By Nitya Chakraborty Is the Bangladesh Army going to take over control of their politically turbulent country, either from front or behind, to precipitate the holding of early elections? This question is being raised by the seasoned political observers in Dhaka, as the whole of last week was dominated by highly controversial posts on Facebook, […]
By Nitya Chakraborty Bangladesh has officially sought a meeting between their head of interim government Dr. Mohammad Yunus and the Indian Prime Minister Narendra Modi on the sidelines of the coming BIMSTEC meeting at Bangkok on April 2-4 next. Both countries are members of BIMSTEC. As per present schedule, both have confirmed their presence at […]
TAIPEI, TAIWAN – Media OutReach Newswire – 19 March 2025 – The highly anticipated 2025 New Taipei City Wan Jin Shi Marathon (WJS Marathon) was held on March 16, a special event at Xinzhuang Gymnasium welcomed elite international athletes. New Taipei City Deputy Mayor Liu Han-jan and Chinese Taipei Athletics Association President Yeh Cheng-yen extended their greetings, celebrating the arrival of the WJS Marathon’s “Black Lightning in […]
Organisations should balance optimisation and workforce expectations HONG KONG SAR – Media OutReach Newswire – 19 March 2025 – KPMG China announced today the release of its ninth annual Hong Kong Employment Outlook survey, providing insights into the latest trends and challenges facing the region’s employment market. The report covers the headcount expectations of Hong Kong professionals, a salary outlook with an analysis of compensation and benefits […]
By Nitya Chakraborty Narendra Modi has been heading the Indian government as the Prime Minister since 2014. He has made so far many observations about the delicate India-China relations in the last nearly eleven years, but his observations on this issue made to the American journalist cum researcher Lex Fridman in his podcast released on […]Aramco Ventures, the investment arm of Saudi Aramco, has invested in Berlin-based startup Ucaneo, aiming to accelerate the development of Germany’s largest Direct Air Capture demonstration plant. This strategic move underscores Aramco’s commitment to innovative carbon removal technologies in the global effort to combat climate change. Ucaneo, established in Berlin, is pioneering a biomimetic DAC technology that mimics the human lung’s natural ability to manage carbon dioxide […]
HONG KONG SAR – Media OutReach Newswire – 11 March 2025 – Hong Kong Science and Technology Parks Corporation (HKSTP) today announced the strategic development of InnoCentre in Kowloon Tong as the leading green technology hub – “GreenTech Hub”. This initiative brings together more than 200 green technology companies in the ecosystem to drive R&D and demonstrate sustainable solutions, signifying HKSTP’s pivotal role in propelling Hong Kong […]
AIQ, a subsidiary of Presight, has secured a $340 million contract from Abu Dhabi National Oil Company to deploy its ENERGYai platform and associated artificial intelligence solutions across ADNOC’s upstream operations. This three-year agreement marks a significant advancement in integrating AI within the energy sector, aiming to enhance efficiency and operational performance. The contract follows the successful completion of a proof-of-concept phase, during which ENERGYai demonstrated its […]
SINGAPORE – Media OutReach Newswire – 10 March 2025 – SKINARMA has doubled up their seasonal drop this season of pairing with the Apple Watch strap GEMINI and Apple Watch case ATOM. Made to coordinate and complement each other, both products fashioned for the latest Apple Watch Series 10 and Ultra 2 are dressed in dual colors for endless combinations—so you never have to settle for a […]
UAE-based healthcare payment solutions provider Klaim has successfully secured $10 million in Series A equity funding, supplemented by an additional $16 million financing fund, to drive its regional expansion and transform the healthcare financial landscape in the Middle East and North Africa region. Founded in 2019, Klaim has rapidly positioned itself as an innovative force in the fintech sector, offering a cutting-edge payment platform that leverages artificial […]
SINGAPORE – Media OutReach Newswire – 10 March 2025 – Temus, a Singapore-based digital transformation consultancy, has become the first OutSystems Premier Partner in Singapore. This milestone underscores Temus’ deep expertise in AI-powered low-code development and commitment to accelerating digital transformation for businesses, even more so as low-code platforms gain momentum in Singapore’s digital ecosystem. From left: Wong Seok Ling, Managing Director, Cloud, Applications & Platform (Low-Code), […]
Saudi National Bank has successfully issued a $750 million five-year Formosa bond, attracting an order book totaling $1.1 billion, including $121 million from joint lead managers. The bond, priced at the Secured Overnight Financing Rate plus 120 basis points, is scheduled to be listed on the Taipei Exchange on 17th March. Crédit Agricole CIB and KGI Securities Co Ltd served as joint managers, with HSBC acting as the lead manager.
