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Muscat – Oman’s financial landscape is set to undergo a transformative change as the Central Bank of Oman (CBO) announces plans to introduce the International Bank Account Number (IBAN) system. This collaborative effort with the nation’s banking community signals Oman’s commitment to enhancing its financial infrastructure, fostering seamless transactions, and aligning with global banking standards. […]

India’s finance ministry unveiled plans for substantial market borrowing totaling 7.5 trillion rupees ($90 billion) during the April-September period, comprising over half of the projected borrowing for the fiscal year 2024/25. This strategy aligns with Prime Minister Narendra Modi’s administration’s fiscal agenda outlined in the recent budget announcement. In anticipation of the upcoming national elections, […]

S&P Global, a leading ratings agency, has revised the outlook for five regional U.S. banks from ‘stable’ to ‘negative.’ This move is attributed to concerns over their exposure to the commercial real estate (CRE) market. The banks affected by this decision include First Commonwealth Financial, M&T Bank, Synovus Financial, Trustmark, and Valley National Bancorp. According […]

In Tokyo, Japanese Finance Minister Shunichi Suzuki affirmed the government’s willingness to tackle the issue of the weakening yen. Speaking on Tuesday, Suzuki highlighted the importance of maintaining stability in the currency market while acknowledging the dual impacts of a weak yen on the economy. Suzuki emphasized that while a weak yen could offer benefits, […]

International Monetary Fund (IMF) managing director Kristalina Georgieva delivered a significant call to action at the China Development Forum in Beijing. Addressing China’s economic challenges head-on, Georgieva advocated for a strategic shift towards “high-quality” growth through comprehensive pro-market reforms. In her address, Georgieva acknowledged China’s resilience amid a housing market crisis, tepid domestic demand, and […]

The Bank of England (BoE) announced its decision to maintain the main interest rate at a 16-year high, echoing the recent stance of the US Federal Reserve. Despite signs of a slowing economy, BoE Governor Andrew Bailey emphasized that the current conditions do not warrant a rate reduction yet, but acknowledged a potential shift in […]

The Biden administration has finalized a crucial agreement with Intel Corporation, directing $8.5 billion in direct funding and $11 billion in loans to enhance chip production in key states: Arizona, Ohio, New Mexico, and Oregon. This strategic investment, facilitated by the bipartisan CHIPS and Science Act, aligns with President Biden’s agenda to bolster domestic semiconductor […]

China’s industrial sector saw a remarkable upturn at the start of the year, marking a positive development amidst ongoing challenges in the property market. According to recent data from the National Bureau of Statistics, industrial production surged by 7% year-on-year in January and February, surpassing economist expectations. This robust growth, the fastest in nearly two […]

Saudi Arabia, the leading global oil exporter, witnessed a slight decrease in its crude oil exports for January, marking the second consecutive month of decline, according to data released by the Joint Organizations Data Initiative (JODI). In January, the Kingdom’s crude exports dipped by 0.2% to 6.297 million barrels per day (bpd), compared to 6.308 […]

Fitch Ratings has increased its 2024 global GDP growth projection by 0.3 percentage points to 2.4%, reflecting a more optimistic outlook for the world economy. This revision is primarily driven by a substantial upgrade in the growth forecast for the United States, climbing from 1.2% to a robust 2.1%. While global growth remains steady at […]