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US President Donald Trump said on Thursday he likely will make his first trip abroad to Saudi Arabia to seal an agreement for Riyadh to invest upwards of $1 trillion in the US economy, including purchases of military equipment. Talking to reporters in the Oval Office, Trump said he would probably travel there in the next month and a half. He noted that the first overseas trip of his first term was to Riyadh in 2017 to announce Saudi investments estimated then to be worth $350 billion. “This time, they’ve gotten richer, we’ve all gotten older,” said Trump. He said…
Trump signed orders expanding tariff exemptions for goods from Canada and Mexico this week Gold prices rose on Friday supported by heightened geopolitical tensions and a sharp decline in the U.S. dollar index. In the UAE, gold rates experienced a modest uptick today. The price for 24-carat gold increased by AED0.75, reaching AED350.25, while 22-carat gold saw a rise of AED1, bringing it to AED326. Additionally, 21-carat gold went up by AED0.75 to AED312.50, and 18-carat gold edged higher by AED0.50, now priced at AED267.75. Meanwhile, spot gold remained mostly stable at $2,913 per ounce, while April Gold Futures rose…
The Japanese yen rose in Asian trade on Friday against a basket of major rivals, extending gains for the third straight session against the dollar and about to touch five-month highs on strong haven demand. Yen’s gains are also boosted by a steep drop in US 10-year treasury yields as traders await the US payrolls report, expected to offer fresh pricing for the odds of a Fed rate cut. The Price The USD/JPY fell 0.35% today to 147.44 yen per dollar, with a session-high at 148.16. The yen rose 0.6% on Thursday against the dollar, hitting…
In a key development for Pakistan’s power sector, the government was planning to borrow Rs1.25 trillion from the banking sector to retire the circular debt, stated brokerage house Topline Securities in a report on Friday. Pakistan circular debt crisis is a significant challenge for the country’s energy sector and its broader economy. The circular debt refers to the cascading cycle of non-payments throughout the energy supply chain. “As per our channel checks and various news reports, presidents of the different commercial banks attended a meeting in Islamabad yesterday (Thursday) to discuss modalities of the Rs1.25 trillion borrowing being planned by…
Shares at the Pakistan Stock Exchange (PSX) continued their upward trajectory on Friday as the KSE-100 index gained more than 800 points in intraday trade. The benchmark KSE-100 index climbed 801.61 points, or 0.7 per cent, to stand at 114,514.78 from the last close of 113,713.17 at 12:06pm. Finally, the index closed at 114,398.69, up by 685.52 points or 0.6pc, from the previous close. Yousuf M. Farooq, director research at Chase Securities, said, “The market is upbeat following media reports that the government has convinced banks to lend Rs1.25 trillion at an interest rate of less than 11pc to clear…
Most analysts predict a seventh consecutive rate cut by the State Bank of Pakistan (SBP) on Monday, amid the first International Monetary Fund (IMF) review of a $7-billion bailout at the time of the lowest inflation in nearly a decade. The country could unlock a further tranche of funding if the IMF review is approved before the budget is unveiled in June, as it pursues economic reforms mandated by the IMF programme. The central bank’s easing cycle, one of the most aggressive among emerging markets, follows a series of rate cuts totalling 1,000 basis points (bps) over six months, which…
Attention turns to February’s nonfarm payrolls data for insights on the U.S. economy Oil prices moved little on Friday, hovering near their weakest levels for the year, and were also headed for steep weekly losses as fears of more U.S. trade tariffs battered markets. Concerns over increasing supply also dented oil prices this week, after the Organization of Petroleum Exporting Countries and allies (OPEC+) voted to increase production, albeit marginally. Data showing a bigger-than-expected build in U.S. oil inventories weighed on oil prices, especially as it came amid increasing fears of slowing fuel demand.Brent oil futures expiring in May rose…
Contact was lost minutes into the test flight as the spacecraft spiraled down and disintegratedNearly two months following an explosion that showered flaming debris over the Turks and Caicos, SpaceX conducted another substantial Starship rocket launch on Thursday. However, contact was lost minutes into the test flight as the spacecraft spiraled down and disintegrated.This time, remnants from the latest explosion were seen descending from the skies above Florida. It remains uncertain if the spacecraft’s self-destruct system activated to obliterate it. The 403-foot (123-meter) rocket lifted off from Texas. SpaceX successfully caught the first-stage booster back at the pad with massive…
Contact was lost minutes into the test flight as the spacecraft spiraled down and disintegratedNearly two months following an explosion that showered flaming debris over the Turks and Caicos, SpaceX conducted another substantial Starship rocket launch on Thursday. However, contact was lost minutes into the test flight as the spacecraft spiraled down and disintegrated.This time, remnants from the latest explosion were seen descending from the skies above Florida. It remains uncertain if the spacecraft’s self-destruct system activated to obliterate it. The 403-foot (123-meter) rocket lifted off from Texas. SpaceX successfully caught the first-stage booster back at the pad with massive…
Etihad Credit Insurance CEO discusses the importance of networking and strategic foresight A trailblazer in the finance field, H.E. Raja Al Mazrouei is currently at the helm of Etihad Credit Insurance (ECI) as its CEO. Since her appointment in late 2022, she has driven a digital-first approach, championed SME growth, and emphasized sustainable trade strategies to help boost the country’s trade finance landscape and its overall economic resilience.Her strategy is backed by years of experience, holding executive roles in renowned entities such as the Higher Colleges of Technology, Dubai Holding, National Bonds Corporation, Dubai International Financial Center (DIFC), and DIFC…