Swiss central bank posts 2023 loss
The bank has raised its interest rates to tame inflation..
Stocks jump, dollar falls as Federal Reserve seen curbing rate rises soon
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...Interest rate hikes adversely affect developing countries, says UN
The global economic slowdown and swelling interest rates are pummeling debt-ridden developing countries, the UN warned, urging bold global action to ward off catastrophe. In a fresh report, the United Nations Conference on Trade and Development cautioned that poorer countries were expected to suffer as higher interest rates eat away...Small US banks use enlarged deposit guarantee to compete with giants
Federal data shows that some depositors at small banks did head for the exits, moving some $120 billion in a single week into larger banks sometimes viewed as too big to fail. But minnows like Leader Bank of Massachusetts and Heritage Bank of Minnesota also have a solution to the...Rising rates boost GCC banking sector’s net margin
The region's banking sector thrives in Q4-2022 with NIMs at multi-year highs and strong lending growth despite global banking crisis, highlights a report.Egypt raises key interest rates by 200 bps amid soaring inflation
Cairo, Egypt - The Central Bank of Egypt (CBE) raised key interest rates by 200 bps for the first time in 2023 on Thursday as it struggles to control soaring inflation. “In its meeting today, the Monetary Policy Committee (MPC) decided to raise the Central Bank of Egypt’s (CBE) overnight...Gold jumps as US Fed signals rate-hike pause imminent
Dubai, UAE -- Gold prices climbed on Wednesday after the US Fed toned down its aggressive approach to reining in inflation. Spot gold was up 1.7 percent at $1,973.52 per ounce by 3:56 p.m. EDT (1956 GMT), after advancing as much as 2 percent. US gold futures settled 0.4 percent...Gulf central banks mirror Fed to raise rates by 25 bps
The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve raised its key interest rate by 25 basis points last night.OECD raises global growth forecast as inflation eases, recovery ‘fragile’
The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of vulnerabilities as seen in the US bank sector turmoil. The Organization for Economic Co-operation and Development said it now expects the global economy to grow by 2.6 percent this year.Marketwatch: Commodities see bumpy start to March
The Chinese government’s desire to avoid making the same mistakes other governments and central banks have made has driven inflation to a four-decade high. Development consumers are now suffering the consequences as central banks increasingly apply their interest rate weapon to bring inflation under control, he adds.Uncertainty haunts macroeconomy, says US professor
Significant technology development is going on in the climate space in the UAE, distinguished Professor Laura D'Andrea Tyson tells TRENDS in an interview.US closes SVB in biggest collapse since 2008
The move sends sent global banking shares sputtering, as markets fretted over possible contagion from America's biggest banking failure since the 2008 financial crisis.European Central Bank head pledges to tackle high inflation in Europe
Last week, Lagarde said that more interest rate hikes might be needed in the eurozone after the half percentage point hike it has already signaled will come later this month.Proactive govt policies, high rates, slow global growth to lower impact of inflation in Gulf region
The GCC countries are likely to benefit from the relative stability in their financial covers due to high oil prices and strong energy exports in 2022, reports suggest.Santander 2022 profit at $10.6bn
The bank's profit got a boost due to higher interest rates.UniCredit 2022 net profit at $7bn
Bank said it would pay out US$5.6 billion to shareholders.ECB to hike rates again, but outlook brightens
Most analysts expect a 50-basis point hike in March but, with inflation starting to ease, there are already signs of a debate among policymakers about when to slow the pace. ECB board member Fabio Panetta, known for his dovish stance, said the bank should not commit to any particular hike...Markets rise on better-than-expected US growth
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...Stocks mostly drop as traders track China, US rates
Major stock markets mostly dropped as warnings that US interest rates would continue to rise and remain elevated offset growing optimism over China's economic reopening after Covid lockdowns. Equities enjoyed a strong start to the new year thanks largely to Beijing's decision to throw off the shackles of its strict...Debt spiral engulfs Turkish voters months before polls
Turkish media say the total number of debt recovery cases rose by about 1.5 million in a year and exceeded 24 million at the height of the crisis in August. Turkey's most recent economic problems started when President Recep Tayyip Erdogan - a lifelong foe of high interest rates -...Unemployment rates to decline in Saudi, UAE in 2023: report
Many markets in the Middle East and Africa show a larger gap between affluent and non-affluent households in 2019 vs 2022 discretionary spending.Turkey raises yearly minimum wage for third time as inflation jumps
Turkey's latest economic crisis started when Erdogan -- a lifelong opponent of high interest rates -- pressured the central bank to bring down chronically high consumer prices by lowering borrowing costs.Gulf central banks raise interest in line with US Fed’s rate hike
The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points.Nasdaq surges 3% as Fed Chair says could soon ease rate hikes
Stocks have risen over the last month, in part on expectations that the Fed would soon pivot on monetary policy. Powell's appearance had been viewed as a potential risk to equities if he had adopted a more hawkish tone. Major indices had been near flat prior to the Powell event,...Rate cuts may help in avoiding chronic recession
It is logical for the FRB to halt the wave of escalation of interest rates on the dollar, which was projected to witness a final round next December at a rate of 0.25 percent, due to the approaching winter season and the intensification of the cold wave in western Europea,...Bahrain made the highest rate hike in GCC region
