Browsing: Business

Airbus announced that China’s top airlines would purchase 292 planes from the European aerospace giant in a $37 billion deal. Airbus has received orders from Air China, China Eastern, China Southern, and Shenzhen Airlines for a total of 292 aircraft. Clearly the Chinese aviation market is on the road to recovery and prosperity. In a statement, Airbus said that once the relevant criteria are met, these orders will be added to the backlog. A total of 2,070 Airbus aircraft are scheduled to be in service by the end of May 2022 with Chinese operators. New generation engines and Sharklets combined…

According to the country’s statistics bureau, Pakistan’s consumer price index (CPI) rose 21.3% from a year earlier in June, marking the nation’s highest inflation in 13 years. In May, the CPI increased 13.8% over last year. The month-over-month increase was 6.3% in June. As a result of removing fuel subsidies in a bid to cut its surplus and secure resumption of an IMF bailout, fuel prices have risen about 90% since end May. In the month of June, the transport sector recorded the largest rise in its index, rising 62.2% when compared to the same period a year earlier. In…

In terms of regulating the cryptocurrency market efficiently, the UAE, Japan and Singapore have emerged as trendsetters, according to a top European academic. As crypto assets have moved into the mainstream, their value has exploded over the past year, and with a growing number of initiatives across Asia and the Gulf, digital assets are becoming a financial powerhouse, said Guy Burton, an Adjunct Professor at the Brussels School of Governance, where he teaches politics and international relations. In an article titled Getting it right on crypto regulation, published on the Brussels Report, featuring news and analysis covering European Union policy,…

Prime Minister Narendra Modi, the leader of the Indian government, is currently in Germany at the G7 summit. The members of the Indian diaspora in Munich, Germany, warmly welcomed PM Modi. While he was being welcomed by members of the Indian community, he interacted with the children. He will also participate in discussions with G-7 partners and other international organizations about climate, energy, food security, health, and gender equality on the sidelines of the visit. In a tweet, the Prime Minister said he was looking forward to productive discussions with world leaders during the Summit. The German Chancellor invited him…

Dubai has recorded 2,624 real estate and properties transactions at a value of $2.18 billion (AED 8 billion) in total during the week ending 24th June 2022. The Dubai Land Department (DLD) report said that 274 plots were sold for AED 1.15 billion, while apartment and villa sales totaled 1,757 at a value AED 4 billion. The top three transactions were a land in Palm Jumeirah sold for AED 126.25 million. This was followed by a land that was acquired for AED 52.53 million in Al Thanayah Fourth, and a land transaction for AED 26 million in Umm Suqeim Third.…

It was reported recently that the Central Bank of Jordan (CBJ) has issued a circular calling upon local banks to keep unchanged the terms of loans granted to individuals. With the CBJ’s decision, individuals will no longer have to repay their loans as a result of the existing interest rate changes and will be able to ease their repayment burdens.   CBJ further added that in case any installment commission is incurred due to the rise in interest rates, the local banks should find a mechanism to postpone the payment until the end of the loan or to extend the…

A Finance Dialogue was held between India and Japan in New Delhi to exchange views on the macroeconomic situation, the financial system, financial digitalization, and investment environment. In this first India-Japan Finance Dialogue, Masato Kanda, Vice Minister of Finance for International Affairs of Japan, and Ajay Seth, Secretary of Department of Economic Affairs in the Ministry of Finance, led their respective sides. Since India-Japan relations have become increasingly significant in recent years, the dialogue has been elevated to the level of Vice Minister and Secretary. Participants in this bilateral dialogue reaffirmed that they will continue to work closely together as…

UAE Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications Omar bin Sultan Al Olama is participating in the 25th St. Petersburg International Economic Forum (SPIEF) from 15th-18th June, 2022. In his address, Al Olama highlighted the depth and breadth of UAE-Russia relations, the importance of strengthening the ties towards economic cooperation in a way that achieves the development goals of the two countries and ensures a prosperous future for their peoples. In the course of his participation, the Minister signed an agreement of intent to arrange for UAE participation at the SPIEF’s next edition in 2023 as…

The price of gold inched lower on Thursday as the dollar recovered in the wake of the US Federal Reserve’s approval, in line with many analysts’ expectations, of a 75-basis-point interest rate increase – its largest in over two decades – to stem a surge in inflation, and signal a slowing economy. As of 10:30 UAE time, spot gold prices fell by 0.17% to US$1830.93 per ounce, while gold futures rose by 0.72% to $1832.75 per ounce. Federal Reserve officials raised interest rates by three-fourths of a percentage point, the biggest increase since 1994, which will raise the Fed’s benchmark…

The Emirates Water and Electricity Company (EWEC), has announced that 50 percent of the capacity of its reverse osmosis plant in Taweelah has been reached for producing desalinated water using low-carbon-intensive RO technology. Taweelah RO, connected to the Abu Dhabi network in December 2021, currently provides 100 million gallons of desalinated water per day. It will eventually produce 200 million gallons per day, making it the world’s largest RO facility. Water production from low-carbon-intensive technologies is a key strategic pillar for the long-term decarbonization of the energy sector. EWEC began planning for the world’s largest RO desalination plant in 2018…