World

Bank of England lowers its main interest rate to 5%, its first cut in over 4 years

Aug 02, 2024

London [UK], August 2: The Bank of England has cut interest rates for the first time since the onset of the COVID-19 pandemic in early 2020 as inflationary pressures in the economy have eased, Associated Press (AP) reported.
In a statement Thursday, the bank said that by a 5-4 margin, its policymaking panel backed a quarter-point reduction in its main interest rate to 5% from the 16-year high of 5.25%.
It's the latest central bank to cut interest rates following a long stretch of increases. The US Federal Reserve has yet to take the step but many think it will be ready to next month.
Source: Emirates News Agency

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SM C2R (Singapore) and Advanced Lighting Company (ALC) Strengthen Strategic Partnership Through Joint Ownership of SM C2R Arabia to Support Saudi Vision 2030

Singapore/ Riyadh [Saudi Arabia], February 13: SM C2R (Singapore), a member of Swan & Maclaren Group, and Advanced Lighting Company (ALC), a leading Saudi-based lighting manufacturer, proudly announce the strengthening of their strategic partnership through joint ownership of SM C2R Arabia. The collaboration, unveiled today at the Public Investment Fund (PIF) Private Sector Forum, is set to deliver comprehensive lighting and design solutions while manufacturing high-quality lighting products. This partnership is closely aligned with Saudi Arabia's Vision 2030 and supports the Public Investment Fund (PIF) localisation requirements, contributing to the Kingdom's transformative giga projects.

Feb 13, 2025