Economy News

Oil prices fell for a third straight day on concerns of weak demand from China. In addition, a stronger dollar and tepid capital market sentiment contributed to the downward trend.

The BRICS Summit will be held in Kazan, Russia in October 2024. It will be the 16th such meeting and will include four new member states: the United Arab Emirates, Egypt, Iran and Ethiopia.

A number of economic indicators associated with forecasting recessions are currently reporting warning signals.

Given the unreliability of many traditional recession indicators in recent years, investors may be looking for a new one.

The BRICS alliance is advancing its de-dollarization agenda, bringing together local leaders, municipal leaders and trade unions from over 21 developing countries.

The International Monetary Fund (IMF) has found that 19 countries, including the United Arab Emirates (UAE), are in an advanced phase of testing central bank digital currency (CBDC).

In a significant shift for the BRICS alliance, Saudi Arabia is reportedly considering trading oil in China’s yuan instead of the US dollar.