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IMF sees slower growth in Asean despite China reopening

International Monetary Fund (IMF) economists said on Tuesday that Singapore and other Southeast Asian economies are seeing downgrades to their 2023 growth outlooks because slowing global growth will outweigh the positive impact from China’s economic reopening. Chief economist Pierre-Olivier Gourinchas told a news briefing on the IMF’s latest global growth forecasts these forces prompted the […]

Chinese shoppers at a mall in Sanya, Hainan province, on January 25. Analysts expect China's economy to recover quickly after the lifting of Covid restrictions

Beijing and Brussels ‘go head to head in fight for Mena oil and gas’

The Middle East and North Africa will be one of the main beneficiaries of China’s decision to drop its zero-Covid policy, as Beijing competes with Europe for limited energy resources, according to analysts at Bank of America. “From a macro-perspective, it’s very easy to be bullish on the Mena region,” said Jean-Michel Saliba, a director […]

Akio Toyoda set to remain a force at Toyota as he bows out

Toyota Motor Corp chief Akio Toyoda is set to remain a dominant force inside the world’s largest automaker for years to come, and will continue to influence the agenda after stepping down in April, experts and people familiar with the firm said. The 66-year-old Toyoda on Thursday announced he would step aside as leader of […]

Thailand holds 2023 GDP growth outlook on tourism rebound

Thailand’s finance ministry on Friday maintained its economic growth outlook for 2023 at 3.8 percent, helped by a rebound in tourism and domestic demand, but an official said exports would slow down this year. For 2022, Southeast Asia’s second-largest economy is expected to have expanded three percent, down from a previous forecast of 3.4 percent, […]

Renault Nissan

Nissan and Renault close in on overhaul of alliance

Nissan and Renault are closing in on a sweeping overhaul of their globe-spanning automaking alliance as top executives meet on Thursday for talks to reset the two-decade-old partnership and chart a course for an uncertain electric future. Leaders of Nissan Motor Co Ltd and Renault SA are meeting via video link for an alliance board […]

Hindenburg says holds short positions in India’s Adani

Short-seller Hindenburg Research said on Wednesday it holds short positions in India’s Adani Group companies through US-traded bonds and non-Indian-traded derivative instruments. The seven listed companies of the Adani Group, which is controlled by the world’s third richest man Gautam Adani, have an 85 percent downside on a fundamental basis due to sky-high valuations, Hindenburg […]

Gulf marters China recovery

Gulf stock markets rise with optimism about China’s economy

Gulf stock markets closed higher on Tuesday on expectations of economic recovery in the world’s second largest economy, China, and smaller interest rate hikes from the US Federal Reserve. The Fed will end its tightening cycle after a 25-basis-point hike at each of its next two policy meetings and then likely hold interest rates steady […]

South Korea UAE visit

Korea prospects high as President Yoon courts GCC free trade deal

Negotiations are continuing on a free trade deal with GCC countries which will make “enormous contributions” to expanding relations, South Korea’s President Yoon Suk Yeol has said. “I hope that the Korea-GCC FTA will become a forward-looking agreement that contributes to our two countries’ joint endeavours of responding to new challenges including climate change, supply […]

Sri Lanka expects to complete debt restructuring in six months

Sri Lanka is committed to meeting all its debt repayments and is hoping to complete debt restructuring negotiations in the next six months, the country’s central bank chief P. Nandalal Weerasinghe said on Tuesday. “There has been good progress this month with India already pledging financing assurances. We expect assurances from China and Japan soon,” […]

Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade of the UAE

Economic success for Menap hinges on greater regional trade

Many countries in the Middle East, North Africa, Afghanistan and Pakistan (Menap) region are enjoying growth, but new research has found that intra-regional exports account for only 2.9 percent of total gross domestic product.  This compares to a global average of 7.9 percent, and 22 percent across the European Union (EU), Norway, Switzerland and the […]

