For the past three decades, China has been on the upswing of a supercycle that saw an almost uninterrupted expansion of the country’s capacity to manufacture, appetite to consume, and ability to project power across the world economy. The Chinese Communist Party relentlessly pursued economic development over all else, even when that single-mindedness pushed the […]
Al Etihad Payments (AEP), a unit of the Central Bank of the UAE (CBUAE), has partnered with NPCI International Payments (NIPL) to advance the development of the country’s first national domestic card scheme. The UAE central bank’s launch of Al Etihad Payments is aimed at implementing an innovative, interoperable, and enabling payments infrastructure as part […]
Japan must focus on improving wage growth to pave the way for sustainable inflation, Bank of Japan board member Asahi Noguchi said on Thursday, signalling that the central bank must retain its monetary easing policy for the time being. Noguchi, known for his reflationist views, made the remarks in a speech to business leaders in […]
The Irish Government has unveiled a 14 billion euro budget package it insists balances the needs of today with the future wellbeing of the economy. Finance minister Michael McGrath said Budget 2024 was framed against a backdrop of “global uncertainty”. The package agreed by the Fianna Fail, Fine Gael and Green Party coalition in Dublin […]
Thailand expects to attract 2.9 million arrivals and billions of dollars in revenue from a Chinese tourism boom as a result of a new five-month holiday period visa exemption program, part of a bid to help strengthen the nation’s wobbly economic recovery. The Southeast Asian nation has already seen a strong response after temporarily waiving […]
Kenya’s cabinet on Tuesday ordered all ministries and state departments to cut 10% of their operational budgets for the 2023/24 (July-June) fiscal year, the presidency said. The East African nation is facing deepening economic challenges due to growing debt repayments, rising interest rates and high taxes that have curbed consumer demand. “As part of the […]
The end to Saudi Arabia’s oil production cuts may be closer than investors anticipate, Bob McNally, founder of the Rapidan Energy Group, told Bloomberg TV on Thursday. US crude prices hit their highest level for the year this week, but pulled back Thursday to $92.51 a barrel. Still, some in the industry have warned of […]
FinTech companies and those investing in hiring “top talent” are dominating the list of the best start-ups in the UAE and Saudi Arabia this year, as revealed by professional network LinkedIn. Strong government support and a push towards innovation has further boosted start-ups in the Arab world’s two largest economies, the company said in its […]
The China-backed Asian Infrastructure Investment Bank (AIIB) has set up its first overseas office at the Abu Dhabi Global Market (ADGM). A first of its kind outside the AIIB headquarters in China, the operational office will serve as a strategic destination in the Middle East and the world. It marks a milestone in the partnership […]
The dollar hit a 10-month high on Wednesday, pushing the euro to an almost nine-month low and keeping the yen in intervention territory, as investors bet that the United States economy will fair better with higher interest rates than competitors. U.S. Treasuries stabilized after their recent heavy selloff, though yields remained near 16-year peaks, keeping […]