Many Gulf states, including the region's two biggest economies, raised key interest rates earlier this month after the US Fed hiked its key policy rate.Swiss National Bank loses nearly $143bn in first nine months
The scale of the loss can be gauged from the fact it is slightly more than the annual economic output of Morocco ($132 billion).Egyptian pound plummets after 2% interest rate hike
The CBE attributed its decision to elevated global and domestic prices that are expected to keep headline inflation.Aramco chief at FII6: World needs realistic, optimal energy transition plan
"The current transition plan isn't working. We are still dependent on coal. We need to have a new consensus on the transition to renewable,” Amin Nasser added.Turkey’s central bank reduces policy rate for third month
The decision comes right after President Recep Tayyip Erdogan said the central bank would keep cutting rates every month for "as long as I am in power".Goldman Sachs Q3 profit at $3bn
The bank's revenues declined 12 percent to $12 billion.Markets climb on bright US earnings, UK policy U-turns
Major global equities rose, with sentiment soothed after upbeat US earnings and Britain shredded its controversial budget. Analysts pointed to better-than-expected reports from Goldman Sachs and Johnson & Johnson as a positive driver for stocks. On Wall Street, the Dow Jones jumped two percent after a day of strong trading...GCC banks look at pre-Covid profitability level
Earnings of many Gulf banks may hit nearly pre-pandemic levels by the year end, owing to high oil prices and rising interest rates that will support their creditworthiness.Pound hits record low against dollar on recession fears
Continuing with its slide against the dollar, the pound hit a record low on fears about the UK economy after the government presented a huge tax-cutting budget. Countries around the world are battling high inflation and seeking to curb it with interest rate hikes. But analysts fear such moves can...Central Bank of Egypt keeps interest rates unchanged
The Central Bank of Egypt also decided to increase the required reserve ratio to 18 percent from 14 percentADB cuts ‘developing Asia’ growth forecast as China lockdowns bite
China's growth forecast for 2022 was reduced to 3.3 percent from 5.0 percent, as Beijing pursues a zero-Covid strategy that has devastated the world's second-largest economy. Chinese officials are under pressure to curb even the smallest virus outbreaks swiftly, ahead of a key political meeting in October where President Xi...Valuations tank but it’s not yet doom and gloom
Some of the fear in markets is unjustified, at least for now. Many of the economic factors that propelled deal-making last year, namely interest rates, haven’t actually changed yet either. VCs, corporates, and others are still flush with cash, and they need to put their money to work, he adds.Asian, European markets mixed as investors assess Fed outlook
A two-month rally from June lows appears to have run out of steam this week, with downward pressure coming after minutes from the Fed's most recent meeting showed it was determined to keep lifting borrowing costs until prices were brought under control.Global equities tumble as British inflation hits new 40-year high
Investors remain on edge as central banks hike interest rates to fight runaway inflation, but the monetary policy tightening could threaten to tip economies into recession.US Fed decision impacts key policy rates across GCC
While Saudi apex bank has raised its repurchase rate by 75 bps to 3%, and its reverse repo rate by a similar margin to 2.50% to restore price stability and fight inflation. The central banks in the UAE, Qatar and Bahrain also raised their rates to 2.4%, 3% and 3.25%,...GCC central banks should hike rates to combat inflation: L’AZURDE CEO
Inflation is an opportunity for a company to review strategically the portfolio of plans it offers, says L'azurde CEO.US recession would be ‘necessary price’ to defeat inflation: IMF chief
With inflation rising sharply, and the Federal Reserve raising interest rates, the United States is facing an increased risk of a downturn, IMF Managing Director Kristalina Georgieva said Friday. But any temporary pain caused by a recession would be "a necessary price to pay" to defeat damaging inflation, she said.Bank of England hikes interest rate for fifth consecutive time
British economic output declined for the second month in a row in April, weighed down by rocketing prices that are causing a cost-of-living crisis for millions of Britons.Turkey’s inflation climbs to its highest level in 24 years
Turkey's inflation climbed to its highest level since 1998, hitting an annual 73.5 percent in May, official data showed Friday, an issue dogging President Recep Tayyip Erdogan ahead of elections next year. Critics have blamed the country's economic woes on Erdogan's unorthodox economic policy of pushing for lower interest rates...Spiralling inflation spurs GCC gold demand
Gold consumption in the GCC region reached 47 tons in the first quarter of 2022, up 18 percent from the prior year. UAE consumption reached 12.50 tons in Q1 2022.Aggrieved workers drop lawsuit against Bangladeshi Nobel laureate
More than 100 lawsuits had been filed against GT by workers, along with three contempt-of-court charges against Yunus and another manager.Fuel price fall by five percent as demand takes a hit
The pullback came as US Federal Reserve meeting minutes showed several officials at the central bank favoring a hike in interest rates by half a percentage point.Why GCC should heed Fed rate changes
Four Gulf Arab central banks followed in the footsteps of the US Federal Reserve and raised interest rates by a quarter percentage point for the first time since 2018.Equities rise as Powell soothes rate fears, oil presses higher
Traders were given a much-needed shaft of light on Wednesday when the Fed boss eased concerns over its plans for tightening policy.Turkey’s central bank governor fired over interest rates
Murat Cetinkaya, who was appointed to the role in April 2016, has been replaced by Murat Uysal, according to the decree published in the official gazette.European central bank honchos to wrestle with rising inflation
The ECB's 25-member governing council is widely expected to hold interest rates at historic lows and leave its massive bond-purchasing schemes unchanged at the upcoming meeting