Hong Kong, China - The yen plunged Wednesday to a 34-year low against the dollar after a top Bank of Japan official indicated it would press ahead with a loose monetary policy, even after this month hiking interest rates for the first time since the global financial crisis. The fall raised...

Sharjah, UAE -- Bank of Sharjah has acted as a joint lead manager and bookrunner in Sharjah government's issuance of a $750 million, 12-year US dollar-denominated senior unsecured sustainable bond, alongside other international and regional banks. The bond attracted significant investor interest, evidenced by an order book that exceeded $4...

With inflation up at 35 percent, and amid a severe foreign currency crunch, the Egyptian pound is plunging and the US dollar has become hard to come by. The country's highly import-reliant economy, dominated by military-linked enterprises and with a fondness for infrastructure mega-projects, has been hit hard by a...

Tehran, Iran – Iran and Oman have signed two memoranda of understanding to boost bilateral cooperation and using their national currencies in mutual trade instead of the dollar, mehrnews reported on Thursday. The MoUs were signed between Iran’s Minister of Industry, Mines and Trade Abbas Aliabadi, and Oman’s Minister of...

Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up. Brent crude futures fell 3 cents, or 0.04%, to...

Chip-testing equipment maker Advantest sank 4.79 percent to 4,351 yen and chip-making equipment manufacturer Tokyo Electron gave up 3.84 percent to 20,395 yen. High-tech investor SoftBank Group fell 2.04 percent at 6,375 yen, Sony Group dropped 1.87 percent to 12,610 yen and Panasonic dived 3.18 percent to 1,565.5 yen.

Dubai, UAE: US dollar sukuk issuance for 2023 is on course to outpace 2022 due to funding needs and diversification strategies, Fitch Ratings said in a new report. However, the third quarter sukuk issuance in all currencies ($51.7 billion equivalent) issued in core markets was 12.3 percent lower YoY, while bond...

The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the conflict could draw in the United States and Iran. "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia," said ANZ Group's...

According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden, Osnabrueck and Zwickau. Offices at the Wolfsburg headquarters were also affected, Handelsblatt said.

Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, primarily driven by Vision 2030 which has been steadily diversifying the economy since its launch in 2016, according to the International Monetary Fund.   The IMF said in a statement...

Beirut, Lebanon -- Acting Lebanese Central Bank Governor Wassim Mansouri has said the bank will not be providing government lending to cover Lebanon's 2023 state budget deficit. This applies to both the Lebanese lira and the US dollar. "The Central Bank has no plans to address the nation's deficit through...

Dubai, UAE--Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. Brent crude futures fell $1.07, or 1.2%, to $85.74 a barrel by 0631 GMT while U.S. West...

Dubai, UAE--Oil prices soared more than a dollar a barrel on Friday to record a sixth consecutive week of gains, after top producers Saudi Arabia and Russia extended supply cuts through September, adding to undersupply concerns. Brent crude futures rose $1.10, or 1.3%, to settle at $86.24 a barrel, while...

The issuance will be made under a $200m program.

Dubai, UAE -- Abu Dhabi Islamic Bank (ADIB) has raised $750 million in the world’s first dollar denominated additional tier-one (AT1) perpetual sukuk issued since March 2023. ADIB, which is rated A2 by Moody’s and A+ by Fitch, in each case with a stable outlook, priced the perpetual non-call, five...

Pakistan's negotiations with the IMF for the last tranche of a $6.5 billion bailout package agreed in 2019 stalled in November, with the government making last-minute changes to the national budget to meet the deal's requirements. That package expires on Friday, and the new agreement builds on the IMF's efforts...

Equities enjoyed a strong run-up last week, partly on the back of hopes that Beijing would unveil a raft of economic stimulus to go with two interest rate cuts. Expectations have been high that officials would provide help for the struggling property sector and introduce measures to kickstart consumer activity.

Foreign currency reserves, representing 94 percent of total assets, fell nearly 2 percent year-on-year in May to SAR 1.56 trillion ($416 billion). The majority of Saudi Arabia's reserve assets are held in US dollars (about 70 percent)

Stock markets jumped after data showed US inflation slowed further in May, raising hopes the Federal Reserve will pause its interest rate-hike campaign. Wall Street indices advanced at the open while European markets climbed after official figures showed US consumer prices rose by 4.0 percent year-on-year in May, compared to...

Erdogan was sworn in on Saturday after winning a historic election runoff on May 28 and named a new cabinet appointing market-friendly politician Mehmet Simsek as finance minister.

Dubai, UAE -- First Abu Dhabi Bank (FAB) has raised $600 million from an offering of a five-year bond, which is the first green bond issued by a financial institution in the MENA region in 2023. The green bond was upsized to $600 million from the initial $500 million after...

Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong earnings. The dollar hit a year-low against the euro after official data this week showed high inflation slowing in the United States, fanning hopes the Federal Reserve would soon stop...

The firm announced 10-year and 30-year tranches.

The sukuk terms will be determined as per market conditions.

Officially pegged at 15,000 to the dollar, the pound was trading at 100,000 against the greenback, dealers said -- a dizzying plunge from 1,507 before the economic crisis hit in 2019. The currency's market value was at around 60,000 to the dollar in late January.

In a rescue deal, it bought SVB for a nominal price of $1.2.

