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 […]

Internet must have security, humanity, Apple’s Tim Cook tells China

Tim Cook, Apple Inc. chief executive has called for future internet and AI technologies to be infused with privacy, security and humanity. Cook made the comments on Sunday at the opening ceremony for China’s World Internet Conference — an event designed to globally promote the country’s vision of a more censored and controlled internet. It’s the […]

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 […]

Indonesia, S. Korea sign $1.9bn deals to boost economic ties

Indonesian President Joko Widodo (R) and South Korean President Moon Jae-in attend a joint press conference in Bogor, Indonesia on Nov. 9, 2017.

Indonesia and South Korea Thursday signed business deals potentially worth 1.9 billion U.S. dollars, covering transportation and other sectors. The pacts came, according to Xinhua, before a forum attended by visiting South Korean President Moon Jae-in earlier in the day, where he revealed at the forum, that his country wanted to boost economic ties with Indonesia. Moon […]