Author: Steven Sahiounie

WASHINGTON – Six months ago the world’s major central banks were primed for a move that anyone with a credit card or hoping to buy a home or run a business would cheer: A global shift to lower interest rates that would make borrowing cheaper and loans more available across the board.

Goldman Sachs has raised its 2024 year-end target for the S&P 500 Index to 5,600 from 5,200 earlier, citing strong earnings growth by five mega-cap U.S. tech stocks and a higher fair value price-to-earnings ratio multiple.

LONDON – Shares steadied on Monday while the euro remained on the defensive amid political turmoil in Europe, as investors look for direction from a string of central bank meetings in the region this week as well as fresh U.S. economic data.

(TAP) – Net foreign currency assets stood at TND 23.3 billion, or 107 days of imports, on June 14, 2024, compared with TND 22.7 billion (98 days of imports) a year earlier, according to monetary and financial indicators published recently by the Central Bank of Tunisia (BCT).

Supplies of most of the world’s major food commodities are expected to be adequate in 2024/25, although extreme weather, rising geopolitical tensions, sudden policy changes and other factors could all potentially tip the delicate global demand-supply balances

Minneapolis Federal Reserve President Neel Kashkari on Sunday said it’s a “reasonable prediction” that the U.S. central bank will cut interest rates once this year, waiting until December to do it.

RIYADH: In Saudi Arabia’s vast agricultural terrain, a transformative shift is occurring, driven by the adoption of advanced technologies.

RIYADH: A five-star hotel is part of a new cruise ship set for Saudi Arabia’s Hail region, local real estate developer Al-Othaim Investment has announced. The new project, also referred to as Al-Othaim Cruise Hail, is built on a total area of ​​77,000 sq. m. and includes a shopping mall, 276 residential units, 16 luxurious palaces, and multiple entertainment spaces. Moreover, the planned hotel on the ship contains 120 rooms and 156 apartments, as well as office spaces on six floors covering an area of over 9,000 sq. m. The company said in a post on X that this move falls in line with its expansion strategy, which…

RIYADH: Africa’s rising energy demand requires substantial investments in clean power projects, which is crucial for the continent’s sustainable economic growth, an analysis revealed. In its latest report, the International Energy Agency said that Africa’s aspiration for greater economic and social development depends on access to an affordable, reliable, modern and sustainable supply of power. According to IEA, meeting the growing energy demand from African countries requires requires more than doubling the current annual investments to over $240 billion in the sector by 2030, of which three-quarters of the funds needs to be focused on clean technology. The organization also called for “swift action to tackle…

RIYADH: The digital revolution within Saudi Arabia’s banking sphere has significantly enhanced the nation’s economic panorama, facilitating effortless financial transactions for customers, experts have told Arab News.