Latest news with #SarmadKhan
The National
27-06-2025
- Business
- The National
Iran's conditions for US talks, and nuclear damage
Iran has made its conditions for a return to nuclear talks clear. Conflicting reports blur the scope of damage to Iran's nuclear assets. The World Bank is extending about $400 million to Lebanon and Syria. On today's episode of Trending Middle East: This episode features Lizzie Porter, Turkey Correspondent; Sarmad Khan, Assistant Business Editor; and Thomas Harding, Security and Policy Editor.
The National
17-06-2025
- Business
- The National
Death tolls climb in Israel and Iran, and risk of Palestinian black market grows
The death tolls in Iran and Israel continue to climb amid the escalating conflict between the countries. Israel's move to cancel a waiver allowing banks in the country to work with their Palestinian counterparts could give rise to a black market. Four Israeli companies have had their stands shut down by organisers on the opening day of the Paris Airshow, Israel's Defence Ministry said. On today's episode of Trending Middle East: Who are the key figures killed in Israel's strikes on Iran? Israel's move to isolate Palestinian banks will give rise to black market Paris Air Show: Saudi lessor AviLease orders up to 77 Airbus planes This episode features Hadya AlAlawi, Assistant Foreign Editor, and Sarmad Khan, Company and Markets Editor. Editor's note: We want to hear from you! Help us improve our podcasts by taking our two-minute listener survey. Click here.
The National
19-03-2025
- Business
- The National
UAE Central Bank follows Fed move to keep interest rates unchanged
Business Banking The base rate for the overnight deposit facility was maintained at 4.40 per cent Sarmad Khan March 19, 2025 The UAE Central Bank kept its benchmark interest rate unchanged on Wednesday, after the US Federal Reserve held its policy rate steady as Washington's tariff war with global trading partners continues to cloud the economic outlook of the world's biggest economy. The Federal Open Market Committee kept the borrowing rates in the 4.25 per cent to 4.50 per cent range for a second time since US President Donald Trump assumed control of the White House for another four-year term in January. The Fed, which cut rates by a cumulative 100 basis points last year, appears in no hurry to reduce its benchmark rate as it aims to counter sticky inflation amid the push for expansionary policies by the Trump administration. In January, Fed Chairman Jerome Powell said he wanted to see "real progress" on inflation before further reducing rates and reiterated his call on Wednesday. "Uncertainty around the economic outlook has increased," the Fed said in a statement, adding that the committee seeks to achieve "maximum employment and inflation at the rate of 2 per cent over the longer run". Most central banks in the Gulf follow the Fed's policy rate moves due to their currencies being pegged to the US dollar, with Kuwait the only exception in the six-member economic bloc as its dinar is linked to a basket of currencies. The UAE Central Bank kept its base rate for the overnight deposit facility at 4.40 per cent, it said in a statement on Wednesday. It has also decided to maintain the interest rate applicable to borrowing short-term liquidity from the CBUAE at 50 basis points above the base rate for all standing credit facilities. The base rate, which is anchored to the Fed's interest on reserve balances (IORB), signals the general stance of the Central Bank's monetary policy and provides an effective interest rate floor for overnight money market rates. The UAE's economy, which has maintained a robust growth momentum in recent years, grew by 3.8 per cent during the first nine months of last year, driven by a strong expansion in the non-oil sectors as the country continues to diversify its economy. Real gross domestic product of the Emirates for the nine-month period to the end of September rose to Dh1.32 trillion ($359.4 billion). The non-oil economy grew by 4.5 per cent annually to Dh987 billion, accounting for nearly 75 per cent of the country's economic activity, while the oil sector made up the rest, state news agency Wam reported. The Central Bank estimates the UAE's economy to have grown by 4 per cent in 2024 and expects the pace of economic expansion to accelerate to 4.5 per cent in 2025. The non-oil economy, which is projected to have expanded by 4.9 per cent last year, is expected to remain grow at 5 per cent this year, the CBUAE said in its fourth quarter 2024 review. The banking regulator also revised its 2024 estimate for UAE inflation downwards to 1.8 per cent from 2.2 per cent and said it expects inflation to reach around 2 per cent this year, 'driven mainly by non-tradable components of the consumer basket, partially offset by moderating energy prices".
