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Reuters

Reuters

Turkish central bank nearly doubles inflation forecast

Turkey’s annual inflation will peak at around 70 percent by June before declining to near 43 percent by year-end, the central bank has forecast. The central bank slashed its policy rate by 500 basis points to 14 percent last year as part of President Tayyip Erdogan’s new economic plan. The cuts sparked a currency crisis […]

Emirates widens refurbish plan amid delivery delays

Emirates will refurbish more of its existing fleet than previously planned,its chief commercial officer said on Tuesday, as the airline faces delays to deliveries of new Boeing jets and seeks assurances over concerns with the Airbus A350s it ordered. The Gulf carrier is spending over a $1 billion to refurbish the fleet which includes installing a new premium economy […]

UAE agtech Right Farm raises $2.8m from investors

Right Farm, a United Arab Emirates agriculture technology firm, said on Monday it raised $2.8 million from investors including Abu Dhabi state holding company ADQ’s venture platform. The company is a business to business digital platform which sources fresh produce from local and international farms for the food and retail sector. Right Farm said in […]

Dubai’s GMG to operate French supermarket chain Géant in UAE

Dubai retailer GMG said on Tuesday it had acquired the United Arab Emirates’ operations of French supermarket chain Géant from a company owned by Dubai Holding, of Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum. GMG said it also acquired the rights to expand Géant’s operations in the Middle East as part of the deal from […]

ADQ buys stakes worth $1.85bn in Egyptian firms

Abu Dhabi’s state holding company ADQ bought shares worth $1.85 billion in five publicly traded Egyptian companies in April, helping Egypt after the Ukraine crisis prompted foreign investors to flee.  Egypt has been on the hunt for foreign exchange since Russia’s invasion of Ukraine prompted investors to pull billions of dollars out of its treasury […]

Dinosaurs and superheroes return to the movies

Tom Cruise is preparing to walk the red carpet at Cannes, tickets for Marvel’s next film are selling fast, and a new dinosaur adventure looms large on the summer movie schedule. That gives movie theatre operators hope that their business is finally heading toward normal as they meet with Hollywood studios this week in Las Vegas at the […]

Kevin Hart gets $100m private equity investment

Stand-up comedian and Hollywood actor Kevin Hart has launched a new media company called HARTBEAT, with a $100 million investment from private equity firm Abry Partners. Abry, which focuses on investments in the media, communication and information services space, took a minority stake in the company at an undisclosed valuation. Hart, known for his roles in films such as “Ride […]

Face, Person, Human

Prince Charles to visit Canada for Queen’s Jubilee

Prince Charles and his wife Camilla will visit Canada next month as part of celebrations to mark his mother Queen Elizabeth’s 70th year on the British throne, his office said on Tuesday. The trip, the 19th the heir-to-the-throne has undertaken to Canada, will see the royal couple travel more than 2000 miles from Newfoundland and […]

Tie, Accessories, Accessory

Spain’s King Felipe says he is worth €2.6m

Spain’s King Felipe VI has disclosed that his wealth is worth about 2.6 million euros ($2.8 million) in a move to make the Royal House more transparent and end the opaqueness that prevailed during the reign of his father Juan Carlos. The king’s assets include just under 2.3 million euros in checking or savings accounts […]

Spoke, Machine, Tire

Tesla’s big swoon as Musk moves for Twitter

This has been a wild week in the auto business. Ford and General Motors are duking it out over which of them will be No. 1 in the US electric vehicle market by the middle of the decade. Meanwhile, the current No. 1, Tesla, got a rude slap from its shareholders. You’d think convincing skittish […]

Iran summons Afghan envoy after protesters’ attack

Iran summoned the Afghan envoy to Tehran, Iranian state TV reported, afterprotesters threw rocks at Iranian diplomatic missions in Kabul and Herat over what they called “mistreatment of Afghan refugees” in the Islamic Republic. The protests began after videos posted on Twitter in recent days showed young Afghan refugees in Iran being harassed and humiliated […]

$600m projects frozen as Taliban issues school ban for girls

The World Bank has put four projects in Afghanistan worth $600 million on hold amid concerns over a decision by the country’s ruling Islamist leaders to ban girls from returning to public high schools, the bank said. The projects, to be funded under the revamped Afghanistan Reconstruction Trust Fund, were being readied for implementation by […]

Huge surge in measles as Covid hits jab campaigns

Measles cases jumped by 79 percent in the first two months of this year compared to 2021, after COVID-19 and lockdowns disrupted child vaccination campaignsaround the world, according to data from UNICEF and the World Health Organisation (WHO). In January and February, there were 17,338 measles cases reported worldwide, up from 9,665 in the same […]

Person, Human, Audience

Turkish court sentences Kavala to life in prison

A Turkish court sentenced philanthropist Osman Kavala to life in prison on Monday finding him guilty of attempting to overthrow the government by financing 2013 nationwide protests, in a case that Europe’s top court and Ankara’s Western allies said was politically motivated. Kavala, 64, has been in jail for 4-1/2 years without a conviction and […]

Private jets see General Dynamics profit take off

Gulfstream jet maker General Dynamics Corp on Wednesday posted a 3.1 percent rise in first-quarter profit, as demand for private air travel during the coronavirus pandemic remained high. Shares were up 3.5 percent in morning trading to $245.16. Cautious passengers who opted for private flights instead of commercial flights due to fears of contracting coronavirus […]

Boeing shares plunge on fresh 777X setbacks

Boeing said on Wednesday it was halting 777X production through 2023 due to a fresh delay in its entry into service after certification problems and weak demand, with $1.5 billion in added costs for the mini-jumbo program. Shares of the US planemaker fell 11 percent to $146.62 in early trading – a nearly 1-1/2 year […]

Person, Human, Room

King Abdullah joins Biden to defuse Jerusalem tension

Jordan’s King Abdullah agreed with U.S. President Joe Biden on the need to prevent a repeat of recent confrontations in Jerusalem’s Muslim holy sites that sparked concerns of wider conflict, state media said. In a phone call on Monday, Abdullah was quoted as saying the cornerstone of peace was a comprehensive Arab Israeli settlement based […]

Jordan’s king agreed with U.S. Biden on need to defuse Jerusalem tension

Jordan’s King Abdullah agreed with U.S. President Joe Biden on the need to prevent a repeat of recent confrontations in Jerusalem’s Muslim holy sites that sparked concerns of wider conflict, state media said. In a phone call on Monday, Abdullah was quoted as saying the cornerstone of peace was a comprehensive Arab Israeli settlement based on a two-state solution […]

Turkish President Erdogan plans visit to Saudi’s Crown Prince

Turkish President Tayyip Erdogan plans to visit Saudi Arabia on Thursday and meet Crown Prince Mohammed Bin Salman as Ankara tries to mend ties with Riyadh after dropping a legal case on the killing of journalist Jamal Khashoggi in Istanbul. Relations have been tense since a Saudi hit team killed Khashoggi at the kingdom’s Istanbul […]