Brent Oil Posts Fourth Weekly Gain with Global Surplus Dwindling

Oil in London climbed for a fourth straight week as efforts to clear an oil surplus are seen holding the market over until demand comes back in force. Global benchmark Brent futures on Friday surged the most since early January, while West Texas Intermediate crude flirted with $60 a barrel for the first time in more than a year. Signs of invento...

Twitter CEO Jack Dorsey and Rapper Jay Z Unveil Bitcoin Fund

Twitter chief executive Jack Dorsey and rapper Jay Z announced they are establishing a Bitcoin development fund. Mr Dorsey tweeted on Friday that they are taking applications for a “blind irrevocable trust” initially focused on Africa and India. The fund will have “zero direction” from either Mr Dorsey or Jay Z and the partners are searc...

Dubai Launches Electronic Platform for Railway Engineering Information

An electronic platform which contains railway engineering information, including 800,000 documents relating to assets of the Red and Green Lines of the Dubai Metro, has been launched. Mattar Mohammed Al Tayer, Director-General, Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA), launched the platform, also co...

ADX Reduces Transaction Fees on Trading Activities by More Than 22% Starting February 14

The Abu Dhabi Securities Exchange (ADX) announced today that it is reducing overall trading activity fees on all exchange transactions starting Sunday, February 14th as part of its "ADX One" strategy to double the market capitalisation of companies listed on the exchange in the next three years. The new pricing structure will be the second time ...

EU Slashes 2021 Growth Forecast, But Eyes Big Rebound

The European Commission said GDP growth in the 19 countries that use the euro would hit 3.8 percent this year, with the recovery coming later than originally hoped. This was down from the 4.2 percent for 2021 forecast in November. But Brussels gave a sharp boost to its prediction for growth next year, upping it to 3.8 percent from 3.0 percent ea...

Alvarez & Marsal Plans to Double Middle East Business

Professional services firm Alvarez & Marsal is planning to double the size of its Middle East business within the next five years, the company’s Middle East head Saeeda Jaffar said. The firm, which is best known for its restructuring work, has grown from just four people when Ms Jaffar joined the company in 2016 to about “50-something”...

Clear Crypto Rules Urgently Needed As Major Companies Embrace Asset: SEC Official

A clear cryptocurrency regulatory regime is urgently needed as major companies like Tesla Inc., BNY Mellon Corp and MasterCard Inc. embrace the alternative asset class, a top Securities and Exchange Commission (SEC) official said. Hester Peirce, a Republican commissioner at the agency, also told Reuters in an interview that it was too soon to dr...

Bitcoin: Asset class in offing?

Bitcoin is surging again with investors seeking new options to park their funds. With volatility attached to these digital assets, fears of treating it as an asset class seem blurring.Analysts at Morgan Stanley recently said that with the large decline in the dollar, deeply negative real yields and continued policy uncertainty, investors h...

Bond-Market Reflation Trade Absorbs Punch to Extend 2021 Advance

The reflation trade -- the darling of Treasuries investors betting on rebounding growth -- is proving resilient. One of the hot wagers of 2021 barely lost a beat this week even after a surprisingly soft report on consumer prices. Long-term Treasury yields touched the highest in almost a year, market proxies of inflation expectations accelerated ...

Where Did Covid Come From? Investigator Foreshadows Fresh Clues

We're tracking the latest on the coronavirus outbreak and the global response. Sign up here for our daily newsletter on what you need to know. Scientists probing the origins of the coronavirus are wrapping up a lengthy investigation in China and have found “important clues” about a Wuhan seafood market’s role in the outbreak.Peter Da...

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