• GCC central banks hold rates steady, following US Fed

    The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning its monetary policy closely with that of the US Federal Reserve. In Qatar, the Central Bank has also decided to keep its deposit, lending, and repo rates unchanged at 5.75%,...

  • Dubai economy would grow 5 percent this year: Al Ghurair

    Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers. Speaking to the media on the sidelines of the annual media briefing organised by Dubai Chambers, Al Ghurair said that the recent increase in interest rates...

  • Turkey discovers oil field with 100k barrels daily capacity: Erdogan

    The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey boost energy exports and its goal to achieve energy self-sufficiency. The news comes in the wake of another oil discovery made in December, considered to be one of the ten...

  • Turkey slashes borrowing rate to press quake recovery

    Turkey was already battling runaway inflation and relying on wealthy allies to keep its economy afloat when the massive earthquake on February 6 killed more than 43,000 people, razed entire cities and left millions needing urgent help.

  • UK finances post stronger surplus before key budget

    London, United Kingdom--UK government finances recorded a stronger surplus than expected last month, official data showed Tuesday, news that analysts said could allow finance minister Jeremy Hunt to further ease a cost-of-living crisis. Net borrowing showed a surplus of £5.4 billion ($6.5 billion) in January, compared with the government's own forecast...

  • Santander 2022 profit at $10.6bn

    The bank's profit got a boost due to higher interest rates.

  • Evergrande of China pledges to repay its debt in 2023

    Beijing, China--China Evergrande has pledged to repay its debt this year, as the property giant faces a restructuring following Beijing's crackdown on excessive borrowing and rampant speculation in the real estate sector. In an email seen by AFP, chairman Hui Ka Yan told staff that "2023 is a key year for...

  • Developing economies’ debt more than doubled over decade, says World Bank

    The external debt of developing economies has more than doubled from a decade ago to US$9 trillion in 2021, the World Bank said. The pandemic has forced many countries to take on more borrowing and World Bank President David Malpass earlier warned that the world is facing a fifth wave...

  • Saudi Electricity borrows $568m

    The money will be used to fund Egypt interconnection project.

  • Inflation, geopolitics might worsen credit conditions: S&P

    The credit ratings agency has said the prospects for global economic growth have softened, even if it was to a modest extent.

  • Inflation delays start of Turkey’s rate cuts

    Turkey's central bank has left its policy rate unchanged for the fourth month running as a spike in inflation to a two-year high delayed hopes of borrowing costs being lowered.