Author: Steven Sahiounie

The dollar index, a measure of the greenback against six major currencies, was last at 103.17 TOKYO/LONDON – The U.S. dollar hit a three-month low against a basket of peers on Tuesday before steadying, as traders continued to unwind long dollar positions before this week’s U.S. and euro zone inflation data. The dollar index, a measure of the greenback against six major currencies, was last at 103.17, a whisker above the 103.07 it touched in Asia trade, the lowest since Aug. 31. The index is on track for a loss of more than 3% in November, its worst performance in…

Benchmark copper on the London Metal Exchange was up 0.1% at $8,374 a metric ton at 1200 GMT LONDON – Copper prices edged higher on Tuesday on hopes that top metals consumer China will extend support measures for its economy while nickel rebounded from three-year lows. Benchmark copper on the London Metal Exchange was up 0.1% at $8,374 a metric ton at 1200 GMT after falling by 0.8% on Monday from a two-month peak hit last week. Helping boost the market was news that China’s central bank governor said that monetary policy will remain accommodative to support the economy. Data…

OPEC+, is currently scheduled to meet online to decide oil output levels on Thursday OPEC+ talks on oil policy are difficult, making a rollover a possibility rather than deeper production cuts to support the market, four OPEC+ sources said on Tuesday. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, is currently scheduled to meet online on Thursday to decide oil output levels in 2024, according to a draft agenda seen by Reuters on Monday. A further delay to the meeting is possible, the sources indicated. The meeting was already delayed from Nov.…

Nevertheless, aggregate lending at the GCC level showed a growth of 1.5% The GCC banking sector witnessed the initial impact of higher lending rates during Q3-2023 as credit facilities reported by listed banks in three out of six countries in the region declined as compared to Q2-2023, says Kamco Invest. Nevertheless, aggregate lending at the GCC level showed a growth of 1.5% backed by resilient lending growth in Saudi Arabia and UAE while listed banks in Qatar showed a marginal growth, says the regional non-banking financial powerhouse headquartered in Kuwait. The growth was mainly led by a robust projects market…

Standard Chartered’s ‘Sustainable Banking Report’ reveals resilient infrastructure, energy storage and efficiency to attract highest investment Approximately $40 billion of retail investor capital could be mobilised towards climate investments in the UAE by 2030, according to the findings of a new study by Standard Chartered. The Sustainable Banking Report 2023 further identified a global potential of $3.4 trillion for climate investing, based on investor interest in 10 growth markets across Asia, Africa, and the Middle East. Within climate investing in the UAE, $23 billion could flow into mitigation – energy storage, energy efficiency and renewables are set to attract the most capital.…

The Kingdom’s international trade for September amounted to SR163.911 billion RIYADH — Saudi Arabia’s trade balance reported a substantial surplus of SR43.735 billion in September 2023, marking the third-highest monthly surplus of the year. Notably, it reached its peak in April and the second-highest in February. The Kingdom’s international trade for September amounted to SR163.911 billion, with commodity exports contributing SR103.823 billion and commodity imports at SR60.088 billion. Among the export destinations, Asian countries (excluding Arab and Islamic nations) took the lead, accounting for 55.03% of total Saudi commodity exports, equivalent to SR57.129 billion. EU countries followed closely, securing 11.2%…

Al Roumi said the government’s focus on youth embodies the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan The UAE’s leadership believes in placing future generations at the heart of government policies, projects and programs to ensure the creation of a better tomorrow, Ohood bint Khalfan Al Roumi, Minister of State for Government Development and The Future, said today. Al Roumi said the government’s focus on youth embodies the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. She stressed that the UAE is keen to balance meeting the needs of the present and future,…

Finland has shut all border crossings apart from the northernmost link Completely closing the Finland-Russia land border would cost Helsinki up to $3.3 billion, according to Russian State Duma Chairman Vyacheslav Volodin. Helsinki has closed all but one of its several border corssings with Russia in the last week, citing increased flows of asylum seekers. The Finnish authorities were “punishing” their own citizens and hindering the development of the country by “lowering the Iron Curtain in the east,” Volodin warned. “Finnish authorities have closed all checkpoints on the border with Russia, except for the northernmost one,” Volodin said on his Telegram channel on Tuesday. “This decision will…

The uncertainty over fund allocations has aggravated Berlin’s budget crisis, with the potential to harm GDP Germany will face an economic downturn if the government fails to replenish funds designated for financing green initiatives, Vice Chancellor and Economy Minister Robert Habeck stated on Monday. The warning comes as Germany’s ruling coalition unveiled a supplementary budget this week that will temporarily lift a self-imposed cap on borrowing after a constitutional court ruling undermined the government’s spending plans. In a joint press conference on Monday with energy ministers of all 16 states, Habeck said any moves that deferred green transition projects would…

Changpeng Zhao faces up to ten years in prison after pleading guilty to money launderin Changpeng Zhao, the former CEO and of founder of Binance, has been ordered to stay in the US at least temporarily, a federal judge ruled on Monday. Zhao pleaded guilty last week to criminal charges tied to the cryptocurrency exchange and was released on a $175 million bond. Under the terms of the bail, he was free to return to the United Arab Emirates, where he resides with his family. The UAE does not have a formal extradition treaty with the US. The day after…