NEW YORK: A global stocks index touched a fresh record high on Friday, wrapping up a week when many of the world’s major central banks either raised interest rates or signalled they might do so, underlining confidence about economic growth and inflation. The US dollar slipped, continuing its slide in the wake of the Federal Reserve’s […]

WASHINGTON: A World Bank panel has overturned part of a ruling ordering Venezuela to pay $1.4 billion to ExxonMobil in compensation for nationalising a company project 10 years ago. In an 85-page ruling, the Washington-based International Centre for Settlement of Investment Disputes (ICSID) agreed with Venezuela’s argument appealing the amount of compensation to the US oil […]

WASHINGTON: The Inter­national Monetary Fund (IMF) on Tuesday called for establishing a policy framework and environment that promote financial stability and sound development of Islamic banking. The guidelines, released by the IMF headquarters in Washington, noted that it was particularly to develop such a framework in the countries where Islamic banking has become systemically important. […]

Frankfurt: Officially concerned only with monetary policy, central bankers the world over are weighing in on political debates as fears of economic damage from protectionism mount. “Protectionism will only lead to a loss of prosperity for all,” warned European Central Bank board member Yves Mersch on Friday. The Luxembourger´s words came just three weeks after […]

ATHENS: Greek Prime Minister Alexis Tsipras on Saturday warned the International Monetary Fund (IMF) and German Finance Minister Wolfgang Schaeuble to “stop playing with fire” in the handling of his country’s debt. Opening a meeting of his Syriza party, Tsipras said he was confident a solution would be found, a day after talks between Greece and […]

HONG KONG – The dollar on Wednesday recovered from a hefty sell-off that came after Donald Trump and one of his key economic advisers hit out at other nations using their weaker currencies to gain a trade advantage. The outbursts are the latest from the unpredictable administration that has spooked global markets and fuelled a […]

DUBAI: Dubai is working with HSBC on the financing of Expo 2020 Dubai, a $7 billion exhibition centre project expected to attract 25 million visitors, sources familiar with the matter said. The site will host Expo Dubai which will run from October 2020 to April 2021 and will be the first World Expo hosted in […]

LONDON: Donald Trump’s victory in the U.S. presidential election has increased the threats to the world economy from higher interest rates and less trade, the Bank of England said on Wednesday. The BoE also pointed to potential dangers from rapid Chinese credit growth or a disorganised British departure from the European Union in a half-yearly […]

Saudi Arabia’s King Salman approved the allocation of 100 billion riyals ($26.67 billion) from the kingdom’s reserves to the Public Investment Fund (PIF) on Wednesday, according to a statement carried by state news agency SPA. The funds would be used to support both foreign and local investments, particularly opportunities in the local market that would […]

WASHINGTON: A new World Bank report has praised Pakistan continuing progress in restoring macroeconomic stability, saying it was ready to support the government’s reforms agenda to help spread its benefits more widely. “After achieving macroeconomic stability, the government continued to deliver on its structural reform agenda in FY16, but much remains to be done if […]