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10 months ago
As Turkey struggles with runaway currency devaluation and astronomical inflation, the country is seeing record levels of gold smuggling as citizens’ desperate demand drives local precious metals premiums through the roof. “Turkey is witnessing a significant increase in gold smuggling, with security forces seizing about 350 kilograms of smuggled gold at border crossings so far this year,” wrote Mackenzie Crow in an article published Thursday. “This figure already surpasses 60% of the total gold seized in the entirety of 2023. A notable incident involved the discovery of 88 kilograms of gold bars, valued over $6 million, hidden under the car seats in the eastern province of Van, near the Iranian border.” The extreme demand for the precious metal has resulted in a price premium that is 7% above international spot prices, or $5,000 per kilogram, which Crow said is drawing in individuals looking to make a quick profit, as well as organized crime. “The underlying cause of the smuggling surge is a significant premium on gold within Turkey, driven by a combination of high retail demand and a state-imposed cap on gold imports,” he said. While Turks, like the citizens of most countries, have always relied on gold as a stable […]
10 months ago
Oil may be the lifeblood of many Middle Eastern economies, but some of the region’s biggest players are now setting their sights on another booming energy sector: critical minerals. Minerals such as lithium, cobalt, and rare earths power the world’s clean energy technologies and electric vehicle batteries. As these resources take center stage with the clean energy transition, oil-rich countries such as Saudi Arabia and the United Arab Emirates (UAE) are also ramping up investment in critical minerals supply chains in a bid to diversify their economic portfolios and carve out a stake in the growing industry. “This is not about replacing the bedrock of their economic engine away from oil to minerals,” said Ahmed Mehdi, managing director at Renaissance Energy and a visiting fellow at the Columbia University Center on Global Energy Policy. “This is more about making sure that they have a seat at the table in the energy transition, especially given how geopolitically charged this industry.” Rising geopolitical tensions have cast a new spotlight on these minerals and the countries that wield outsized influence over their supply and production. China, in particular, dominates the processing of many of these resources, which has heightened fears of strategic vulnerabilities and catalyzed […]
10 months ago
Elon Musk doesn’t make a habit of shouting out other entrepreneurs, but even he can admit when someone, like Nvidia founder Jensen Huang, out-predicts him. While speaking via FaceTime at the Abundance360 Summit, a gathering in Rancho Palos Verdes, California organized by futurist Peter Diamandis, also the founder of XPrize Foundation and Singularity University, Musk said that “you have to give credit to Jensen and the Nvidia team for kind of seeing this coming,” referring to Huang’s decades-long effort to position Nvidia at the forefront of artificial intelligence. “They’re making what is currently the best AI hardware out there,” he added. During his conversation with Diamandis, Musk noted that Nvidia’s chips are largely responsible for the massive increases in AI computing power over the past year or so, and asserted that the amount of computational power dedicated solely to AI is increasing by a factor of 10 every six months. Musk also predicted that over the next few years, AI compute will increase by an annual factor of 100, as data centers that have traditionally focused on more conventional compute services shift to AI. An AI model’s “intelligence” is directly correlated to the amount of compute power used to train it, which is why companies like OpenAI or Musk’s xAI are […]
10 months ago
The most expensive drug in the U.S. is now Lenmeldy, a $4.25 million gene therapy the FDA approved March 18 for children with a rare genetic disease. Metachromatic leukodystrophy manifests into the loss of motor and cognitive function, and early death, according to the FDA. The first and only one-time medicine for patients is Lenmeldy (atidarsagene autotemcel). Its manufacturer, Orchard Therapeutics, said the drug’s wholesale acquisition cost is $4.25 million. In a March 20 news release, Orchard said the price tag “is reflective of the value the therapy may deliver to eligible patients and their families, as well the potential long-term impact [the] treatment may have on overall healthcare utilization, minimization of productivity loss for caregivers and life opportunities for patients.” In a trial, 37 children received Lenmeldy and experienced a significant reduction in the risk of severe motor impairment and death compared to untreated children. At 5 years old, 71% of treated children could walk without assistance. All study participants who had pre-symptomatic late infantile MLD were alive at 6 years old, compared to 58% of children in the control group. Before its approval, the Institute for Clinical and Economic Review said the drug would be cost effective if priced between $2.3 million and $3.9 […]
10 months ago
LuLu Group International, which runs one of the largest supermarket chains in the Middle East, has hired investment banks for its planned initial public offering in Abu Dhabi. The hypermarket operator has appointed Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital and HSBC to work on the potential $2 billion listing, the report said, adding that Moelis & Co is acting as independent financial advisor. However, no final decisions have been made on timing or valuation, sources familiar with the matter said. The offering is expected to take place in the second half of this year on the Abu Dhabi Securities Exchange (ADX). It may also pursue a dual listing in Riyadh, Saudi Arabia. The possible IPO would be one of the larger share sales in the Gulf region this year. In 2020, an investment firm owned by an Abu Dhabi royal bought a 20 percent stake in LuLu for over $1 billion, valuing the retailer at more than $5 billion. Founded in the 1990s, LuLu operates hypermarkets across 26 countries in regions like the Middle East, Asia, US and Europe. It generated approximately $8 billion in annual revenue and employs more than 70,000 individuals. The planned listing continues a […]
