Picture used for illustrative purpose.
The US economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining,
Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on Friday on growing recession fears after central banks this week ramped up interest rates to fight decades-high inflation.
The Federal Reserve says it will restore capital requirements for large banks that were relaxed as part of the Fed’s efforts to shore up the financial system during the early days of the pandemic.
Global equity benchmarks and oil prices rose on Friday while safe havens such as the dollar and US Treasuries dipped as hopes for a global economic recovery overshadowed the continued blockage of one of the world’s most vital shipping lanes.
Global stocks rallied on Tuesday and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease its interest-rate hiking plans.
The Lord Mayor of the City of London, Vincent Keaveny, has expressed his hope to strengthen the ties between the UAE and the United Kingdom, particularly in the financial and professional services sector.
Dubai property prices continue to increase across various affordable and luxury segments as key areas record high numbers. Sales trends in the first half of the year indicate