Economy A new era of much slower growth dawns in China China is entering an era of much slower economic growth, raising a daunting prospect: it may never get rich. Whether the world’s second-largest economy chugs ahead at three to four percent annually or flirts, as some economists expect, with Japan-like “lost decades” of stagnation, it looks set to disappoint its leaders, its youth, and much […] July 18, 2023
Opinion Economy Insights into the UAE-India love-in The dirham-rupee link was the talk of Dubai even before Modi's visit July 17, 2023
Trade GCC and Japan to restart talks on free trade deal Japan and the GCC are to resume free trade talks, the pair have announced, as Prime Minister Fumio Kishida visits the region. Kishida is meeting leaders in Saudi Arabia, the UAE and Qatar this week as he seeks to build economic ties across the Gulf. The GCC announcement followed talks between the Japanese prime minister […] July 17, 2023
Banking & Finance South Korea warns of surge in household debts South Korea’s central bank said on Monday there was a need to manage financial stability in addition to price risks as the country’s high household debts have started to climb. “In terms of monetary policy, it should consider financial stability more actively to prevent excessive leveraging or risky asset investments when monetary policy is loose,” […] July 17, 2023
Analysis Trade Pakistan looks to UAE for trade deals, not loan debts The UAE confirmed late on Wednesday it has deposited $1 billion in Pakistan’s central bank, a day after Saudi Arabia also transferred $2 billion. In addition to direct funding, the Islamabad government is aiming to attract multi-billion dollar investments from the UAE and other Gulf countries to create millions of new jobs after struggling with […] July 13, 2023
Transport SNB Capital invests $100m in South Korean EV battery maker Saudi asset manager SNB Capital has bought a $100 million stake in South Korean electric vehicle (EV) battery manufacturer SK On, it announced on Tuesday. The investment was made through SNB Capital EV Batteries, a sharia-compliant fund which aims for attractive returns related to the growing global demand for EVs. SK On is one of […] July 11, 2023
Tech Korean blockchain firm picks Abu Dhabi for global HQ Neoply, a South Korean blockchain technology company, is to establish its global headquarters in Abu Dhabi. The firm joins Abu Dhabi Investment Office’s (Adio) Innovation Programme, which is investing AED2 billion ($545 million) in supporting the growth of tech-focused industries in the emirate. Neoply is the blockchain arm of Neowiz Holdings, a prominent South Korean […] July 10, 2023
Video length: 05:43 Aviation Abu Dhabi’s Royal Jet expands into Asia Abu Dhabi’s Royal Jet is expanding into Asia with plans to acquire a share of a private aviation business located close to Kuala Lumpur. It is buying the Malaysian aviation business operated by Sapura Resources Berhad at Subang International Airport. “We are keen to expand our business in Asia,” Mohammed Husain Ahmed, CEO of Royal […] July 10, 2023
Banking & Finance Japan logs current account surplus for fourth month Japan’s current account surplus more than doubled year-on-year in May, in a fourth straight month of gains, as the country’s trade deficit narrowed and income gains from its overseas investment expanded, ministry of finance data showed. The current account surplus reached 1.86 trillion yen ($13.08 billion) in May, compared with 773 billion yen in the […] July 10, 2023
Manufacturing ‘Chinese storm’ risks Europe’s EV sector says Renault chief A “Chinese storm” is looming over Europe’s growing electric vehicle (EV) sector, Renault chairman Jean-Dominique Senard told Reuters, as Asia’s superpower dominates key raw materials to make batteries for zero emission cars. China’s recent decision to restrict exports of two metals – gallium and germanium – used in semiconductors and EVs should raise red flags […] July 9, 2023
Food & Drink Chocolate shops squeezed as cocoa bean prices hit 46-year high While chocolate lovers the world over celebrated World Chocolate Day on Friday, retailers are watching the markets anxiously. Cocoa bean prices soared to a 46-year high last week in London and have continued to rise since. The surge in bean prices is due to ongoing supply shortages and is set to increase further, according to […] July 7, 2023
