THE HOT STORY

DIFC introduces relief package to support clients

Dubai International Financial Centre (DIFC) has introduced a targeted package of temporary economic support measures to assist its business and retail community amid current challenges. Effective immediately, these initiatives aim to alleviate short-term operational and financial pressures. Arif Amiri, chief executive of DIFC Authority, said: "The package of temporary relief measures reflects a thoughtful and proactive approach to easing immediate pressures." The measures include flexible payment plans, grace periods on administrative payments, and regulatory relief for new and existing firms in the DIFC.

Emirates24

WORKFORCE

Workers displaced by AI could face prolonged setbacks

A new Goldman Sachs report which looked at decades of worker displacement in fields hit by new technology offers a warning to AI-displaced workers who face potentially steep economic pain. “AI-driven displacement could impose lasting costs on affected workers, worsening labour market outcomes for several years,” authors Pierfrancesco Mei and Jessica Rindels wrote. The report analysed four decades of federal data and tracked the lives of more than 20,000 Americans born between the 1950s and 1980s. The researchers found that displaced workers in jobs hit by technological shifts - such as telephone operators and typists - suffered both short- and long-term economic impacts when compared with workers who lost jobs in more stable occupations.

Wall Street Journal

UAE firms shift towards basic insurance plans for employees to cut costs

Some small and medium-sized enterprises (SMEs) in the UAE are opting for basic health insurance plans to manage rising costs, while larger firms maintain robust coverage to attract talent. Hitesh Motwani, deputy chief executive of InsuranceMarket.ae, noted that companies are making targeted adjustments rather than outright cuts to benefits. Ralph J. Kabban, CEO of United Insurance Brokers, said that the market is seeing a "cost optimisation" trend, with some firms reducing coverage while others expand it. Neeraj Gupta, CEO of Policybazaar.ae, identified rising medical inflation and a cautious macroeconomic environment as key drivers behind these changes.

Khaleej Times Online

TRAINING & DEVELOPMENT

Dubai is preparing Emiratis for future finance jobs through this new partnership

A partnership between the Emirates Human Resources Development Council (EHRDC) and the Emirates Institute of Finance (EIF) aims to enhance Emirati talent in the banking and fintech sectors. The initiative aims to align training with market needs, focusing on practical skills and career growth. Abdulla Ali bin Zayed Al Falasi, deputy chairman of EHRDC, said: "The agreement marks a key step in equipping national talents with skills and practical expertise." The collaboration supports existing programmes like "Tomouh Dubai" and aims to prepare Emiratis for high-value roles in a rapidly evolving financial landscape.

Gulfnews.com

ECONOMY

IMF warns defence spending surge could drive higher global debt

The IMF warns that rising defence spending amid escalating geopolitical tensions risks widening fiscal deficits and increasing global debt, despite providing a short-term boost to economic activity. Analysis of over 160 countries shows defence spending booms are largely financed through borrowing, with wartime surges particularly costly - raising public debt by around 14 percentage points of GDP while reducing real social spending. With global debt already at a record $348tn and countries ramping up military budgets in response to conflicts such as the Iran war, the IMF cautions that policymakers face growing trade-offs between security priorities and long-term fiscal sustainability.

Bloomberg

Financial Times

Qatar tackles trade challenges head-on

The Food Security and Environment Committee of Qatar Chamber has convened to address challenges facing the private sector amid regional developments. Chaired by Mohammed bin Ahmed al-Obaidli, the meeting included representatives from various ministries and businesses. Discussions focused on trade movement, import challenges, and rising costs. Al-Obaidli praised the public sector's responsiveness and highlighted the chamber's commitment to addressing private sector concerns. Hamad al-Marri from the Ministry of Transport noted measures to facilitate logistics, while Yousef al-Hammadi from the General Authority of Customs discussed customs clearance improvements. Ali al-Yafei from the Ministry of Commerce and Industry affirmed efforts to ensure goods availability.

Gulf Times

INTERNATIONAL

Supreme Court doubtful over Donald Trump’s birthright citizenship challenge

A majority of Supreme Court justices appeared sceptical of the Trump administration’s attempt to end automatic citizenship for those born in the country, in oral arguments ahead of a ruling that is expected by early July. The case, which tests what it means to be an American, could affect an estimated 250,000 children born to undocumented immigrants and temporary visitors each year. The administration says Trump's order, which would restrict birthright citizenship to babies with at least one parent who is a US citizen or green-card holder, would not apply retroactively, but Democrats say it would also strip millions of current Americans of their citizenship, as well as their ability to vote and obtain passports. Chief Justice John Roberts dismissed contentions by President Donald Trump’s top Supreme Court lawyer, Solicitor General D. John Sauer, that the US faced a “new world” in which so-called birth tourism was undermining the historic understanding of the nation. “Well, it’s a new world,” Roberts said. “It’s the same Constitution.”

Unilever works council worries about McCormick deal job losses

Unilever's European works council has said that the company's $65bn merger with McCormick could precipitate union action over potential job losses. The labour pushback comes as Unilever chief executive Fernando Fernández seeks to streamline operations and focus on high-growth categories. The deal, which combines brands including Hellmann's and Knorr with McCormick's spices, is expected to close next year pending approvals. "We fear that a possible transaction could be accompanied by further personnel measures," the Unilever European Works Council (UEWC), which represents nearly 20,000 employees in Europe and Britain, told Reuters. "Uncertainty among the workforce is high." The UEWC said it would weigh what action might be taken if Unilever does not "find good solutions for affected employees," adding "It could ⁠lead from negotiations to maybe strikes in different countries where that is possible. It depends on the legislation around Europe."

Reuters

Indonesia launches one-day remote work in energy-saving push

Indonesia is rolling out a remote work policy for civil servants to conserve energy amid rising global prices linked to the Middle East conflict. Coordinating Economy Minister Airlangga Hartarto announced the initiative during a presidential visit to Seoul on March 31. The measure is part of the “eight-point work culture transformation policy” aimed at energy savings. Additional measures include limiting fuel sales, reducing the use of official vehicles by 50%, and cutting official travel budgets. Hartarto said: "This is essential for our energy conservation efforts."

Straits Times

OTHER

Apple's foldable iPhone set for September

Apple plans to launch its first foldable iPhone in September, coinciding with the iPhone 18 Pro and Pro Max release. Despite concerns raised by a Nikkei Asia report about manufacturing delays, sources indicate that Apple is on track for the launch. The foldable model aims to compete with existing products from Samsung and other brands, featuring improved screen quality and durability. The expected price exceeds $2,000, which may impact consumer interest but could enhance Apple's revenue. Hardware chief John Ternus is leading the initiative as part of a broader three-year redesign strategy.

Nikkei Asia

Los Angeles Times

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