On Monday, Saudi Arabia closed at its highest level since August 2022, leading most Gulf stock markets higher despite diminishing chances of early rate cuts. U.S. producer prices surged in January, mainly due to rising service costs, potentially stoking inflation. Since the currencies of the Gulf Cooperation Council, including the United Arab Emirates, are fixed on the US dollar, they keep a careful eye on the Fed's policies. Saudi Arabia's benchmark index rose by 0.7%, marking its thirteenth straight session of gains, driven by a 3.5% increase in ACWA Power. The Capital Market Authority a
The National Association of Software and Service Companies (Nasscom) projects a modest 3.8% growth in India's technology sector revenue to $253.9 billion for the current fiscal year, a deceleration from the previous year's 8.4% increase. This deceleration stems from restrained client spending and delayed decision-making. The industry anticipates lower to mid-single-digit growth in all areas, including software products, BPM, IT, and R&D. Software exports declined by 3.3% to $199 billion, contrasting sharply with the 11.4% growth observed earlier. It is anticipated that job growth wi
On Sunday, most Gulf markets closed higher, bolstered by U.S. inflation data suggesting a potential interest rate cut this year and a surge in crude prices. Although consumer prices rose less than expected in December, underlying inflation remained strong, allowing central banks to adjust rates as expected. Due to currency pegs to the US dollar, the monetary policy of the Gulf Cooperation Council (GCC) often reflects the actions of the Federal Reserve; therefore, investors eagerly await the release of the January U.S. inflation numbers. In Saudi Arabia, the benchmark index edged up by 0
UAE’s non-oil foreign trade soared to a record $953 billion in 2023, with non-oil exports reaching $120 billion, a 16.7% increase from 2022. These exports have doubled since 2018 and are nearing doubling compared to 2019.Sheikh Mohammed bin Rashid Al Maktoum attributed this success to new partnership agreements, especially with top trading partners like Türkiye, seeing a 103% rise, and Hong Kong-China, up by 47%. Gold, aluminium, oils, cigarettes, jewellery, copper wire, and ethylene polymers were the top exports. Re-exports rose 6.9% to AED690 billion, with imports climbing 14.2% to AE
Japan's recent decline to the fourth-largest economy in the world highlights the growing difficulties it confronts due to its ageing population and declining currency. Even though growth appears to be picking up steam in the fourth quarter, Japan's yearly output is expected to be less than Germany's in terms of dollars, which raises questions about the country's economic future. Germany offers little guidance or comfort due to its declining economy, which is characterised by rising energy prices, inflation, and slow growth. The imminent rise of India, which the IMF projects will overtak
India and the United Arab Emirates (UAE) have signed a groundbreaking agreement to establish a trans-continental trade corridor connecting Europe with India via the Middle East by sea and rail. Prime Minister Narendra Modi announced the pact during his visit to the UAE, backed by support from the United States and the European Union. While specific details remain undisclosed, the corridor aims to enhance regional connectivity between the two nations, building upon existing cooperation efforts. Initially proposed at the G20 summit in New Delhi, the corridor plans to stretch from India acros
Westports Holdings, the largest port operator in Malaysia, is considering external strategic investors to help with an RM39.6 billion (S$11.1 billion) expansion that will see nearly double capacity in the coming decades. Executive chairman Ruben Emir Gnanalingam expressed openness to potential investors who could contribute value, mentioning options like a dividend reinvestment plan and borrowing for funding. The expansion aims to increase capacity from 14 million to 27 million 20-foot equivalent units by 2082. Beginning in 2027, eight new container terminals will be progressively opera
On Tuesday, Japanese shares surged to a 34-year high, with the Nikkei hitting 38,010, near its 1989 record. It has seen a surge of more than 13% this year after rising 28% in 2023. European stocks and S&P 500 futures dipped as investors awaited a US inflation report influencing Federal Reserve policy. The dollar and Treasury held steady ahead of the data. Due to investments in cryptocurrency-backed ETFs, bitcoin was hovering around $50,000. Max Kettner, HSBC's chief multi-asset strategist, remarked that U.S. yields had increased year to date. He pointed out that in the absence of si
Sri Lanka and Mauritius recently launched India's Unified Payment Interface (UPI), expanding India's digital infrastructure globally. Prime Minister Narendra Modi, along with Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth, will witness the event virtually. The launch includes RuPay card services in Mauritius, enhancing digital connectivity and enabling faster transactions between nations. Bhutan established the first international UPI transactions using the BHIM app in July 2021, and France followed suit by starting to accept UPI payments at the Eif
According to reports, the Reserve Bank of India's (RBI) retail digital currency pilot programme saw transactions totalling Rs 5.70 crore in the initial four months. According to the RBI's balance sheet published on January 16, 2023, the E-Rupee issued for Central Bank digital currency in the retail sector was $5.70 crore as of March 31, 2023. Launched on December 1, 2022, the pilot aims to introduce a digital rupee using blockchain to enhance the digital economy. Finance Minister Nirmala Sitharaman proposed this initiative to streamline currency management during her February 1, 2022, budg