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Analysts foresee $90 oil prices due to rising Middle East conflicts

Oil prices are predicted to rise to $90 per barrel as escalating tensions in the Middle East threaten supply chains, according to market analysts. Brent crude oil prices approached $86 per barrel on Monday, with West Texas Intermediate (WTI) climbing to over $82 per barrel, signaling a possible uptick to $90 as tensions continue to rise. Andy…
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EU launches formal talks with Ukraine, Moldova for membership

In a significant development, the European Union is set to formally begin membership negotiations with Ukraine and Moldova, following a unanimous decision by the EU’s member states last week. The initiation of these talks will be officially marked by a ceremonial event in Luxembourg this Tuesday, symbolizing a major step for both countries in…
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Standard Chartered to launch Bitcoin and Ether trading desk

Standard Chartered Plc is poised to introduce a trading desk for Bitcoin and Ether, marking its entry into the direct trading of cryptocurrencies, according to sources familiar with the plans. This strategic move positions Standard Chartered among the pioneering major global banks to offer spot cryptocurrency trading services directly to clients.…
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European Central Bank lowers key rate to 3.75% in recent move

The European Central Bank (ECB) has announced its first interest rate cut since 2019, reducing the key rate from 4% to 3.75%. The decision, which had been signaled for months, comes amid persistent inflationary pressures within the euro zone’s 20 nations. ECB President Christine Lagarde, speaking at a news conference in Frankfurt, highlighted the…
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World Bank forecasts accelerated growth for UAE in 2024

The United Arab Emirates (UAE) is poised for accelerated economic growth in 2024, with the real gross domestic product (GDP) projected to surge by 3.9 percent, according to the Spring 2024 Gulf Economic Update (GEU) released by the World Bank. The report attributes this growth to several factors, including OPEC+‘s announced significant oil…
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BJP victory could propel stock markets, UBS notes

In a detailed analysis ahead of the final results of India’s Lok Sabha elections, UBS has projected the implications of four potential outcomes on the stock markets, with particular emphasis on the performance of benchmark indices such as the S&P BSE Sensex and the NSE Nifty50. According to UBS, the most favorable scenario for the markets would…
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Islamic banks in UAE experience AED86 billion surge in deposits

The Central Bank of the UAE (CBUAE) has released its latest statistics, revealing a significant surge in the assets of Islamic banks within the country. Over the past 12 months, these institutions have seen their assets rise by approximately AED86 billion. As of the end of February 2024, the collective assets of Islamic banks stood at AED717.7…
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Gold retreats from peak amid rising US dollar strength

In a marked retreat from its recent surge, gold prices declined on Tuesday as the US dollar showed continued strength, tempering the momentum that had pushed the precious metal to a record high. On Monday, gold prices had soared to an all-time peak of $2,440.49 per ounce, spurred by a mix of bullish factors. These included heightened…
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US arrests two Chinese nationals for $73M crypto scam

Two Chinese nationals, Yicheng Zhang and Daren Li, have been charged by US authorities in a massive cryptocurrency scam totaling $73 million, dubbed “pig butchering.” The scheme involved laundering funds through US bank accounts to the Bahamas, resulting in arrests in Los Angeles and Atlanta. The defendants allegedly instructed accomplices to…
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SEBI’s push for cryptocurrency regulation gains momentum in India

India’s stance on cryptocurrency regulation appears to be evolving, with the Securities and Exchange Board of India (SEBI) advocating for multi-regulator oversight in contrast to the Reserve Bank of India’s (RBI) concerns about potential macroeconomic risks associated with private digital currencies. Documents obtained by Reuters reveal SEBI’s…
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