CAIRO – July 13, 2023: Egypt is seeking to boost the volume of remittances received from Egyptian expats by 10 percent year-on-year in the next 3 years to reach around $45 billion in 2026. This was revealed by Prime Minister Mostafa Madbouly in a recent press conference held in the New Administrative Capital. The conference […]
Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) have raised $1.25 billion in total from the sale of conventional and Islamic bonds, seizing a window of opportunity to raise debt amid a lull in regional issues. ADCB launched $500 million five-year senior unsecured bonds at 120 basis points (bps) over US treasuries, […]
Taiwan’s Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, it said on Monday in a setback to Prime Minister Narendra Modi’s chipmaking plans for India. Foxconn, the world’s largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in […]
China’s central bank extended its gold-buying spree into an eighth consecutive month, adding 23 tons in June. Now, the People’s Bank of China holds 2,330 tons of gold in its reserves, according to official data cited by Bloomberg. The gold stockpiling comes amid the country’s bid to erode the dollar’s global dominance as well as growing […]
Hong Kong will continue to develop as a global finance hub and should not just be viewed as China’s offshore financial centre even as it continues to ramp up efforts to support the internationalisation of the yuan, said Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority (HKMA). “Hong Kong remains the only gateway linking China to […]
A legendary investor whose expertise lies in major stock crashes says the market is heading toward a burst bubble, akin to the crises seen in 1929 and 2000. British billionaire Jeremy Grantham is cofounder of investment management company GMO, which reportedly handles a near $65 billion in assets. Grantham, estimated to be worth $1 billion himself, previously […]
Plug and Play’s commitment to maintaining high standards will not waver: CEO CAIRO: Silicon Valley-based investor Plug and Play Tech Center, renowned for its early investments in successful firms such as Dropbox and PayPal, is seeking to raise $100 million to support Saudi startups, Bloomberg reported. The venture capital firm is in discussions with Jada, a […]
There’s been a swath of bullish new predictions from Wall Street strategists and economists since first-quarter U.S. GDP growth was revised up last week, while multiple small business surveys have revealed that the backbone of the American economy remains robust. A “soft landing”—where inflation cools without the need for a job-killing recession—is now not only possible but likely, according to many experts. Even […]
Italian Prime Minister Giorgia Meloni on Wednesday criticised the European Central Bank’s hiking of interest rates to fight inflation, warning “the cure risks proving more damaging than the disease”. “The ECB’s simplistic recipe of raising interest rates does not appear to many to be the right way forward,” she said in a speech to parliament […]
Apple stock was up 1.2% when Wall Street opened Friday morning, valuing the company at $3.01 trillion, according to Bloomberg. To cement that historic milestone for the day, the technology giant will need to close at or above $190.73, according to Barron’s. Shares in Apple have risen roughly 47% so far this year, a sign of […]