In a groundbreaking revelation at the ongoing Future Minerals Forum in Riyadh, Saudi Arabia has substantially revised its estimate for untapped mineral resources, now valued at an impressive $2.5 trillion—almost doubling the 2016 forecast of $1.3 trillion. This strategic move is a testament to the success of Vision 2030, the transformative initiative spearheaded by Crown […]

The World Bank’s latest Global Economic Prospects report presents a concerning picture, predicting the world’s weakest half-decade of GDP growth in 30 years. Despite the relative strength of the U.S. economy offering a buffer against a global recession, the report emphasizes the emergence of new challenges, primarily fueled by escalating geopolitical tensions, which pose immediate […]

U.S. banks are gearing up for an extended period of pressure on their net interest margins (NIM), even with the looming prospect of Federal Reserve rate cuts, according to insights from S&P Global Market Intelligence. The recent interest rate hikes by the Federal Reserve have catalyzed a significant shift among consumers, redirecting them towards higher-yielding […]

In a significant economic downturn, the United Kingdom finds itself on the brink of a technical recession as newly revised data reveals a contraction of 0.1% in Gross Domestic Product (GDP) between July and September. This downward adjustment, compared to the initial estimate of flat growth, is coupled with a revised stagnant growth of zero […]

In a significant move to combat years of escalating inflation, Turkey’s central bank, led by former Wall Street banker Hafize Gaye Erkan, has implemented a bold 250-basis-point increase, pushing the key interest rate to 42.5%. This strategic decision comes on the heels of an intensive seven-month tightening cycle, totaling a substantial 3,400 basis points. Anticipation […]

In a notable development, the interest rate on the widely-used 30-year fixed-rate mortgage in the United States dropped to 6.83% last week, marking its lowest point since June. The Mortgage Bankers Association’s report on December 20 revealed a significant 24 basis points decrease in the average contract rate during the week ending December 15. This […]

India has solidified its position as the world’s leading recipient of remittances, experiencing a remarkable 12.3% surge in 2023, with an influx of $125 billion. This substantial increase not only highlights the financial contributions of the Indian diaspora but also underscores their pivotal role in fortifying the nation’s economic foundations. The United States remains the […]

In response to the escalating year-end liquidity demand, China’s central bank, The People’s Bank of China (PBOC), recently reinstated the use of 14-day reverse repos. This strategic move, the first in three months, injected a total of 244 billion yuan ($34.28 billion) into the market through open market operations. Of this, 184 billion yuan utilized […]

London, UK – The Bank of England (BoE) delivered a pivotal decision on Thursday, opting to retain its key interest rate at 5.25 percent, marking the highest level seen in over 15 years. This measured move follows a series of strategic interest rate hikes aimed at addressing persistently high inflation and the associated challenges posed […]

In a pivotal move reflecting a shift in economic strategy, the Federal Reserve announced on Wednesday its decision to maintain current interest rates, indicating the conclusion of a two-year period of tightening U.S. monetary policy. The released economic projections subtly suggest an impending reduction in borrowing costs for the year 2024. Acknowledging a notable easing […]