Here are the top 7 stories you need to know today.
US President to be announced today
A new president for the United States of America will be announced today, after polling closes later in the day. Either Democrat Hillary Clinton or Republican Donald Trump will become the new president of the United States for the next four – or eight – years. Click here for Clinton’s journey to the White House and here for Trump’s.
Exchanges and online markets swing with voting updates
Betting exchanges and online markets are fluctuating in reaction to the tight race between Democrat and Republican US presidential candidates, Hillary Clinton and Donald Trump, respectively.
Earlier this morning, online trading platforms gave Clinton a high 75 per cent chance at victory. However, oil prices later tumbled as Trump pulled forward in the race. Click here to know what the Mid East thinks of Trump.
Egypt secures $6bn bilateral financing for IMF loan
Egypt secured the $6 billion in bilateral financing required to secure a three-year, $12 billion IMF lending programme, Finance Minister Amr El-Garhy said on Tuesday.
The IMF had agreed to grant Egypt the loan last August, to support a government reform programme that aims at reducing its budget deficit and balance its currency markets. Click here for more on this story.
OPEC sees negative consequences if Algiers accord not implemented
Failure to implement a deal agreed in Algiers in September to cut oil output would bring negative consequences to an already fragile oil industry, the secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday. Click here for more on this story.
Gold hits highest value since Brexit as Trump gets closer to White House
Gold jumped nearly five per cent on Wednesday, reaching its strongest value in six weeks, as Republican presidential candidate Donald Trump leads Democrat Hillary Clinton in the race for the US presidency.
This marked gold’s biggest single-day gain since June 24 when it rose as much as eight percent when Britain decided to leave the European Union. It closed up by 4.8 per cent that day.
Gulf markets expected to drop sharply if Trump wins US presidential elections
Stock markets in the Gulf look set to fall sharply in line with global bourses on Wednesday as investors face the possibility of a shock win by Donald Trump in the US presidential election, Reuters reported.
US stock futures have dropped 4.3 per cent and the MSCI Asia Pacific Index outside Japan is down 3.2 per cent.
India withdraws larger banknotes
India suddenly withdrew 500 and 1,000 rupee notes for circulation, in a bid to flush money hidden from tax collectors, causing chaos among the people and investors.