Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

11 Jan 2022

Tourism Spurs Economic Growth in Dubai amid Omicron Concerns

The Index Today

Dubai’s economy has been flourishing due to Expo 2020 and relaxed travel policies in the midst of the COVID-19 pandemic, even as the threat of the Omicron continues to loom.

IHS Markit’s Purchasing Managers’ Index for Dubai revealed a spike in December to 55.3 from 54.5 in November, 2021, which is a record high since June, 2019.

However, companies are still faced with the issues of an Omicron surge with price input inflation reaching the highest since March, 2021, leaving them skeptical about the commercial growth in 2022.

Prior to the current spike in cases, the country had been successful in controlling the spread of COVID-19 for the better part of 2021 when a surge occurred in December with cases rising above the 2,000-mark.

©Photo: timeoutdubai

Clay pottery with table linens