Muscat, Oman -Oman Power and Water Procurement Company (OPWP) is set to award solar energy projects worth $777 million to international investors after securing approvals from the Authority for Public Services Regulation (APSR). According to media reports, the Manah 1 and 2 projects, which will jointly produce a total of...

US and European stocks dipped as dealers fretted that the Federal Reserve would push interest rates higher than expected and for longer as it battles high inflation. The euro moved up against the dollar as strong inflation data in France and Spain sparked concerns that the European Central Bank will...

The company posted a record net profit of $3.2bn in 2022.

Driven by new projects, its sales in 2022 touch $9.5bn.

With Lebanon's political and economic crisis showing no signs of abating, its currency on Wednesday hit a record low against the dollar on the black market. The pound has lost more than 95 percent of its value against the greenback since the beginning of the economic crisis in 2019.

Stock markets largely steadied and the dollar rose with traders forecasting US interest rates to keep climbing following last week's blockbuster American jobs report. Oil prices extended gains after Iraqi Kurdistan suspended crude exports through Turkey as a precaution after a deadly earthquake rocked its northern neighbor and Syria.

Hong Kong-- Hong Kong is looking to persuade oil giant Aramco and its units to consider a secondary listing in the Asian financial hub. Hong Kong Chief Executive John Lee is embarking on his first official visit to the Middle East, according to the South China Morning Post. Lee is...

The Lebanese pound has been officially pegged at 1,507 to the greenback since 1997, but its market value began to slide in late 2019 and hit record lows of more than 60,000 this month. "Starting tomorrow, one dollar will be worth 15,000," a central bank source told AFP Tuesday. "There...

Iraq's Prime Minister Mohammed Shia al-Sudani has said the country's new banking regulations have revealed fraudulent dollar transactions made from his country. In recent months the country has been seeking to make sure that its banking system is in sync with the international electronic transfer system.

The company reported a big drop in profits in 2022.

Stock markets rose as US data showed the country grew at a slower pace in 2022 but finished the year on a stronger note. Shares in Paris, Frankfurt and London were higher in mid-afternoon trading. US gross domestic product rose at an annual rate of 2.9 percent in the fourth...

Abu Dhabi, UAE---The First Abu Dhabi Bank, UAE’s largest bank, has issued a 5.25-year $600 million bond at US Treasury, which resulted in an all-in yield of 4.514 percent, on 19 January 2023. This marks FAB’s second dollar issuance in a space of 10 days following the $500 million RegS...

While the official exchange rate has been fixed at 1,470 Iraqi dinars against the dollar, the currency was trading at up to 1,600 to the greenback on local markets from mid-November, before settling at about 1,570 dinars, according to state media.

Traders' conviction at the beginning of a new trading year always tends to be low for fear of catching the wrong move. At the same time, however, the fear of missing out (FOMA) can also drive a rapid buildup in positioning which subsequently can be left exposed should a change...

Cairo, Egypt--Public anger has been growing for months in Egypt over a severe dollar crunch and soaring food prices. But for many a money-saving tip from a state body has been the last straw. As families have struggled to purchase household staples, an Egyptian government agency praised an alternative, cheap protein...

One US dollar traded at 1,580 Iraqi dinars on the street Tuesday, against the central bank rate of 1,470 dinars, state news agency INA reported. The drop began about two weeks ago, sparking alarm in the media.

Wednesday's much-anticipated minutes showed most US central bank chiefs felt smaller increases would "likely soon be appropriate" as the economy shows signs of weakness following almost a year of monetary tightening.

During the COP26 climate summit last year, the government boldly promised to end the construction of new coal plants and phase out the dirtiest of those already running, even as energy demands soar in the manufacturing powerhouse.

Scuttling an "international trafficking attempt" to West Africa, Morocco has made a large seizure of more than two million amphetamine-type captagon pills on the kingdom's northern coast. The drugs were hidden inside a goods container onboard a maritime transport ship headed from Lebanon to West Africa.

Tokyo, Japan— Toyota kept its annual net profit forecast unchanged on Tuesday, as the weaker yen offsets supply-chain disruptions that have forced the Japanese car giant to slash production targets. The world's top-selling automaker said it now expects to sell half a million fewer vehicles in the current financial year because...

Most markets rose on hopes the Federal Reserve would soon slow its pace of interest rate hikes, though the mood was darkened over China after President Xi Jinping tightened his grip on power. The yen weakened against the dollar after a short rally after speculation Japanese authorities had stepped into...

The British pound sank against the dollar on political uncertainty after the resignation of UK Prime Minister Liz Truss, while weak economic data added to the turmoil. The dollar strengthened also on expectations that the US Federal Reserve would press ahead with its program of bumper interest rate hikes to...

Riyadh, Saudi Arabia---Saudi Arabia’s National Center for Debt Management announced Wednesday that it has invited investors for the first partial repurchase of US dollar-denominated bonds due in the years 2023, 2025 and 2026. The Center said the process is part of the kingdom’s plan in the effective management of the...

The Lebanese pound has been officially pegged at 1,507 to the dollar since 1997, a rate that has not reflected its true market value for years as the currency has been in free fall, with multiple parallel exchange rates coexisting. The crisis has pushed most Lebanese into poverty.