Author: Steven Sahiounie

ABU DHABI, 29th December, 2022 (WAM) — The year 2022 has undoubtedly been an active year for the UAE, which was the stage for a series of key events, resolutions and distinguished achievements, further driving the country’s sustainable development march.With the new year just around the corner, the Emirates News Agency (WAM) produced a report highlighting the UAE’s major achievement in 2022.January saw two major milestones: the implementation of the new weekend in the UAE, and the establishment of the first space economic zone in Masdar City.In February, the UAE announced the gradual relaxation of operational capacity restrictions on activities…

Users are still seeking to move their funds away from centralized exchanges, paving the way for blockchain-based alternatives to thrive.Cryptocurrency had its Lehman moment with FTX — or, perhaps, another Lehman moment. The macroeconomic downturn has not spared crypto, and as November rolled around, nobody knew that we were in for the collapse of an empire worth billions of dollars.As the rumors of bankruptcy began to take hold, a bank run was inevitable. Sam “SBF” Bankman-Fried, the once effective altruist now under house arrest, continued to claim that assets were “fine.” Of course, they were not. From Genesis to Gemini, most major…

There’s an expression crypto enthusiasts use, with fingers crossed, in the hopes a particular digital currency’s value will blast off: “To the moon!”Much of crypto did graze the stratosphere at the start of 2022, when enthusiasm was astronomically high, but a few months later it all came crashing back down to Earth.Bitcoin’s value is roughly a fourth of what it was a year ago, and the industry is just starting to grapple with the fallout from the catastrophic implosion of the cryptocurrency exchange FTX.In the future, 2022 may be regarded as a turning point for the world of virtual currencies,…

The global crypto market fell 0.30 per cent to $797.77 billion in the last 24 hours to Thursday evening, as cryptocurrencies saw subdued gains amid volatile trading.The cryptocurrency prices moved up and down amid volatile trading on Thursday, December 29. Bitcoin (BTC) plunged nearly 3 per cent, while Ethereum (ETH) and Binance (BNB) saw marginal gains.The broader market fell 0.30 per cent to $797.77 billion. The trading volume also decreased by 2.15 per cent to $29.02 billion in the last 24 hours, according to Coinmarketcap.com at 5:30 pm.BitDAO (BIT) was the top gainer with an increase of 19.50 per cent,…

Test awaits in 2023 as inflation-fighting rate hikes put focus on mortgage servicingA coastal Sydney suburb. Australia’s AU$9.4 trillion housing stock is worth more than four times the size of its gross domestic product.   © ReutersPRASHANT MEHRA, Contributing writerDecember 12, 2022 11:32 JSTSYDNEY — Australia’s pivotal housing sector is turning into a double-edged sword for its central bank, which has repeatedly talked about a narrow path toward achieving a “soft landing” for the economy in its battle against inflation.A key to that goal is how households, which hold nearly 2 trillion Australian dollars ($1.35 trillion) of housing debt, respond to a succession…

Companies say they can no longer provide coverage to clients because reinsurers are exiting the region amid the conflictA group of companies known as P&I (protection and indemnity) clubs that offer insurance for the majority of the world’s ocean-going ships will stop providing war risk coverage in Russia, Ukraine and Belarus from January 1, according to notices on the groups’ websites.The notices said the insurers will no longer cover any loss, damage, liability, cost or expense “caused by or arising from or in connection with any Russia-Ukraine conflict and/or any expansion of such conflict.” At least 12 of the 13…

Analysts say the decline is due to unseasonably mild weatherNatural gas prices in the EU fell this week to levels not seen since before the start of Russia’s military operation in Ukraine, data from the London Intercontinental Exchange (ICE) shows.The costs of front-month natural gas futures on the TTF hub in the Netherlands plunged in recent weeks to below €77 ($81.91) per megawatt hour (MWh) in household terms, a level not seen since February. They were trading at around €81.5 ($86.73) on Thursday morning.At their peak in August, European gas prices topped €345 ($367) MWh, sending household energy bills soaring…

Oil price cap will backfire – economistCountries that support the measure will have a difficult time trying to substitute lost Russian supplies, Mamdouh Salameh saysWestern countries have failed in their attempts to stem the surge in global oil prices with the price cap on Russian crude exports, Mamdouh Salameh, a prominent oil economist and World Bank energy consultant, told Oilprice news outlet this week.According to Salameh, none of the major oil-producing countries would agree to sell their crude at a price much lower than the market average, which would effectively deprive the West of oil supplies.“The Western price cap on…

By 2026, India’s digital economy is expected to be worth $1 trillion. Data protection bill paving the way?India is one of the fastest-growing digital economies in the world. While there have been numerous talks about a $1 trillion digital economy we need to first understand what a digital economy entails. A digital economy is one that is reliant on the usage of digital technologies, infrastructure, services and Data. The inclusion of digital technologies has changed the nature of infrastructure required to support related services and processes. carrying a criminal penalty of up to 10 years of imprisonment. The digital data protection bill…

Expert estimates long COVID could cost economy $3.7 trillionThe costs of COVID-19 just keep climbing. According to an article from CNBC, long COVID could end up costing the economy over $3.7 trillion dollars, and the yearly average medical costs will be around $9,000 per patient.The estimates come from David Cutler, an economist from Harvard University. He based his estimates partly on previous research on chronic fatigue syndrome, which closely mirrors COVID-19 both in symptoms and treatment options, CNBC reports. Cutler’s total $3.7 trillion estimate includes a combination of costs related to reduced quality of life, reduced earnings, and increased medical expenses for…