Formosa bonds are debt instruments issued in Taiwan but denominated in foreign currencies, typically targeting international investors seeking exposure to foreign issuers. This issuance marks SNB’s second foray into the Formosa market, following its inaugural $500 million five-year senior unsecured floating-rate note bond in July 2024. That initial issuance was part of SNB’s $5 billion Euro Medium Term Note Programme and was notable for being the first by a Saudi bank in the Taiwanese market.
The latest bond issuance underscores SNB’s strategic efforts to diversify its funding sources and strengthen its presence in international capital markets. The oversubscription by $350 million indicates robust investor confidence in SNB’s creditworthiness and the economic stability of Saudi Arabia. This confidence is further bolstered by the bank’s proactive engagement with a broad set of top-tier international investors, reflecting the strong appeal of SNB’s credit profile to the global investor community.
In the broader context, Gulf Cooperation Council banks have been increasingly tapping into the Formosa bond market to diversify their funding bases and access competitive pricing. For instance, Qatar National Bank Group, the region’s largest bank, completed a $1 billion five-year Formosa bond issuance under its Euro Medium Term Note Programme in the first half of 2024. This trend highlights the growing significance of the Formosa market as an attractive platform for Middle Eastern banks seeking to broaden their investor base and secure favorable funding terms.
SNB’s successful bond issuance aligns with Saudi Arabia’s Vision 2030 initiatives, which aim to diversify the Kingdom’s economy and reduce its dependence on oil revenues. By accessing international capital markets and engaging with a diverse range of investors, SNB is contributing to the development of a more resilient and diversified financial sector in Saudi Arabia.
The choice of SOFR as the benchmark rate for the bond pricing reflects a broader shift in global financial markets toward alternative reference rates, following the phase-out of the London Interbank Offered Rate . SOFR, based on overnight transactions in the U.S. Treasury repurchase market, is considered a more robust and reliable benchmark, aligning with international best practices.
Dubai’s exclusive toll gate operator, Salik, reported a net profit of AED 1.16 billion for the fiscal year ending December 31, 2024, reflecting a 5.6% increase from the previous year’s AED 1.1 billion. The company’s total revenue grew by 8.7% year-on-year, reaching AED 2.3 billion, up from AED 2.1 billion in 2023. Earnings before interest, taxes, depreciation, and amortisation for the full year amounted to AED 1.6 […]
By Nantoo Banerjee If the United States of America is the provider of the largest trade surplus to India year after year, there is no reason for India to impose unreasonable tariffs on merchandise imported from its best trading partner. In fact, the import tariff should not be allowed to be a bone of contention […]Thousands of Israelis converged on Tel Aviv’s Hostages Square on Saturday, demanding the immediate release of hostages held by Hamas as the initial phase of the Gaza ceasefire concluded without a clear path forward. The demonstrators, comprising families of captives and supporters, voiced frustration over the stalled negotiations and the uncertain fate of their loved ones. The 42-day truce, which began on January 19, halted 15 months […]
Matein Khalid All roads lead to Riyadh, which has replaced Geneva as the epicentre of global diplomacy in 2025. Presidents Trump and Putin will meet in the Saudi capital amid the most dramatic U-turn in US foreign policy as Washington switches sides in the Ukraine war in favour of the Kremlin, bypassing the EU and the embattled Ukraine state. Egyptian President Abdul Fattah al-Sisi is in Riyadh to coordinate the Arab […]
Abu Dhabi National Oil Company has formalised a 15-year sales and purchase agreement with Japan’s Osaka Gas, committing to supply up to 0.8 million tonnes per annum of liquefied natural gas from its Ruwais LNG project. This definitive contract transitions a prior heads-of-agreement into a binding commitment, marking the inaugural long-term LNG supply arrangement between the two corporations. The Ruwais LNG facility, currently under development in Al […]
The Group recorded US$3.52 million in total comprehensive income for FY2024 as compared to a total comprehensive loss of US$8.47 million for FY2023 The turnaround was mainly due to an increase of US$6.53 million in other income and gains, primarily driven by a US$5.96 million reversal of an impairment loss on the share of results of the Group’s 43.88%-owned associated company, Spackman Media Group Limited The reversal […]
Bitcoin, the world’s largest cryptocurrency by market value, experienced a significant decline on Friday, falling over 5% to a three-and-a-half-month low. The digital asset traded below $80,000 for the first time since November 11, reaching $79,666.
