Egypt court adjourns Suez ship case for more compensation talks

Cairo: An Egypt court on Saturday adjourned a case on the container ship that blocked the Suez Canal to allow for more time to negotiate for a compensation. The court in Ismailia town postponed the hearing to June 20 after requests from lawyers representing the Suez Canal Authority and the owner of the 400-meter-long Ever […]

India needs to borrow $22 billion more to cover states’ revenue loss

New Delhi: India needs to borrow more to compensate its states for a shortfall in a nationwide consumption tax collection, Finance Minister Nirmala Sitharaman said. The federal government will need to borrow an additional 1.58 trillion rupees ($22 billion) for the purpose, Sitharaman said in New Delhi Friday. She was speaking after a meeting of the […]

US budget: Biden’s big budget comes with a modest economic growth outlook

Washington:  President Joe Biden’s first budget proposal comes with a big price tag – at $6 trillion, roughly 50% higher than pre-COVID-19 federal spending – but, at least for now, projects a relatively modest long-term lift to the economy, likely reflecting concerns about the aging US population. The administration’s spending blueprint for the fiscal year […]

Industrial sector becomes a driving force behind Dubai’s economy: Sheikh Hamdan

Dubai: Industrial sector in Dubai has become a driving force for economic diversification, productivity and sustainable growth as well as Dubai’s integration with global markets, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai. The emirate’s efforts to create a world-leading infrastructure and investment-friendly environment […]