a full capacity status of 615,000 barrels per day….

Egypt's Suez Canal Economic Zone (SCZone) partners with Norway's Scatec ASA in a $1.1 billion memorandum of understanding, focusing on supplying ships with green fuel in East Port Said….

China reportedly plans to reduce the reserve requirement ratio next fiscal year, instead of cutting interest rates, as a means to achieve stable growth, Reuters reported Sunday, citing a former central bank official….

AstraZeneca's $247 million collaboration with Absci Corporation leverages artificial intelligence for innovative cancer antibody development, marking a significant stride in AI-driven drug discovery for cancer treatment…

Wang Xing, the founder of Chinese food-delivery giant Meituan, has seen his wealth plunge by a whopping $6.6 billion this year, as the company struggles to find faster growth….

Europe's tech ecosystem saw just $45 billion invested this year down 38% from last year, and less than half from the peak of $100 billion in 2021….

This week’s Current Climate, which every Saturday brings you the latest news about the business of sustainability. …

Some 118 countries have signed up to a commitment to triple the world's renewable energy capacity by 2030, the COP28 UAE climate talks said Saturday….

As of December 1, the world’s top ten richest are together worth nearly $115 billion more than a month ago. One quarter of that gain is due to the rise in Elon Musk’s fortune during November….

The US has pledged $3 billion to the Green Climate Fund dedicated to helping developing countries cut greenhouse gas emissions and adapt to climate change….

Türkiye saw its trade imbalance narrow 32.6% year-on-year to $5.9 billion in November, the country's trade ministry said Saturday….

The Middle East is home to a flourishing luxury fashion market. As global brands tap the region’s stars to be their ambassadors, are Arab celebrities the industry’s new power players?…

The explosion in interest has sent Silicon Valley investors into a frenzy and the four-person startup Pika has raised $55 million across three funding rounds in quick succession….

Two-year-old Newlands already holds billions in equities like Alphabet, Amazon and Meta alongside a smattering of early-stage startup bets — and then there’s FTX. No one involved wants to talk….

Walmart stopped advertising on social media platform X (formerly Twitter), one of the latest brands to join the chain of dropping the Elon Musk-owned site….

Masdar has announced the purchase of a 49% stake in German energy company RWE’s 3 gigawatts (GW) Dogger Bank South (DBS) projects in the UK as part of its $14 billion (£11 billion) investment in the country’s renewable energy sector….

Delays by Space X and Axiom in developing key pieces of technology, an already ambitious schedule and the postponement of several test flights mean NASA's plan to put astronauts on the moon in 2025 is “unrealistic” and a 2027 launch is more likely for the long-anticipated Artemis III mission, the Government Accountability Office said in a new report….

Saudi Arabia's NEOM Investment Fund (NIF) will hold 6% of Italy's Technogym share after a $120.83 million (EUR 111 million) investment….

The Centers for Disease Control and Prevention issued a food safety alert Thursday after a salmonella outbreak affecting at least 117 people across dozens of states was linked to certain batches of both whole and pre-cut cantaloupes….

PureHealth is seeking to raise $986 million (AED 3.62 billion) via an initial public offering (IPO) at the Abu Dhabi Securities Exchange (ADX) this month….

Pfizer announced Friday it won’t move forward with trials for a twice-daily regimen of its weight-loss pill intended to compete with Ozempic and other booming drugs in the class, sending Pfizer’s stock toward a fresh multiyear low as its shares continue to vastly underperform its pharmaceutical peers….

Danish pharmaceuticals company Novo Nordisk reportedly paid at least $25.8 million in fees and expenses to several US medical professionals over a decade to advocate and push the use of its weight-loss drugs Wegovy and Saxenda….

The second day of COP28 in Dubai saw increased funding and commitments for the Green Climate Fund, with a focus on addressing the global food crisis and promoting agricultural transition in emerging economies….

Eurozone’s manufacturing sector continued to contract in November. However, the downturn in output, new orders, purchasing activity, and inventories slowed down, even as business confidence rose to a three-month high. …

A group of offshore creditors to China Evergrande are reportedly demanding a controlling equity stake in the Chinese property development group and two of its Hong Kong-based subsidiaries as part of a new anticipated debt restructuring proposal….

