Gold bars

Gold continues record rally after US Fed comments

Bullion has hit record highs in each session for over a week over data from the US economy

earthquake

Over-7 magnitude earthquake hits Taiwan, Japan with tsunami warnings issued

The 7.5 magnitude earthquake impacted Japan, Philippines, Taiwan, and China with tsunami warnings issued

Egypt raises $800m from hotels in divestment drive

IMF ties Egypt loan disbursements to currency flexibility

The IMF forecasts that Egypt’s inflation will remain high in the near term, with average inflation for the coming fiscal year, expected at 25.5%

Xiaomi SU7-scaled

Xiaomi’s EV buyers face up to seven-month wait for the SU7

Xiaomi built a Beijing factory capable of producing 200,000 cars annually before it had regulatory approval to start manufacturing in China

Gold

Gold regains its allure with record high prices on safe-haven demand

Gold logged its best month since July 2020, at a 9 per cent increase, and a second straight quarterly rise

FTX founder Sam Bankman-Fried

FTX’s Sam Bankman-Fried sentenced to 25 years for multi-billion dollar fraud

The judge called Bankman-Fried’s efforts to present himself as a “good guy” an act, adding, “The goal was power and influence”

Boeing 737 max- boeing

Moody’s places Boeing ratings on review for downgrade

The US planemaker has been wrestling with a growing crisis following a January mid-air panel blowout

onion ban - India

India extends ban on onion exports indefinitely ahead of general election

Traders estimate that India accounts for more than half of all onion imports by Asian countries

Google - Big Tech

Why is the EU probing Big Tech under the Digital Markets Act?

The law requires platforms to gain explicit consent from users when they intend to combine a person’s data across different sources, such as Meta’s Facebook and Instagram

Dave Calhoun, chief executive officer of Boeing

Boeing CEO Dave Calhoun to step down in shakeup amid safety crisis

Analysts and investors called the shakeup positive for Boeing, but stressed that much depends on Calhoun’s successor

Eid Al Fitr holiday dates Saudi Arabia

Eid al Fitr 2024: Saudi Arabia announces holiday dates for public and private sector

The holiday will begin at the end of the work day on Sunday, April 7, with most employees getting four days off to mark the festival

TURKEY

Turkey’s central bank stuns with interest rate at 50%

The bank has now raised its key one-week repo rate by 4,150 basis points from 8.5 per cent since last June

Apple shelves electric car plans after decadelong odyssey

Apple sued by US government for ‘monopolising’ smartphone markets

Apple has long argued that it restricts access to some user data and some of the iPhone’s hardware by third-party developers for privacy reasons

antony blinken in jeddah

Blinken meets Crown Prince Mohammed bin Salman amid ceasefire negotiations

The US Secretary of State is on his sixth visit to the region since the October 7 crisis broke out

Saudi Aramco lines up banks for potential share sale

CERAWeek: Saudi Aramco gas output to rise 60% by 2030

Speaking at one of the biggest energy conferences in the world, Aramco has backed forecasts of continued demand for traditional fossil fuels

Mustafa_Suleyman - Microsoft AI

Meet Mustafa Suleyman, Microsoft AI’s new CEO

Suleyman will bring under one roof Microsoft’s consumer AI efforts such as its Copilot chatbot and the new Bing browser that uses the technology

EFG Hermes exit Oman

Egypt’s EFG Holding notches up record revenues

One of Egypt’s biggest banking and investment firms has recorded that its net profit after tax and minority interest rose 39 per cent year-on-year

Egypt

Egypt’s credit outlook upgraded to positive by S&P amidst foreign investments

Egypt’s commitment to exchange rate liberalisation combined with budgetary consolidation targets are crucial for boosting international confidence

Nvidia unveils flagship AI chip, the B200, aiming to extend dominance

Nvidia unveils world’s most powerful AI chip

Nvidia’s new flagship chip, called the B200, takes two squares of silicon the size of the company’s previous offering and binds them together

Tokyo

Bank of Japan has ended 8 years of negative interest rates

The Bank of Japan ended eight years of negative interest rates and other remnants of its unorthodox policy at the conclusion of its two-day policy meeting

How Spain’s Decocer is taking quality ceramic fashion global

Decocer’s International Sales Manager, Verónica Obrero, explains her company’s approach as well as the value it can bring to clients and customers in the Middle East

hijri islamic new year

Eid Al Fitr 2024 likely date predicted by UAE astronomers

According to the latest calculations based on the Islamic astronomical calendar, the month of Ramadan is expected to be a 30-day one

Red Sea - MAERSK

Hapag-Lloyd to seek cost cuts in 2024 as Red Sea crisis hits profit margins

Habben Jansen said the Red Sea crisis had rather enforced route changes

McDonald’s suffers global tech outage

The outage seemed to be have impacted customers in Australia, Japan, Hong Kong, New Zealand and the UK as well

Egypt raises minimum wage by 50% as part of ‘urgent’ package

Egyptians remit more money home after devaluation

The devaluation was part of an $8bn financial support agreement that Egypt last week signed with the International Monetary Fund

Sanjay Shah

Denmark begins court trial against Sanjay Shah in fraud case

Anthony Mark Patterson, who is seen as Shah’s closest accomplice, was in February sentenced to eight years in prison in Denmark’s first criminal cum-ex trial

Boeing

Passengers flung to roof as Boeing 787 to Auckland plunges mid-flight

Plane maker Boeing is coming under further scrutiny following yet another incident with one of its planes, this time on a flight from Sydney to Auckland

UAE President receives Egypt President photo Wam

S&P upbeat on Egypt rating after $35bn UAE deal

Moody’s on Thursday affirmed its CAA1 rating but changed its outlook on Egypt to positive citing significant official and bilateral support

Boeing 737 max- boeing

More trouble for Boeing as FAA audit finds dozens of issues in 737 MAX production: Reports

Reports say that Boeing failed a check which dealt with the component that blew off the Alaska Air jet

UAE - GREECE

UAE-Greece talks: Masdar, Mubadala expand partnership

Trade volumes between the UAE and Greece surged by 6.2 per cent during the first nine months of 2023, underscoring the resilient bilateral economic relations