The Federal Reserve resumed raising interest rates and chair Jerome Powell left open the possibility of further hikes, which he emphasized will depend on incoming data that has recently signalled a resilient US economy. After pausing rate increases in June, policymakers lifted borrowing costs again at their policy meeting on Wednesday for the 11th time […]
Mohamed Maait, the Minister of Finance, said that the Customs Authority has released imported goods, merchandise, and products at various ports and custom outlets worth $131bn in 21 months, until the end of last June, out of a total of $136.4bn worth of goods. Goods worth $3.5bn that have not been yet exported as they […]
LONDON (Reuters) – The Bank of England forecast on Tuesday that it would make a net loss of just over 150 billion pounds ($193 billion) over the next 10 years as it unwinds its quantitative easing (QE) gilt purchases, up from 100 billion pounds projected in April. That loss will need to be funded by […]
RIYADH: Visitors to AMAALA, one of the world’s most well-preserved natural environments in Saudi Arabia’s Red Sea, will soon experience a new resort with a focus on sports, fitness and lifestyle. The Public Investment Fund-owned Red Sea Global and US firm Equinox are joining hands to establish Equinox Resort AMAALA, according to a statement. “AMAALA brings […]
The Central Bank of Egypt (CBE) signed two Memorandum of Understanding (MoU) with the Central Bank of Nigeria (CBN) to expert exchanges in the areas of fintech, innovation, e-payment solutions, and financial inclusion. The collaboration aims to leverage both countries’ knowledge and experience to drive breakthroughs in their respective financial technology sectors, the central bank […]
SINGAPORE – Smaller firms that rely on export markets took a hit in the second quarter, while those that deal more with domestic consumers fared better, a new report noted. An index compiled by OCBC Bank using data on more than 100,000 small and medium-sized enterprise (SME) customers came in at 49 points in the […]
The Federal Reserve’s top banking regulator expressed caution Tuesday about the impact that artificial intelligence can have on efforts to make sure underserved communities have fair access to housing. Michael S. Barr, the Fed’s vice chair for supervision, said AI technology has the potential to get credit to “people who otherwise can’t access it.” However, […]
LONDON: Britain’s annual inflation rate slowed more than expected in June as it dropped below 8 per cent, official data showed on Wednesday (Jul 19), easing the country’s cost-of-living crisis. The Consumer Prices Index rose by an annual rate of 7.9 per cent, down from 8.7 per cent in May as food price inflation eased, […]
RIYADH: Saudi Arabia’s corporate leadership is reinforcing its position in international boardrooms, with Amin Nasser, CEO of the Saudi Arabian Oil Co., joining the board of the world’s largest asset manager BlackRock Inc. According to an announcement by the US-based monolith on Monday, Nasser will join the board as an independent director replacing Bader Al-Saad, […]
Tesla is returning to the US asset-backed securities market for the first time in over a year, with a $1 billion prime auto-lease transaction, a sign of how credit markets are starting to recover. The electric-vehicle maker is in the pre-marketing stage for the deal, according to a person familiar with the matter, who is […]