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Bitcoin tumbled over 7.5% on Friday and resumed the losses while piercing the important barrier of $80,000 and plumbing three-month lows, on track for the heftiest monthly loss since 2022 on risk aversion.   The crypto market is still tense amid a lack of positive stimuli, while US stocks continue to tumble on Wall Street, led by the tech sector.   Prices   Bitcoin tumbled over 7.5% at Bitstamp today to $78,018, the lowest since November 10, with a session-high at $84,798.   On Thursday, bitcoin rose 0.7%, the first profit in five days on quick short-covering.   Crypto Market…

With President Donald Trump planning to escalate his trade war this week with new tariffs on Canada, Mexico and China, the outsized role that Elon Musk is playing as one of the president’s closest advisors and leader of the Department of Government Efficiency is jeopardizing Tesla and other companies in his diverse business empire.The planned 25% tariffs on Canada and Mexico — America’s two biggest trading partners — were suspended for 30 days by the White House after both countries made concessions and the U.S. stock market nosedived. But the tariffs are now back, scheduled for implementation on Tuesday, according…

Startups in Saudi Arabia raised $250.3 million across 25 deals last month, leading the region in fundraisingThe MENA region’s startup ecosystem saw a remarkable surge in activity last month, recording a significant influx of investment, with startups raising a total of $494 million across 58 deals. This impressive figure represents a nearly fivefold increase compared to the investment amount secured in the same month of the previous year.In January, debt financing constituted 90 percent of the total investment. However, February saw a significant drop in debt financing, which made up only 15 percent of the total investment that month. Excluding debt…

Ericsson has also tied up with regional players to build efficient solutions and reduce energy consumptionSwedish networking and telecom giant Ericsson will be showcasing its energy-efficient 5G solutions at MWC Barcelona, 2025, as it remains committed to its net-zero targets. Speaking to Economy Middle East, Fida Kibbi, head of Marketing, Communications, Sustainability and Corporate Responsibility at Ericsson Middle East and Africa, highlights the importance of regional initiatives and partnerships in helping the ICT industry get on track to meet its sustainability targets. She also outlines initiatives at Ericsson to encourage more women to pursue careers in the field.Edited excerpts:What are…

UAE-based issuances ranked second, with $38.5 billion through 109 issues, representing 26 percent of the marketPrimary debt issuances of bonds and sukuk in the Gulf Cooperation Council (GCC) region amounted to $147.9 billion through 296 issuances during 2024, a 55.1 percent increase from 2023. The total value of primary issuances during the last quarter of 2024 was $21.2 billion compared to $15.9 billion during the last quarter of 2023.In its latest fixed income report, the Kuwait Financial Center “Markaz” revealed that Saudi-based issuances led the GCC during 2024, raising $79.5 billion through 79 issuances, up from $52.5 billion in 2023, an…

China may introduce a round of retaliatory tariffs against the United States if Washington follows through on threats to raise duties on Chinese imports by another 10 per cent, Goldman Sachs has predicted.Meanwhile, Beijing is likely to supplement the tit-for-tat duties with a broader mix of economic measures to protect its exporters from the latest round of US tariffs, which are due to go into effect on Tuesday, analysts told the Post.US President Donald Trump announced on Thursday that his administration would hike tariffs on all Chinese imports by a further 10 per cent, following a similar move last month,…

Global oil prices fell in European trade on Friday, resuming losses and about to hit 11-week lows, and on track for the heftiest monthly loss since September 2024 amid mounting concerns about Trump’s tariffs and their impact on the global economy.    Prices are also pressured as Iraq prepares to resume crude exports from Kurdistan, which overshadowed a surprise drop in US crude stocks last week.   Prices   US crude fell 1.1% today to $69.2 a barrel, with a session-high at $70.145.   Brent fell 0.9% to $72.61 a barrel, with a session-high at $73.41.   On Thursday, US…

In Riyadh, the villa market has seen steady growth, with average prices now approaching SAR6,000 per square meterSaudi Arabia’s real estate sector has doubled its contributions to the country’s economy last year from 5.9 percent in 2023 to around 12 percent in 2024. This surge was supported by new legislation streamlining regulations, including over 20 new regulations that aim to facilitate development and boost investor confidence.In its latest Saudi report, CBRE Middle East noted that this growth is reflected in various metrics with 192 real estate project licenses issued in 2024, whilst the construction sector added 3,800 new licenses, a…

LONDON — The European Union is expected to announce “concrete” measures on boosting defense financing this week, sources told CNBC, as Europe and the United States clash over support for Ukraine.The 27 EU leaders will gather in Brussels on Thursday for a meeting dedicated to defense and support for Ukraine. It follows two particularly tense moments in U.S.-Europe relations: Vice President JD Vance’s speech in Munich in mid-February when he criticized European leaders; and the on-the-record clash between the U.S. administration and Ukrainian President Zelenskyy in the Oval Office on Friday.European leaders are trying not to alienate President Donald Trump…

Global oil prices fell in European trade on Friday, resuming losses and about to hit 11-week lows, and on track for the heftiest monthly loss since September 2024 amid mounting concerns about Trump’s tariffs and their impact on the global economy.    Prices are also pressured as Iraq prepares to resume crude exports from Kurdistan, which overshadowed a surprise drop in US crude stocks last week.   Prices   US crude fell 1.1% today to $69.2 a barrel, with a session-high at $70.145.   Brent fell 0.9% to $72.61 a barrel, with a session-high at $73.41.   On Thursday, US…