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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…

Emirates has been serving Malta since 2003 and currently operates a daily flight using a Boeing 777-300EREmirates announced today that it signed a memorandum of understanding with the Malta Tourism Authority to enhance inbound tourism through collaborative marketing efforts. Under this strategic alliance, the airline will leverage its expansive global network to promote Malta as a premier leisure destination.Key initiatives will include organizing media familiarisation trips from key target markets to showcase Malta’s unique appeal as a Mediterranean gateway. The two entities will also explore joint advertising campaigns and collaborations with tour operators and travel agents to develop compelling promotional…

A delay in the audit process of state institutions has worried the International Monetary Fund (IMF), Auditor General of Pakistan (AGP) Ajmal Gondal told a meeting of the Publics Account Committee (PAC) on Wednesday. The development comes as discussions began this week between the IMF and Pakistan for the first biannual review of the $7 billion Extended Fund Facility to address governance and corruption vulnerabilities. While addressing today’s meeting, AGP Gondal disclosed that the IMF had expressed its concerns over nearly 600,000 pending audit paras. “The IMF has demanded early settlement of audit cases of institutions,” Gondal said, adding that…

Pakistan is “likely to pass” the ongoing first review of its $7 billion Extended Fund Facility (EFF) programme with the International Monetary Fund (IMF), Bloomberg reported citing officials and diplomats familiar with the matter. The report said that the country has made enough progress to raise revenue. As per the report, Pakistan has taken key steps, including “approved a law to tax agricultural income, attempted to sell a stake in state-owned Pakistan International Airlines (PIA) and taken steps to meet an ambitious tax target, and have presented these developments to the IMF”. It noted that the IMF office in Islamabad…

As Pakistan moves toward formalizing its stance on cryptocurrency, the government has appointed Bilal bin Saqib as the Chief Advisor to the Finance Minister for the Pakistan Crypto Council. The move comes as Pakistan seeks to reaffirm its commitment to embracing technological advancement while ensuring sound policy measures that support the national economy, digital transformation, and a secure, transparent financial system for all, read a statement released by the Finance Division on Wednesday. As per the statement, Saqib, recognized by Forbes, is a Web3 investor, strategic advisor, and thought leader in the blockchain space is also the recipient of the…