Browsing: Business

OPEC has revised its 2024 global oil demand growth forecast down by 106,000 barrels per day, citing weaker-than-expected demand in non-OECD regions, impacting overall oil demand.

South Korea’s ICT exports surged for the 11th month, reaching $22.4 billion in September, driven by semiconductor sales and strong demand for AI technology. ICT trade surplus hit $9.88 billion.

The IMF has reduced member borrowing costs by 36%, cutting annual surcharges by $1.2 billion. Five countries, including Argentina and Egypt, will benefit from the new policy starting November 1.

Vietnam’s food and beverage sector is expected to reach $29.8 billion in revenue by 2024, with a 10.92% growth, driven by increasing consumer confidence and rising demand for sustainable products.

The EU imported €478 billion in high-tech products in 2023, with China and the US leading the list of suppliers. Exports grew by 3 percent, reaching €461 billion.

The US economy added 254,000 jobs in September, beating projections of 140,000. The unemployment rate dipped to 4.1%, showing continued strength in the labor market.

The UAE’s insurance sector recorded AED 2.5 billion in profits for 2023, driven by higher investment income, and witnessed a sharp rise in written policies, according to the Central Bank of the UAE.

The EU imported 2.7 million tonnes of coffee from non-EU countries in 2023, valued at €10.6 billion, with Brazil and Vietnam supplying 58% of total imports, according to Eurostat.

Russia remains a major energy player despite global challenges, with over 90% of its energy exports going to friendly countries, Putin declared at the Russian Energy Week forum.

The UAE and New Zealand concluded negotiations on a comprehensive trade partnership aimed at boosting economic ties and investment opportunities between the two countries.