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Beijing has pledged to deploy more fiscal and monetary tools if need be, underlining its “unwavering” resolve to ensure growth as China tackles an intensifying trade war with the United States and a host of economic challenges at home.China’s external risks are manageable, top economic officials said as they sent out a determined message at a press briefing on Thursday, as part of the annual “two sessions” policymaking meetings.The heads of the National Development and Reform Commission (NDRC) – China’s top economic planner, the ministries of finance and commerce, the central bank and the main securities regulator – all addressed…

The UAE leads regional solar PV growth, with a 23 percent annual average growth rate through 2027 The International Energy Agency (IEA), in its most recent ‘Electricity 2025’ report, has forecasted that the renewable energy growth in the UAE and throughout the Middle East will experience substantial expansion in the upcoming years.Renewable generation is anticipated to increase by approximately 14 percent annually from 2025 to 2027, starting from a low baseline, with its share expected to rise from 5 percent to 7 percent, as noted in the report.Solar PV dominance in growthThe report highlighted that solar photovoltaic (PV) technology is…

My top 10 things to watch Thursday, March 6 1. Stocks are headed for a sharply lower open today as Wall Street’s optimism on tariff exemptions for automobiles yesterday has given way to more uncertainty and confusion. Initial jobless claims for last week came in slightly better than expected ahead of Friday’s employment report. 2. Layoffs in February were at their highest since 2020, according to outplacement firm Challenger, Gray & Christmas. More than a third of the 172,017 layoffs last month were the result of Elon Musk’s federal government job cuts. 3. Marvell shares sank almost 18% this morning after…

The Japanese yen fell in Asian trade on Thursday away from five-month highs against the dollar on profit-taking, as the odds of Japanese interest rate hike in March declined following cautious remarks by BOJ officials.    The yen is also pressured by higher US 10-year treasury yields ahead of important US labor data this week, which could provide fresh pricing for the odds of a Fed rate cut in the next quarter.   The Price   The USD/JPY pair rose 0.3% today to 149.33, with a session-low at 148.72.   The yen rose 0.6% against the dollar on Wednesday, approaching…

The European Central Bank on Thursday cut interest rates by 25 basis points and updated the language in its decision to say monetary policy was becoming “meaningfully less restrictive.”The cut brings the ECB’s deposit facility rate, its key rate, to 2.5% — a move that markets had widely priced in before the announcement.”Monetary policy is becoming meaningfully less restrictive, as the interest rate cuts are making new borrowing less expensive for firms and households and loan growth is picking up,” the central bank said in a statement Thursday.This marked a change from the ECB’s January comments, when the central bank…

Finance Minister Muhammad Aurangzeb assured the All Pakistan Textile Mills Association (APTMA) that the government “recognises the critical role of the textile industry in Pakistan’s economy and remains dedicated to addressing its concerns”, a statement from the Finance Division said on Thursday. A delegation from the APTMA met the finance czar at the Finance Division, where Aurangzeb “reiterated the government’s unwavering commitment to resolving critical issues related to taxation, energy, and financing, as part of its efforts to ensure the long-term viability and future growth of Pakistan’s industrial sector”. Pakistan Textile Council voices concerns over proposed amendments to EFS “The…

Traders are concerned about U.S. tariffs and rising oil supplies from OPEC+ production increases Oil prices rose sharply on Thursday, rebounding from multi-year lows as the U.S. made some concessions on recent tariffs that helped bolster risk appetite. However, traders remained apprehensive about the increased U.S. trade tariffs on China, Canada, and Mexico, along with the growing expectations of higher oil supplies following the Organization of Petroleum Exporting Countries and allies (OPEC+) agreement to increase production this week.“Global financial markets remain on an emotional edge amid a constant flow of news from the Trump administration. In commodities, we have seen…

Investors await U.S. nonfarm payrolls data Friday to assess Fed’s interest rate strategy Gold prices saw a slight increase on Thursday, bolstered by a retreat in the U.S. dollar. Investors are keenly awaiting the U.S. nonfarm payrolls data set to be released on Friday to evaluate the Federal Reserve‘s interest rate path, particularly amid escalating global trade tensions.In the UAE, gold rates saw a slight increase of AED0.25 today. The price for 24-carat gold is now AED351.5, while 22-carat gold remains steady at AED327. Additionally, 21-carat gold rose by AED0.25 to AED313.75, and 18-carat gold is priced at AED268.75.Spot gold…

Tesla continued to lose market share on the mainland to its Chinese rivals in February, as sales plunged more than 50 per cent.The US carmaker delivered 30,688 Shanghai-made Model 3 and Model Y electric vehicles (EVs) to buyers last month, a decline of 51.5 per cent from January and 49.2 per cent from a year earlier, according to figures from the China Passenger Car Association (CPCA) on Thursday. The February figure was also the lowest since 28,217 vehicles were delivered in July 2022.Across the nation, some 720,000 EVs were delivered in February, a drop of 3 per cent from January,…

The government of Ras Al Khaimah has successfully closed its offering of a 10-year $1 billion senior unsecured sukuk at a profit rate of 5.038 percent on March 5, 2025, it announced on Thursday. The offering was oversubscribed 4.4 times.The government tapped the international debt capital market after 10 years and the issuance of the sukuk was completed under the government’s $2 billion Trust Certificate Issuance Programme which was signed on February 28, 2025.The sukuk was issued under the programme by RAK Capital, a special purpose vehicle affiliated with the government of Ras Al Khaimah.Read: Ras Al Khaimah real estate…