UAE real estate giant Aldar Properties has acquired British property development company London Square for an enterprise value of $291.4 million (AED 1.07 billion), marking its first international acquisition outside the MENA region….

Essam Sasa is Spotify’s most-streamed Arab artist in MENA in 2023, followed by Wegz and Amr Diab, respectively, the audio streaming platform revealed….

UAE President Sheikh Mohamed bin Zayed on Friday unveiled Alterra, a $30 billion fund for global climate solutions, during the opening of COP28's World Climate Action Summit to bridge the climate financing gap….

Dell Technologies flagged Friday a worse-than-expected 10% year-on-year drop in third-quarter revenue to $22.3 billion due to a sluggish recovery in the hardware and software market….

Desert Group: 35 Years Of Green Innovation On The UAE's Landscape…

The S&P 500 and Dow Jones Industrial Average just completed their best month of the year thanks to investors’ growing risk appetite, but a few notable stocks were forced to watch the rally from the sidelines, including several in one limping sector….

Oil prices continued their downward trajectory Friday toward the sixth consecutive week of losses, as the voluntary output cuts agreed by OPEC+ countries were less than what the market had priced in….

Meta is suing the Federal Trade Commission, claiming the agency’s in-house courts are unconstitutional and violate due process protections, a bid that also aims to stop the FTC from making blanket changes to a 2020 privacy violation settlement that would further restrictions on Meta’s data monetization practices….

The President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, and Vice President, Sheikh Mohammed bin Rashid Al Maktoum, met King Charles III of the UK separately on the sidelines of the UN Climate Change Conference (COP28) on Thursday….

Singapore and Zurich are tied for the world's most expensive city this year, surpassing New York, which took first place last year, according to the Economist Intelligence Unit (EIU) data released Thursday, as it warned that the global cost-of-living crisis was yet to peak. …

Those who became billionaires in the last year inherited more cash and assets than they actually made through their investments and entrepreneurship, a study by Swiss bank UBS said Thursday….

Inflation sank to its lowest level in more than two years last month, according to the Federal Reserve’s preferred measure released Thursday, as the ongoing dip in price increases fuels a sustained equity market rally….

Saudi Arabia's Public Investment Fund (PIF) announced Thursday a $1.2 billion partnership with Patria Investments, an asset management firm in Latin America, for a road project in Brazil….

The UAE and Germany have pledged $100 million each to the climate loss and damage fund on the first day of the COP28 summit, which aims to assist climate-vulnerable nations dealing with the ongoing effects of global warming….

Inflation in the eurozone eased to 2.4% in November, marking its lowest level in two years, Eurostat data showed Thursday….

Oil prices declined Thursday after increasing more than 1% earlier in the session after producers of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, reached an agreement to implement voluntary output cuts amounting to nearly 2 million barrels per day (bpd) for early next year….

US space technology and exploration company Astrobotic Technology will attempt a landing on the Moon's surface on January 25….

2023 will be the hottest year on record, United Nations Secretary-General António Guterres said during the opening of the COP28 climate summit in Dubai, confirming an earlier warning by EU scientists and delivering a potent warning about the speed of climate change….

Türkiye's economy accelerated by a more-than-expected 5.9% in the third quarter, fueled by higher household spending, but it is likely to slow in the coming months due to hawkish measures by the government to control soaring inflation….

COP28, the 28th United Nations Climate Change Conference, began Thursday at Expo City Dubai, with delegates aiming for approval of a climate damage fund before addressing pivotal issues like the phased reduction of fossil fuels….

Saudi Arabia’s MBC Group could raise as much as $222 million from selling a 10% stake after setting the price range of its IPO between $6.13 and $6.67….

Henry Kissinger, a diplomat who served as Secretary of State under two presidents during the Cold War and wielded major influence on U.S. foreign policy during the era, died at the age of 100 on Wednesday….

Israel and Palestinian armed resistance group Hamas have agreed to extend their truce to a seventh day, moments before it was due to expire on Thursday, in the second extension of the initial four-day truce that began Friday….

China’s manufacturing sector shrunk at a quicker pace in November than in October, an official survey showed Thursday, signaling more support from policymakers is needed to fuel faster economic growth amid concerns about sluggish demand….

The United Auto Workers union is launching an organizing campaign at more than a dozen automakers in an effort to urge thousands of auto workers to unionize following the UAW’s recent success earning new contracts for union employees at Ford, Stellantis and General Motors….

