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Amid political turmoil, Pakistan’s currency faces historic low
Amidst a backdrop of economic fragility and reliance on foreign aid, Pakistan’s currency, the rupee (PKR), has once again fallen dramatically against the US dollar, marking a distressing record low, the country’s central bank reported. From…
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Belgium’s €22 billion bond sale signals low bank rate frustration
In a historic move, Belgium has successfully raised a staggering €21.9 billion ($23.65 billion) from retail investors through a bond sale, eclipsing previous records and signaling the public’s growing dissatisfaction with stagnant bank…
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Abu Dhabi’s registration authority fines KPMG for audit violations
Abu Dhabi Global Market’s Registration Authority (RA) has levied a $30,000 fine against KPMG Lower Gulf Limited for substantial audit shortcomings. The penalty comes after a detailed review which found that KPMG had been consistently…
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DP World secures majority stake in Turkey’s pivotal Evyap Port
In a strategic move aimed at enhancing global trade infrastructure, DP World has acquired a 58% equity stake in Turkey’s Evyap Port. The partnership will focus on bolstering container port facilities and streamlining efficiencies in the…
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Innovative technologies fuel Dubai’s renewable energy ambitions
The 4th phase of the Mohammed bin Rashid Al Maktoum Solar Park is closing in on completion, promising to provide clean energy for around 320,000 homes. This significant advancement involves an investment of AED 15.78 billion and aims to…
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Egypt to expand Zohr field with 25 new wells
Egypt is aggressively expanding its natural gas exploration activities, earmarking a robust $1.9 billion for drilling 45 new exploratory wells in the Mediterranean and Nile Delta regions by mid-2025, the Cabinet confirmed in a statement on…
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European Union sees trade surplus after six quarters of deficit
After a string of six quarters in the red, the European Union’s trade balance has swung back into surplus, largely attributed to a dip in energy prices. This is as per the findings from Eurostat, the European Union’s statistical office.…
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President Lula’s $347.5 billion growth plan for Brazil emphasizes ecological transition
Brazil’s “growth acceleration” plan, known as PAC, has been reintroduced, with a projected 1.7 trillion reais ($347.5 billion) in investments. This new initiative is set to leverage an extensive public-private partnership framework.…
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SK Telecom seals $100 million AI alliance with Anthropic
SK Telecom Co., South Korea’s premier wireless service provider, announced a strategic $100 million investment in U.S.-based artificial intelligence (AI) powerhouse, Anthropic. This move underscores the telecom giant’s commitment to broaden…
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China grapples with deflation as global concerns mount
China’s economic landscape is undergoing a seismic shift as it witnesses deflation for the first time since early 2021. Official data reveals a 0.3% decline in the consumer price index for July. This downturn trails reports from the…
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