Why new technology is top dollar in forex trading | Gn Focus – Gulf News
Highlights:
– With an average daily turnover of approximately US$5.1 trillion, according to a 2019 Triennial Survey, the Foreign Exchange (forex) is the world’s richest market in liquidities, its main purpose is to trade currency.
– The financial industry now has two powerful new tools: predictive analytics and big data.
– The key to predictive analytics is that it looks at patterns in data to determine if they’re likely to emerge again.
– This branch of advanced analysis is increasingly used in risk management and trading in the financial markets – especially in very liquid markets such as forex (FX).
– “The first thing you need to think about is your personality, your trading know-how, your financial goals, and of course the level of risk you’re willing to bear,” advised Dr Atie Mouallem, Head of BBAC (Bank of Beirut and Arab Countries) GCC.
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Surging Oil Price Is Budget Boon for the Middle East’s Exporters – Bloomberg — www.bloomberg.com
Highlights:
– Russia’s invasion of Ukraine lifted crude prices over $105 a barrel for the first time since 2014.
– The fighting in Europe means OPEC member states like Saudi Arabia and the United Arab Emirates are set for an even bigger windfall.
– Saudi Arabia, which needs oil at about $72 a barrel to balance the books, already said it expects to record a surplus this year. For the UAE, that figure is about $67 a barrel.
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OPEC+ Faces Russia Reckoning Despite Effort to Ignore War – Bloomberg — www.bloomberg.com
Highlights:
– Russia’s attack has triggered one of the strongest packages of economic sanctions ever imposed on a major economy, but none of them targets energy exports.
– But traders and shipowners are increasingly shying away from handling the Russian oil, even without direct sanctions.
– “If Russian exports and production are lower at the next meeting, things might be different,” said UBS Group AG analyst Giovanni Staunovo.
– OPEC+’s desired image as a responsible steward of a “balanced” oil market could be under threat if crude prices don’t fall.
– U.S. President Joe Biden is talking about a formal ban on importing Russian oil and gas, a move that may force oil prices higher.
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Saudi Arabia Prince’s $500 Billion ‘Neom’ Megaproject Woos Wall Street – Bloomberg — www.bloomberg.com
Highlights:
– Neom has hired more than a thousand employees to move to the remote site and plan the new region’s economy and urban design — including former executives from Buro Happold, General Electric and Germany’s RWE.
– The invitation says executives will share details on Neom’s “unique vision of urban design,” which includes plans for a car-free linear city, an industrial development that floats on the Red Sea and a mountain ski resort with an artificial lake — all powered by renewable energy.
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Meta’s new home in Dubai will change the Middle East — www.thenationalnews.com
Highlights:
– The site in Dubai Internet City will have more than 100 employees. At the opening, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, described the move as a reflection of the emirate becoming an increasingly diverse business destination, particularly in technological fields. Bloomberg Intelligence estimates that the metaverse market alone could be worth $800 billion by 2024.
– At the inauguration, Sheryl Sandberg, chief operating officer of Meta, said the UAE’s “culture of innovation” matched Meta’s ambitions.
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Argentina to Get $9.8 Billion From IMF After Agreement Approval – Bloomberg — www.bloomberg.com
Highlights:
– The agreement is expected to face tough criticism from radical-left members of the ruling coalition backed by vice-president Cristina Fernandez de Kirchner and would only head to the IMF’s board for final approval if congress passes it.
– If the agreement is passed by congress and the IMF executive board, Argentina would receive 7 billion ($9.8 billion) of the IMF’s special drawing rights upon approval. It would receive smaller amounts if it passes the quarterly revisions of the IMF staff, increasing the total of the program to $45 billion.
– The central bank’s dwindling reserves have been a key investor concern, while economists warned that large-scale money printing fueled higher inflation.
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