Thailand expects to attract 2.9 million arrivals and billions of dollars in revenue from a Chinese tourism boom as a result of a new five-month holiday period visa exemption program, part of a bid to help strengthen the nation’s wobbly economic recovery. The Southeast Asian nation has already seen a strong response after temporarily waiving […]
Kenya’s cabinet on Tuesday ordered all ministries and state departments to cut 10% of their operational budgets for the 2023/24 (July-June) fiscal year, the presidency said. The East African nation is facing deepening economic challenges due to growing debt repayments, rising interest rates and high taxes that have curbed consumer demand. “As part of the […]
The end to Saudi Arabia’s oil production cuts may be closer than investors anticipate, Bob McNally, founder of the Rapidan Energy Group, told Bloomberg TV on Thursday. US crude prices hit their highest level for the year this week, but pulled back Thursday to $92.51 a barrel. Still, some in the industry have warned of […]
FinTech companies and those investing in hiring “top talent” are dominating the list of the best start-ups in the UAE and Saudi Arabia this year, as revealed by professional network LinkedIn. Strong government support and a push towards innovation has further boosted start-ups in the Arab world’s two largest economies, the company said in its […]
The China-backed Asian Infrastructure Investment Bank (AIIB) has set up its first overseas office at the Abu Dhabi Global Market (ADGM). A first of its kind outside the AIIB headquarters in China, the operational office will serve as a strategic destination in the Middle East and the world. It marks a milestone in the partnership […]
The dollar hit a 10-month high on Wednesday, pushing the euro to an almost nine-month low and keeping the yen in intervention territory, as investors bet that the United States economy will fair better with higher interest rates than competitors. U.S. Treasuries stabilized after their recent heavy selloff, though yields remained near 16-year peaks, keeping […]
Salt Asset Management (SAM) is no longer permitted to render any financial services to any financial customers and on behalf of any financial product provider after the Financial Sector Conduct Authority (FSCA) withdrew its operating licence. The watchdog confirmed in a statement on Friday that its withdrawal of SAM’s licence – in terms of section […]
After the first weekly loss in four, oil bulls will be raring to push crude oil towards the higher $90s, while top buyer China again faces its recurring bogeyman — an ailing property sector — that’s weighing on its stock market. Over in the United States, the spotlight will be on speeches by several Federal […]
The South African Reserve Bank (SARB) held its key interest rate steady on Thursday, but policymakers cited continued risks to the inflation outlook. The central bank kept its main lending rate unchanged at 8.25%, the second meeting in a row that the bank has left its repo rate on hold. Nearly all analysts polled by […]
Emerging market stocks recovered from a four-day losing streak at the end of a week packed with major central bank decisions, while the Indian rupee firmed after JPMorgan’s plans to include the country’s local bonds in its debt index. MSCI’s index for emerging market equities .MSCIEF rose 0.8% by 0853 GMT on Friday, bouncing off […]