• Egypt’s IMF loan increased by $5bn after central bank floats pound
    The agreement, announced by Egyptian Prime Minister Mostafa Madbouly and the IMF's mission chief for Egypt, Ivanna Vladkova Hollar, came hours after the country's central bank hiked interest rates and said it was floating the pound. By the time the markets closed on Wednesday, the Egyptian pound was trading at a record low of around 50...

    Amid dire foreign currency shortages, the parallel market rate had surged to 70 pounds to the dollar earlier this year, sending consumer prices soaring.

    In an attempt to rein in inflation, the central bank also raised its key deposit rate by six points on Wednesday, to a record high of 27.25 percent.

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    UAE, Saudi Arabia realty growth trumps Covid-19

    Timely preventive measures such as vaccination of frontline construction workers, embracing new technologies , financial stimulus packages, loan relaxation and other strategies dented the effects of Covid-19 on real estate sector.
    Business
  • Central banks must continue to fight high inflation now, while also determining if -- and how -- monetary policy strategy may need to change in the future, says IMF's First Deputy Managing Director Gita Gopinath while speaking at the European Central Bank Forum on Central Banking 2023.
    "Now is the time to face the three uncomfortable truths ... Inflation remains sticky; financial stresses could make price and financial stability a difficult balancing act; and more upside inflation risks will likely come our way," she adds, emphasizing the crucial role that the return to price stability plays in achieving sustained economic growth.
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    Gold, bitcoin pull back from records as US stock markets slip
    On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended the day down 1.7 percent, pulled down by firms including Apple and Tesla. Despite the gloomy trading day in New York, US stock indices are still up sharply on the year.
  • ‘You’ve got to finish the problem’: Trump supports Israel’s war
    The fighting began with an attack by Hamas on southern Israel on October 7, resulting in about 1,160 deaths, most of them civilians, according to an AFP tally based on official Israeli figures. Israel's retaliatory offensive in the Gaza Strip has killed 30,534 people, mostly women and children, according to the health ministry in Gaza.

    Trump voiced support for the war in his most explicit comments yet on the fighting

    US protest movements have urged voters to punish Biden at the polls over his support for Israel

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    OpenAI denies Musk’s ‘betrayal accusations, plans legal dismissal
    OpenAI captured the public imagination in late 2022 with the release of its chatbot ChatGPT, which can generate poems and essays and even succeed in exams. OpenAI has received about $13 billion in investment from Microsoft in recent years, and both companies market AI services to developers and individuals.

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  • US forces down drones, missiles fired at warship by Houthis
    The US military command said that its forces shot down one anti-ship ballistic missile and three one-way attack unmanned aerial systems launched from Houthi controlled areas of Yemen toward USS Carney in the Red Sea. Houthis have been attacking shipping in the Red Sea for months over Israel's war on the Gaza Strip.

    US military said there were no injuries or damage to the warship

    Houthis said their forces had targeted two US destroyers in the Red Sea

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    Facebook, Instagram services restored after widespread outages
    More than half a million users across the globe reported issues earlier in the day, with many saying they were booted out of the social media platforms and unable to log back in. The most frequently reported problems by users were with logging into the Facebook app and issues with the Instagram app.

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  • Now more accessible, Bitcoin strikes record high above $69,000
    Bitcoin has enjoyed an unbridled rise since the approval of a new type of investment indexed to the cryptocurrency. Since their approval on January 10 by US securities regulators, exchange-traded funds (ETFs) indexed to bitcoin have theoretically enabled a wider public to invest in the cryptocurrency without having to hold it directly.

    The expected approval of the new investment product had contributed in recent months to a rise in its price.

    The industry sees the entrance of ETFs on the US market as proof of the growing interest from institutional investors in cryptocurrencies.

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    Works of Syrian artists on display in Qatar

    The Qatar Through Syrian Lens Exhibition was inaugurated in Building 19 of the Cultural Village Foundation (Katara), in cooperation with the Syrian Embassy.
    Arts & Culture
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    Economy
  • "Now is the time to face the three uncomfortable truths ... Inflation remains sticky; financial stresses could make price and financial stability a difficult balancing act; and...
    By TRENDS STAFF

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    • "Now is the time to face the three uncomfortable truths ... Inflation remains sticky; financial stresses could make price and financial stability a difficult balancing act; and...

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