Cinema to contribute $24bn to Saudi economy

The Saudi Arabian Ministry of Culture and Information has estimated the contribution of the cinema sector to its GDP to be over $24 billion (90 billion riyals) after its launch soon. According to the ministry, employment generated by the cinema industry will create a large impact on the economy which will increase the media market […]

Why North Korea’s economy survives sanction after sanction

A lot of US allies aren’t following through on their promises. The Trump administration has sought to rein in North Korea’s nuclear program by passing tougher and tougher sanctions designed to punish its economy. A new study shows why that isn’t working. A whopping 49 countries have violated UN Security Council sanctions imposed on North […]

China’s growth objectives clash with financial stability goal – IMF

China should prioritise financial stability above development goals, as a pursuit of regional growth targets and helping firms avoid heavy job losses had led to a surge in debt, particularly at the local government level, the International Monetary Fund said. Noting a lack of coordination and inadequate systemic risk analysis, in a report released on […]

Afghan economy still hampered by war- World Bank

The Afghan economy remains severely hampered by the new war with the Taliban, a World Bank report said Tuesday. “The annual economic growth rate is anticipated to be around 2.6 percent in 2017,’’ the authors wrote. This is a slight increase from 2.2 percent economic growth recorded in 2016. However, the increased conflict appeared to […]

China overtakes the U.S. in race for supercomputer dominance

China has reached a supercomputing milestone. The country now has more machines on a list of the world’s 500 fastest supercomputers than the U.S. China has 202 systems on the Top500’s supercomputer list, with the U.S. comparatively having only 143. The U.S. ranking is its lowest since the Top500 rankings began 25 years ago, though […]

China pledges to open finance sector for more foreign ownership

Guangyao Zhu, vice-minister of finance

China has announced plans to ease limits on foreign ownership of financial services groups, following years of complaints that such restrictions block foreign groups’ development in the country, according to a Financial Times report. “The government will relax or eliminate ownership limits in commercial banking, securities, futures, asset management and insurance,”Guangyao Zhu, vice-minister of finance […]

China’s new passenger jet finishes first long-haul flight

China’s homegrown large passenger jet has touched down safely after its first long-haul test flight, bringing the nation one step closer to competing directly with aircraft giants in Europe and America. China hopes to develop its C919 jet to compete with popular single-aisle jets such as the Airbus A320 and Boeing 737. State media said […]

Indian economy in period of dense fog, says Credit Suisse

Describing Indian economy to be in a period of “dense fog”, Credit Suisse Wednesday said structural reforms including GST has introduced significant uncertainties related to growth, fiscal health, inflation, currency and the banking system in the country, for the near term. Credit Suisse’ India Equity Strategist Neelkanth Mishra told reporters here that the “Indian economy […]

China set to ban North Korean iron, seafood imports

China will halt iron, iron ore and seafood imports from North Korea starting Tuesday, following through on new UN sanctions after US pressure for Beijing to strong arm Pyongyang over its ally’s nuclear programme. The decision was announced on Monday after days of increasingly bellicose rhetoric between US President Donald Trump and Kim Jong-Un’s regime, […]

Where Chinese millionaires want to move

Chinese millionaires are warming up to Canada and cooling on Britain. But they’re still red-hot for the United States. That’s according to a survey by research firm Hurun Report and Visas Consulting Group that tracks immigration trends among Chinese individuals worth between 10 million and 200 million yuan ($1.5 million – $30 million). The U.S. […]