June 6, 2023
Finance International

Kuwait’s Prime Minister Reshuffles Cabinet, Appoints New Finance Minister

Kuwait’s Prime Minister Sheikh Ahmad Nawaf al-Sabah has announced a cabinet reshuffle which includes the appointment of a new finance minister. The reshuffle keeps major roles unchanged, according to state news agency KUNA. The move comes over a month after the government resigned due to differences with the opposition-controlled parliament. Manaf Abdulaziz Al Hajri has […]

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Banking International

Saudi Arabia’s Social Development Bank loans $770m to SMEs and startups in Q1 2023

Saudi Arabia’s Social Development Bank has provided over $770 million in financing to more than 30,000 small businesses, startups, and self-employed individuals during the first quarter of 2023. The bank offered loans worth $260 million to 2,000 small enterprises and startups, while over 9,000 individuals received social financing valued at $143 million. In addition, the […]

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Banking International

Credit Suisse bankruptcy could have collapsed Swiss economy, says Finance Minister

Swiss Finance Minister, Karin Keller-Sutter, has stated that if Credit Suisse had gone bankrupt, Switzerland’s economy would have likely collapsed. In an interview with Le Temps, she explained that the Swiss government acted in the country’s best interests by quickly arranging a takeover of Credit Suisse by UBS, its larger domestic rival. The collapse of […]

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International Technology

Nintendo Confirms No More Mario Games for Mobile Phones

Fans of the iconic Mario game series who enjoy playing on their mobile devices will be disappointed to learn that Nintendo has officially announced it will no longer be making Mario games for smartphones. Despite the success of its previous mobile game titles such as “Super Mario Run” and “Mario Kart Tour,” Nintendo’s director and […]

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Banking International

Yellen predicts US economic growth despite banking sector turmoil

US Treasury Secretary Janet Yellen remains optimistic about the growth of the world’s biggest economy, despite concerns over a potential recession due to the recent banking sector turmoil. The collapse of Silicon Valley Bank (SVB) and Signature Bank last month created shockwaves in the industry, leading the Treasury Department and Federal Reserve to intervene to […]

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Finance International

PFC’s FY23 dividend beats PPF and EPF.

Investing in dividend-paying stocks can be a better option than risk-free small saving schemes such as PPF, EPF, and bank FDs. This is because sometimes these stocks can offer a double benefit – a high dividend yield that beats traditional risk-free investment options, and a significant increase in value over the investment period. PFC is […]

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International Technology

Things Are Not Going Right for Samsung

Samsung’s Q1 earnings guidance paints a bleak picture for the tech giant, with sales projected to be around $48 billion, down by 10% QoQ and almost 20% YoY. Operating profit is expected to be a mere $455 million, representing a six-fold decrease from the previous quarter and an astounding 95% drop from the $11 billion […]

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International Technology

UAE Central Bank Launches New Polymer AED 1,000 Banknote

The Central Bank of the UAE (CBUAE) has recently introduced a new AED 1,000 banknote, made of polymer, which will be available at banks and exchange companies starting from 10th April 2023. The new banknote has been designed with varying tones of brown, similar to the current AED 1,000 note, but with a distinctive fluorescent […]

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Economy International

US Labor Market Adds 236,000 Jobs in March, Unemployment Rate at 50-Year Low

According to the Labor Department, the US labor market continued to add jobs at a strong pace in March, with payrolls increasing by 236,000. The unemployment rate also ticked down to 3.5%, the lowest level seen in over half a century. This comes despite the Federal Reserve’s efforts to cool off the economy, indicating that […]

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Finance International

Tesla slashes prices on EVs in the US, analysts caution on impact to profitability.

According to recent reports, Tesla has lowered its prices in the United States by 2% to nearly 6%, as the company continues its push to offer discounts on its electric vehicles. The price cut, which was reflected on Tesla’s website on Thursday, has raised concerns among analysts who warn that it could potentially impact the […]

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