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Spain takes a big axe to spending on Thursday when it unveils a new budget for 2013, unswayed by angry protests but bowed by markets anticipating a full sovereign bailout, and soon.
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Asian markets rose on Thursday on hopes for fresh Chinese stimulus as well as bargain buying, but gains were mostly capped as fears over Spanish and Greek debt returned to the fore.
As world shares fell sharply and violent protests in eurozone countries over austerity measures unnerved investors across the globe, Gulf stock markets retreated on Wednesday.
Spain will announce a series of economic reforms and a tight 2013 budget on Thursday, aiming to avoid the political humiliation of having Brussels impose conditions on a request for an international bailout.
India’s finance minister said onThursday that the government was preparing new economic reforms as it focuses on kickstarting investment in the sharply slowing economy.
The International Monetary Fund, or IMF, is set to cut its forecast for global growth next month with uncertainty over whether European policymakers will keep promises to address the eurozone crisis weighing on confidence, the head of the IMF said.
The Jashanmal Group, a conglomerate with multi-channel activities in the GCC and India, has opened its largest luxury home store at The Dubai Mall.
Dubai International airport recorded the strongest growth of the year in passenger numbers as it touched year-on-year increase of 21 per cent in August.
Gujarat, one of the most investor-friendly states in India, hopes to attract investments and entrepreneurs from the Middle East in its drive to sustain the momentum of its phenomenal economic growth over the past few years.
Regency Group — a Dubai-based multinational company, which operates retail outlets, has launched a line-up of in-house products under the brand name “Grand”.
