People & Lifestyle UK’s non-dom shake-up to attract high earners to Gulf There is likely to be an influx of expats and returning nationals to the Gulf as a result of the UK’s abolition of non-domicile tax status from April 2025, experts told AGBI. ‘Non-doms’ live in the UK but claim to have a permanent residence in another country, so they do not pay tax on overseas […] March 15, 2024
Manufacturing Turkish manufacturers buoyed by rise in PMI Turkish producers are cautiously optimistic after the Turkey Production Managers Index (PMI), which measures the outlook of the country’s manufacturing sector, returned to positive territory in February. According to the latest report issued by the Istanbul Chamber of Commerce and Standard and Poor’s, this is the first increase after seven straight months of contraction. The […] March 1, 2024
EXCLUSIVE Real Estate Trump still has ‘big pull’ for $2m branded villas in Oman Donald Trump may be facing criminal investigations in the US, but the 45th president’s brand continues to wield substantial influence in the Gulf. Last week there were more than 100 expressions of interest in a launch of 20 Trump-branded villas in Oman, within 24 hours, according to the project’s developer. “Trump as a brand still […] February 14, 2024
Opinion Markets Markets face bumpy ride rather than soft landing Persistent inflation, high interest rates and slow growth will dog 2024 January 29, 2024
Opinion Real Estate The dark side of life in Los Angeles The economic record of California will come under global scrutiny December 22, 2023
Opinion Economy Sisi’s third term heralds a new economic blueprint Financial crisis looms but Egypt is 'too big to fail' December 14, 2023
Finance Currency and inflation in focus ahead of Egypt polls In the run-up to Egypt’s December 10-12 presidential election, financially strapped people queue at state-managed cooperatives trying to buy scarce rations of subsidised sugar. It is the latest sign of economic pressures that have risen sharply since early last year, leaving Egyptians grappling with soaring prices and an unresolved foreign currency crunch, and overshadowing pledges […] December 5, 2023
Economy Egypt’s economic outlook darkens as IMF postpones review Egypt’s efforts to revive its economy were dealt a major setback this week after the IMF postponed its eagerly awaited September review of Egypt’s $3 billion bailout programme until the first quarter of 2024. Originally scheduled to take place in March, it would have been the IMF’s first review of the $3 billion loan it […] September 22, 2023
Opinion Economy Şimşek signals Turkey’s ‘return to rational ground’ New finance minister's in-tray will be dominated by tackling the country's domestic economic issues June 7, 2023
Opinion Economy GCC sees Erdoğan as best bet for Turkish president However, concerns remain over Turkey's wider economic policy May 17, 2023
Biden: US-Asean pact to address ‘biggest issues of our time’ Southeast Asian heads of government held talks on Saturday with visiting global leaders including US president Joe Biden, who hailed the launch of a new US-Asean pact as a critical step towards tackling “the biggest issues of our time”. In his first visit to Southeast Asia as president, Biden said the region was at the […] November 13, 2022
Banking & Finance Turkey bankers say ballooning debt poses long-term risks Turkish bank executives raised concerns with authorities this week that a year of new rules forcing them to buy government bonds could ultimately destabilise the sector, even as it sharply reduces costs of a big pre-election spending plan. According to six people who participated in or were briefed on a Monday meeting with finance minister […] October 27, 2022
Energy Riyadh was more ‘mature’ in spat with Washington, minister tells FII Saudi Arabia decided to be the “maturer guys” in a spat with the United States over oil supplies, the kingdom’s energy minister Prince Abdulaziz bin Salman said on Tuesday. Prince Abdulaziz made the comment during his speech to the kingdom’s Future Investment Initiative (FII) event, which has drawn top executives from the US and elsewhere. […] October 25, 2022
Economy US national security seeks to contain China’s rise The White House rolled out a long-delayed national security strategy on Wednesday that seeks to contain China’s rise while re-emphasising the importance of working with allies to tackle challenges confronting democratic nations. The 48-page document, which was delayed by Russia’s invasion of Ukraine, includes no major shifts in thinking and introduces no major new foreign […] October 13, 2022
Lifestyle Kim Kardashian pays $1.26m fine for paid Instagram crypto post Kim Kardashian has promoted everything from appetite-suppressing lollipops to melon-flavoured liqueur to toilet paper, but it was her foray into the murky world of cryptocurrencies that got her into hot water. The reality television star and influencer has agreed to settle charges of unlawfully touting a crypto security and to pay $1.26 million in penalties […] October 4, 2022
Banking & Finance US Fed set for big rate hike to test resilience of world’s central banks The Federal Reserve is expected on Wednesday to lift interest rates by three-quarters of a percentage point for a third straight time and signal how much further and how fast borrowing costs may need to rise to tame a potentially corrosive outbreak of inflation. The policy decision, due to be announced at 2 pm EDT […] September 21, 2022
Banking & Finance US expects more banks will cut off Russian payment system Mir Steps that Turkish lenders Isbank and Denizbank took to suspend the use of Russian payment system Mir make a lot of sense, a senior US administration official said on Tuesday, and said the United States expects more banks will cut off Mir over sanctions risk. Isbank and Denizbank on Monday announced separately they had suspended […] September 21, 2022
Turkey’s VP rebukes Pelosi for ‘biased’ remarks in Armenia Turkey’s vice president Fuat Oktay has branded Nancy Pelosi’s speech on clashes between Armenia and Azerbaijan “biased”, suggesting that her comments “sabotage diplomacy efforts”. The Speaker of the US House of Representatives visited Armenia this weekend, in an unprecedented show of American support for the country, which has been locked in conflict with its neighbour […] September 19, 2022
IMF to send mission to Lebanon to discuss slow reform progress The International Monetary Fund (IMF) said on Thursday that a staff mission will visit Lebanon next week to discuss ways to “speed up” implementation of agreed reforms required for an IMF loan program amid deteriorating living conditions in the country. “We are looking to support Lebanon as strongly as we can. It’s a difficult situation,” […] September 16, 2022
Economy No time to waste, worried Italian business leaders warn politicians Italy cannot afford weeks of political inertia after an election this month, business chiefs said, adding that sky-high energy prices are already forcing more and more firms to curtail production. Gathered on the shores of Lake Como for the annual Ambrosetti Forum this weekend, business owners lashed out at politicians for ousting Prime Minister Mario […] September 5, 2022
Tourism Emirates and United Airlines set to announce codeshare pact United Airlines and Dubai’s Emirates are set to announce a codeshare agreement in the coming weeks, sources told Reuters. United on Tuesday sent an invitation to reporters to a “special event” on September 14 titled “Come fly with us” with Chief Executive Scott Kirby and Emirates President Tim Clark in Washington. The Air Current reported […] August 31, 2022
Banking & Finance Egypt central bank holds rates steady after change of governor The Central Bank of Egypt (CBE) kept its overnight interest rates steady on Thursday, hours after a new governor was named to replace Tarek Amer, who quit unexpectedly on Wednesday. President Abdel Fattah Al-Sisi appointed Hassan Abdalla as caretaker CBE governor on Thursday after Amer’s resignation, with Egypt mired in a currency crisis. Analysts said […] August 19, 2022