Browsing Category: Economy

Several U.S. federal agencies, including those led by prominent allies of former President Donald Trump, have pushed back against Elon Musk’s attempt to require employees to justify their work achievements or face potential job loss. This resistance hints at a growing divide between key Trump administration figures and Musk, who has been leading efforts to reduce the size of the U.S. government’s vast civilian workforce, causing confusion across various federal agencies. On…

Alibaba has revealed plans to allocate over $50 billion toward artificial intelligence (AI) and cloud computing over the next three years. This announcement comes just one week after co-founder Jack Ma was spotted meeting with President Xi Jinping. According to the company’s statement, Alibaba intends to invest a minimum of 380 billion yuan (approximately $53 billion) in the advancement of its cloud computing and AI infrastructure during this period. Since the beginning…

NEW YORK (AP) — U.S. stocks edged lower on Monday after enduring significant losses the previous week. Trading was mixed across the major indices: the S&P 500 fell by 0.5% after oscillating between minor gains and setbacks, the Dow Jones Industrial Average inched up by 0.1%, and the Nasdaq Composite slid 1.2%. Nvidia, in particular, underperformed ahead of its forthcoming profit report, while Berkshire Hathaway recorded a 5% jump after reporting strong…

Dubai’s Virtual Assets Regulatory Authority (Vara) is closely monitoring the aftermath of a $1.4 billion hack at Bybit, one of the world’s largest cryptocurrency exchanges. The attack, which occurred on February 21, exploited a smart contract during a routine transfer between Bybit’s «cold» and «hot» wallets. The breach resulted in hackers stealing ETH400,000, worth approximately $1.4 billion at the time. A Vara spokesperson confirmed that the authority has been actively tracking the…

The Capital Markets Board (SPK) has launched an investigation into «unusual price fluctuations» on Borsa Istanbul. According to a statement released on February 21, both the SPK and Borsa Istanbul are reviewing the transactions of all institutions involved. The purpose of the investigation is to determine whether any deliberate and misleading information may have triggered the unusual price movements. On February 21, the Turkish benchmark stock index closed at 9,602.16 points, marking…

Iraq has enlisted the help of two prominent financial consulting firms, London-based EY and U.S.-based Oliver Wyman, to assist in the restructuring of its banking sector, which has been severely impacted by long-term instability. The consultants are tasked with creating a roadmap that could potentially include the merger of Iraq’s two largest public banks, as well as the privatization of others. Mudhar Saleh, an adviser to Prime Minister Mohammed Al-Sudani, confirmed this…

Founded in 1967, Mashreq is the oldest bank in the UAE, offering decades of industry experience and a deep understanding of the ever-evolving financial landscape. This unique expertise allows Mashreq to effectively meet the diverse needs of its corporate clients. With a strong presence in key regions such as MENA, Asia, Europe, and the U.S., Mashreq Corporate leverages its extensive international network, valuable industry insights, and operational flexibility to help clients capitalize…

Baykar, one of Turkey’s leading defense industry companies, has recently issued a public warning about an increase in fake investment offers. The company highlighted the need for caution regarding investment frauds that use the Baykar name on social media platforms and websites. How Do Fake Investments Work? 📌 Fraudsters are using Baykar’s name and logo to present fake investment opportunities to deceive investors.📌 Individuals are asked to transfer money or share personal…