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The largest cryptocurrency exchange in the world, Binance, has bailed out one of its biggest competitors, FTX, in a move that is being hailed as a huge upheaval in the cryptocurrency industry. A wave of withdrawals has decimated FTX, and Changpeng Zhao, CEO of Binance, is taking action to prevent a collapse of the cryptocurrency […]
The bond market will provide its opinion on Jeremy Hunt’s weekend revision of Prime Minister Liz Truss’ economic plan on Monday, providing an early test of his efforts to stop the crisis of confidence in her. On Friday, Truss fired Kwasi Kwarteng and appointed Hunt as her new chancellor of the exchequer in an effort […]
In order to combat inflation that is approaching a 14-year high, Singapore tightened its monetary policy for the fourth time this year as anticipated. However, it left the door open for additional policy action while highlighting risks to the economic and price outlook. The action by the Monetary Authority of Singapore (MAS) continues a coordinated […]
The United Nations Development Programme (UNDP) added its voice to the chorus of organisations and charities warning that a severe debt crisis is now settling in the world’s most underdeveloped regions. The warning comes as the World Bank and IMF convene in Washington this week amid growing concerns about a worldwide recession and a wave […]
To develop a buy-now-pay-later (BNPL) solution for both in-store and online businesses, Paymob, the omnichannel payments facilitator, and Tabby, the regional payments and shopping app, have partnered. Over 120,000 merchants in the North African nation use Paymob, which is supported by the Egyptian central bank. According to Tabby, there are more than 2 million users […]
According to a recent assessment from the Asian Development Bank, China’s economic growth this year will be weaker than that of the rest of emerging Asia for the first time in more than three decades due to COVID lockdowns. The group lowered its projection for China’s GDP in 2022 from 5.0% in April to 3.3% […]
Before a week packed with market vacations and central bank decisions from Washington to London to Tokyo, the dollar hovered close to a two-decade high on key rivals on Monday. The dollar index, which compares the value of the dollar to six other currencies, was 0.2% higher than Friday at 109.84, settling after a choppy […]
One of Kuwait’s largest privately-owned companies, Alghanim Industries Ltd., is looking to raise nearly $1 billion through a prospective IPO, according to sources with knowledge of the situation. According to sources, the family-run company, which has a history dating back more than 100 years, is collaborating with banks on the potential listing, including Credit Suisse […]
The GDP projections for the first quarter of the current fiscal year will be made public in a few days. According to the Reserve Bank of India’s most recent statement, growth will be 16.2% for the quarter. It predicts that the economy will expand by 7.2% for the entire year, which is somewhat less than […]
As part of the Dubai company’s development into technology, Emirati billionaire Hussain Sajwani’s Damac Group is looking at investment opportunities worth €1 billion in Germany. According to a statement released on Tuesday, the company is now “on a fact-finding journey in Germany to explore the market and perhaps discover mutually beneficial partners” for investment. Privately-held […]
Norway’s sovereign wealth fund, the world’s largest, lost 1.68 trillion Norwegian kroner ($174 billion) in the first half of 2022, as stock markets, in general, experienced a turbulent six months. The fund’s return on investment was a negative 14.4% from January to June, but it was still 1.14 percentage points higher than the return on […]
According to a new filing, Saudi Arabia’s sovereign wealth fund has invested hundreds of millions of dollars in multiple US enterprises, around $7.5 Billion. With such investments, the Gulf kingdom continues to seek economic diversification vigorously. At the conclusion of the second quarter, the market value of the sovereign fund’s investment portfolio was $40.8 billion. […]
