The Bank of Japan has introduced a negative interest rate in a surprise move. The benchmark rate of -0.1% means that the central bank will charge commercial banks 0.1% on some of their deposits. It's hoped the moves will encourage banks to lend, and counter the ongoing economic slump in the world's third-largest economy. Investors cheered the surprise stimulus as Japan's share prices rose 476.85 points to close at 17,518.30 points at the Tokyo Stock Exchange, after the plans were unveiled.
Oil prices surge to highest since 2022 at over $119 a barrel
Oil prices surged over $119 a barrel, hitting levels not seen since mid-2022, on Monday as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
HSBC CEO says confidence in GCC remains despite regional developments
HSBC on Monday expressed confidence in the Gulf Cooperation Council (GCC) members' economic prospects as the region and the wider Middle East brace for the economic shock from the U.S.-Israeli conflict with Iran.
Silal, National Agricultural Centre partner to boost UAE food security
Silal, an Abu Dhabi agri-food and technology company, has announced the expansion of its operations in Ras Al Khaimah in collaboration with the National Agricultural Centre.
No decision yet on G7 releasing oil stocks, France's Lescure says
G7 countries have not made a decision yet on the potential release of emergency oil stocks in the wake of the U.S.-Israeli conflict with Iran, France's Finance Minister Roland Lescure said on Monday.
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