Author: News Desk

The World Trade Organization agreed the first change to global trading rules in years on Friday as well as a deal to boost the supply of COVID-19 vaccines in a series of pledges that were heavy on compromise. The deals were forged in the early hours of the sixth day of a conference of more than 100 trade ministers that was seen as a test of the ability of nations to strike multilateral trade deals amid geopolitical tensions heightened by the Ukraine war. Delegates, who had expected a four-day conference, cheered after they passed seven agreements and declarations just before…

An indicator of credit risk in the U.S. banking system may be showing signs of stress, as the Federal Reserve’s aggressive rate hike path ratchets up expectations of economic pain. The so-called FRA-OIS spread , which measures the gap between the U.S. three-month forward rate agreement and the overnight index swap rate, increased to 29.55 basis points on Thursday, its widest since May 23, according to data from Refinitiv. The measure was at -11.66 bps earlier in the week. Widely viewed as a proxy for banking sector risk, a higher spread reflects rising interbank lending risk. “The recent spike in…

In a massive boost to user convenience, LuLu Exchange – Bahrain’s leading remittance and money exchange company, has tied up with EazyPay – Bahrain’s trusted POS Acquirer to allow its customers the option to remit money or buy foreign currency using any debit card. The move is part of LuLu Exchange’s ongoing digital transformation drive towards achieving the vision of a cashless economy. With the introduction of this facility, customers now no longer need to search for an ATM, or wait in a queue for withdrawing cash for sending money to their loved ones back home. Instead, they can simply walk…

Manama: Interior Ministry Undersecretary for Nationality, Passports and Residence Affairs Shaikh Hesham bin Abdulrahman and Information and Electronic Government Authority (iGA) Chief Executive Officer, Head of Taqyeem Committee, Mohammed Ali Al Qaid, visited the NPRA Service Centre in Isa Town, which obtained the gold category classification within the “Taqyeem” program in its third edition. The Undersecretary said the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa and Crown Prince, and the follow-up of the Minister of Interior, General Shaikh Rashid bin Abdulla Al Khalifa, the center has achieved 100% of the criteria Al Qaid praised the NPRA Service Centre’s…

Bahrain International Airport (BIA) was named as the World’s Best New Airport at the Skytrax 2022 World Airport Awards held at the Passenger Terminal EXPO in Paris, France. Skytrax is among the most prestigious awarding bodies in aviation and air freight, and the Awards are regarded as the quality benchmark for the world airport industry. The latest honor for BIA comes on the back of a series of accolades from Skytrax. The airport earlier received a 5-star Skytrax rating, becoming only the third airport in the Middle East to win this accolade, and another 5-star rating for its COVID-19 safety…

Oman set goals to promote economic diversification programs and maximize the in-country value (ICV) of national resources and positively impact fulfilling commitments to reduce carbon emissions. The Ministry of Energy and Minerals established a national alliance for green hydrogen (branded as Hy-Fly) to place Oman on the map for the development and deployment of clean hydrogen. The alliance included 13 major institutions from the public and private sectors that will join to support and facilitate the local production, transportation, utilization, and export of hydrogen in line with the energy diversification plans of Oman’s 2040 vision. Sultan of Oman His Majesty…

U.S. stock indexes tumbled on Thursday, with high-profile tech shares leading the rout, after the Federal Reserve’s largest rate increase since 1994 to combat decades-high inflation fanned worries of a recession. The selloff was severe as the Fed’s aggressive move raised fears of a spate of monetary tightening from global central banks that could slow growth around the world. Switzerland and Britain lifted rates following the Fed’s 75-basis-point hike on Wednesday. Among the mega-caps, Apple Inc, Microsoft Corp and Tesla Inc were some of the biggest losers as investors dumped so-called growth stocks that drove much of the stock-market rally in the…

World stocks plummeted again on Thursday and government bonds hovered at multi-year highs after a series of rate rises from global central banks rekindled fears that aggressive policy tightening could drag economies into recession. Following a relief rally on Wednesday when investors welcomed the U.S. Federal Reserve’s aggressive move to raise rates by 75 basis points – its biggest rate hike since 1994 – by buying shares, two other spates of policy tightening in Britain and Switzerland seemed to have sobered investors into refocusing on the chance that economies could slow as rates rise. “Can the economy take it? So…

The ceremony for the ministers to take the oath before His Majesty King Hamad bin Isa Al Khalifa was held today at Al Sakhir Palace. HM the King received His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, who introduced the new members of the Cabinet following their appointment by HM the King by a royal order issued on Monday. The deputy prime minister and ministers took the constitutional oath before HM the King. HM King Hamad congratulated them on their new positions, and wished them success in performing their duties to the best…

The Labour Fund (Tamkeen) in partnership with the Central Bank of Bahrain, the London-based Institute and Faculty of Actuaries, and the Bahrain Institute of Banking and Finance (BIBF) announced an initiative to train and employ Bahraini talent in the field of actuarial science which will prepare them for quality career opportunities in insurance firms in the Kingdom of Bahrain. The Institute and Faculty of Actuaries is a globally renowned provider of licensing and qualifications for actuaries through its extensive curriculum and examinations that ensure professionals in the field acquire the fundamental skills they need. This is done through a series…