This downturn has erased approximately a quarter of Bitcoin’s market value since mid-December, when it peaked at $105,000. The recent decline is attributed to uncertainties surrounding U.S. President Donald Trump’s impending tariff plans and crypto policy, as well as diminished investor confidence following a substantial $1.5 billion hack involving rival cryptocurrency Ether.
President Trump confirmed that a 25% tariff on Mexican and Canadian goods, along with an additional 10% on Chinese imports, will commence on March 4. This announcement has led to a sell-off in risk-sensitive assets, including cryptocurrencies. The broader tech sector has also been affected, with major indices like the Dow Jones, S&P 500, and Nasdaq experiencing considerable losses.
The recent $1.5 billion hack of Ether from the Bybit exchange has further exacerbated negative sentiment in the crypto market. This incident has raised concerns about the security of digital assets, leading to increased withdrawals from Bitcoin-backed exchange-traded funds.
Market analysts suggest that if key support levels, such as $82,000, do not hold, Bitcoin might face further losses. The decline is also influenced by a broader risk-off environment, significant outflows from spot Bitcoin ETFs, and macroeconomic uncertainties.
Abu Dhabi is intensifying its efforts to transition from a traditionally oil-dependent economy to a knowledge-based one, focusing on increasing its white-collar workforce and investing in advanced technologies such as vertical farming. This strategic move aims to diversify the emirate’s economic landscape and reduce reliance on blue-collar labor. Recent data indicates that the number of white-collar workers in Abu Dhabi has grown by 109% since 2011, outpacing […]
PayPal Holdings Inc. is set to enhance the adoption of its stablecoin, PayPal USD , by integrating it into merchant payment systems and global payout services by 2025. This strategic move aims to provide over 20 million small and medium-sized merchants with the option to utilize PYUSD for vendor payments, thereby streamlining transactions and reducing reliance on traditional banking systems.
The forthcoming bill payment product will enable merchants to settle invoices using PYUSD, facilitating faster and more cost-effective cross-border transactions. By leveraging blockchain technology, PayPal intends to minimize currency conversion fees and expedite settlement times, offering a competitive edge in the global payments landscape.
In addition to merchant payments, PayPal plans to incorporate PYUSD into its global payout platform, Hyperwallet. Acquired by PayPal in 2018, Hyperwallet specializes in mass payments, assisting organizations in disbursing funds to contractors, freelancers, and sellers worldwide. The integration of PYUSD is expected to be operational in the first half of this year, enabling businesses to execute bulk payments with increased efficiency and reduced costs.
Alex Chriss, PayPal’s Chief Executive Officer, emphasized the company’s commitment to practical blockchain applications, stating, “We’ve been talking about blockchain for a decade—these concepts will never become real until you actually start consuming them. I think that’s what we’re achieving.” This initiative reflects PayPal’s broader strategy to incorporate digital currencies into its suite of financial services, positioning itself at the forefront of the evolving digital economy.
The introduction of PYUSD into PayPal’s ecosystem is poised to offer several benefits to merchants and service providers. By adopting the stablecoin, businesses can mitigate the volatility often associated with cryptocurrencies, ensuring stable value in transactions. This stability is particularly advantageous for small and medium-sized enterprises engaged in international trade, as it simplifies accounting processes and enhances financial predictability.
The use of PYUSD can lead to significant cost savings. Traditional cross-border payments often involve multiple intermediaries, each imposing fees that accumulate, increasing the overall cost of transactions. By utilizing PYUSD on a blockchain platform, PayPal aims to eliminate unnecessary intermediaries, thereby reducing transaction fees and making international commerce more accessible to a broader range of businesses.
