Breaking News
2 weeks ago
Kuwaiti authorities will begin suspending electricity, water, and other essential public services to residents and businesses who fail to pay their bills within 30 days of notice, under a tough new law designed to crack down on rampant fee evasion and protect state finances. The Cabinet-approved Decree-Law No. 75 of 2025, published this week, grants ministries and public institutions the power to halt services automatically for anyone with overdue balances, using digital systems to manage both suspensions and reconnections. The law takes effect in three months. The measure targets widespread abuse in the payment of public utility fees, from water and electricity to telecommunications, as mounting arrears have placed increasing strain on state budgets. Under the new framework, debtors, whether individuals or businesses, will have 30 days after notification to settle outstanding bills or risk automatic suspension. Service is restored immediately once payment is made. For those facing genuine financial hardship, competent authorities may approve installment plans. But failure to stick to the schedule triggers immediate debt recovery procedures, including asset liens and fast-tracked enforcement. Before resorting to court, the law now requires disgruntled customers to file a written grievance with the service provider, which must respond within 30 days. Only then can […]
2 weeks ago
Dubai’s luxury real estate market continues to defy global trends, with Driven | Forbes Global Properties completing the sale of the final two penthouses at the Bulgari Lighthouse for a combined total exceeding AED282m ($77m). The deals reinforce the emirate’s status as one of the world’s most resilient and in-demand ultra-prime residential destinations. The first penthouse, a five-bedroom residence spanning 11,657 sq ft, was sold for AED146.6m ($40m), while the second fetched AED136.25m ($38m) —both among the highest-value apartment sales recorded in Dubai this year. Bulgari Lighthouse in Dubai Designed by acclaimed Italian architects Antonio Citterio and Patricia Viel, the Bulgari Lighthouse is located on Jumeirah Bay Island. The tower features a coral-like façade, panoramic views of the Arabian Gulf and Downtown Dubai, and interiors finished with Italian marble, hand-laid silk panelling, and warm oak accents. Each residence includes private infinity pools, double-height salons, and expansive terraces, merging resort-style luxury with urban privacy. Every detail is curated in partnership with the adjacent Bulgari Resort Dubai, offering owners hotel-level services—from private chefs and curated events, to concierge-managed experiences. The landmark sales were brokered by Lina Allaoa and Kianoush Darban, founders of The Private Collection at. Known for consistently setting area records—including the highest price per […]
3 weeks ago
India’s central bank shocked markets this morning when it slashing interest rates (in a 5:1 vote) by a deeper-than-expected half a percent – the third cut in a row – and the largest rate cut since the covid crash, amid falling inflation and lower growth in Asia’s third largest economy. It also spiked the amount of liquidity available in the system to kickstart moribund lending. The repo rate – the level at which the central bank lends money to commercial banks, influencing borrowing costs for home and car loans – now stands at 5.5%, the lowest in three years, following two previous 25bps reductions in April and February. Explaining the rationale for the cut, RBI governor Sanjay Malhotra said growth is “lower than our aspirations” and the bank felt it was “imperative to stimulate domestic consumption and investment” amid rising global uncertainties. Data released last week showed that India’s economy grew by 6.5% in the previous financial year ending March. The world’s (newly) most populous country remains the world’s fastest expanding major economy, although growth has sharply dropped from the 9.2% high recorded in financial year 2023-24. Meanwhile, retail prices in India have slowed faster than expected to 3.16% in April – the lowest in […]
3 weeks ago
Brian Armstrong, the CEO of Coinbase, issued a stark warning this week: if U.S. lawmakers don’t get the national debt under control, Bitcoin could supplant the dollar as the world’s reserve currency. “If the electorate doesn’t hold Congress accountable to reducing the deficit, and start paying down the debt, Bitcoin is going to take over as reserve currency,” Armstrong posted on X. “I love Bitcoin, but a strong America is also super important for the world. We need to get our finances under control.” His comment was a direct response to a post from World of Statistics showing U.S. national debt figures over time. The numbers paint a dramatic picture: debt has soared from $5.7 trillion in 2000 to $36.9 trillion in 2025, a more than sixfold increase in just 25 years. The tweet sparked widespread debate, drawing reactions from prominent figures across crypto and mainstream culture. YouTube creator MrBeast asked bluntly, “We’re just going to casually build up over $100 trillion in debt in our lifetimes, and people will just continue to be chill with it and loan us money?” Crypto influencer Wendy O weighed in with skepticism: “Bitcoin will never be a reserve currency because of its volatility. But it will be desired. A stablecoin… […]
3 weeks ago
