Browsing: Business

Sterling climbs modestly against major currencies following positive labor market and inflation data from the UK.

MENA Newswire News Desk: Europe must rapidly boost investment by nearly $900 billion annually or face a significant decline in competitiveness, according to a report delivered by former European Central Bank President Mario Draghi. The report, requested by the European Commission, outlines an urgent need for increased spending in areas like green technology, defense, and digital innovation to counter rising energy prices, shrinking trade, and slow growth. Draghi’s report emphasizes that the European Union’s position in the global economy is at risk, as it struggles to compete with the U.S. and China. Europe’s diminishing role in key sectors, including artificial intelligence and technology, coupled…

Russia’s gold reserves hit $188.8 billion by the end of August, a rise of 5.1% driven by global price increases. This marks the first time in 25 years that gold exceeds 30% of reserves.

Mortgage lending in the eurozone surged in July, with banks issuing €71 billion in loans, the highest since 2022, as interest rates fell, supporting the housing market recovery.

The WTO’s 2024 World Trade Report highlights the crucial role of trade in narrowing income gaps and fostering economic inclusiveness, urging global cooperation for shared prosperity.

Moscow’s trade with BRICS nations surged by 14.7% in early 2024, highlighting the city’s growing economic partnerships across key industries like microelectronics and agriculture.

Russia has increased its daily gold purchases by 700%, allocating 8.2 billion rubles per day from September 6 to October 4, according to the country’s Finance Ministry.

UK house prices have risen 4.3% annually, with analysts warning that potential changes in the Autumn Budget could impact further growth, particularly if taxes increase.

Couche-Tard’s $38.6 billion offer was turned down by Seven & i, the parent company of 7-Eleven, citing undervaluation and concerns over U.S. regulatory approval.

European and Asian markets dropped Friday as investors awaited key U.S. payroll data. The expected report could shape the Fed’s next interest rate decision