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OECD warned that increased trade restrictions will hurt global economic performance and raise inflationary pressures Global GDP growth is projected to slow from 3.2 percent in 2024 to 3.1 percent in 2025, and further to 3.0 percent in 2026, as reported in the latest Economic Outlook published by the Organisation for Economic Co-operation and Development (OECD). This revised estimation reflects the impact of escalating geopolitical tensions, rising trade barriers among G20 economies, and prevailing policy uncertainty, all of which are exerting pressure on both investment and household expenditure.The OECD has issued a warning that an escalation in trade restrictions would…

Xiaomi has raised its full-year target for electric vehicle (EV) deliveries by 16 per cent on the back of strong demand after reporting solid financial results for last year, underpinning confidence among market bulls who drove its stock to an all-time high this week.The EV maker on Tuesday lifted its target to 350,000 from 300,000 units for this year, after stepping up production to compete in the luxury end of the EV market in rivalry with BYD, Geely Auto and other makers.“Xiaomi has been making full efforts to increase its production capacity and has made some progress,” CEO Lei Jun…

The Federation of Pakistan Chambers of Commerce & Industry (FPCCI), one of Pakistan’s largest industrial bodies, presented a Charter of Economy to Finance Minister Muhammad Aurangzeb on Tuesday. According to a statement released by the Finance Division, a meeting was held today between Aurangzeb and a delegation from the FPCCI, led by Atif Ikram, President FPCCI, S. M. Tanveer, Patron-in-Chief, and Senator Noman Wazir, Chief Executive of FF Steel, KPK. During the meeting, the FPCCI team emphasized that this charter was developed to foster political consensus and intended to meet with all stakeholders, including political parties, to form an effective…

Agreement establishes referral pathways for international patients, allowing for direct case management and clinician accessEtihad Airways announced today that it signed a memorandum of understanding with Burjeel Holdings, a leading super-specialty healthcare provider in the MENA region, to advance Abu Dhabi’s standing as a global hub for medical tourism.The collaboration seeks to provide a gateway to world-class healthcare for international patients and expands access to medical services for Etihad Airways employees and their families.It comes at a time when the UAE’s medical tourism sector is witnessing a notable surge. About $5.4 billion was spent by wellness tourists coming to the…

Approved projects in food security, health, education, and transportation support achieving the SDGsThe Board of Executive Directors of the Islamic Development Bank (IsDB), during its recent meeting, approved the allocation of over $1.4 billion to support the Sustainable Development Goals (SDGs) in eight member countries. The approved development projects cover the food security, health, education, transportation, sanitation, and urban development sectors, contributing to the achievement of the SDGs, according to a statement.Significant funding for health infrastructure projectsThese approvals include EUR500 million in financing for the “Development of Disaster-Resilient Health Infrastructure” project in Turkiye, in addition to EUR200.20 million for the…

Federal Reserve Chair Jerome Powell testifies before the Senate Banking Committee in the Hart Senate Office Building on Capitol Hill on February 11, 2025 in Washington, DC. Chip Somodevilla | Getty Images News | Getty ImagesRespondents to the March CNBC Fed Survey have raised the risk of recession to the highest level in six months, cut their growth forecast for 2025 and raised their inflation outlook.Much of the change appears to stem from concern over fiscal policies from the Trump administration, especially tariffs, which are now seen by them as the top threat to the US economy, replacing inflation. The outlook…

The market is witnessing investors remove their funds from digital assets as these investments seem more dangerous to people during the intensifying global political turmoil and economic instability. The digital asset fund withdrawals have reached critical levels during the recent weeks. Since January 2024 bitcoin ETFs began trading in the U.S., this period has featured the longest continuous withdrawal period of $6.4 billion from all such funds with $5.4 billion specifically departing ETFs. The Bitcoin price established a new low point which dropped below $83,000 after its value decreased by 21 percent throughout the past three months. The largest cryptocurrency is…

Gradual oil output hikes in the GCC region will generate oil-sector growth of 3.2 percent this year, following two years of contractionIn an environment of rising protectionism and persistent geopolitical tensions, the GCC region will remain resilient and is expected to register a GDP growth of 4 percent this year, broadly in line with the consensus and up from an estimated 1.8 percent in 2024. The strong growth in 2025 will be supported by an increase in oil production starting in April, which was confirmed by OPEC+ members recently.However, the global economy’s outlook remains uncertain. The ICAEW recently cut its…

The Reichstag building in the early morning.Paul Zinken/dpa | Picture Alliance | Getty ImagesGermany’s Bundestag is set to vote on a major fiscal package later on Tuesday, which includes changes to long-standing debt policies to enable higher defense spend and a 500 billion euro ($548 billion) infrastructure and climate fund.More than two thirds of parliament need to support the package in order for it to pass and become enshrined in Germany’s constitution. The law then also needs to be passed by the Bundesrat, a body representing the country’s states, on Friday.Under the proposed new laws, defense and certain security expenditures…

In 2024, Air Arabia added 31 new routes from its hubs in the UAE, Morocco, Egypt, and Pakistan Air Arabia shareholders have given their approval for the distribution of a 25 percent cash dividend for the financial year concluding on December 31, 2024, during the company’s Annual General Meeting (AGM).The dividend, equivalent to 25 fils per share, signifies yet another year of remarkable financial performance for the award-winning low-cost airline.The recommendation from the Board of Directors comes in light of the Sharjah-based airline’s strong financial outcomes for the year ending December 31, 2024, during which Air Arabia reported a record…