US households add $601b debt in 2019: NY Fed

Washington: American households borrowed another $601 billion (Dh2.2 trillion) in 2019, the largest yearly gain since 2007, just before the global financial crisis, the New York Federal Reserve Bank said Tuesday. Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to […]

Pakistan makes progress in economic reforms: IMF

Dubai: Pakistan has made considerable progress in the last few months in advancing reforms and continuing with sound economic policies, the International Monetary Fund (IMF) said in a statement after concluding its mission to Pakistan. An IMF mission, led by Ernesto Ramirez Rigo, visited Islamabad during February 3-13, to initiate discussions on the second review […]

OPEC+ close to dropping early meeting idea as Russia balks

London: OPEC and its allies were close to abandoning any plans for an emergency meeting this month to consider fresh production cutbacks as the coronavirus batters oil demand in China. While Saudi Arabia hasn’t wholly given up on its push for the gathering, the as the idea hasn’t so far won over Russia, several delegates […]