The integration with Hyperwallet further extends PYUSD’s utility beyond merchant transactions. Freelancers, contractors, and other gig economy workers stand to benefit from faster and more reliable payments. Traditional payment methods can be slow, especially for international transfers, often taking several days to process. With PYUSD, payouts can be processed more swiftly, providing workers with quicker access to their earnings and improving overall financial liquidity.
PayPal’s strategic focus on PYUSD comes at a time when the global payments industry is increasingly embracing digital currencies. The company’s extensive user base and established trust in the financial technology sector position it well to drive mainstream adoption of stablecoins. By integrating PYUSD into everyday financial transactions, PayPal is not only enhancing its service offerings but also contributing to the broader acceptance and utilization of digital currencies in the global economy.
Saudi Arabia’s residential real estate market is experiencing significant affordability challenges as property prices continue to escalate, particularly in major urban centers like Riyadh. According to Knight Frank’s Summer 2024 Saudi Arabia Residential Market Review, the first half of 2024 saw a 38% surge in total real estate transactions across all asset classes, totaling over 106,700 deals. The total value of these transactions grew by 50% to SAR 127.3 billion during the same period. Residential transactions accounted for 61% of all real estate deals by value, with a 41% increase in the number of deals, reaching just under 91,860 sales. The value of residential transactions rose by 48% to SAR 77.6 billion. citeturn0search2
Despite the robust activity, the market is grappling with deepening affordability issues. Knight Frank’s Winter 2023-24 report highlighted a 36% decline in the total value of mortgages issued, amounting to SAR 74.2 billion, as higher interest rates and escalating property prices deter potential buyers. Mortgage rates have risen from 3% to 5% over the past year, further eroding purchasing power, especially in the villa segment. This trend indicates that while transaction volumes are increasing, the financial burden on buyers is intensifying. citeturn0search3
The government’s ambitious Vision 2030 plan aims to achieve a 70% homeownership rate by the end of the decade. However, the Financial Times reported that property prices in Riyadh have surged dramatically since the pandemic, with house prices rising by 81% and apartment prices by 56% since 2020. This rapid appreciation has made homeownership increasingly unattainable for many Saudis, particularly in Riyadh, where the current homeownership rate stands at 53.2%. To combat this, the National Housing Company has initiated projects to construct over 30,000 housing units, and state-subsidized bank loans are being offered to assist buyers. Despite these efforts, the influx of young Saudis to Riyadh for new job opportunities has intensified demand, further driving up prices. citeturn0news9
Knight Frank’s research indicates that 77% of expatriates residing in Saudi Arabia are interested in purchasing homes within the Kingdom. However, 75% are willing to allocate under SAR 1.5 million for a property, with almost 40% unwilling to spend over SAR 750,000. This presents a significant challenge, as average prices in cities like Riyadh are approximately SAR 800,000 for a two-bedroom apartment and SAR 2.7 million for a three-bedroom villa. The disparity between expatriates’ budgets and prevailing market prices underscores the pressing need for more affordable housing options. citeturn0search8
The affordability crisis is further exacerbated by the Kingdom’s substantial investments in mega-projects under the Vision 2030 initiative. Business Insider reported that Saudi Arabia has invested $1.3 trillion in real estate and infrastructure over the past eight years, with the Neom megacity project alone receiving $28.7 billion in funding. While these projects aim to modernize the economy and reduce dependence on oil revenue, they have also contributed to rising property values, making it more challenging for average citizens to enter the housing market. citeturn0news10
Dubai is solidifying its status as a premier destination for ultra-high-net-worth individuals and family offices, driven by a confluence of strategic initiatives, favourable economic policies, and an influx of global financial entities. This trend is reshaping the emirate’s financial landscape, positioning it as a global hub for wealth management and investment. The Dubai International Financial Centre has experienced remarkable growth, with the number of hedge funds increasing […]
SINGAPORE – Media OutReach Newswire – 24 February 2025 – British Council Singapore celebrated the achievements of exceptional UK alumni at the Study UK Alumni Awards 2025, held at The Fullerton Hotel Singapore, on 20 February. This flagship event honours individuals who have leveraged their UK education to make significant contributions to their professions, communities and societies. British Council Singapore Honours Outstanding UK Alumni at the Study […]
