US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
Economy
Business and leisure combo drives GCC tourism boom
Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious...
Business
Business
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following...
- Federal Reserve called for greater banking oversight while admitting its own supervisors had failed to take forceful enough action.
- When SVB failed, it was clear that a number of standard assumptions from a regulatory standpoint "were wrong," the Fed chairman said.
EU presses Tunisia in bid to stem Med migrant flow
In early June, European Union countries reached agreement on a long-stalled revision of the bloc's asylum rules. It aims to...
- The discussion will come two weeks after a boat believed to have been carrying hundreds of migrants capsized off Greece in one of the worst such tragedies in years
- Amnesty International and other rights groups say the tragedy resulted from Brussels' "Fortress Europe" policy implemented over the past seven years
Business
ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...
- The report reveals that ADB and its partners enabled the countries to face current and emerging shocks.
- ABD and its partners financed projects that helped developing members strengthen trade and small businesses.
Economy
Gulf oil states on a charm offensive across South Pacific
The Pacific bloc represents 12 of 55 votes in the United Nations' Asia-Pacific region, which also includes Saudi Arabia and...
- Saudi Arabia and the United Arab Emirates - two of the world's biggest crude oil producers - have been ramping up efforts to shed their reputations as global climate laggards
- Both have been lavishing money and attention on small, isolated and often indebted Pacific nations, where rising sea levels are already creeping up on low-lying coastal communities
Economy
Price monetary policy tools strong in managing public funds: Iraq official
Baghdad, Iraq-- An advisor to Iraq's Prime Minister said the country has effective price monetary policy tools to manage public...
- The advisor to the Iraqi PM said that the budget's financing methods primarily involve Iraqi dinars in exchange for foreign currency
- He further noted that the strength of monetary policy and foreign reserves stand at their highest level in the country's financial history
Economy
World Bank approves $1bn for Turkiye’s earthquake reconstruction
Ankara, Turkiye - The World Bank has announced its approval of $1 billion in financing to assist Turkiye in the...
- The bank highlighted that the financing will contribute to the restoration of healthcare services and the reconstruction of damaged or destroyed municipal infrastructure
- The project aims to cover 11 provinces, which have been most severely impacted by the earthquake and where approximately 14 million people reside
Economy
UAE offers the world an eco-friendly economic model
“The World Meteorological Organization is extremely pleased with the UAE's actions, including the decision to increase investment in clean energy...
- The UAE's economy is less than 20 percent reliant on fossil fuels, setting a leading example in the Gulf region, says WMO Secretary-General Prof Jukka Petteri Taalas
- The UAE's commitment to clean energy and the decision to host the IRENA headquarters align with WMO's strategy for addressing climate change, he points out
Economy
US Fed Chair Powell leaves door open to two straight rate hikes ahead
The Fed recently paused its aggressive cycle of rate increases after 10 consecutive hikes, to give policymakers more time to...
- "We believe there's more restriction coming," Powell told a central banking conference in Portugal on Wednesday.
- Powell said that US monetary policy will likely take more time to act against high inflation, and bring it down to the Fed's long-term target of two percent.
Economy
Italy warns against ECB decision to increase interest rates
The central bank has hiked rates at the fastest pace ever over the past year in a bid to cool...
- "The ECB's simplistic recipe of raising interest rates does not appear to many to be the right way forward," Italian PM Meloni said in a speech.
- Meloni was reacting to ECB President Christine Lagarde's warning Tuesday that the bank would "continue to increase rates in July".
Economy
Markets rise as upbeat US data plays against rates outlook
Wall Street popped higher Tuesday after a string of readings soothed concerns about a possible recession, while traders were also...
- President Joe Biden said on Tuesday that while economists had predicted a contraction was on the way, it still had not materialized.
- Investors are now keeping tabs on a meeting in Portugal where speakers include top central bankers including Fed boss Jerome Powell and the head of the European Central Bank.
US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
Economy
Company News
Latest News
Saudi Vision 2030 aligns with global eco-goals
"The Davos meeting provides a platform for showcasing Saudi Arabia’s significant efforts and progress in these areas ... International partnerships...
Economy
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
Saudi Arabia announces operational start of this year’s Hajj season
Riyadh, Saudi Arabia - Saudi Minister of Hajj and Umrah, Tawfiq Al-Rabiah, officially inaugurated the operational activities for the 1445...
Most Read
Economy
IMF okays $700 million disbursement for cash-strapped Pakistan
Washington, United States - The IMF's executive board approved an immediate disbursement of around $700 million for Pakistan Thursday as part...
- The funds were unlocked after the International Monetary Fund board approved the first review of a nine-month.
- Thursday's disbursement brings the total released under the agreement to around $1.9 billion, the Fund said.
Market Report
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
- Wall Street had ended flat on Thursday, while the dollar was closing the week with gains against the euro.
- The Houthis have carried out a number of strikes on vessels in the Red Sea, a key international shipping route.
Business
Lunate Capital launches Shariah-compliant ETF tracking Indian equities
ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid,...
- The fund will track the performance of Shariah-compliant Indian equities listed on the Bombay Stock Exchange.
- The Index tracks the performance of the 30 most liquid Shariah-compliant Indian stocks listed on the BSE.