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U.S. President Donald Trump points as he attends the annual Friends of Ireland luncheon hosted by U.S. House of Representatives Speaker Mike Johnson (R-LA) at the U.S. Capitol in Washington, D.C., U.S., March 12, 2025. Evelyn Hockstein | ReutersU.S. President Donald Trump threatened Wednesday to hit back against Europe’s own retaliatory move to Washington’s 25% tariffs on steel and aluminum imports.As the latest tariffs went into effect Wednesday, the European Union (EU) announced it would impose counter-tariffs on 26 billion euros ($28.33 billion) worth of U.S. goods starting in April.Trump later said on Wednesday that he would respond to the countermeasures with additional…
U.S. Treasury yields were little changed on Thursday as investors awaited key data on wholesale prices.At 6:50 a.m. ET, the benchmark 10-year Treasury yield rose nearly 2 basis points to 4.335%. The 2-year Treasury yield was down just under 1 basis point at 4.001%.One basis point is equal to 0.01%, and yields and prices move in opposite directions.Investors are looking to the producer price index reading for February on Thursday, which measures the cost of producing consumer goods and is a good indicator of inflationary pressures. It will be released by the Bureau of Labor Statistics at 8:30 a.m. ET.Economists polled by Dow Jones expect…
The approval enables Ripple’s compliance-first global payments product to be accessible for businesses in the UAEEnterprise blockchain and crypto solutions provider Ripple has obtained approval from Dubai Financial Services Authority (DFSA) to deliver regulated crypto payments and services within Dubai International Financial Centre (DIFC). With this approval, Ripple will be the first blockchain-enabled payments provider licensed by the DFSA, Dubai Media Office reported.Commitment to Middle East and regulatory complianceThe move marks Ripple’s inaugural license in the Middle East, highlighting the company’s enduring commitment to the region and global regulatory compliance. The approval enables Ripple’s compliance-first global payments product to be…
The approval enables Ripple’s compliance-first global payments product to be accessible for businesses in the UAEEnterprise blockchain and crypto solutions provider Ripple has obtained approval from Dubai Financial Services Authority (DFSA) to deliver regulated crypto payments and services within Dubai International Financial Centre (DIFC). With this approval, Ripple will be the first blockchain-enabled payments provider licensed by the DFSA, Dubai Media Office reported.Commitment to Middle East and regulatory complianceThe move marks Ripple’s inaugural license in the Middle East, highlighting the company’s enduring commitment to the region and global regulatory compliance. The approval enables Ripple’s compliance-first global payments product to be…
In 2023, Scopely was acquired by Savvy Games Group, a subsidiary of Saudi Arabia’s PIF, for $4.9 billion Scopely Inc., supported by Saudi Arabia’s Public Investment Fund (PIF), has reached an agreement to acquire Niantic Inc.’s gaming division for $3.5 billion. This deal encompasses the widely popular mobile game Pokémon Go, alongside other notable titles like Pikmin Bloom and Monster Hunter Now, as well as the teams responsible for their development, according to a statement.In 2023, Scopely was acquired by Savvy Games Group, a subsidiary of Saudi Arabia’s PIF, for $4.9 billion. Despite being launched nearly a decade ago, Pokémon…
Bulls regained their control of the trading floor at the Pakistan Stock Exchange (PSX) on Thursday as shares gained more than 1,000 points. The benchmark KSE-100 index gained 1,009.70 points, or 0.89 per cent, to stand at 115,094.23 points from the last close of 114,084.53. Mohammed Sohail, chief executive of Topline Securities, said that investors were buoyed amid expectations that the International Monetary Fund (IMF) review “will be passed smoothly with old circular debt issue to be resolved with the support of banks”. Sana Tawfik, head of research at Arif Habib Limited, attributed the bullish momentum to Moody’s changing the…
Samba Bank Limited, a subsidiary of the Saudi National Bank of the Kingdom of Saudi Arabia, has announced plans to convert from a conventional to an Islamic bank. The bank disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday. “The board of Samba Bank Limited has, in-principle, approved the plan to convert from conventional to Islamic bank,” read the notice. In this regard, the bank further informed that the tentative plan of conversion from conventional to Islamic bank will be submitted to the State Bank of Pakistan (SBP). The development comes as Islamic banking in…
Canada stands as the largest foreign supplier of steel and aluminum to the U.S.Canada is set to impose retaliatory tariffs on U.S. imported goods valued at CAD29.8 billion ($20.7 billion) starting March 13. This decision comes in response to U.S. President Donald Trump’s steel and aluminum tariffs, as stated by Canada’s Finance Minister Dominic LeBlanc.Trump’s heightened tariffs on steel and aluminum imports came into force on Wednesday, coinciding with the expiration of prior exemptions, duty-free quotas, and product exclusions. This move is part of his strategy to shift global trade standards in favor of the U.S.Canada’s role in steel and…
Pakistan and Danish officials this week reviewed the progress of Denmark’s $2 billion investment in the South Asian country’s maritime sector. As per a statement, the development occurred during a high-level meeting between Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry and the Ambassador of the Kingdom of Denmark to Pakistan, Jacob Linulf. During the meeting, both sides discussed the implementation of the $2 billion investment plan under the Memorandum of Understanding (MoU) signed last year between Pakistan and Denmark, read the statement. Ministry assures Maersk of ‘full support’ as Pakistan seeks $2bn investment from Danish company The investment…
CBUAE reported M1 money supply rose 2.3 percent to $257.7 billion by December 2024 The Central Bank of the UAE (CBUAE) has revealed that gross banks’ assets, which include bankers’ acceptances, increased by 2.4 percent, rising from AED4,451.4 billion at the end of November 2024 to AED4,560.0 billion ($1.24 billion) by the end of December 2024. Meanwhile, gross credit experienced a modest increase of 0.8 percent, moving from AED2,163.4 billion at the end of November 2024 to AED2,181.1 billion at the end of December 2024. This rise in gross credit was primarily fueled by an 8.3 percent increase in foreign…