People at a shopping street in New York. Agence France-Presse
For the first time since the Great Recession a decade ago, the US Federal Reserve is poised to cut interest rates, shoring up America’s defenses as the global economy weakens.
US consumer prices jumped by the most in seven months in October, which together with abating fears of a recession, support the Federal Reserve’s signal for no further interest rate cuts in the near term.
The US central bank rolled out a major policy change on Thursday that gives greater weight to its mission of maximising employment to benefit lower income families, while ratcheting back its emphasis on fighting inflation.
US job growth rebounded strongly in June, with government payrolls surging, but persistent moderate wage gains and mounting evidence the economy was losing momentum could still encourage the Federal Reserve to cut interest rates this month.
The UAE Cabinet has approved a landmark decree amending certain provisions of the existing “commercial transactions law” to allow drawers and payees of bounced cheques additional opportunities at reconciliation.
Tower A, the Elite building of Bloom Towers, consists of 255 premium residential units ranging from one-bedroom to three- bedroom apartments with sizes from 700 to 1,600 sqft available to purchase with prices starting from Dhs750,000, offering homeowners and investors great opportunities to secure exceptional long-term value and a guaranteed 8% return on investment for three years.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, has launched the Nasdaq Dubai Growth Market, a new market under the umbrella of Nasdaq Dubai.
Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of the Abu Dhabi National Oil Company (Adnoc), reinforced the close and deep-rooted economic ties between the United Arab Emirates