Finance World

Global markets inched higher at the end of last week with US markets reaching all times highs and disregarding any geopolitical tensions with North Korea.

Commodities traded flat on the week as a third weekly gain in energy was offset by profit-taking in metals, both precious and industrial. Some of the key drivers behind these developments were increased demand for oil, rising US inflation, North Korean missile fatigue, and weaker economic data from China

Digital payments will dethrone “cash as king” in the Middle East, and boost regional GDP by nearly USD 100 billion, industry experts announced today ahead of GITEX Technology Week.

A recent report from the Korea National Tourism Organization shows that more than 3,562 tourists from the UAE had visited Korea for medical purposes in 2016--reflecting a 20.9 per cent increase as compared to the previous year. As such, a total of 364,189 tourists coming from 190 countries were recorded to have visited South Korea for medical treatments and services last year, showing an increase of 22.67 per cent. Looking to build on the growing reputation of Korea as a highly preferred medical destination, the Korea National Tourism Organization has revealed its move to host this year's edition of the Korea Medical & Wellness Travel Mart in Dubai, which will be held from September 22 to September 23, 2017 at the Intercontinental Dubai Festival City Hotel. 

The Bloomberg Commodity Index traded higher for a second week with general support coming from the accelerated dollar selloff. The greenback hit the lowest level seen since January 2015 against a broad basket of major currencies. Leading the way lower was another jump in the euro, which is now up 15% year-to-date against the dollar. This after the European Central Bank left out any notion of concern about the continued strength following its latest meeting.