Author: admin

China’s top economic officials laid out their priorities for 2025 during a joint press conference on Thursday as part of the “two sessions”, the annual meeting of China’s top legislative and consultative bodies.The heads of the National Development and Reform Commission (NDRC) – China’s top economic planner – the ministries of finance and commerce, China’s central bank and its main securities regulator were all in attendance.Here are the key takeaways from the briefing:1. China ‘confident’ of hitting GDP targetZheng Shanjie, chairman of the NDRC, expressed confidence that China would meet its 5 per cent growth target this year, stressing that…

The partnership formed between the United Arab Emirates (UAE), Azerbaijan, and Brazil—the COP28 president and its successors—has proven to be a success, reinforcing global climate cooperation, as stated by Ambassador André Corrêa do Lago, according to Agência Brasil.During a recent informal gathering of the United Nations General Assembly in New York, the COP30 President-Designate underscored the inaugural edition of the Global Stocktake—unveiled during COP28—as a significant achievement. This mechanism is intended to evaluate advancement toward long-term climate objectives.Promoting multilateralism“The GST is our guide for the 1.5ºC mission, in our collective project to implement the vision of the [Climate] Convention and…

This initiative aims to boost capacity for travelers from Europe and the United States to Saudi Arabia The Saudi Air Connectivity Program (ACP), in partnership with the Saudi Tourism Authority (STA) and Jeddah Airports Company (JEDCO), announced the initiation of direct flights from Stuttgart, Germany, to Jeddah.The flights are set to begin in the second half of 2025, operating twice weekly with an A321neo aircraft that has a seating capacity of 224 passengers. This initiative is designed to enhance capacity for travelers and tourists from Europe and the United States to Saudi Arabia.ACP Chief Executive Officer Majid Khan noted that…

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 average rate of Oman’s actual inflation from 2021 to the end of 2024 was approximately 1.4 percent. This figure remained moderate and aligned with the 2.8 percent target established for the duration of the tenth five-year development plan spanning 2021 to 2025.The Omani economy is continuing to expand at rates that surpass the average inflation figures. The actual average growth of the Gross Domestic Product (GDP) at constant prices was recorded at 3.9 percent between 2021 and 2023.Public spending and budget allocationsThe budget for the current fiscal year (2025) has seen an increase in public spending volume and a…

Instashop will continue to operate as an independent brand within talabat’s grocery and retail verticalTalabat Holding plc, an on-demand online ordering and delivery platform in the MENA region, has announced the successful acquisition of InstaShop Ltd (instashop), an online grocery delivery marketplace in MENA, from Delivery Hero SE for $32 million, the company said on Thursday.With this acquisition, instashop becomes a wholly-owned subsidiary of talabat, strengthening its grocery and retail offering and expanding its partner network across the MENA region.Following the acquisition, talabat’s pro forma grocery and retail gross merchandise value (GMV) for 2024 surpasses $2.5 billion.Read: Dubai’s talabat shares…

Pakistan’s central bank is expected to lower its key interest rate by up to 50 basis points (bps) on Monday, analysts said, marking its seventh straight cut as inflation continues to decline. The central bank has reduced rates by 1,000bps from an all-time high of 22% in June 2024. In its last Monetary Policy Committee (MPC), in January, the State Bank of Pakistan (SBP) reduced the key policy rate by 100 basis points, taking it down to 12%. The cut, in line with market expectations, was the sixth successive cut in the key interest rate since June 2024. A Business…

Bulls took control of the trade floor at the Pakistan Stock Exchange (PSX) as shares climbed more than 1,400 points on Thursday. The benchmark KSE-100 index climbed 989.51 points, or 0.88 per cent, to stand at 113,243.27 at 11:56am. By 12:35pm, the index increased 1,253.77 points, or 1.12pc, to stand at 113,507.53 from the previous close. Finally, the index closed at 113,713.17, up by 1,459.41 points or 1.3pc, from the last close of 112,253.76. Yousuf M. Farooq, director research at Chase Securities, said that the market had reacted “positively” to media reports, which suggested that the International Monetary Fund (IMF)…

This live blog has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. New users who download our updated app get a seven-day free trial.China’s top economic officials are holding a press conference on Thursday afternoon as part of the “two sessions”, the country’s annual policymaking meetings.The leaders of the National Development and Reform Commission – Beijing’s top economic planner – the ministries of finance and commerce, China’s central bank and its main securities regulator are expected to attend.At the opening session of China’s national legislature on Wednesday, Premier Li Qiang…

Driven by institutional buying and expectations of a further rate cut, the Pakistan Stock Exchange (PSX) staged a strong comeback, with the benchmark KSE-100 Index gaining over 1,450 points on Thursday. Buying was witnessed throughout the trading session, pushing the benchmark index to an intra-day high of 113,871.21. At close, the benchmark index settled at 113,713.17, amid a gain of 1,459.41 points or 1.30%. Buying was observed in key sectors including automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including PRL, HUBCO, PSO, SNGPL, MARI, OGDC, HBL, NBP and UBL traded in…