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European Investment Bank supports circular economy with €3.4 billion lending
Global investment in clean energy is projected to reach an impressive $1.7 trillion in 2023, marking a significant milestone as solar energy surpasses oil production for the first time. A new report from the International Energy Agency…
Successful UAE-India partnership stands as a model of bilateral cooperation
New Delhi was a hub of activity on the 24th and 25th of May 2023 as it hosted the annual Confederation of Indian Industry (CII) conference. Prominent figures such as Sanjeev Bajaj, President of CII, and Chandragit Banerjee, Director-General…
RBI withdraws Rs 2,000 notes from circulation, sets deadline for exchange or deposit
The Reserve Bank of India (RBI) has made a significant announcement, stating that it will be withdrawing the highest denomination currency note, the Rs 2,000 note, from circulation. While the notes will remain legal tender, the RBI has set…
World Bank predicts 4.8 percent expansion in UAE’s non-oil sector in 2023
The World Bank has released its projection stating that the United Arab Emirates (UAE) is expected to experience a robust growth of 4.8% in its non-oil sector in 2023, contributing to an overall GDP growth of 2.8%. This growth is driven by…
PM Modi’s progressive policies bolster India-US tech collaboration
In a move that underlines the strengthening of India-US relations, New Delhi and Washington are set to host the inaugural meeting of the Strategic Trade Dialogue on June 4-5. This meeting focuses on the implementation of the initiative on…
Vietnam shoemaker PouYuen to lay off 6,000 workers amid plummeting demand
One of Vietnam's leading shoe manufacturers, catering to brands like Nike Inc and Adidas AG, announced plans to lay off thousands of employees due to a significant drop in orders. PouYuen Vietnam Co, a subsidiary of Taiwan-based Pou Chen…
Pharmacy emerges as top category in EU’s high-tech exports, valued at €446 billion
The European Union (EU) witnessed a substantial surge in high-tech imports from non-EU countries in 2022, totaling an estimated €482 billion—an impressive 22% increase compared to the previous year. Meanwhile, the EU's exports to these…
US default threatens global crisis as $31.46 trillion debt deadline looms
The United States is facing a potential global economic crisis as it approaches a catastrophic default on its $31.46 trillion debt, according to US Treasury Secretary Janet Yellen. Yellen issued a series of increasingly dire warnings ahead…
Chinese Yuan hits record lows against surging US dollar
The yuan has hit new record lows against the surging US dollar, with the internationally-traded yuan reaching its lowest point since 2011 and China's domestic currency hitting its weakest level since the 2008 global financial crisis. This…
Abu Dhabi outperforms other economies in MENA region with 9.3% GDP growth in 2022
The Statistics Centre - Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report for 2022, revealing that Abu Dhabi's economy grew by 9.3% by the end of the year, making it the fastest-growing economy in the Middle…