Opinion Oil & Gas Saudi and Russian oil cuts add to palace intrigue at Opec Delegates in Vienna will be eager to debate the impact of the latest moves by Riyadh and Moscow July 3, 2023
Aviation Air India-Vistara scrutiny ‘is good news for Gulf carriers’ An inquiry into the planned merger between Air India and Vistara will be welcomed by Middle East airlines, as they look to increase their share of the lucrative Indian market, an aviation expert has said. India’s anti-trust commission is investigating the proposal over competition concerns, which could delay or even block the deal altogether. Previously […] July 3, 2023
Economy Improving Japanese business mood signals steady recovery A central bank survey has found Japanese business sentiment improved in the second quarter as raw material costs peaked and removal of pandemic curbs lifted consumption, leading to hope of economic recovery. Companies expect to increase capital expenditure and project inflation to stay above the Bank of Japan’s (BoJ) two percent target five years ahead, […] July 3, 2023
Economy Pakistan and IMF reach $3bn stand-by loan deal The International Monetary Fund says it has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement. The South Asian nation is teetering on the brink of default. The deal is subject to approval by the IMF board in July. There was an eight-month delay on the decision but it offers some respite to Pakistan, […] June 30, 2023
Economy Vietnam Q2 GDP growth accelerates, but exports slow Vietnam has reported faster economic growth in the second quarter, driven by the services sector and despite a slump in exports. Gross domestic product in the second quarter grew 4.14 percent from a year earlier, the General Statistics Office (GSO) said in a report on Thursday. Vietnam, a regional manufacturing hub, has been trying to […] June 29, 2023
Retail LuLu Group to invest $1.2bn in India by 2026 LuLu Group will invest Rs 100 billion ($1.22 billion) in India over the next three years, chairman MA Yusuff Ali has confirmed. The UAE retail major has already put over Rs 200 billion in the country, state-owned Press Trust of India reported. The company has committed Rs 35 billion in Telangana state in south India […] June 27, 2023
Manufacturing Coca-Cola subsidiary in Turkey plans expansion The Coca-Cola subsidiary in Turkey is in advanced talks to expand in existing and new markets, with a potential acquisition deal in Bangladesh possible within the next few months. Coca-Cola İçecek (CCI) is headquartered in Istanbul and operates in Turkey, Pakistan, Kazakhstan, Iraq, Uzbekistan, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan and Syria. With 30 plants in […] June 26, 2023
Energy Hydrocarbons to remain part of future Asean energy mix Hydrocarbons will continue to be an important part of the energy mix in states in the Association of Southeast Asian Nations (Asean), Malaysian Prime Minister Anwar Ibrahim said on Monday, as affordability and energy security remain key concerns for the region of more than half a billion people. Achieving net-zero emissions targets should not come […] June 26, 2023
Energy China petrochemical refiners add capacity despite global glut China is adding new petrochemical capacity despite a global glut as the country’s refiners diversify from transport fuels – a move that threatens to depress margins worldwide next year as weak economic growth saps demand. In an ominous sign for producers of the chemicals used in plastic packaging, polyester clothing and auto parts, refiners’ profit […] June 26, 2023
Banking & Finance Vietnam to extend VAT cut to boost economy Vietnamese lawmakers on Saturday approved a government plan to extend a reduction in value added tax (VAT) on goods and services until the end of this year to boost domestic consumption and production, as its export-driven economy faces headwinds from slowing global demand. The VAT cut to eight percent from 10 percent, which has been […] June 25, 2023
Economy Pakistan revises budget to clinch IMF stalled funds Pakistan has changed its budget for the financial year starting on July 1, finance minister Ishaq Dar said on Saturday, including the latest fiscal tightening measures dictated by International Monetary Fund (IMF) in a final effort to clinch a stalled rescue package. “Pakistan and IMF had detailed negotiations for the last three days as a […] June 25, 2023
