Lifestyle Saudi slips and UAE soars as millionaires seek new homes Saudi Arabia is forecast to lose 600 high net worth individuals this year while the UAE is set to gain 4,000, according to a new report June 15, 2022
Manufacturing China’s factories perk up, amid signs of economic recovery China’s economy showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID curbs. The data, however, provides a path to revitalise growth in the world’s second-biggest economy after businesses and […] June 15, 2022
Manufacturing Toyota, slow to move to EVs, claims it needs to offer variety Toyota Motor Corp, under scrutiny from investors over its commitment to embrace battery electric vehicles, said on Wednesday it needs to offer a variety of choices to suit different environments and customer needs. The world’s largest automaker by sales kicked off its annual general meeting on Wednesday under fire from environmentally minded investors for not […] June 15, 2022
Tourism Thailand has high hopes for tourism with legal marijuana Thailand legalised the growing of marijuana and its consumption in food and drinks last week, with the aim of boosting tourism and agriculture. The government plans to give away 1 million plants to encourage farmers to take up its cultivation as a cash crop It is the first Asian country to take this step, although […] June 14, 2022
Retail Retail festival to test Covid-hit Chinese shoppers’ urge to splurge China will get a picture of how its zero-Covid policy and slowing economy are affecting shoppers’ urge to splurge this weekend, as e-commerce platforms gear up to report takings from the mid-year 618 shopping festival. The retail event, held in the run-up to June 18, is China’s second-largest by sales after Singles Day on November […] June 14, 2022
Tourism Cathay Pacific forecasts ‘substantial’ loss in first half Hong Kong’s Cathay Pacific Airways Ltd expects a lower first-half loss than last year, driven by strong cargo performance and cost-cutting, the airline said on Tuesday, while warning that this year’s loss would still be “substantial”. Last year’s first-half loss at the major Asian carrier was HK$7.57 billion ($964.34 million), though it managed a surprise […] June 14, 2022
Manufacturing South Korea strike disrupts global supply chain of computer chips A week-long strike by truck drivers in South Korea has disrupted shipments to China of a key cleaning agent used by makers of semiconductor chips, the Korean International Trade Association (KITA) said on Tuesday. It was the first sign that the strike was affecting the global supply chain of chip production, having already cost South […] June 14, 2022
Israel and India set to restart free trade talks Israel and India are preparing to resume talks on a free trade agreement, Israel’s economy ministry said on Monday, adding that an Indian delegation had arrived in Jerusalem to discuss framework rules and coordinate expectations for negotiations. Last October, India and Israel agreed to resume free trade talks with an aim of signing a deal […] June 13, 2022
Retail Dubai deepens China ties with $163m Jafza market Yiwu will be the first free zone market in the Middle East to cater to the retail and wholesale industries June 13, 2022
Markets India rupee at record low, bonds rise to three-year high India’s rupee hit a record low in opening trade on Monday while bond yields spiked to their highest levels in more than three years as a sharper jump in US inflation raised concern over the Federal Reserve resorting to steeper rate increases. Soaring food and energy prices drove the largest year-on-year gain in US consumer […] June 13, 2022
Markets ‘Russia cannot be fenced in,’ says Putin President Vladimir Putin has said that no Iron Curtain would fall over the Russian economy despite the sanctions imposed by the West because Moscow would not close itself off from the world like the Soviet Union did. The sanctions imposed by the West over Russia’s invasion of Ukraine have tipped Russia, one of the world’s […] June 10, 2022
Canada cracks down on $314m of Russian assets Canadian police said on Thursday they had cracked down on more than C$400 million ($314.81 million) in Russian assets and transactions involving people sanctioned as a result of Moscow’s war on Ukraine. The Royal Canadian Mounted Police said in a statement that from Feb. 24 to June 7, C$123 million of Russian assets in Canada […] June 10, 2022
Manufacturing Tesla in China hiring drive, despite Musk’s threat of job cuts Tesla was proceeding with an online hiring event in China on Thursday and added two dozen new job postings for the country, a week after Elon Musk threatened job cuts at the electric car maker and said the company was “overstaffed” in some areas. Tesla plans to hold the event online starting from 7 p.m. […] June 9, 2022
Energy UAE partners with Japan to drive low carbon tech The UAE and Japan are partnering on economic and energy opportunities in a bid to drive global low-carbon technologies, including studying the development of a hydrogen supply chain between the two countries. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Special Envoy for Climate Change, and Abu Dhabi National Oil Company (Adnoc) managing […] June 8, 2022
Tourism US to seize luxury planes owned by Roman Abramovich A US court on Monday issued warrants for the seizure of two luxury planes owned by Russian billionaire Roman Abramovich under US measures imposed after Russia’s invasion of Ukraine, court records showed. But the US government’s likelihood of gaining control of the aircraft worth nearly $400 million was uncertain. A Department of Justice official said […] June 8, 2022
Perimeter 81 joins the unicorns after $100m funding round Perimeter 81 is now valued at $1 billion, the Israeli cybersecurity startup has revealed, gaining unicorn status after it raised $100 million to fund product development. The fundraising, led by B Capital, marked a jump in valuation from its last round in August 2020, when the company was valued at $200 million. ION Crossover Ventures […] June 6, 2022
Turkey’s annual inflation soars to highest since 1998 Turkey’s annual inflation rate jumped to a 24-year high of 73.5 per cent in May, fuelled by the war in Ukraine, rising energy prices and a tumbling lira — though thefigure was slightly lower than economists had feared. Inflation has surged since last autumn, when the lira slumped after the central bank launched a 500 […] June 3, 2022
Energy South Korean companies to build $1bn green hydrogen plant in UAE Three South Korean companies have signed an agreement to build a $1 billion green hydrogen and ammonia production plant in the United Arab Emirates, their UAE partner said on Friday. Korea Electric Power Corporation, Samsung C&T Corporation and Korea Western Power, alongside the UAE’s Petrolyn Chemie, will build a plant that can produce up to […] June 3, 2022
Tourism Saudi’s Abdul Latif Jameel to invest $220m in Indian electric vehicle maker Saudi Arabian family conglomerate Abdul Latif Jameel is to invest $220 million in India’s Greaves Electric Mobility, as it looks to benefit from the country’s growing electric vehicle (EV) market. India is currently the world’s fourth-largest automotive market and Greaves Electric Mobility, a subsidiary of Indian engineering firm Greaves Cotton Ltd, produces two and three […] June 2, 2022
Markets China ‘firmly’ opposes US-Taiwan trade initiative China “firmly” opposes a new trade initiative between Taiwan and the United States, the Commerce Ministry said on Thursday, a plan the government in Taipei says is a recognition of the key position the island plays in global supply chains. The United States and Taiwan announced the US-Taiwan Initiative on 21st Century Trade on Wednesday, […] June 2, 2022
Abu Dhabi Borouge’s $2 billion IPO set to be ADX’s biggest Abu Dhabi-based petrochemicals company Borouge raised more than $2 billion on Tuesday after demand for its initial public offering topped $83.4 billion. The shares are due to start trading on the Abu Dhabi Securities Exchange (ADX) on Friday under the symbol BOROUGE, the largest listing to date on the exchange which has seen a string […] May 31, 2022
Development Israel signs major trade pact with UAE Israel signed a free trade agreement with the United Arab Emirates on Tuesday, its first big trade accord with an Arab state that reduces or removes tariffs and over time targets lifting annual bilateral trade to more than $10 billion. The pact was signed in Dubai by Israel’s Minister of Economy and Industry Orna Barbivai […] May 31, 2022
