On Monday, Abu Dhabi surged ahead of other Gulf stock markets as investor confidence was strengthened by strong Chinese economic data and an increase in crude prices. China's factory output and retail sales for January–February surpassed expectations, signalling a strong start to 2024. Abu Dhabi's main stock index, .FTFADGI, soared by 6.2%, marking its highest intraday surge in almost four years. First Abu Dhabi BankFAB.AD, led the charge with a 1.4% increase, while E7 E7.AD and National Marine Dredging NMDC.AD rose by 4.6% and 1.5%, respectively. Mazen Salhab, BDSwiss's chief market
On Monday, the European Union (EU) committed to 7.7 billion euros (US$8.39 billion) in humanitarian aid in 2024. This initial investment marks a decrease from the previous year's total. Despite escalating needs in places like Gaza, the initial investment fell short of last year's 8.4 billion euros. The EU's humanitarian aid and crisis management chief, Janez Lenarcic, expressed some satisfaction with the amount but expects betterment. Meanwhile, the reasons for the reduction were not specified. The United Nations reports a record 300 million people requiring humanitarian assistance, pri
The UK Prime Minister, Rishi Sunak, is preparing a strategy to avert a Conservative Party defeat in the upcoming election. His strategy calls for the announcement of an additional tax-cutting budget proposal in September, followed by elections in October or November. However, implementing this strategy could present difficulties. Sunak's political advisors anticipate this difficulty, especially after he definitively ruled out a snap election on May 2, ending weeks of speculation. Although the exact date of the election is still uncertain, the Prime Minister's team is confident that they ca
EU leaders are set to announce a €7.4 billion funding package in Cairo to strengthen ties with Egypt, aiming to address migrant flows across the Mediterranean. This agreement elevates the EU-Egypt relationship to a "strategic partnership," focusing on renewable energy, trade, and security cooperation. There will be €5 billion in macro-financial assistance, €1.8 billion in investments, and €600 million in grants over the next three years. Immediate emergency funding of €1 billion will be provided, with the remaining €4 billion subject to European Parliament approval. The init
India's central bank is now able to import gold without incurring import taxes due to a recent substantial change in the country's policies. The move represents a significant shift in the environment around the nation's gold trade. India is one of the world's largest consumers of gold, and importers of the metal have historically had to pay both the Agriculture Infrastructure and Development Cess (AIDC) and a basic customs charge. But this new ruling eliminates these taxes from the Reserve Bank of India (RBI), simplifying the importation of gold. According to data from September 2023, t
US Commerce Secretary Gina Raimondo announced investments worth more than $1 billion in the Philippines during her official visit to Manila. Her visit is part of a two-day trade and investment mission representing President Joe Biden's administration. Raimondo highlighted that investments from US companies would span various sectors such as solar energy, electric vehicles, and digitisation. Additionally, she emphasised the eagerness of US companies to engage in business ventures within the Southeast Asian nation. She was accompanied by high-ranking officials from prominent companies, inclu
India and the European Free Trade Association (EFTA) have sealed a $100 billion, 15-year deal, marking the end of nearly 16 years of negotiations. Under the agreement, India will slash import tariffs on industrial goods from Switzerland, Norway, Iceland, and Liechtenstein, in exchange for a $100 billion investment from EFTA over 15 years. This follows recent trade pacts with Australia and the UAE, with negotiations with Britain in the final stages. PM Modi aims for $1 trillion in annual exports by 2030. EFTA's investment is targeted at India's massive market of 1.4 billion people. The n
On March 7, Prime Minister Narendra Modi launched 52 tourism projects valued at over Rs 1,400 crore. PM Modi dedicated nine infrastructure projects worth Rs 469 crore and inaugurated 43 others totalling Rs 963 crore under the Swadesh Darshan and PRASHAD schemes through video conferencing from Srinagar. Among these projects were developments in Hazratbal, Jogulamba, and Amarkantak, costing Rs 129.35 crore, enhancing pilgrim facilities and heritage sites. An additional 14 projects across various states amounting to Rs 320.8 crore were also launched. He introduced three initiatives: the 'D
India and a European bloc comprising Norway, Iceland, Liechtenstein, and Switzerland are set to finalise a trade pact on March 10, with India aiming for a $100 billion investment commitment from the group. This pact consists of goods, services, and investment promotion, with a groundbreaking provision for targeted investment from the European Free Trade Association (EFTA) in India, aiming to create employment opportunities. India is considering duty reductions on specific gold imports from Switzerland. The agreement targets a $50 billion investment commitment over the first decade post-
The UK Conservative government announced a £10 billion ($13 billion) labour tax cut, drawing from emergency reserves, possibly the last budget before an anticipated election defeat. To combat rising living expenses, the £13.9 billion package also includes frozen gasoline levies and expanded access to child benefits. The election is anticipated later this year, with PM Rishi Sunak trailing Labour by 20%. Experts warn against rash expenditure plans even as forecasters predict £9 billion in fiscal space. Financial markets remained stable, unlike the 2022 bond market turmoil from Liz Tru