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The British economy shrank in the second quarter of 2022 as the country’s cost-of-living issue took hold. Official numbers released on Friday revealed that GDP fell by 0.1% quarter on quarter in the second three months of the year, less than the 0.3% drop predicted by economists. It follows a 0.8% increase in GDP in […]
As part of its Guarantee Scheme, the Mohammed Bin Rashid Innovation Fund (MBRIF) has offered financing support to Bayzat, the UAE’s top employee benefits platform. MBRIF is a UAE Ministry of Finance (MOF) programme to foster national innovation. Bayzat, a digital startup that helps businesses to better respond to workers’ requirements and generate savings in […]
In an effort to increase its contribution to the emirate’s economy by 2030, the Dubai International Financial Centre is establishing a Global Family Business and Private Wealth Centre. The DIFC Authority’s board of directors has authorised the world’s first business centre, which will be formally opened next month, on September 1. The centre will bring […]
The Federal Reserve warned on Wednesday that it would not back down in its fight against the most severe outbreak of inflation in the United States since the 1980s, even if it means a “sustained period” of economic weakness and a weakening labour market. The Fed’s 75-basis-point rate hike announced on Wednesday, together with previous […]
The European Central Bank (ECB) is expected to raise its base rate by 0.25 percentage points on Thursday. The bank raised its interest rates for the first time in 11 years, but it also risks falling behind as peers continue to combat inflation. The eurozone’s interest rates were last hiked in 2011. The future is […]
Abu Dhabi Commercial Bank (ADCB) has joined the Arab Monetary Fund’s (AMF) Buna system to give its clients an expanded regional cross-border payments system. This is a part of the bank’s digital transformation agenda. Buna is a cutting-edge cross-border payments platform for the Arab area that enables financial institutions and central banks to make and […]
Credit Suisse announced today that Roger Suter, presently Regional Head Central Switzerland, would succeed Serge Fehr as Head of Private Banking, Switzerland on August 1, 2022. Roger Suter joined Credit Suisse in 1993 and was promoted to his present position in 2012. André Helfenstein, CEO of Credit Suisse (Switzerland) Ltd., commented: “Private Banking Switzerland is […]
After a grace period on two international bond payments expired on Sunday night, Russia may be facing its first big foreign debt default in almost a century. A total of $100 million in interest payments were due on May 27 and were subject to a grace period that ended on Sunday night. Several media sites […]
Cybersecurity attacks are a persistent issue, particularly for Middle Eastern businesses and organizations. These threats can halt operations, damage a company’s reputation, and result in costly legal action. The more technology a company relies upon, the more vulnerable it is to cyberattacks and challenges. Hackers are increasingly focusing on Middle Eastern firms that are converting […]
The ruble reaffirmed its unusual standing as the world’s best-performing currency this week, surging to multi-year highs. The ruble has roared back after plummeting in the weeks following Russia’s invasion of Ukraine, which provoked broad international sanctions aimed at damaging the Russian economy. On Wednesday, the Russian ruble reached 52.3 per dollar, a 1.3% rise […]
Revlon Inc declared Chapter 11 bankruptcy after being unable to handle its massive debt burden in the face of a supply chain crisis and rising inflation. The cosmetics conglomerate requested judicial protection in the Southern District of New York in late April, with assets reaching $2.3 billion. According to court documents dated June 15, the […]
Following the US Federal Reserve’s largest interest rate rise since 1994, the Central Bank of the UAE (CBUAE) has decided to boost interest rates. The Fed increased interest rates by three-quarters of a percentage point on Wednesday. While announcing the interest rate hike, US Federal Reserve Chairman Jerome Powell said that the US central bank […]
