Browsing: Business

On Wednesday, the Dow Jones Industrial Average recorded its biggest plunge since 2020 after another prominent retail company warned of escalating prices, reinforcing investors’ apprehensions about future inflation, and triggering the catastrophic 2022 sell-off. The Dow lost 1,164.52 points, or 3.57%, to 31,490.07, the index’s steepest slide since June 2020. It was the most disappointing Dow performance since March 2021. Meanwhile, the S&P 500 closed 4.04% lower at 3,923.68, marking the most severe fall since June 2020. The Nasdaq Composite is down 4.73% to 11,418.15, which is the steepest downturn in the tech-heavy index since May 5. The shedding was…

A United Nations report accuses Lebanon’s central bank and the banking sector of human rights violations as a result of their alleged role in one of the world’s worst economic and financial crises. A UN report criticizing Lebanon’s government singled out the Banque du Liban and Lebanon’s now largely insolvent banks for particular blame. According to the report, the human rights violations committed by the Lebanese state, including its central bank, are responsible for the unnecessary misery of the population as a result of this manmade crisis. A failed government policy led to the current economic crisis, which could have…

Before finalizing his agreement to buy Twitter, Elon Musk wants to know more details about the number of fake accounts on the social media platform. He said that he wants more details about how many Twitter accounts are fake or spam, so he temporarily put his $44 billion takeover of Twitter on hold. Traders questioned whether Musk would back out of the project altogether after the shock announcement. Tesla and SpaceX founder Elon Musk said he must ensure that fake accounts represent less than 5% of Twitter users, as Twitter estimates. Earlier Friday, Musk tweeted that the giant deal was…

Bitcoin fell below $27,000 for the first time in over 16 months on Thursday. This was amid concerns about rising inflation and the collapse of a controversial stablecoin project. According to Bitstamp data, Bitcoin sank as low as $26,595.52 Thursday morning. That marks the first time bitcoin has fallen below $27,000 since Dec. 30, 2020. As of 1:30 a.m. ET, Bitcoin was trading at $27,061, down 15 percent in the last 24 hours. The second-largest digital currency, Ether, plunged to as low as $1,789 per coin. This is the first time a token has fallen below the $2,000 mark since…

The UN Food and Agricultural Organization (FAO) reports that world food prices decreased at the end of April after reaching an all-time high in March amid the conflict in Ukraine. In April, the FAO Food Price Index was 158.2 points, down 0.8 percent from March, but still nearly 30 percent higher than in April 2021. The Index tracks monthly changes in the international prices of a basket of food commodities, and the decrease was mainly driven by lower prices for vegetable oils and cereals. While the mild decrease in the index is a welcome relief for low-income countries suffering from…

Jordanian Finance Minister Mohammad Al-Ississ discussed ways to enhance bilateral cooperation in the areas of finance, tax and customs with Saudi Finance Minister Mohammad Al-Jadaan. In the course of the meeting which was held at the sidelines of the Joint Annual Meeting of Arab Financial Institutions in Jeddah, both sides stressed the close ties that bind Amman and Riyadh together. The meeting was attended by the Governor of the Central Bank of Jordan, Adel Sharkas, Secretary-General of the Ministry of Finance of Jordan, Abdul-Halim Shebli, and Director-General of the Department of Income and Sales Tax of Jordan, Hussam Abu Ali.…

A number of Yemeni governorates continue to receive hundreds of tonnes of Ramadan rations that have been provided by the Emirates Red Crescent (ERC). Approximately seven million people are benefitting from the Ramadan Ration and Iftar programmes in Shabwa, Hadramaut, Taiz, Hodeidah, and Socotra. The initiative is pursuant to the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, as well as the follow up from H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman of the ERC, to…

As part of the Annual General Assembly Meeting, ADNOC Distribution shareholders approved a consistent and fully maintained second and final dividend payment of AED1.285 billion (10.285 fils per share) for the year ended 31 December 2021. This dividend payment comes on top of an interim AED1.285 billion (10.285 fils per share) dividend payment for the first half of 2021, which was paid in October 2021, resulting in a full-year dividend of AED2.57 billion (20.57 fils per share). ADNOC Distribution’s dividend policy is not only consistent with this decision, but it also demonstrates the company’s ability to provide and maintain strong…

According to the latest data released by the National Centre for Statistics and Information (NCSI), the Sultanate of Oman’s Gross Domestic Product (GDP) at the end of December 2021 increased by 16.1% to RO 33.016 billion, compared to RO 28.442 billion at the end of December 2020. The rise in value-added of oil activities at the end of December 2021 was attributed to a 38.5% increase, to RO 10.547 billion, compared to RO 7.617 billion at the end of December 2020. At the end of December 2021, crude oil accounted for the largest share of revenue, with RO 8.998 billion,…

Firmenich, the world’s largest privately owned perfume and taste company, inaugurated its new regional hub today at Dubai Science Park. The inauguration was attended by H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, and Chairman of Dubai Holding, and Federal Councillor Ueli Maurer, Minister of Finance of Switzerland. Speaking at the inauguration, Sheikh Ahmed stated, “Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the emirate has created a highly growth friendly environment that has attracted leading global, regional and local companies as…