Browsing Category
Economy
Biden, McCarthy reach tentative deal to raise debt ceiling
President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation’s legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous US…
US money market funds see big inflows amid debt ceiling caution
US money market funds saw big inflows in the week to May 24 as investors favored safer bets ahead of a deadline for politicians to agree an increase in the country’s debt ceiling, according to Reuters.
According to Refinitiv Lipper data,…
Turkiye’s forex reserves turn negative ahead of critical runoff vote
As Turkiye heads to a critical runoff vote to determine the nation’s president on Sunday, the central bank’s net foreign exchange reserves turned negative for the first time since 2002, dropping to minus-$151.3 million on May 19, due to…
Oil Updates — crude falls on conflicting OPEC+, Russia messages amid stronger dollar
Oil prices softened in early trade on Friday, weighed down by conflicting messages from Russia and Saudi Arabia ahead of the next policy meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, and a…
Qatar’s economy bolstered by non-oil activities, says PM
Qatar, along with other Gulf countries, is seeing significant growth in non-oil activities as the region diversifies and seeks independence from oil, as shown by figures highlighted by the country’s prime minister.
Prime Minister Sheikh…
Qatar hopes to attract foreign asset managers through its new market-making program
Qatar is set to attract foreign asset managers as its sovereign wealth fund dedicates up to 1 billion Qatari riyals ($275 million) toward a market-making program.
The program will promote price discovery and diversify the country’s…
UK economy to avoid recession but inflation still a worry, IMF says
The British economy will avoid falling into recession this year, according to upgraded growth forecasts Tuesday from the International Monetary Fund.
In its latest assessment of the UK economy, the Washington-based fund said domestic…
UAE, Egypt bid to boost investment partnerships
The UAE International Investors Council has signed a memorandum of understanding with the Egyptian-Emirati Business Council to enhance existing investment partnerships, the Emirates News Agency reported on Monday.
The memorandum aims to…
TAQA to invest over $3bn in Uzbekistan’s power sector
Uzbekistan’s power sector is set to receive a major boost after the UAE-based utilities firm Abu Dhabi National Energy Co. announced plans to invest over $3 billion in new and existing power plants.
Also known as TAQA, the Abu Dhabi…
UAE firm eyes huge opportunities in Saudi mobility sector
Saudi Arabia’s mobility sector is set to benefit from the collaboration of the Public Investment Fund-backed iot squared and UAE-based AHOY Technology as the former will obtain software licensing and resale rights of IT products offered by…