Billionaires’ march continues as Asian surge drives 17% increase in wealth
Businessam Staff
October 26, 2017
Billionaires across the world piled on more riches with the ultra-wealthy in Asia now outnumbering the traditional leaders, the US, according to research published today. The total wealth of billionaires worldwide rose by 17 percent in 2016 to reach $6 trillion (£4.5 trillion), equivalent to more than double the UK’s annual economic output, according to […]
Saudi Arabia to launch $500bn industrial project in a drive to diversify from oil
Businessam StaffOctober 24, 2017
Mohammed bin Salman, crown prince of Saudi Arabia, announced plans Tuesday to build an entirely new industrial and business region valued at $500 billion on Saudi Arabia’s Red Sea coast in a drive to wean the kingdom of its dependence on oil, especially in a time of dwindling resources. The announcement was made at the […]
Indian economy seen fastest growth in 3 years, effect of structural reforms, says finance minister
Businessam StaffOctober 24, 2017
Arun Jaitley, India’s finance minister Tuesday said the country’s economy has seen fastest growth for over past three years. This was said at a stock-taking meet of Indian economy which the finance minister is holding along with key officials in his ministry. Jaitley while defending Modi government’s strong decisions like GST and demonetisation, said when […]
Singapore to stop adding cars to city from February 2018
Businessam StaffOctober 23, 2017
Singapore, among the world’s most expensive places to own a vehicle, will stop increasing the total number of cars on its roads next year. The government will cut the annual growth rate for cars and motorcycles to zero from 0.25 percent starting in February, the transport regulator said Monday. “In view of land constraints and […]
Chinese economy gains strong momentum for growth amid global slowdown
Businessam StaffOctober 17, 2017
China has full confidence in the positive long-term outlook and sound growth of its economy despite the global slowdown, the ruling Communist Party of China (CPC) said Tuesday. The economy has strong momentum for steady progress and growth, and major international institutions have revised up their growth forecasts for China, Tuo Zhen, spokesperson for the […]
China’s anti-pollution drive will hit economic growth, raise prices, economist says
Businessam StaffOctober 2, 2017
China’s drive to cut pollution could reduce economic growth by 0.25 percentage points in the next six months while boosting factory inflation, according to Paris-based banking and financial services firm Societe Generale. Production cuts to curb emissions and tougher nationwide environmental inspections would also support the profits of large industrial companies as producer prices rose, […]
Saudi Arabia raises $12.5bn from dollar bond sale to bolster budget
Businessam StaffSeptember 27, 2017
Saudi Arabia is raising $12.5 billion from its second dollar bond sale this year as the kingdom taps debt markets to bolster its finances amid an economic overhaul. The government sold $3 billion of the long five-year notes at 110 basis points over Treasuries and $5 billion of the 10-year tranche at 145 basis points, […]
Dubai economy launches partnership to expedite emCash
Businessam StaffSeptember 26, 2017
The partnership brings Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Grp Ltd together under the Dubai Economy Accelerators umbrella to develop and implement emCash, an encrypted digital currency, which people can use to pay for various government and non-government services. Founded on the latest blockchain technology, emCash will be the digital […]
Qatar’s economy “better than ever,” despite blockade, economy minister says
Businessam StaffSeptember 19, 2017
Ahmed Bin Jassim Al-Thani, Qatar’s Economy and Trade Minister, said Monday that the country’s economy which has been blockaded by a number of major Arab nations since June 5, is faring “better than ever.” The minister told CNBC that the embargo imposed by Saudi Arabia, the United Arab Emirates, Egypt, and Bahrain, was instead an “opportunity” which […]
China encourages private investment with improved services, financing channels
Businessam StaffSeptember 15, 2017
China has released a slew of measures including improving government services and offering more financing channels to encourage private investment. The measures also include delegating power, strengthening regulation, and attracting more private funds for public-private partnerships, according to a guideline issued by the State Council on Friday. The guideline came following a drop in private […]