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Egypt’s Central Bank Maintains Stable Interest Rates

CAIRO: The Central Bank of Egypt (CBE) kept its key overnight interest rates unchanged on Thursday, saying commodity prices appear to be falling and economic growth is likely to recover in the fiscal year that begins next week. As expected, the bank’s Monetary Policy Committee (MPC) left the lending rate steady at 19.25 percent and the deposit rate at 18.25 percent. Not one of 17 analysts polled by Reuters on Monday had forecast a change.
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Crude Oil Slides as UK Rate Hike Sparks Demand Concerns

RIYADH: Oil prices fell for a second straight session and were headed for a weekly decline of more than 3 percent on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the US ignited concerns over demand, according to Reuters. Brent futures slipped 51 cents, or 0.4 percent, to $73.76 a barrel, while US West Texas Intermediate crude futures were down 42 cents, or 0.6 percent, at $69.09 at 3:40 a.m. Saudi time. 
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Saudi Arabia’s Financial Market Ranks 3rd in G20 Competitiveness Indicators

RIYADH: Saudi Arabia’s financial market has advanced seven places to the third position in the competitiveness indicators among G20 nations this year, revealed Switzerland-based International Institute for Management Development in its latest report. According to the IMD World Competitiveness Yearbook for 2023, the Kingdom’s performance epitomizes the ongoing efforts of the Capital Market Authority to implement global best practices. 
Business

UAE Central Bank Predicts 4.3% Growth for Emirates in 2024

RIYADH: A rebound in oil and non-oil activities is expected to help the UAE maintain its projected growth rate of 4.3 percent in 2024, the latest quarterly report from the apex bank showed.     In its economic review report for the first quarter, the Central Bank of the UAE forecast the country’s oil and non-oil gross domestic product in 2024 will grow at 3.5 percent and 4.6 percent, respectively.
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TASI Market Cap Reaches $2.9tn with Strong Fundamentals: S&P

RIYADH: The market capitalization of the Tadawul All Share Index surged to over $2.9 trillion in June, up from $420 million in 2015, according to a report by S&P Global Ratings.   The firm suggested that the increase indicates solid economic fundamentals and positive investor sentiment in Saudi Arabia. Tadawul and the Capital Market Authority have launched several initiatives to expand the capital market in recent years as the Kingdom seeks to diversify its economy in line with the Vision 2030 initiative. 
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“India’s Political Prisoners Forgotten as D.C. Honors Narendra Modi”

The Biden administration has ignored India’s rights violations in favor of weapons sales and geopolitical expediency.

The post As D.C. Fêtes Narendra Modi, His Political Prisoners in India Are Forgotten appeared first on The Intercept.

Business

Saudi main index ends week in red before Eid holidays

RIYADH: Saudi Arabia’s Tadawul All Share Index ended its trading on Thursday in the red, as it shed 7.19 points, or 0.06 percent, to close at 11,458.98.   The exchange will remain closed from June 23 as a part of the Eid Al-Adha holidays and trading will resume on July 2.   The total trading turnover of the benchmark index was SR6.33 billion ($1.69 billion) as 95 stocks advanced, while 124 retracted.   While the parallel market Nomu dropped by 1,118.48 points to close at 26,147.86, the MSCI Tadawul Index dipped slightly to end the day at 1,510.25.  
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Iranian president’s helicopter crashes

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The helicopter carrying Iranian President Ebrahim Raisi and the foreign minister has suffered a ‘hard landing.'

Israeli strike on Nuseirat kills 31: Gaza officials

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GAZA STRIP, Palestinian Territories: A Gaza hospital said Sunday that an Israeli air strike targeting a house at a refugee camp in the center of the Palestinian territory killed at least 20 people. “We received 20 fatalities and several wounded after an Israeli air strike targeted a house belonging to the Hassan family in Al-Nuseirat refugee camp in central Gaza,” the Al-Aqsa Martyrs Hospital said in a statement. Witnesses said the strike occurred around 3:00 a.m. local time. The Israeli army said it was checking the report.

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3 killed in DR Congo military foils ‘attempted coup’

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Military says coup was 'nipped in the bud' by the forces and the perpetrators were arrested, including foreigners.

3 Syrians Missing in Cargo Ship Sinking off Romania

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BUCHAREST: Romanian rescue teams on Saturday were scouring the Black Sea for three Syrian sailors who went missing when their cargo ship sank off the coast, the naval authority said. The Mohammed Z sank with 11 crew on board, 26 nautical miles off the Romanian town of Sfantu Gheorghe in the Danube delta in the Black Sea on Saturday morning, officials said in a statement. The ship sailing under the Tanzanian flag was carrying nine Syrian and two Egyptian nationals, it said.

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Cambodia launches $36.6bn building drive, China and Japan vie for spoils

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Cambodian Prime Minister Hun Manet has unveiled a 174-project master plan that has attracted bids by rival powers.

Olympic Athletes’ Financial Hurdles | TOME

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