Author: admin

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump’s aggressive import tariffs, which escalated the already intense global trade war. Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57. US gold futures fell 0.7% to $3,145.00. Trump unveiled on Wednesday a 10% baseline tariff on all imports to the US, and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade war that…

Turkey-UAE exports increase 81% 2025 shipments worth $1.4bn Non-energy sectors behind rise Turkey’s exports to the GCC bloc rose sharply in February, driven by a strong increase in shipments to the United Arab Emirates. The UAE figures offset falls in sales to some other GCC member states. The numbers were released before the detention two weeks ago of Istanbul mayor and leading opposition figure Ekrem İmamoğlu, which roiled financial markets and resulted in widespread street protests in Turkish cities.  Following the arrest of İmamoğlu, the lira sank 14 percent to 42 to $1 but has since stabilised at around 38…

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump’s aggressive import tariffs, which escalated the already intense global trade war. Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57. US gold futures fell 0.7% to $3,145.00. Trump unveiled on Wednesday a 10% baseline tariff on all imports to the US, and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade war that…

The worldwide expansion of basketball could throw up a surprising head-to-head, pitting the Gulf region’s financial powerhouses against each other. On the one side is the UAE’s Sheikh Mansour bin Zayed Al Nahyan, owner of the UK’s Manchester City football club, as well as the Qatar Investment Authority, which presides over a $526 billion sovereign wealth fund and another football club, Paris Saint Germain. Reports suggest both have been approached by the National Basketball Association (NBA) of the US, in partnership with the International Basketball Federation – world basketball’s governing body – to support teams in a proposed new league…

US President Donald Trump intensified a global trade war Wednesday as he slapped sweeping tariffs on imports from allies and foes alike, sending markets into a tailspin and upending decades-long free trade norms. The EU and China vowed retaliation against the levies, with Australia’s leader saying the new tariffs were “not the act of a friend” and would hurt the close allies’ relationship. Shortly after Trump’s proclamation, separate tariffs of 25 percent on all foreign-made cars and light trucks went into effect, with auto parts also due to be hit by May 3. Holding up a chart of the sweeping…

The International Monetary Fund (IMF) has approved a new credit facility for Morocco to help in crisis prevention and to support reform. The new two-year $4.5 billion flexible credit line (FCL) will assist the country in rebuilding buffers and accelerating structural reforms in an uncertain external environment, the IMF said in a statement. The facility will provide Morocco insurance against downside risks, as the economy remains vulnerable to worsening global economic and financial conditions, higher commodity prices, and possible new drought. Morocco has reported significant rainfall this year which augurs well for the agricultural sector that accounts for about one-sixth…

Gold hit a record high on Thursday as nervous investors rushed towards safe-haven assets following US president Donald Trump‘s more aggressive-than-anticipated tariffs against major trading partners. Spot gold was up 0.4 percent at $3,145.93 an ounce, as of 00:18 GMT, after hitting an all-time high of $3,167.57 earlier in the session. US gold futures firmed 0.1 percent at $3,170.70. Trump said on Wednesday that he would impose a 10 percent baseline tariff on all imports to the US and higher duties on dozens of other countries, including some of the US’ biggest trading partners, deepening a trade war that has rattled global markets…

10% global tariffs on all imports to US UAE and Saudi Arabia among those hit Some goods are exempt US president Donald Trump unveiled far-reaching new tariffs on Wednesday, including on the United Arab Emirates, Saudi Arabia and other countries in the Middle East. Speaking from the Rose Garden of the White House, the president outlined a minimum 10 percent universal tariff on all imports into the United States, regardless of origin. This will go into effect on April 5, according to the White House. Several dozen countries, including across the Gulf and North Africa, were further singled out on…

Trump advisers suggest reforms Saudi Arabia has $127bn of the bonds No concrete proposals yet Economic advisers to President Donald Trump have proposed radical policies that could dim the allure of US government bonds for Gulf sovereign investors. The bonds, commonly known as treasuries, are considered among the lowest-risk investments. Many countries with excess dollars – from trade surpluses with the US or the sale of dollar-denominated goods such as oil – buy vast amounts of the instruments. As of January 2025 Saudi Arabia held $126.9 billion of US treasuries, the UAE owned $92.6 billion and Kuwait had $49.2 billion.…

Türkiye’s government denounced opposition calls for a mass commercial boycott following the arrest of Istanbul Mayor Ekrem Imamoglu that sparked nationwide protests, describing them on Wednesday as an economic “sabotage attempt”. After the mayor was detained two weeks ago, the main opposition Republican People’s Party (CHP) had called for a boycott of goods and services from companies with perceived ties to President Recep Tayyip Erdogan’s government. That call widened on Wednesday to include a halt to all shopping for one day, prompting some shops to close in solidarity with those criticizing the arrest as a politicized and anti-democratic attempt to…