ECONOMY

The signing of the MoU highlighted China's growing role in the global economy and marked the 40th anniversary of diplomatic relations between the UAE and China.

Britain's economy grew 0.6 percent in the April-June period, a slight slowdown compared with the first three months of the year, official data showed on Thursday.

Chinese industrial production growth slowed in July while unemployment rose, official data showed Thursday, highlighting an uneven recovery in the world's second-largest economy despite recent government measures to try to stimulate expansion.

ADGM's progress has helped boost the financial sector's role in Abu Dhabi's non-oil economy, which grew by 9.7% in the first quarter of 2024. ADGM is becoming a global hub for asset management firms, top talent, and investments, firming Abu Dhabi's reputation as the "Capital of Capital."

The agreement includes plans to organize joint events that will provide updates on tax laws and procedures. Moreover, it will focus on helping UAE nationals with VAT refunds for taxes paid on building new homes.

The announcement of a new trade forum, "The UAE-China Summit presented by HSBC," was made at the roadshow covering Shanghai and Hong Kong. The summit, which will be part of the upcoming edition of Abu Dhabi Finance Week in December, aims to boost trade, investment, and cultural exchange between the two countries.

In the first half of 2024, 88.1% of sales listings and 73.8% of rental listings in Dubai stayed the same, marking an increase from 79.6% and 72.9%, respectively, in the same period the previous year.

The Bank of Japan further unwound its massive monetary easing programme on Wednesday by hiking interest rates for only the second time in 17 years and indicating plans for more if the economy performs as officials expect.

Britain's Labour finance minister Rachel Reeves declared Monday that the public finances face an extra GBP22-billion hole inherited from the previous Conservative administration and warned of "difficult decisions" ahead to cut spending or hike taxes.

The French economy -- the eurozone's second biggest after Germany -- expanded by 0.3 percent in the second quarter, outperforming the INSEE statistics institute's earlier estimate of 0.1 percent

Beijing is racing to achieve its goal of five percent annual growth in 2024, a target considered ambitious by many experts as the world's second-largest economy faces headwinds including an indebted real-estate market, flagging consumption and high youth unemployment.

US economic growth blew past expectations in the second quarter, boosted by consumer spending and inventory building despite high interest rates, government data showed Thursday.

China's central bank on Monday cut two benchmark interest rates in a bid to boost lending and kickstart growth in the world's second-largest economy.

Chinese officials pledged Friday to help ease debt pressure on local governments through reforms to the tax system, after a key political gathering in the capital focused on jumpstarting the faltering economy.

China's leadership vowed Thursday to resolve "risks" plaguing the economy, state media said, but were yet to offer any concrete steps to pull the country out of its financial woes.

The IMF held global growth expectations for 2024 steady in a report Tuesday even as it cut forecasts for the United States and Japan, while warning of inflation risks and trade tensions ahead.

Braving loneliness, tough auditions and an unfamiliarly hot and humid climate, aspiring actor Guo Ting is determined to make it in China's answer to Hollywood.

The agenda aims to double Dubai's economy in the next decade and make it one of the world's top three economic cities. Dubai Customs welcomed Dubai Chambers' high-level delegation, which was led by Dubai Customs Director-General Dr. Abdulla Mohammed Busenad.

The London stock market advanced Friday after Britain's centre-left Labour Party clinched an expected landslide election victory to end 14 years of right-wing Conservative rule.

Eurozone inflation cooled in June, official data showed Tuesday but experts say it will not be enough to convince the European Central Bank to accelerate its rate-cutting cycle despite sluggish economic growth.

The IMF said Thursday it expects the US economy to grow a bit more slowly than previously forecast, while praising the way it has remained "robust, dynamic, and adaptable to changing global conditions."

Argentina's austerity-hit economy contracted by 5.1 percent in the first quarter, the national statistics agency said Monday, driven by a slowdown in the construction and manufacturing industries.

The Consumer Price Index (CPI) -- which excludes volatile fresh food prices -- rose 2.5 percent year-on-year, compared with the 2.2 percent logged in April by the internal affairs ministry.

FDI flows to developing countries dropped by 7% to $867 billion last year, with a significant 8% decline in developing Asia. Africa saw a 3% decrease, and Latin America and the Caribbean experienced a 1% decrease.

The Bank of England was set to hold its interest rate steady on Thursday despite slowing UK inflation, with higher price risks and Britain's looming election preventing a cut, according to analysts.

By the end of March 2024, savings deposits witnessed an increase of 3% from or equivalent to AED 8.3 billion compared to about AED278.37 billion in February. It also increased by 5.1% in the first quarter, marking an increase from AED 272.8 billion at the end of 2023.

Monthly inflation in economically troubled Argentina came in at 4.2 percent in May, the lowest in two-and-a-half years, mainly due to a drop in consumption, the INDEC statistics agency said Thursday.

Britain's economy stagnated in April after emerging from recession in the first quarter of the year, official data showed Wednesday, dealing a setback to Prime Minister Rishi Sunak ahead of next month's general election.

Worries about upcoming US inflation data and the Federal Reserve's outlook for interest rates permeated Asian trading floors Wednesday.