India’s Adani Group plans spin off and dismisses debt concerns

India’s Adani Group, which is controlled by billionaire Gautam Adani, said it plans to spin off more businesses by 2028 and dismisses any debt concerns. The corporate house plans to spin off, or demerge, its metals, mining, data centre, airports, roads and logistics businesses, said chief financial officer Jugeshinder Singh said. “The criteria is for […]

Chaitanya Peddi, co-founder of Darwinbox

Microsoft-backed Indian tech firm in Mena expansion

Indian HR software provider Darwinbox is increasing its Middle East headcount as part of its push into the region following Microsoft’s investment in the company.  Microsoft bought a stake in the tech firm, which is based in Hyderabad, with the duo forming a partnership that enables both companies to share leads and what Darwinbox describes […]

An estimated 155 million Chinese tourists spent more than $250bn on foreign travel in 2019

Resurgence in Chinese travellers is boon for Gulf tourist traps

Gulf markets closed lower on Wednesday over concerns that China’s 2022 economic growth slowed sharply to 3 percent, its second-worst performance since 1976, and its population fell for the first time since 1961. However, the recent easing of travel restrictions by Chinese authorities is expected to result in an influx of tourists from the country […]

IMF says China recovery could be ‘very quick’

China could see a sharp recovery in economic growth from the second quarter onwards based on current infection trends after the dismantling of most Covid-19 restrictions, IMF deputy managing director Gita Gopinath said. “We expect growth in China to come back, to rebound,” Gopinath told Reuters in an interview at the World Economic Forum in Davos. […]

Global oil demand to reach record high this year, IEA says

Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA).  The IEA said global oil demand is set to rise by 1.9 million barrels per […]

Foundations UAE

Rise of UAE foundations as wealth management sector matures

The UAE’s richest people are increasingly setting up foundations to structure and preserve their wealth for the future. Regional wealth managers told AGBI they have noticed a “significant increase” in the number of foundations being established in the UAE, and in the volume of enquiries they are receiving about setting one up. Bradley Moran, an […]

South Korea’s house prices suffer worst fall in nearly 19 years

House prices in South Korea fell 1.98 percent in December from a month earlier, the fastest drop since data releases began in late 2003 and a seventh consecutive month of decline, data from the Korea Real Estate Board showed on Monday. That follows a 1.37 percent loss in November and marked a 4.68 percent decline […]

Monitor, Screen, Computer Hardware

Emirates resumes Tokyo flights as UAE and Japan deepen ties

Emirates said on Thursday it will resume flights to Tokyo-Haneda airport from April 2, after a three-year hiatus due to the coronavirus pandemic. Dubai’s flag carrier said the service will be operated by one of its Boeing 777 Game Changer aircraft, with the outbound flight EK312 departing Dubai at 07.50 and arriving in Haneda at […]

Indians in Bahrain wave flags as they wait for Narendra Modi, India's PM, at Bahrain National Stadium in Manama. More than half of Indian expats live in GCC states

Indian exports to GCC boom ahead of free trade talks

Indian exports to the GCC are booming, with nearly $30 billion of business in the first seven months of the fiscal year – and analysts are predicting more growth as talks resume on a free trade deal. The GCC is already India’s largest trading partner bloc, with bilateral trade valued at over $154 billion in […]

OCP, Morocco's state-owned fertiliser producer, runs a mine and factory at Boucraa, site of one of the largest phosphate deposits in the world

Export deal with India tipped to boost Morocco’s fertiliser industry

Morocco is set to sign a long-term agreement with India to export rock phosphate, a key ingredient in fertiliser. The North African country is already one of the largest producers of phosphates and fertilisers, but the India deal is expected to lead to other agreements with governments around the world, according to an industry analyst. […]

Emirati company sponsors

Emirati partners in demand despite easing of company laws

The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […]

Airlines lift China international flight capacity as border opens

Airlines have boosted January international seat capacity to and from China by 9.5 percent over the last week as they ramp up flights after its border opening, according to aviation data provider Cirium, though flights remain at a fraction of pre-pandemic levels. Hong Kong’s Cathay Pacific Airways Ltd added more than 52,000 seats as its […]