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Markus Söder (l-r), Chairman of the CSU and Minister President of Bavaria, Friedrich Merz, candidate for Chancellor of the CDU/CSU, Chairman of the CDU/CSU parliamentary group and Federal Chairman of the CDU, Lars Klingbeil, Chairman of the SPD parliamentary group and Federal Chairman of the SPD, and Saskia Esken, Party Chairwoman of the SPD, hold a press conference on the exploratory talks between the CDU/CSU and the SPD.Kay Nietfeld/dpa | Picture Alliance | Getty ImagesGermany’s prospective fiscal U-turn could prove transformational for the country’s struggling economy and for European defense — but Berlin lawmakers don’t have much time to make…

The European Central Bank is expected to cut interest rates for the second time this year at its Thursday meeting, but disagreement among policymakers may be set to increase amid tariff uncertainty and a potential ramp-up in regional defense spending.Markets had on Wednesday fully priced in a quarter-point rate cut for the March meeting, taking the ECB’s key rate to 2.5% — down from its peak of 4% in the middle of last year. A further reduction to 2% by the end of the year was also priced in.A relatively swift pace of monetary easing has been expected over the…

Tesla’s CEO accuses OpenAI of straying from its mission to prioritize corporate gain over humanityA U.S. judge has rejected billionaire Elon Musk’s plea for a preliminary injunction to halt OpenAI’s shift to a for-profit model, while also agreeing to expedite a trial set for this fall. This marks the latest development in the high-stakes legal battle.Musk does not meet “the high burden required for a preliminary injunction” to prevent OpenAI’s conversion, stated U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California. However, Rogers emphasized in her order that she aims to resolve the lawsuit swiftly due to “the public interest…

Authority will bolster Saudi Arabia’s investment landscape and aims to consolidate the Kingdom’s position as a world-class investment hubSaudi Arabia’s cabinet approved the formation of the Investment Marketing Authority in its latest meeting, marking a major milestone in the country’s efforts to attract additional foreign direct investment and diversify its economy away from oil.In a statement following the authority’s approval, Investment Minister Khalid Al-Falih thanked the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for the Cabinet approval of…

Gold holdings in foreign currency reserves reached approximately $11.851 billion in February, up from $11.416 billionThe net foreign reserves at the Central Bank of Egypt (CBE) have risen to $47.393 billion by the close of February, in comparison to $47.265 billion at the end of January of the same year, indicating an increase of $128 million.According to the CBE data, the worth of gold holdings within the foreign currency reserves reached approximately $11.851 billion in February, up from around $11.416 billion at the end of January.The data revealed that the total volume of foreign currencies within the reserves stood at…

The government briefing that Rachel Reeves will make large spending cuts this month is very significant, in several different ways.First, it confirms what had been rumoured – that the Office for Budget Responsibility (OBR), the independent forecaster, believes that the chancellor’s ‘headroom’ has been eliminated. This is the £10bn worth of leeway which, as of last October, the OBR believed the government had before breaking its self-imposed borrowing rules.Why has that headroom disappeared? The government’s clear view is that this is because of global factors – tariffs being imposed by President Trump, broader uncertainty emanating from the new US administration,…

The year 2025 will see AI make greater strides as tech companies learn from their initial forays into the new techChatGPT, launched a little over two years ago, has made artificial intelligence (AI) a household name. Not only has AI deeply embedded itself in our homes and offices, it has also divided the community. On one hand, it’s a phenomenal enabler that has saved millions in both man-hours and resources. But on the other, it has raised concerns about ethics, as well as the penetration of fake news and content.While experts debate and worry over the advancements in AI, one…

Judge Miran’s appointment comes days after Sheikh Mohammed presided over the swearing-in ceremony of 34 new judges appointed to the Dubai CourtsIn his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has issued Decree No. (12) of 2025, appointing Judge Omar Mohammed Miran, Senior Cassation Judge, as Deputy Director of Dubai Courts. The Decree is effective from the date of its issuance and will be published in the Official Gazette.Judge Miran’s appointment comes days after Sheikh Mohammed presided over the swearing-in ceremony of 34 new judges…

The parties will share expertise and consider SACE’s $3 billion support for PIF-led projects Saudi Arabia’s Public Investment Fund (PIF) and SACE, the Italian insurance and financial group wholly owned by the Italian Ministry of Economy and Finance, today revealed the signing of a memorandum of understanding (MoU) aimed at reinforcing their bilateral partnership. Under the terms of the MoU, the two parties will collaborate on sharing information and business expertise, focusing on strategic sectors, while also considering SACE’s provision of support for up to an additional $3 billion for financing projects spearheaded by PIF and its portfolio companies.The signing…

The Japanese yen dropped in Asian trade on Wednesday on track for the second straight loss against the dollar, moving away from five-month highs on profit-taking.   Recent bullish remarks from some Bank of Japan officials hurt the odds of a Japanese rate hike in March as markets now await more data.   The yen is also pressured by higher US 10-year treasury yields before a series of important US labor data.   The Price   The USD/JPY pair rose 0.25% today to 150.18 yen per dollar, with a session-low at 149.57.   The yen lost 0.2% on Tuesday against…