Economy
The price of the US dollar rose against the Egyptian pound over the past few days, with one dollar worth 49.25 Egyptian pounds. Egyptian economic experts attributed the rise to recent regional developments. “The biggest factor affecting the price of the dollar against the pound is the remittances of
Economy
The World Bank on Monday said it was assessing the impact of events in Bangladesh on its loan program with the country after its Prime Minister Sheikh Hasina resigned and fled. Hasina’s exit came after hundreds of people were killed in a crackdown on demonstrations that began as protests
Economy
G20 financial leaders said on Friday the global economy was likely heading for a “soft landing,” but warned wars and escalating conflicts could endanger this outlook, while more global cooperation could make growth stronger. In a joint communique after a two-day meeting in Brazil, finance ministers and central bankers from
Economy
The United States sees no need to negotiate an international agreement on taxing the super-wealthy, US Treasury Secretary Janet Yellen said Thursday, highlighting divisions on a plan that is top of the agenda at a G20 finance ministers’ meeting in Rio de Janeiro. Taxing the ultra-rich is a key priority
Economy
The Indian economy is likely to remain the fastest-growing major one in coming years, but a majority of independent economists and policy experts polled by Reuters are not confident it will make any difference in narrowing stark economic inequality. Despite over 8 percent economic growth last fiscal year and a
Economy
British Prime Minister Rishi Sunak will promise voters “financial security” and tax cuts when he unveils his Conservative party manifesto on Tuesday, following a disastrous week that even led to rumors he might quit. “We Conservatives have a plan to give you financial security,” he will say, according to extracts
Economy
Oil prices ticked higher on Friday, as reassurance from Opec+ members Saudi Arabia and Russia indicated readiness to pause or reverse output agreements, but markets were headed for their third straight weekly loss. Brent crude futures rose 14 cents, or 0.2%, to US$80.01 per barrel and US
Economy
Global public debt rose to a record $97 trillion last year, the United Nations reported Tuesday, with developing countries owing roughly one-third of that — crimping their ability to pay for basic government services like health care, education and climate action. U.N. Trade and Development, formerly known as UNCTAD, said
Economy
The U.S. securities regulator on Wednesday urged U.S. lawmakers not to adopt a bill that aims to create a new legal framework for digital currencies, saying it would undermine existing legal precedent and put capital markets at "immeasurable risk." The U.S. House of Representatives is
Economy
The head of Turkey’s central bank raised its year-end inflation forecast on Thursday and vowed to maintain a tight monetary policy to rein in the country’s runaway consumer prices. Consumer price growth accelerated to 69.8 percent in April despite a series of interest rate hikes. Central bank
Economy
The UAE’s northern emirate of Ras Al Khaimah will bring high-tech electric air taxis to the skies by 2027, tourism chiefs announced at the Arabian Travel Market (ATM) on Tuesday. Electric air taxis – which will be able to carry multiple passengers - will be connected by vertiports across the
Economy
Up to 50,000 cars were damaged by the record rainfall and subsequent flooding in the UAE last month that left vehicles across the country submerged, according to a new report. The report from reinsurance broker Guy Carpenter said the estimated preliminary insured loss for vehicles damaged in the flood
Economy
The UN food agency’s world price index rose for a second consecutive month in April as higher meat prices and small increases in vegetable oils and cereals outweighed declines in sugar and dairy products. The Food and Agriculture Organization’s price index, which tracks the most globally traded food
Economy
Japan is concerned about negative effects of the weak yen, finance minister Shunichi Suzuki said on Friday, in a fresh warning to speculators as the currency fell further after the central bank’s widely expected decision to hold rates steady. The Bank of Japan kept policy settings unchanged following a
Economy
The International Monetary Fund’s loan program with Egypt should help the country gradually reduce its debt burden, an IMF official said on Thursday. “We gradually expect with implementation of the program, improvement of balance sheets, and increase in inflows that Egypt will be able to reduce and pay back
Economy
Britain’s economic output grew by 0.1 percent in monthly terms in February and January’s reading was revised higher, pointing to an exit from recession in early 2024, figures from the Office for National Statistics showed on Friday. Economists polled by Reuters had forecast a 0.1 percent