Germany is bracing for a continued surge in major insolvencies throughout 2025 and even 2026, according to a recent analysis by credit insurer Allianz Trade. This all comes after a disastrous 2024, which saw a record-breaking number of bankruptcies in the country. Allianz Trade forecasts an overall increase of 11 percent in corporate insolvencies in Germany this year, reaching approximately 24,400 cases. A further 3 percent rise to 25,050 cases is anticipated for 2026. These insolvencies put an estimated 210,000 jobs at risk across Germany. In the first quarter of this year, 16 large German companies—those with revenues of €50 million or more—filed for insolvency. While this is a slight decrease of three cases compared to the same period last year, it’s double the number recorded in the first quarter of 2023. Milo Bogaerts, CEO of Allianz Trade in Germany, Austria, and Switzerland, expressed concern over the persistently high number of major insolvencies, attributing it partly to U.S. President Donald Trump’s tariff policy. He warned that no respite is expected, even after 2024, which was a record-breaking negative year for insolvencies. “Given the bleak economic outlook both in Germany and in global trade, and the many uncertainties caused by the tariff storm, we expect […]
3 weeks ago
As U.S. tariffs tighten the screws on China’s export machine, Beijing is striking back—with strategic precision. Export restrictions on rare earths are now Beijing’s latest move to break down European trade barriers and push back against escalating pressure from Washington. In today’s global trade standoff, the gloves are off. The U.S. is wielding its market clout—25% of global consumption originates from the American domestic market. Anyone in the export business must deal with the United States. China, meanwhile, holds an unchallenged monopoly on rare earths—and is making it clear it will not hesitate to weaponize that dominance. The stakes are rising, and national interests now override globalist courtesies. No Friends—Only Alliances Europe is learning the hard way: in geopolitics, there are no friends, only temporary alliances. China’s tightened export controls on rare earth elements risk plunging Germany’s industrial sector into a severe resource crisis. With nearly 85% of global rare earth refining under its control, Beijing is the chief supplier of key metals like dysprosium, terbium, and yttrium—critical for electric motors, medical tech, and defense systems. Since April 2025, access to these raw materials has been restricted to licensed exporters only—a de facto embargo. The fallout is immediate: several German manufacturers have already been forced to […]
3 weeks ago
Let’s be honest, Elon Musk has been made a fool of by the GOP. After assembling the DOGE team and spending months finding egregious levels of waste, fraud and abuse within the US government – i.e. what Trump supporters voted for – House and Senate Republicans gave Musk a little pat on the head, then proceeded to roll out President Trump’s ‘Big Beautiful Bill’ – that codified exactly zero of DOGE’s findings, raises the debt ceiling by $5 trillion, and relies on ambitious economic projections to achieve what the White House insists is $1.4 trillion in savings (while the Congressional Budget Office projects deficits of $1.7 – $2.3 trillion over the next decade). Needless to say, Musk is livid. On Tuesday, Musk posted to X, “I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.” His post was immediately met with support from Sen. Rand Paul (R-KY), who said “We can and must do better.” I agree with Elon. We have both seen the massive waste in government spending and we know another $5 trillion in debt is a huge mistake. We can and must do better. https://t.co/LwPNJZv5zo — Rand Paul (@RandPaul) June 3, 2025 This sent the White […]
3 weeks ago
The UAE’s Defaulted Debts Settlement Fund has exempted 222 citizens from debts totalling more than AED 139.879 million, following directives from President Sheikh Mohamed bin Zayed Al Nahyan. The initiative, which operates under the supervision of Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, targets retirees and social support categories. UAE waives citizens’ debts The Fund cleared debts exceeding AED 86.476 million for 132 retirees, whilst exempting 90 citizens under the social support category from debts totalling more than AED 53.403 million. “The initiative reflects the wise leadership’s vision to ease the lives of citizens and ensure them a dignified and stable standard of living,” the Emirates News Agency (WAM) said in a statement. The programme contributes to social development by alleviating financial burdens, supporting retirees and social support beneficiaries, and fostering family stability, according to the statement. The initiative aligns with the UAE’s national strategy for sustainable development and demonstrates commitment to social cohesion and prosperity, with attention focused on those who served the country and the community’s most vulnerable members. The Fund emphasised that the programme embodies President Sheikh Mohamed bin Zayed Al Nahyan’s commitment to alleviating financial burdens on citizens. It highlights […]
3 weeks ago
It is highly unlikely that anyone with even a modicum of intelligence has lost money in the past ten years or so by trading against the predictable thinking of those in charge of Saudi Arabia’s oil policy. Quite the reverse, in fact, with enormous profits available from the failures of the enormously well-flagged and exceptionally predictable strategy of the 2014-2016 and 2020 Oil Price Wars — launched by the Kingdom with the intention of destroying or disabling the U.S. shale oil sector, as analysed in full in my latest book on the new global oil market order. As OPEC members and their toxic companion in the OPEC+ formation, Russia, mull keeping oil production on the high side of recent historical averages, the key question for the oil markets is — surely they are not going to launch another oil price war using the same strategy as failed twice before? It is apposite here to recall the reasons for the failure of the two previous oil price wars since 2014. The first (2014-2016) was based on Saudi Arabia’s belief – shared by many in the oil market at the time, it must be said — that U.S. shale oil producers had a breakeven price […]
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