10 months ago
Turkiye has signed a deal with the Gulf Cooperation Council (GCC) to launch negotiations for a Free Trade Agreement (FTA), Turkish Trade Minister Omer Bolat said on Thursday, as the government steps up efforts to expand economic ties with the oil-rich region. Türkiye launched a diplomatic charm offensive in 2020 to mend ties with Gulf countries, including the UAE and Saudi Arabia, after years of tension. Since then, it has signed deals worth billions with GCC nations, including Qatar, with which it enjoys strong ties. We signed a historic agreement to launch negotiations on a Free Trade Agreement between Türkiye and the Gulf Cooperation Council (GCC). The Joint Statement signed today with H.E. Jasem Mohamed Al Budaiwi, the Secretary General of the GCC, will create one of the world's largest… pic.twitter.com/nDt3V21PLz — Prof. Dr. Ömer Bolat (@omerbolatTR) March 21, 2024 “The agreement will liberalise trade in goods and services, facilitate investments and trade, and increase our country’s trade with the region,” Bolat said on social media platform X. Ankara believed the talks would be completed as soon as possible, he added, saying the pact would lead to one of the world’s largest free trade areas, between Turkey and members of […]
10 months ago
Interest rates in the UAE have remained unchanged at the base rate applicable to the overnight deposit facility (ODF) of 5.40 per cent. The decision follows the US Federal Reserve’s decision on Wednesday to keep interest rates unchanged amid inflation having not adequately lowered. The Central Bank of the UAE tracks the US Federal Reserve when it comes to interest rates. This is as the country’s currency is pegged to the US dollar at a fixed rate of Dhs3.67. Fed sees three rate cuts in 2024Federal Reserve Chair Jerome Powell said on Wednesday recent high inflation readings had not changed the underlying “story” of slowly easing price pressures in the US as the central bank stayed on track for three interest rate cuts this year and affirmed that solid economic growth will continue. The Fed also left interest rates unchanged and released new quarterly economic projections that showed officials now expect the economy to grow 2.1 per cent this year, above what’s considered the US economy’s long-run potential and a substantial upgrade from the 1.4 per cent growth seen as of December. At the same time, the unemployment rate is only expected to hit 4 per cent by the end […]
10 months ago
Believe it or not, high prices combined with massive taxation and out of control crime aren’t the keys to keeping the citizens of major American cities happy. Such was reflected in the results of a new poll, which revealed this week that only half of New Yorkers plan on staying in the city over the next five years. A mere 30% said they were happy with the quality of life in the city, the poll – run by The Citizens Budget Commission – also revealed. Additionally, the poll also found merely 37% of New Yorkers now rate public safety in their local area as excellent or good. This marks a significant decline from six years prior, when 50% of residents felt positively about their neighborhood’s safety. Queens Councilman Robert Holden said to the Post: “People are fed up with the quality of life. There’s a general sense of lawlessness. You go into the CVS and there’s shoplifting. People’s cars get vandalized.” The survey of 6,600 households revealed half feel unsafe using the subway by day, a stark drop from 2017. It also highlighted significant declines in satisfaction with public education, government services, and cleanliness. Dissatisfaction grew regarding traffic, safety for cyclists and pedestrians, and subway services. Higher […]
10 months ago
Flynas airline has increased its passenger capacity by 25 per cent after its acquisition of two Airbus A320neo airplanes, Saudi Arabia’s first low-cost carrier stated in a press release. This move indicates enhanced operational capabilities providing more than 1.2 million seats for international and domestic flights during the month of Ramadan. Flynas has more than doubled the size of its all-Airbus fleet, increasing it by over 100 per cent in less than two years. The company has boosted its A320neo aircraft capacity by more than 73 per cent to 46 planes. To enhance operations during the month of Ramadan, the airlines has four A330 wide-body aircrafts. These acquisitions are part of an order for 120 aircrafted from Airbus, totaling over SAR32 billion (Dh8.3 billion), as part of its plan to increase new aircraft orders to 250 aligning with the National Civil Aviation Strategy, which is targeting 330 million passengers and attracting 100 million tourists annually by 2030. Flynas operates in 70 domestic and international destinations with over 1,500 weekly flights, with the aim of increasing to 165 global destinations as part of the Saudi Vision 2030. The airlines announced three weekly flights between Jeddah and Berlin to start on September […]
10 months ago
NEOM has announced Treyam, a premier resort positioned where the desert meets the sea. The luxury resort follows in a long line of NEOM projects, and with a 450m rooftop infinity pool, Treyam is one of the most striking revealed thus far. Boasting an audacious design with minimal land intervention, Treyam offers guests an elevated haven in which to unwind, re-energise and enjoy majestic natural surroundings. NEOM announces TreyamThe resort is the latest addition to NEOM, the evolving regional development taking shape in northwest Saudi Arabia. Strategically located across the opening of one of the most beautiful, azure lagoons at the southern end of the Gulf of Aqaba, Treyam stands as a luxury gateway inviting guests to experiment with active lifestyles. Its striking bridge-like architecture connects the northern and southern shores, hosting a 250-room luxury resort. The innovative façade of the bridge creates a sunset-like illusion from a distance. Its upper and lower floors offer panoramic views of the tidal lagoon below and skies above, merging into the landscape while maintaining the natural integrity of the shoreline. The visual splendour of Treyam extends further, with a 450m-long rooftop infinity pool. From this elevated vantage point 36m above the sea, guests […]
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