KUWAIT: The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower oil and gas earnings and a global economic slowdown, according to the new World Bank Gulf Economic Update (GEU).

TEHRAN: Iran and Russia agreed Wednesday to collaborate on the construction of the final part of a commercial transport network linking to the Gulf and India while avoiding Western sea lanes.

JEDDAH, May 17 (KUNA) -- The Gulf Cooperation Council (GCC) seeks to bolster economic and financial cooperation within the six-member bloc, its chief Jasem Al-Bedaiwi said on Wednesday, citing an internal committee tasked with bringing such goals to fruition.

BRUSSELS, May 17 (KUNA) -- European Union (EU) annual inflation was at 8.1 percent in April, down from 8.3 percent in March. A year earlier, the rate was 8.1 percent, said the Eurostat, the EU's statistical office, on Wednesday.

TOKYO, May 17 (KUNA) -- Japan's economy grew at an annualized pace of 1.6 percent in the January-March period, buoyed by robust private consumption and resumption of inbound tourism, government data showed Wednesday.

New York: US bank Wells Fargo has agreed to pay $1 billion to settle a class action lawsuit by shareholders who accused it of not having changed its management and practices quickly enough after a series of scandals.

KUWAIT: Domestic credit started the year on a relatively weak note, increasing by 0.6 percent q/q in Q1 2023, cutting the y/y increase to 5.1 percent through March.

KUWAIT: With the participation of more than 400 young and talented Kuwaiti contestants, Gulf Bank announced the winning teams of the second edition of the Datathon competition – the first platform of its kind in Kuwait, to empower data professionals, high school, and university students, as well as new employees interested in working in the fields of data and analytics.

PARIS: Billionaire businessman Elon Musk on Monday said he was considering “significant investments in France” as he visited the country for a summit aimed at attracting foreign business leaders.