Browsing: Business

The Engineering Export Council (EEC) of Egypt announced that the sector’s exports were up by 10% to $3.32 billion from January through November of 2022, compared with $3 billion in the same period last year. As reported in the EEC’s monthly report, some of the most noteworthy industries with export growth in the first 11 months of 2022 over the same period in 2021 were cables, up 33%, car components, up 15%, home appliances, up 5%, and machinery and equipment, up 128%. Exports of electrical and electronic goods have increased by 2% in the last year, which is a significant…

The UAE-India Comprehensive Economic Partnership Agreement (CEPA) contributed to an increase in Indian gem and jewellery exports of 8.26 percent in the current financial year, according to Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC). During May 2022, the Ministry of Commerce and Industry in New Delhi implemented the CEPA agreement with the UAE. Shah said at the inauguration of India’s first design-centric jewellery show of the calendar year 2023 that the last quarter of the fiscal year is very crucial as it requires strong growth to achieve this year’s $45.7 billion target. The current fiscal…

Dnata, a global air and travel services provider, has broken ground on its new 20,000 m2 cargo warehouse, which will expand its operations at Erbil International Airport (EBL). Up to 50 additional jobs will be created by the facility, which represents an investment of US$14 million. Dnata’s new cargo facility will be capable of processing 100,000 tonnes of cargo annually, including perishables, pharmaceuticals, and dangerous goods. DNATA will also implement its advanced OneCargo system in the facility, digitizing processes and increasing efficiency throughout its cargo operations in Iraq. The facility will be equipped with the latest technologies, including thermal insulation,…

The International Monetary Fund (IMF) chief Kristalina Georgieva warns that this year will be tougher on the global economy than last year. In a CBS Sunday interview, she said the US, EU, and China are all slowing down simultaneously. “One third of the world economy will be in recession,” she said, adding that even for countries not in recession: “It would feel like recession for hundreds of millions of people.” She said that while the US may avoid a recession, the situation is more bleak in Europe, which has been hard hit by the conflict in Ukraine. “Half of the…

It has been reported by the Arab Monetary Fund (AMF) that the UAE ranked first in the Arab world in terms of the value of manufactured exports in 2021, with a total value of $142.5 billion. According to the AMF’s Joint Arab Economic Report, the UAE’s manufacturing industry exports account for 43.9% of all Arab manufacturing exports, due to strong growth in re-exports. There was a 33.2 percent increase in manufacturing exports in Arab countries in 2021, compared to $244 billion in 2020, as a result of the unwinding of COVID-19 restrictions. It was also reported that Saudi Arabia was…

Gold futures settled unchanged at $1,826.2 on the last trading day of 2022, while spot gold rose 0.2% to $1,818.70. The yellow metal rose on Friday, as the non-yielding metal is on track to close the quarter at its highest level since June 2020, thanks to fewer rate hikes anticipated by the Federal Reserve following a drop from record highs earlier this year. After back-to-back rate hikes by the U.S. central bank in September, gold prices fell to a more than two-year low, but have since rebounded. In response to rising inflation, the reaction of global central banks will determine…

Joe Biden signed a spending bill worth $1.7 trillion on Thursday that will fund the federal government through September 2023, the end of the federal budget year. Just before Christmas, the Democratic-controlled House passed the bill 225-201, mostly along party lines. The House vote came a day after the Senate, also led by Democrats, approved the bill by a vote of 68-29. A total of $772.5 billion will be spent on domestic initiatives as part of the funding bill, an increase of approximately 6%. A total of $858 billion will be spent on defense programs, an increase of approximately 10%.…

Due to the continued decline in Tesla shares, Elon Musk is no longer the world’s richest person. According to a report by S3 Partners, astute investors bet $15 billion that Tesla’s shares would fall this year. Elon Musk’s company has lost almost 70 percent of its value since November 2021. New research shows that short sellers made $15 billion this year betting that Tesla shares would fall, as about $800 billion was wiped off the company’s value. According to S3 Partners, bets against Tesla shares proved to be the most profitable in 2022, with shorts against Amazon shares making a…

Logan Paul, a YouTuber-turned-boxer, purchased a NFT for $623,000 from the Azuki collection. There has been a massive downturn in the crypto market and the NFT niche in particular, resulting in a significant decline in the value of many assets. Logan Paul acknowledged that the price of his NFT had fallen sharply, confirming that it is essentially worthless. Logan Paul’s Azuki Collection NFT is now worth only $10, according to The Wall Street Silver Twitter account. This is another example of a case where crypto assets can lose their value very quickly and abruptly. NFTs are non-fungible tokens that can…

An energy technology pioneer, Form Energy, with the backing of Bill Gates, Jeff Bezos, and Richard Branson has revealed the site of the first factory to manufacture ‘iron-air’ batteries for long-term wind and solar energy storage. In Weirton, West Virginia, Form Energy says it will build a $760m debut plant using its technology that stores massive amounts of renewable energy for days at a time. Over the past few years, Form Energy has attracted an array of high-profile investors, including Microsoft billionaire Gates, Amazon tycoon Bezos and Virgin founder Branson, as well as steel giant ArcelorMittal. The company claims its…