The euro headed for the biggest weekly drop against the yen in seven months as Spain’s rising borrowing costs fueled concern that the region is failing to contain its debt crisis.
The 17-nation currency traded 0.3 percent from a three-week low versus the dollar before data next week that may show German exports fell and growth in French industrial production slowed, adding to evidence that the fiscal woes are hampering the region’s economies. Demand for the greenback was supported as data indicating a recovery in the U.S. labor market damped speculation the Federal Reserve will add new stimulus. The yen gained against its peers as Asian stocks fell for a third day.
GCC on track to double smart city developments
The GCC is making major strides in its development of smart cities with the number of new smart city greenfield developments in the region set to double within the next two to three years, a report s
Middle East firms face rising costs
Companies in the Middle East and North Africa are facing rising costs to fight financial crime, with more than half reporting a climb of higher than 25 per cent in the past two years, according to a