Author: Steven Sahiounie

Bitcoin, the world’s largest cryptocurrency, halted its downward rally and climbed beyond the $22,000 mark. During New York trade, BTC rose by up to 3.2% to $22,323, after dipping earlier in the day. Meanwhile, Ethereum, the second most valuable cryptocurrency, has also risen back above the $1,500 mark. According to Coinmarketcap statistics, the overall market value of all cryptocurrencies is $1.03 trillion, up 2.12% on the day. The increase in cryptocurrency prices followed the release of US Consumer Price Index (CPI) statistics for January, which showed a lower-than-expected decline in inflation. Additionally, the easing of concerns over cryptocurrency regulations has…

Whether you live in a city, a rural area or by the ocean, it’s likely you have noticed a decline in biodiversity. Maybe fewer birds visit your urban feeders, larger mammals are less common in the fields and forests around you, or your catches on those fishing trips are getting smaller. What we’re all witnessing is a potentially catastrophic loss of biodiversity on which entire ecosystems depend.Global efforts to protect nature In an ongoing effort to slow the destruction of nature, delegates at the 2022 United Nations Biodiversity Conference in Montreal, Canada, focused on reversing the rapid decline of animals,…

Dubai: Countries need collective investments across several initiatives to mitigate the risks and chaos that befell them every six months, and constant dialogue is key for this, said Abdulla bin Touq Al Marri, UAE Minister of Economy. Speaking on the sidelines of the second day of the World Government Summit in Dubai, the minister emphasised that the UAE, as a MENA region hub, seeks open dialogue with all partners. Al Marri highlighted how the UAE was quick to navigate the headwinds and keep the economy on track in the aftermath of the pandemic and the high oil prices, rising interest…

THOUGHTS OF THE RESERVE BANK GOVERNOR Reserve Bank governor Philip Lowe gave evidence to a Senate inquiry in Canberra on Wednesday. Showing empathy: “I get a lot of people writing to me at the moment telling me about their personal circumstances and it’s really, really tough, I understand that. I read those letters and hear those stories with a very heavy heart.” On why interest rates are rising: “Raising interest rates is always unpopular and it affects the whole community … but we keep doing our job and our job is to make sure inflation comes down and hopefully preserve…

RIYADH: Saudi Arabia’s minister of economy and planning participated in the Organisation for Economic Co-operation and Development ministerial meeting being held in Paris from Feb. 14-15. On the sidelines of the meeting, Faisal Al-Ibrahim met Helene Budliger Artieda, Swiss secretary of state for economic affairs. They discussed ways to enhance economic relations as well as the latest developments of mutual interest. He also met Peter Szijjarto, Hungarian minister of foreign affairs and trade, with whom he discussed bilateral relations. The ministerial meeting’s theme is “Promoting and enabling responsible business conduct in the global economy.” The OECD aims to address various…

Lael Brainard, the Fed’s vice chair, will become a top economic adviser along with Jared Bernstein, who would head the Council of Economic Advisers. WASHINGTON — President Biden said Tuesday that he had selected Lael Brainard, the vice chair of the Federal Reserve, to direct the National Economic Council, choosing a veteran economist to oversee his administration’s transition from passing big economic laws to carrying them out. Mr. Biden also chose Jared Bernstein, a longtime member of his inner circle dating back to Mr. Biden’s tenure as vice president, to be the next chair of the White House Council of…

The South American country, which has battled soaring prices for years, saw its annual inflation hit 98.8 percent. Argentina’s inflation rate has hit just shy of 100 percent, the government said on Tuesday, with savers feeling more pain from some of the world’s fastest-rising prices and workers’ budgets straining as costs outstrip salaries. The South American country, which has battled spiralling prices for years, saw monthly inflation speed up to 6 percent in January, in line with forecasts, while the annual figure hit 98.8 percent, the highest since hyperinflation in the 1990s. Gisella Saluzzo, 30, a doctor in Buenos Aires,…

BEIJING — China’s economic recovery is off to a modest start. Migrant workers have mostly returned to work after China’s biggest holiday of the year, and children went back to school this week. But preliminary data indicate overall growth isn’t roaring back on all cylinders yet, despite mainland China ending its Covid controls in early December. For example, official loan data for January showed year-on-year growth in loans to businesses, but a sharp drop in that to households. “The mixed data send a clear message that markets should not be too bullish about growth this year,” Nomura’s chief China Economist…

Brexit has dealt the UK economy a “productivity penalty” of £29bn, or £1,000 per household, a Bank of England policymaker has said. Jonathan Haskel, an external member of the Bank’s monetary policy committee, said a wave of investment “stopped in its tracks” in 2016 following the vote. He said the UK had “suffered much more” of a productivity slowdown than other large economies because of Brexit. The Treasury said it did not recognise Mr Haskel’s figures. The Bank of England declined to comment. Mr Haskel, who was interviewed by website newsletter The Overshoot, was asked why he thought the UK was an…

People in Nigeria have taken to sleeping outside banks. They want to be among the first in line to get notes from the cash machine once it is loaded up in the morning. A lack of newly designed naira notes has led to a cash shortage and a growing sense of anxiety among those desperate to get hold of their money in a country where 40% of the population don’t have bank accounts. The Supreme Court has even become involved and has ordered that the deadline to hand in old notes be extended but this has made little difference. People…