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Person, Human, Military

South Korea reins in stimulus with first spending cut in 13 years

South Korea said on Tuesday it would cut annual government spending for the first time in more than a decade next year, as it strives to cut back on pandemic-era stimulus and help the central bank temper inflationary pressures. Unveiling the first budget proposal under right-leaning President Yoon Suk-yeol, the finance ministry said government expenditure […]

Person, Human, Shoe

China to promote fiscal, monetary policies to support labour market

China will focus on creating jobs and promote fiscal, monetary and industrial policies to stabilise its labour market, Li Zhong, Vice Minister of the Ministry of Human Resources and Social Security, said on Thursday. As the Chinese economy struggles to recover from a COVID-induced slump, the youth unemployment rate has surged to a record high […]

Person, Human, Clothing

Qatar Investment Authority aims to invest $3bn in Pakistan

The Qatar Investment Authority (QIA) aims to invest $3 billion in Pakistan, the Qatari ruler’s office said on Wednesday, lending support to the South Asian nation’s cash-strapped economy. Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8 billion, barely enough for more than […]

Japanese manufacturing grows at slowest pace in 19 months

Japanese manufacturing growth slowed in August after declines in output and new orders, as businesses grapple with persistent rises in raw material and energy costs and weakening global demand. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) recorded its most sluggish performance in 19 months, falling to a seasonally adjusted 51.0 in […]

To get ahead, plastics producers need to be running in circles

The volume of plastics produced globally every year has soared over the past half century, from 15 million tonnes in 1964 to more than 300 million tonnes today. This figure is forecast to double again over the next two decades and nearly quadruple by 2050. But synthetic polymers have one major drawback: they generally take […]

Chinese censors change ending of latest ‘Minions’ movie

Censors have altered the ending of the animated film “Minions: The Rise of Gru” for its domestic release in China, social media users across the country noticed over the weekend. The editing is yet another example of Chinese authorities editing a Hollywood film to make sure on-screen criminals are punished – to the amusement or […]

India’s headline inflation may ease below 6% by March

India’s headline retail inflation may ease below six percent by the fourth quarter of this financial year, bringing an end to the current cycle of rate hikes, analysts said over the weekend. Following the release of minutes from the central bank’s monetary policy committee on Friday, analysts said the Reserve Bank of India (RBI) may […]

Tourism rebound to help Thai economy to grow 3-3.5% this year

Thailand’s economy is expected to grow by three to 3.5 percent this year, helped by public investments and a pick-up in the vital tourism sector, the finance minister said on Monday. Southeast Asia’s second-largest economy will continue its post-pandemic recovery as state investment projects are accelerated, Arkhom Termpittayapaisith told a state agency forum. “The economy […]

Indian workers return to Gulf in their droves

The demand for skilled, semi-skilled and unskilled Indian workers has increased “drastically” as a rebound in Gulf economic growth signals the end of the coronavirus-induced reverse migration of workers from the region. An increase of nearly 50 percent in fresh migration to the six Gulf Cooperation Council (GCC) members – including the UAE, Saudi Arabia, […]

China seeks ‘affectionate’ ties with domestic internet firms

China’s cyberspace watchdog wants to build an “affectionate” relationship between internet enterprises and the government, a senior official said on Friday, the latest verbal assurance to an industry still on edge after a long and bruising regulatory crackdown. Niu Yibing, vice minister of the Cyberspace Administration of China (CAC), told a news conference the agency […]

Sri Lankans flee crisis in mass brain drain as turmoil worsens

Shamla Yoosoof, an investment researcher from Colombo, left Sri Lanka with her three-year-old son and a jam-packed suitcase, swapping economic chaos at home for a new start in Dubai. She flew out in June to join her husband who had secured a job as a sales and marketing director there weeks before – one of […]

Car, Automobile, Vehicle

Tesla cuts delivery waiting time for Model Y in China

Electric auto giant Tesla said on Thursday it has slashed the delivery waiting time for its Model 3 and Model Y cars in China as it ramps up output at its Shanghai plant after upgrading production lines. The waiting time for the rear-wheel drive Model Y sport utility vehicle is now four to eight weeks, […]

HSBC

HSBC appoints new head of Middle East global banking

HSBC has appointed Julian Wentzel as head of global banking for its Middle East, North Africa and Turkey (MENAT) business, according to an internal memo seen by Reuters on Wednesday. Wentzel will be based in Dubai and a search is ongoing to find a successor for his previous role as head of global banking for […]

Tokyo diners can nosh on food at ‘Stranger Things’ cafe

Japanese fans of the sci-fi hit “Stranger Things” can chow down on demonic pasta and rock out to retro 1980s tunes at a pop-up cafe inspired by the Netflix Inc horror drama. The shop, a partnership with local restaurant chain Pronto Corp, recently extended its run in the fashionable Shibuya district of Tokyo several months […]

Dubai ranks 18th in new index of top digital cities

Dubai is the only Middle Eastern city to be highlighted in the Digital Cities Index (DCI) 2022 – a new ranking of 30 global cities across four key pillars: connectivity, services, culture and sustainability. Ranked 18th with an overall score of 63.8, the city’s position highlights its forward-thinking approach to the digitised economy, underpinned by […]

Sinopec Limited's parent, Sinopec Group, is the world's largest oil refining, gas and petrochemical conglomerate

Aramco partners with Chinese giant for projects in Saudi

Saudi Arabian Oil Company (Aramco) on Wednesday signed an agreement with China Petroleum and Chemical Corporation (Sinopec) to develop projects in the kingdom, underscoring the strong investment links between the two countries. The Memorandum of Understanding (MoU) covered a number of areas including potential collaborations across upstream and downstream businesses, engineering and construction, oilfield services, […]

Masdar takes lead as Azerbaijan sets ambitious green targets

Masdar, the Abu Dhabi-based renewable energy company, announced on Tuesday that it has achieved financial close for its 230mw Garadagh Solar Photovoltaic (PV) Plant in Azerbaijan. The project, the country’s first foreign investment-based independent solar power project and Masdar’s first in Azerbaijan, is co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the […]

Road, City, Town

Abu Dhabi fund leads $300m investment in China’s Taibang

China’s Taibang Biologic Group raised $300 million to finance growth in a fundraising led by sovereign wealth funds Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC, the biopharmaceutical firm said on Tuesday. Apart from Platinum Orchid, a subsidiary of the United Arab Emirates’ biggest sovereign wealth fund ADIA, and GIC, new investors included state-owned China […]

Monitor, Electronics, Display

Fast food operator Americana appoints HSBC to advise on IPO

The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has added HSBC to its syndicate of advisers for its potential dual listing this year, two sources familiar with the matter told Reuters. Americana Group has hired HSBC as a joint bookrunner on the initial public offering (IPO), which could value […]