KUWAIT: GCC markets declined for the first time in 13 months in November-2021 as the new COVID-19 variant, Omicron, sent shockwaves across financial markets globally. The MSCI GCC index dropped 4.7 percent during the month, in line with most major exchanges globally. 

WASHINGTON: The world economy woke up from its pandemic-induced coma in 2021, but soaring inflation, global supply chain bottlenecks and a resurgent coronavirus have taken the shine off the comeback. Now growth is at risk of weakening next year.

ANKARA: Turkish President Recep Tayyip Erdogan defended yesterday his “risky but correct” economic policy of low interest rates as the central bank intervened in markets to prop up the falling lira. 

SAN FRANCISCO: Parag Agrawal who took over Monday as the new head of Twitter shot from relative obscurity as the platform’s technology expert to becoming the latest India-born talent to lead a US tech giant. With Indian-American Agrawal becoming the CEO of Twitter, the number of Indians currently holding important positions in different American tech companies has increased. The list is only likely to grow.

LONDON: Global stock markets rebounded yesterday and oil prices surged following Omicron-driven losses and on the eve of a key output meeting of OPEC and its allies. 

PARIS: The OECD warned yesterday that the Omicron coronavirus variant threatens the global economic recovery as it lowered the growth forecast for 2021 and appealed for a swifter rollout of COVID vaccines. 

WASHINGTON: The Omicron variant of COVID-19 could slow the recovery of the US economy and labor market and also heighten uncertainty regarding inflation, Federal Reserve Chair Jerome Powell said in testimony released Monday. 

WASHINGTON: Just as it was recovering from the body blow of the COVID-19 pandemic, the global economy has taken yet another hit from the Omicron variant of the virus, which has led to a raft of new travel restrictions.

LONDON: OPEC and the oil cartel’s allies hold a key output meeting tomorrow facing new challenges as the Omicron coronavirus variant has roiled markets and other US-led nations decided to tap their strategic reserves.