Business

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 of CII, attended, along with a distinguished assortment of global investors, businessmen, and companies from…

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 strong domestic demand, particularly in sectors such as tourism, real estate, construction, transportation,…

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 Critical and Emerging Technology (iCET). The strategic partnership between these two nations, led by the…

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 Corp, is set to let go of nearly 6,000 workers with permanent contracts by the end of next month, according to…

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 countries reached €446 billion, reflecting a notable 16% growth. China emerged as the dominant source of high-tech…

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 of a meeting in Japan with her counterparts from the Group of Seven (G7) nations, as well as India, Indonesia,…

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 depreciation comes as the dollar continues to rise against other major currencies due to the US central bank's…

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 East and North Africa (MENA) region. The report attributes this growth to a robust economic framework and a…

The International Monetary Fund (IMF) has dealt another blow to Pakistan's economy by rejecting the country's claim of fulfilling the conditions necessary to secure a $6 billion loan. Pakistan signed an agreement with the IMF in 2019 to provide the loan upon meeting certain conditions. However, the funds have not been released due to Pakistan's…

Apple Inc.'s shares experienced an uptick in early trading after the tech giant reported a rebound in iPhone sales during the last quarter. The world's most valuable company managed to surpass earnings estimates despite an industry-wide downturn that has affected much of its product lineup. Apple's overall revenue reached $94.8 billion in the…