Saudi Arabia and the world
Thursday, Oct 06, 2022
The World in the Heart of the Kingdom
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Bitcoin dips below $20,000
Bitcoin dipped below $20,000, continuing a drop that has taken it down nearly 60% from its year high.
Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946, down $298 from its previous close.
It is down 58.7% from the year's high of $48,234 hit on March 28.
Ether, the coin linked to the Ethereum blockchain network, meanwhile dipped 2.76 % to $1,467.2, losing $41.60 from its previous close, Reuters reported.
Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower.
The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening.
The Fed's actions on interest rates caused some investors to forecast more pain for equities.
"Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA.
"European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added.
Bitcoin was last below $20,000 in mid-July.
WTO slashes 2023 global trade forecast as fears of recession looms
The World Trade Organization on Wednesday dramatically lowered its global trade forecast for 2023, as Russia’s war in Ukraine and other shocks take their toll on the world economy.
UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54
The UAE-based private healthcare provider Burjeel Holdings set its final offering price at 2 dirhams ($0.54) per share following the completion of its bookbuild and public subsc...
Saudi Arabia’s non-oil economy maintains growth
Saudi Arabia continues to maintain ongoing expansion in its non-oil economy as output and new orders recorded gains, leaving the Kingdom’s Purchasing Managers’ Index at 56.6 in ...
OPEC+ agrees output cut of 2 million barrels per day despite US concerns
Oil prices edged up after the Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed an output reduction of 2 million barrels per day from No...
Etihad Airways named MENA airline of the year
Etihad Airways was named Middle East & Africa Airline of the Year at the Airline Economics Aviation 100 Awards.
China reopening will wipe out meagre spare oil production capacity, warns Aramco CEO
Global markets need to accept that spare capacity from oil producers is very low, the CEO of Saudi Aramco has warned.
Saudi Arabia and Morocco target trade worth $5bn annually
Saudi Arabia and Morocco plan to raise the volume of trade to $5 billion annually in light of the huge opportunities and capabilities of the two countries, according to Moroccan...
UAE non-oil economy strengthens as PMI stays over 56 mark in Sept: S&P Global
The UAE continues to witness strong growth in business conditions across the non-oil economy although its Purchasing Managers’ Index slightly declined to 56.1 in September over ...
Russian firms eye stronger business ties with Saudi Arabia amid western sanctions
A business delegation of 23 Russian companies held talks with Saudi firms in Riyadh on Oct. 4 amid a growing call from the US and EU to cut ties with Kremlin entities.
Gulf region a ‘bright spot’ as global economic crisis continues: IMF director-general
The Gulf region is the bright spot on the dark horizon at a time when the economies of several world countries are facing challenges, according to Kristalina Georgieva, secretar...
Strong growth primarily driven by economic reforms, says Saudi finance minister
Leaders of the Gulf Cooperation Council are keen to see the group achieve “the highest levels of economic integration,” said Saudi Finance Minister Mohammed Al-Jadaan.
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