ECONOMY

Britain's economy unexpectedly shrank in January, official data showed Friday, piling more pressure on the Labour government ahead of its Spring Statement on the economy.

Global markets slumped Monday, with Wall Street logging sharp losses over fears that US President Donald Trump's trade policies could tip the world's biggest economy into a recession.

Minister of State for Entrepreneurship Alia bint Abdullah Al Mazrouei highlighted Future100's impact on SME growth, enabling expansion into global markets. She emphasized the UAE's supportive business environment, with SMEs making up 94% of all businesses and 25,000 new Emirati-founded startups in 2024.

The two-day event also features insights from global investment leaders, addressing the impact of geopolitical tensions and rapid global changes.

The partnerships further strengthen UAE-Italy relations, building on past economic and investment agreements from 1984 and 1995. UAE Minister of Investment Mohamed Hassan Alsuwaidi and Italy's Minister of Enterprises and Made in Italy, Adolfo Urso, officially signed the MoUs.

Japanese inflation accelerated in January, further pressuring households as prices excluding fresh food rose 3.2 percent on-year, government data showed Friday.

Under this agreement, 99% of goods imported by Ukraine from the UAE and 97% of Ukrainian exports to the UAE will be exempt from customs duties starting immediately. The agreement is expected to boost the UAE's GDP by $369 million and Ukraine's GDP by $874 million by 2031.

Japan's economic growth slowed sharply last year, official data showed Monday, although the rate for the fourth quarter topped expectations.

Asian markets mostly rose Friday in line with a rally on Wall Street as traders were buoyed by news that US President Donald Trump's latest reciprocal tariffs would not likely be implemented until April, giving time for negotiations.

The US Federal Reserve is in a strong position to weather the "highly uncertain" economic outlook, but its inflation fight will take time to win, a senior US central bank official said Tuesday.

The meeting focused on global economic trends and discussed ways to strengthen cooperation between the UAE and the International Monetary Fund (IMF) to support economic stability and sustainable development.

The Smart Rental Index uses clear and consistent criteria to ensure transparency in property valuation. It relies on a precise calculation method that evaluates various factors affecting rental value, including market conditions.

The ECB cut rates again last week as inflation looked to be coming under control and the eurozone economy showed signs of weakness.

US shoppers are coming out in force this holiday season, but the festiveness is being tempered by inflationary pressures that have abated but not completely faded.

Noxious smog smothering the plains of north India is not only choking the lungs of residents and killing millions, but also slowing the country's economic growth.

Sharjah's real estate market continues to attract investors from various nationalities, with 114 different nationalities represented during this period. UAE citizens invested AED 13.7 billion in 22,908 properties while non-Emirati GCC citizens invested AED 1.7 billion in 1,166 properties.

Real gross domestic product (GDP) between July and September grew by 1.8 percent year-on-year, well down from a forecast of 3.1 percent growth from economists surveyed by Bloomberg.

Year-on-year consumer price increases in the 20-country single currency area reached 2.0 percent in October, rising from 1.7 percent in September, the EU's official data agency said.

Eurozone inflation fell to its lowest level in more than three years this month thanks to falling energy costs, official data showed on Friday, raising expectations of a European Central Bank interest-rate cut.

The US jobs market was probably cooler than expected in the year through March, Labor Department data showed Wednesday, signaling weaker but still-positive growth.

President William Ruto had warned of a funding shortfall after he decided in June to drop the controversial tax hikes after a bloody day in Nairobi that saw the storming of parliament and police firing live bullets on demonstrators.

The signing of the MoU highlighted China's growing role in the global economy and marked the 40th anniversary of diplomatic relations between the UAE and China.

Britain's economy grew 0.6 percent in the April-June period, a slight slowdown compared with the first three months of the year, official data showed on Thursday.

Chinese industrial production growth slowed in July while unemployment rose, official data showed Thursday, highlighting an uneven recovery in the world's second-largest economy despite recent government measures to try to stimulate expansion.

ADGM's progress has helped boost the financial sector's role in Abu Dhabi's non-oil economy, which grew by 9.7% in the first quarter of 2024. ADGM is becoming a global hub for asset management firms, top talent, and investments, firming Abu Dhabi's reputation as the "Capital of Capital."

The agreement includes plans to organize joint events that will provide updates on tax laws and procedures. Moreover, it will focus on helping UAE nationals with VAT refunds for taxes paid on building new homes.

The announcement of a new trade forum, "The UAE-China Summit presented by HSBC," was made at the roadshow covering Shanghai and Hong Kong. The summit, which will be part of the upcoming edition of Abu Dhabi Finance Week in December, aims to boost trade, investment, and cultural exchange between the two countries.

In the first half of 2024, 88.1% of sales listings and 73.8% of rental listings in Dubai stayed the same, marking an increase from 79.6% and 72.9%, respectively, in the same period the previous year.

The Bank of Japan further unwound its massive monetary easing programme on Wednesday by hiking interest rates for only the second time in 17 years and indicating plans for more if the economy performs as officials expect.