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Syria will issue new banknotes, removing two zeros from its currency in an attempt to restore public confidence in the severely devalued pound, Reuters reported. The step is intended to strengthen the Syrian pound after its purchasing power collapsed to record lows following a 14-year conflict that ended with President Bashar al-Assad's ouster in December. The Syrian pound has lost more than 99% of its value since war erupted in 2011, with the exchange rate now at around 10,000 pounds to the U.S. dollar, compared to 50 before the war.
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The newly established Bankruptcy Court marks a pivotal shift toward faster, more transparent resolution of financial distress cases, according to legal and economic experts, the Khaleej Times reported. Established by the Ministry of Justice and headquartered at the Abu Dhabi Federal Court of First Instance, the Bankruptcy Court will streamline complex procedures and reduce delays, according to Asma Siddiqui, a senior associate at BSA LAW.
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Morocco's central bank was exploring the use of its own digital currency for peer-to-peer and cross border payments, bank governor Abdellatif Jouahri said on Monday, Reuters reported. A central bank digital currency (CBDC) is controlled by the central bank, in contrast to cryptocurrencies that are usually decentralised. Cryptocurrencies have been banned in Morocco since 2017, but the public continues to use them underground, circumventing restrictions.
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Landa Digital Printing, the Israel-based developer of Nanographic digital printing technology, has filed for court protection as it grapples with significant financial challenges, Label & Narrow Web reported. According to reports in Israeli media, including tech news outlet Ctech, the company is burdened with approximately $516 million in debt and has encountered a critical cash flow shortfall following the abrupt withdrawal of shareholder funding. The move comes after years of heavy investment and limited commercial return.
In their fourth day of fighting, with no end in sight, ripples from the Israeli-Iranian conflict are beginning to rock global supply chains, Bloomberg News reported. Some oil tanker owners and managers have paused offering their vessels for Middle Eastern routes as they assess the risks, fueling concerns over export flows from the region. The stability of shipping in and around the Middle East will be closely watched by markets in coming weeks.
Israel's attack on Iran Friday has catapulted their long-running conflict into what could become a wider, more dangerous regional war and potentially drive prices higher for both businesses and households, the Associated Press reported. Oil and gold surged and the dollar rose as markets retreated, signaling a flight to investments perceived as more safe. After years of sky-high inflation in the aftermath of the COVID-19 pandemic, Americans have become increasingly leery about the economy this year due to President Donald Trump's sweeping tariffs, though the impact so far has been muted.
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When Builder.ai was seeking an emergency loan in 2024, the start-up gave lenders a revenue forecast that proved to be four times its actual sales, Bloomberg News reported. A group of creditors, led by Israeli firm Viola Credit, were originally told that Builder.ai projected sales of US$220 million (S$284 million) for 2024, the people said. The company later disclosed that the actual revenue amount for the year turned out to be about US$50 million. That revelation was one of the factors that ultimately led the lenders to seize most of the UK-based artificial intelligence (AI) start-up’s cash.
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The World Bank said Friday that the $15.5 million Syria owed it has been paid off by Saudi Arabia and Qatar, clearing Damascus to take out new loans, the Associated Press reported. Saudi Arabia and Qatar had announced plans last month to clear Syria’s outstanding debts, a move that Syria hailed as paving the way for recovery and reconstruction after a 14-year conflict that killed half a million people and caused wide destruction in the country.
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Abu Dhabi and the UAE federal government will issue more than $8 billion of local currency debt this year to support the establishment of a domestic yield curve, a new report suggests, EconomyMiddleEast.com reported. S&P Global Ratings anticipated anticipated that Abu Dhabi is preparing to issue local currency debt as part of an ongoing initiative to develop the UAE domestic debt capital markets.
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