Recessions in major economies could reduce oil demand, potentially leading to economic uncertainties in GCC nations, experts warn
economic slowdown
Latest in economic slowdown
economic outlook
GCC economic outlook downgraded due to oil output cuts: ICAEW
Projections for GCC growth this year have been scaled back by 0.5 percentage points to 1.4 percent
China
China cuts key interest rate to boost economy
Monday’s rate cut comes close on the heels of the central bank reducing the rate for its medium-term lending facility to financial institutions last Tuesday
Bernard Arnault
How the world’s richest person Bernard Arnault lost over $11 billion in a day
Despite this setback, Arnault’s net worth remains substantial at $191.6 billion, according to the Bloomberg Billionaires Index
economic outlook
Recession? What recession? (Just don’t tell Putin)
Anthony Scaramucci says he is optimistic for the region’s economic outlook – as long as Putin doesn’t get out of control
Bank of England
Europe’s largest economies record boost in business activity
In the 20-nation euro zone, activity rose at the fastest pace since May 2022
consultancy firms
McKinsey reportedly to cut 2,000 jobs amid economic slowdown fears: Reports
The move is one of the global consulting major’s biggest rounds of layoffs
economic slowdown
Pakistani PM approves IMF deal, says media report
Analysts say the money is necessary to prevent Pakistan from defaulting on external payment obligations
economic slowdown
Yahoo joins the ‘layoff’ chant, to cut more than 20% of staff globally
The cuts will impact nearly 50 percent of Yahoo’s ad tech employees by the end of this year, including nearly 1,000 employees this week, the company said
economic slowdown
Google fires mental health and wellbeing chief
The tech giant is currently in the process of laying off 12,000 employees
c-suite executives
Top European and Russian bosses take up jobs in GCC as recession, war, bites
Alongside, Middle East-based renewable and energy sectors are also attracting leadership level talents from the West in numbers, with the ongoing COP27 in Egypt and next year’s COP28 in Abu Dhabi acting as catalysts
economic outlook
Evaluating concerns over inflation, recession, and your investments
Is inflation here to stay? Is the growth scare justified? What are the investment perspectives? Emirates NBD’s CIO Maurice Gravier answers three of the most concerning questions in 2022
Central Bank of the UAE
Will rising interest rates help avoid liquidity trap issues?
Current price index levels observed in the UAE along with their projections suggest the need to curb excessive inflation growth before it is too costly for households, companies, governments, while allowing for future expansionary policies, when needed
bonds
Investing during a period of corrections: How to stay cool amid the panic
Sensible investing is an incredible mechanism to accumulate wealth over time, but it doesn’t come without risk. Volatility is the price we have to pay. And patience is the game we must embrace.
economic crisis
How to prepare for the next macroeconomic slowdown
2022 has been difficult for markets: rate volatility, losses in government bonds and high-quality credit. What’s next? Ariel Bezalel and Harry Richards share their views
cost of living in lebanon
Lebanon’s inflation rate registers rare dip but still tops 133% in November
New statistics show November rate fell for the first time in 2020 from record high of 136% in October
Coronavirus Dubai
Dubai wealth fund reports $3.1bn loss as coronavirus bites
Investment Corporation of Dubai sees revenue slide while net impairment losses on asset rise sharply