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DUBAI: Saudi oil giant Aramco signalled on Tuesday it will slash its dividend payouts by nearly a third this year, meaning fewer funds for the kingdom as it races to complete several mammoth projects and possibly faces a wider budget deficit. Aramco said it expected to declare total dividends of $85.4 billion in 2025, down sharply from last year’s payout of over $124 billion, which it said was, however, based on 2023 and 2024 earnings. The Saudi government directly owns 81.5% of Aramco, while its sovereign wealth fund controls an additional 16%. It has long leaned on the group’s payouts…
U.S. President Donald Trump reacts as he speaks with members of the media on the South Lawn before boarding Marine One at the White House, in Washington, D.C., U.S., Feb. 28, 2025. Nathan Howard | ReutersU.S. importers and their customers are about to experience the full force of President Donald Trump’s unprecedented use of emergency economic powers.To that point, 25% tariffs on imports from America’s top two trading partners, Canada and Mexico, went into effect at midnight Tuesday, as did an additional 10% tariff on Chinese imports. Canadian energy will be tariffed at a lower rate of 10%, also as of…
The heath of Egypt’s non-oil private sector continued to improve in February, building on the upward trend that kicked off since the beginning of 2025. Firms reported an ongoing recovery in client demand, marking the first back-to-back improvement in business conditions in over four years.The headline seasonally adjusted S&P Global Egypt Purchasing Managers’ Index (PMI) declined from a 50-month high of 50.7 in January to 50.1 in February. Nevertheless, with the index registering slightly above the 50.0 neutral threshold, it signaled a continued improvement in the health of the Egyptian non-oil private sector.“Coupled with January’s upturn, the data reflects the…
Prime Minister Shehbaz Sharif on Tuesday underlined the need to plug Rs850 billion annual losses incurred by state-owned enterprises (SOEs), as well as the need to end circular debt in the power sector. The premier’s comments came while addressing a special meeting of his cabinet members at Islamabad’s Jinnah Convention Centre to review the government’s one-year performance. The Shehbaz administration took office after the Feb 8 polls, following a power-sharing agreement between the PML-N and the PPP. PM Shehbaz termed SOEs as “bottomless pits” which needed to be plugged, and emphasised the need to end circular debt in the power…
The euro fell in European trade on Tuesday against a basket of major rivals, following a surge against the dollar yesterday. The current decline comes amid mounting global trade tensions as Trump imposes tariffs on Canada and Mexico. Trump’s tariff threats turned into reality, with now the EU being set as the next target, with likely new tariffs announced in April. The Price The EUR/USD pair fell 0.15% today to $1.0471, with a session-high at $1.0496. The pair closed up 1.1% on Monday, the best profit since January 20, as EU leaders agreed to present an…
Companies must align workforce planning systems with business targets to ensure optimal harmony and effectiveness Organizations implement workforce planning as a strategic mechanism to match business targets with skilled human talent for appropriate periods. The process enables economic growth maintenance especially during rapid market changes which the UAE currently experiences. Workforce planning emerges as an essential operational practice to address technological changes because companies need it to boost productivity while controlling labor costs across all operations.Understanding workforce supply and demandSupply analysisThe evaluation of present workforce structure to review experience levels along with existing skill profiles makes up supply analysis. Organizations…
My top 10 things to watch Tuesday, March 4 1. Tariffs lower the price we will pay for stocks. Remember, we are now in the era of “Every Day Lower Prices,” call it the Walmart-White House. This is from a president who used the market to measure success. 2. Wall Street was under pressure again today as President Donald Trump ‘s tariffs on Canadian and Mexican imports went into effect. Canada and Mexico promised to retaliate. U.S. stocks were crushed yesterday. 3. The U.S. also added another 10% tariff on Chinese imports on top of the 10% duties Trump already…
Tariffs, geopolitical uncertainty and economic concerns are influencing FX markets, analysts say.Peter Dazeley | Getty Images News | Getty ImagesA worsening outlook for the U.S. economy and expectations for further market volatility are driving shifts in currency valuations — with market watchers divided on which currencies they see as firm safe havens.Geopolitical developments from just this month have seen U.S. tariffs on Canada, Mexico and China come into affect, President Donald Trump’s reported pause on military aid to Ukraine, softer U.S. economic data out of the U.S. and European leaders committing to ramp up defense spending.Jane Foley, head of FX…
The euro fell in European trade on Tuesday against a basket of major rivals, following a surge against the dollar yesterday. The current decline comes amid mounting global trade tensions as Trump imposes tariffs on Canada and Mexico. Trump’s tariff threats turned into reality, with now the EU being set as the next target, with likely new tariffs announced in April. The Price The EUR/USD pair fell 0.15% today to $1.0471, with a session-high at $1.0496. The pair closed up 1.1% on Monday, the best profit since January 20, as EU leaders agreed to present an…
Senate Standing Committee on Maritime Affairs chairman Faisal Vawda on Tuesday said the committee’s intervention had prevented a controversial land sale at Karachi’s Port Qasim, saving the country Rs60 billion. Vawda passed these remarks in the committee meeting that reviewed issues related to the management of maritime assets, particularly the sale of 500 acres of land at Port Qasim, according to a statement from the Senate Secretariat. He had raised the issue in the previous committee meeting held last month. “The meeting uncovered significant irregularities and led to the cancellation of the sale, ultimately saving the nation an estimated Rs60…