Tesla CEO Elon Musk said advertisers that have recently fled the X platform following an antisemitic tweet Musk approved of should not return, claiming advertisers doing so are “blackmailing” him with money—making the expletive-laden statement during an interview Wednesday at the New York Times’ Dealbook Summit….

The US gross domestic product grew at a 5.2% annualized pace in the third quarter, stronger than first indicated, the Commerce Department reported Wednesday….

OPEC+ talks on 2024 quotas ahead of the delayed ministerial meeting on Thursday were reportedly focusing on deeper production cuts, leading oil prices higher….

Spotify Wrapped—the yearly event that allows users to see and share breakdowns of their listening activity—has arrived, and with it comes a handful of different ways the music streaming giant collects data from its users….

General Motors will “substantially” cut spending on its self-driving division Cruise, the company said Wednesday, after Cruise recalled its robotaxi fleet earlier this month amid growing safety concerns about the driverless cars….

Dubai Taxi Company (DTC) announced a surge in demand for its initial public offering (IPO) on Wednesday, with investor orders exceeding $41 billion (AED 150 billion) as the company listed its ordinary shares on the Dubai Financial Market (DFM)….

Sultan Al Jaber, President of the United Nations Climate Change Conference (COP28), denied Thursday allegations leveled against him that he would use his presidency to orchestrate business deals with participating stakeholders on behalf of his country, reported AFP….

Swedish furniture company IKEA saw its profit surge 130.8% to $1.8 billion (€1.6 billion) for the fiscal year 2023 that ends in August, driven by higher sales….

The Federal Aviation Administration (FAA) has adopted a new aircraft certification policy, requiring flight control design changes to be treated with priority amid growing safety concerns, Reuters reported….

Shares of Dutch electronics and health giant Philips saw a major slump on Thursday after the Food and Drug Administration published a warning about a safety issue with the company’s sleep apnea machine….

Alibaba’s billionaire cofounder Jack Ma, who has kept a low profile in recent years, wrote a rare internal post on Wednesday, urging employees at the e-commerce giant to keep innovating and reiterating that the tech giant will change as a once-small competitor – namely PDD Holdings —is on the verge of surpassing Alibaba in market cap….

TotalEnergies invested $25 million to acquire a minority share in XLinks First to execute a mega renewable power project in Morocco, supplying green electricity to the UK….

Immensa, a MENA-focused additive manufacturing and digital inventory solutions platform, has successfully raised $20 million in its latest funding round….

OECD projects a 2.9% increase in global Gross Domestic Product (GDP) for 2023, followed by a subtle deceleration to 2.7% in 2024, with a slight recovery to 3% in 2025….

Saudi Arabia's PIF has finalized a deal to acquire a 10% stake in Heathrow Airport Holdings from Spain's Ferrovial….

Kingdom Holding said Wednesday it grew its stake in Citigroup bank to 2.2% after acquiring shares worth $449.5 million (SAR 1.7 billion) from Saudi Prince Alwaleed Bin Talal….

UAE-based integrated healthcare provider Aster DM Healthcare is preparing to sell a majority stake in its Gulf business for $1 billion to a consortium led by Fajr Capital….

Asia’s first ETF that tracks Saudi equities and the largest of its kind focused on Saudi Arabia began trading in Hong Kong, allowing investors to access the kingdom's capital markets….

Billionaire Berkshire Hathaway executive Charlie Munger died Tuesday morning in a California hospital, the company said in a press release, after Munger spent decades as a key partner and right-hand man to Warren Buffett….

Chinese billionaire Colin Huang’s net worth exploded Tuesday after PDD, the bargain-focused Chinese retailer he founded, posted blowout earnings, sending shares of PDD to their highest price since June 2021….

Shein, the Chinese fast fashion behemoth, reportedly filed confidential paperwork Monday to go public in the U.S., setting the clothing company up to potentially headline a deep roster of high-profile upcoming initial public offerings….

Some 41 construction workers were rescued from a collapsed mountain tunnel in northern India on Tuesday after being trapped there for more than two weeks….

Diseases may claim more lives in Gaza than bombs, the World Health Organization (WHO) warned on Tuesday, amid disruption of health facilities, water and sanitation systems as the extended truce between Israel and Hamas enters its fifth day….