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China's services sector activity accelerated in May, with the Caixin/S&P Global services PMI rising to 51.1, despite ongoing export demand challenges linked to US tariffs. While the official PMI also showed slight growth, sluggish new export orders highlight persistent external pressures and cautious business sentiment amid trade uncertainties.
The Congressional Budget Office projects that President Trump's tariff plan could reduce the federal deficit by $2.8 trillion over the next decade, but it may also lead to increased inflation and decreased household purchasing power. While tariffs could generate significant revenue, they disproportionately impact lower-income households and may hinder long-term economic growth by distorting resource allocation and triggering inflationary pressures throughout supply chains.
UAE businesses are set to benefit from refunds on fines, with penalties already paid being credited back to taxpayers' accounts, while unpaid fines will be waived automatically. This initiative is particularly advantageous for SMEs, where every dirham saved is crucial. An auditor has confirmed that refunds for late registration penalties will be processed soon.
Ray Dalio will continue as an informal, unpaid advisor to Indonesia’s Danantara, aiding its leadership and President Prabowo Subianto in attracting investments crucial for the nation's development. His involvement, alongside other high-profile advisors, aims to enhance the fund's global credibility and investor confidence. Recent communication challenges regarding his status have highlighted the need for clear public messaging to maintain market stability and investor trust.
[Source]
South Korea's economy contracted by 0.2% in Q1 2025, marking its first negative growth in nine months, driven by domestic political unrest and uncertainties from US tariff policies. Exports fell by 0.6%, and private spending decreased by 0.1%, reflecting weakened consumer confidence amid the turmoil following the declaration of martial law.
Economic activity in the U.S. has slowed, with rising tariffs contributing to increased costs and prices, according to the Federal Reserve's Beige Book report. Only three of the 12 Fed districts reported growth, while six experienced declines, as businesses anticipate faster price increases due to tariffs. The average effective tariff rate is projected to reach 22.5%, the highest since 1909, leading to significant consumer cost increases and a pullback in discretionary spending as consumers seek more affordable options.
UAE’s EIGHTClouds has secured $20M to enhance its F&B and hospitality sectors, reflecting the Arab world's rise as a startup hub amid global uncertainties. The UAE leads globally in entrepreneurship for the fourth year, supported by reforms and a projected 4.7% GDP growth in 2025. Other Arab nations, including Saudi Arabia and Bahrain, are also making significant strides in fostering entrepreneurial ecosystems.
Brazil has officially removed the UAE from its list of jurisdictions with preferential tax regimes, enhancing bilateral cooperation and tax transparency. This decision, following consultations between the two nations, aims to boost trade and investment, with bilateral trade exceeding US$4.3 billion in 2024. The move is expected to foster collaboration in sectors like infrastructure, agribusiness, and logistics, aligning with sustainable growth priorities.
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Japan urges US to reconsider tariffs ahead of G7 leaders summit
09:30 05.06.2025
China's services sector shows growth amid ongoing tariff uncertainties
09:00 05.06.2025
trump tariffs projected to reduce deficit but risk economic growth and inflation
07:30 05.06.2025
UAE businesses to receive tax refunds on paid fines and penalties
07:21 05.06.2025
ray dalio continues as informal advisor to indonesias danantara investment body
06:40 05.06.2025
us maintains tariffs on vietnam amid concerns over chinese imports
06:10 05.06.2025
south korea's economy contracts amid political unrest and trade uncertainties
05:20 05.06.2025
us economic slowdown linked to rising tariffs and inflationary pressures
04:40 05.06.2025
Arab nations emerge as top startup ecosystems amid global uncertainty
19:00 04.06.2025
brazil and uae enhance trade ties with removal from tax regime list
17:39 04.06.2025
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