ECONOMY

Eurozone inflation remained unchanged in August, official data showed Thursday, leaving the European Central Bank faced with a conundrum over whether to continue hiking interest rates amid fears of a deepening economic downturn.

Chancellor Olaf Scholz's government on Tuesday agreed a huge tax relief programme for companies in a bid to revive Germany's sputtering economy.

"These efforts are about keeping pace with evolving changes and leveraging new opportunities and technologies that serve society and further enhance our readiness for the future," Dubai Future Foundation's CEO, Khalfan Belhoul said.

Turkey's central bank on Thursday delivered a huge surprise by raising the interest rate to 25 percent as part of a transition from President Recep Tayyip Erdogan's era of unorthodox economics.

The rise in momentum was noticed earlier this year when January witnessed a 17.5 percent jump compared to December 2022.

US consumer spending rose more than anticipated in July, according to government data released Tuesday, boosted by online spending in a show of resilience even as the economy cools.

Russia's central bank on Tuesday hiked its key interest rate from 8.5 to 12 percent, after the ruble crashed to a more than 16-month low against the dollar.

China on Tuesday released weaker than expected economic data, with slowing retail sales growth pointing to shaky consumer confidence in the world's second-largest economy.

US Treasury Secretary Janet Yellen stressed Monday the need for diversified clean energy supply chains as America shifts away from fossil fuels, warning that production should not be concentrated in a few countries.

The Russian ruble slid past 100 against the dollar Monday, its lowest level since March 23, 2022 -- weeks after Moscow unleashed full-scale hostilities in Ukraine.

US economic growth and wage gains should "serve as a source of resilience" moving forward even if the economy continues to cool, Treasury Secretary Janet Yellen said in remarks released Friday.

European stock markets rebounded on Wednesday as bank shares recovered and after a mixed showing by Asia.

China slipped into deflation as consumer prices contracted last month for the first time in more than two years, official data showed Wednesday, as slowing domestic spending weighs on the country's post-Covid economic recovery.

Turkey's central bank more than doubled its year-end inflation forecast to 58 percent on Thursday as its new Wall Street-trained governor vowed to keep raising interest rates after years of controversial policies.

Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said on Wednesday, crediting last year's surge in oil prices.

Western nations fear an economic collapse in Tunisia could trigger even greater migrant flows to Europe and have offered financial assistance.

The International Monetary Fund has slightly upgraded its outlook for world growth this year on the back of resilient service sector activity in the first quarter and a strong labor market, the lender said Tuesday.

China's economy grew 6.3 percent year on year in the second quarter, a figure that belies the country's slowing post-pandemic recovery and one that analysts warn is inflated given the low base of comparison with lockdown-wracked 2022.

Annual inflation in Egypt hit 36.8 percent in June, official figures showed on Monday, an all-time high for the country grappling with a punishing economic crisis.

"The UAE has achieved the highest foreign direct investment (FDI) inflows in its history in 2022, reaching AED84 billion ($23 billion) despite a 12% decline in global FDI movement, according to the UNCTAD's annual World Investment Report 2023," Prime Minister Sheikh Mohammed said. According to UNCTAD report, UAE ranks first regionally in attracting FDI inflows and the country has become the fourth largest recipient of greenfield investment projects in the world with a total of 997 projects, after the United States, the United Kingdom, and India.

"The PMI [S&P Global Purchasing Managers' Index] has averaged 55.5 in the first five months of the year, higher than the average over the same period last year, despite weakness in external order growth. Business activity has been supported by domestic demand so far in 2023," Khatija Haque, head of research and chief economist, Emirates NBD Research said. The tourism sector is expected to become the largest contributor to the local economy in 2023.

This innovative economic model will serve UAE in its "future vision by adopting flexible economic policies that rely on speed and accuracy in responding to global changes, adopting stimulating economic strategies, and forward-looking economic plans based on economic diversification, and improving economic procedures and legislation," Minister of Economy of the United Arab Emirates said.

China's central bank cut a key interest rate and injected $33 billion into financial markets Thursday, as data showed the world's second-largest economy was flagging.

The tax implementation is in line with global efforts to fight tax avoidance and address challenges caused by the digitalization of the global economy.

The Treasury has warned it could run out of money to pay its bills by Monday -- leaving almost no room for delays in enacting the Fiscal Responsibility Act, which suspends the debt limit through 2024 while trimming federal spending.

Non-perishable foods and transport costs climbed more than 50 percent over May 2022, while average inflation for the past 12 months was 29.16 percent, the latest Pakistan Bureau of Statistics data showed.

The agreement was ratified three days after Recep Tayyip Erdogan was re-elected as President of Turkey.

Government data released Tuesday showed month-on-month inflation was 2.41 percent, while average inflation for the past 12 months stood at 28.23 percent.

The country readily describes itself as a "start-up nation", and its per capita GDP is higher than that of Germany, France or Britain.