#inflation

EGYPT-Cairo-City-GettyImages-83589386.jpg

How deep are Egypt’s economic troubles?

An over-valued currency, weak property rights and institutions, and an overbearing state and military have deterred investment and competition

markets

Global markets: Five countries to watch this week

From the upcoming climate conference in UAE, to inflation numbers in the US, and China’s GDP targets, a look at what the markets are tracking

Turkish central bank raises inflation forecasts

Turkish central bank raises inflation forecasts, sees 70%-75% peak

Inflation hit a 24-year peak of 85 per cent last year and surged again in recent months as the lira weakened for a third year in a row

Most GCC central banks hold interest rates unchanged

UAE, Qatar central banks hold interest rates, tracking US Fed move

GCC central banks normally change their interest rates in lockstep with the US Fed as Gulf states’ currencies are pegged to the dollar

Türkiye may exclude banks from inflation-adjusted accounting

Türkiye may exclude banks from inflation-adjusted accounting, says minister

Türkish companies’ end-2023 balance sheets will be inflation-adjusted, with the practice expected to continue until 2026

Saudi Arabia - Riyadh Image Getty Images

Saudi Arabia: Inflation eases further in Sept to 1.7%, marks drop from Aug

The main driver of CPI inflation in September was higher prices of housing, water, electricity, gas and other fuels, and restaurant and hotel prices

Egypt inflation

Egypt’s inflation at historic high in September, breaks 2017 record

It was the fourth consecutive month of record highs recorded on the central bank website

US Fed

US Fed chair Jerome Powell hints at further interest rate hikes

The key takeaway from Powell’s speech is monetary policy will stay “restrictive” until inflation is moving firmly toward 2 per cent

arab monetary fund extends loan to Egypt

Egypt gets $616m loan from Arab Monetary Fund

The agreement is aimed at bettering the payment-systems infrastructure, financial inclusion and regulatory framework in Egypt

UAE, Qatar central banks maintain key interest rates

UAE, Qatar central banks keep interest rates steady, tracking US Fed move

The move by the Fed to leave its benchmark rate unchanged suggests that higher borrowing costs have made some progress in slowing inflation

Cost of living drives up expenses for expats

Has cost of living gone up for expats in Dubai, Abu Dhabi?

A recent report on world’s most expensive cities for international employees shows the emirate go up the ranks as the cost of living has gone up

Turkish lira

Turkish lira falls to record low against US greenback

Wall Street sees more weakness ahead for the lira, with Morgan Stanley warning that it may reach 26 per dollar sooner than earlier expected and slide toward to 28 by the end of the year

Egypt

Egypt inflation surges to highest since July 2017 on food prices

On a monthly basis, prices grew 2.7 per cent, compared with 6.5 per cent in February

Art

How art is being incorporated into investment portfolios for diversification

Developments within the art market over the last decade have been followed almost as closely as those within the stock market

Bal Krishen Rathore

Power Letters 2023: Bal Krishen Rathore, chairman and CEO, Century Financial

Inflation and interest rate forecasts will remain crucial in 2023

Saudi inflation

Saudi inflation hits 3.3% in December, highest in 18 months

Prices for housing, water, electricity, gas and other fuels in the kingdom rose an annual 5.8 per cent, while food and beverages were up 4.2 per cent

UAE’s GDP to grow more than 6% in 2022, says IMF

The fund expects the country’s non-hydrocarbon growth to be around 4 per cent in 2023

DP World

Inflation among key concerns for global supply chain, reveals DP World survey

According to the survey, the other challenges that freight forwarders are currently experiencing include rising and unpredictable freight rates

OPEC+ cuts that steadied market now bring risk of $100 crude

OPEC+ cuts that steadied market now bring risk of $100 crude

Brent rose to a two-month high of $99.56 a barrel on Monday, before paring gains

What factors have led to surge in food prices?

Increasing food costs have pushed inflation higher and remain a pain point for both food and beverage companies and consumers

Saudi finance chief says economy more resilient to global shocks

The kingdom has its lowest unemployment rate in two decades and has managed to keep inflation at 3 per cent

gold

Gold treads water as traders cautiously await US inflation data

Spot gold was little changed at $1,674.62 an ounce as of 7.48am in Singapore

OPEC+ tries to keep oil above $90 with large production cut

It’s the biggest reduction by the Organization of Petroleum Exporting Countries and its allies since 2020

Oil extends losses as traders weigh Iran supply, demand outlook

OPEC+ discusses cutting oil output at next week’s meeting

Oil prices have slumped by a fifth since early August on fears over the global economy

EFG Hermes Holding hosts 16th annual conference in Dubai

EFG Hermes Holding hosts 16th annual conference in Dubai

Around 205 companies from 33 countries are participating in the conference, which is themed ‘Weathering Inflation – Finding Focus in Frontier Emerging Markets (FEM)’

Gold flat ahead of inflation with more big rate hikes looming

Bullion has mainly fluctuated between $1,700 an ounce and $1,720 in September after several months of declines

Gold

Gold steadies as Europe’s energy woes see greenback strengthen

Central banks globally are set to keep raising interest rates to fight inflation, weighing on non-yielding assets like gold

Bitcoin

Bitcoin loses momentum on weekend with support around 2017 high

Bitcoin dropped as much as 0.8 per cent to $19,591 on Sunday and was little changed as of 7.50am in New York

gold

Gold holds drop as Powell says rates likely to stay elevated

Bullion is heading for a fifth monthly decline, the longest such stretch in four years

Gold heads for narrow weekly gain as investors brace for Powell

Spot gold slipped 0.2 per cent to $1,755.35 an ounce as of 9.04am in Singapore, paring the weekly gain to 0.5 per cent