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Gold prices surged to a record high of $3,500 per troy ounce following verbal attacks from the US President on Federal Reserve Chairman Powell, with analysts noting that such pressure could lead to looser monetary policy and rising inflation. However, prices fell to $3,300 as the President softened his stance, leaving uncertainty about future Fed actions and the potential impact on gold. The situation highlights the delicate balance between government influence and central bank independence, reminiscent of Turkey's economic struggles.
Turkey's central bank raised its main policy rate from 42.5% to 46.0%, alongside increases in overnight lending and borrowing rates, aiming to restore credibility amid market skepticism. The Turkish lira initially rallied but is now drifting up again, reflecting concerns over the central bank's commitment to maintaining high interest rates and managing inflation effectively. Future developments will depend on policymakers' willingness to embrace necessary economic adjustments.
Tech stocks faced a downturn in premarket trading, with the Technology Select Sector SPDR Fund dropping 1.7% and the SPDR S&P Semiconductor ETF falling 1%. Investor concerns were fueled by Huawei's plans to launch its new 910C AI chip amid US export restrictions on Nvidia's H20 chip, which saw Nvidia shares dip 3%. Additionally, Nano Dimension's financial issues related to its Desktop Metal unit led to a nearly 2% decline in its shares, while Uber's acquisition discussions with Turkey’s Trendyol resulted in a drop of over 1%. This volatility underscores the complex interplay of geopolitical tensions and innovation in the tech sector.
Boby.ai, an AI-driven mobile application developer, has secured $1.25 million in seed funding led by London Venture Partners, with participation from Diffusion Capital Partners and F4 Fund. Founded by Gökçe Nur Oğuz, the startup aims to create user-friendly AI applications, including its flagship product, Mozart.ai, which has over 2.5 million downloads. The investment will support the development of new AI-based mobile products and the expansion of the team.
Egypt is seeking to amend the QIZ agreement with the U.S. and Israel in response to tariffs imposed by President Trump, which affect several countries, including Egypt. The government is exploring low-cost local manufacturing and plans to review free trade agreements with global partners to enhance exports. Additionally, there are suggestions to reduce the required Israeli input in QIZ products from 10.5% to 5%.
This week, Turkish fintech Sipay leads the funding list with $78 million in a Series B round, achieving a valuation of $875 million. Other notable deals include China's Grand Hitek raising $62.5 million and India's Juspay securing $60 million, highlighting the growing diversity in Asia's startup landscape. The total funding for the week reached over $510 million across 60 deals.
Shein has received approval from the UK's Financial Conduct Authority for its IPO in London, aiming for a valuation of $50 billion, down from $66 billion due to recent tariffs impacting pricing in the U.S. The company awaits clearance from China's Securities Regulatory Commission, which may delay the IPO until 2025. Amidst rising competition from Temu and consumer concerns over inflation, Shein faces significant challenges in maintaining its growth trajectory.
The UAE has signed its 27th Comprehensive Economic Partnership Agreement (CEPA) with the Republic of the Congo, advancing its strategy to lower trade barriers and enhance economic diversification. With eight agreements in force and 14 pending ratification, the UAE aims to boost non-oil foreign trade to Dhs4tn by 2031, while also engaging in talks with the EU for a potential agreement. The CEPA program, launched in September 2021, is pivotal for strengthening the UAE's global trade position and attracting foreign investment.
The UAE and the European Union have launched negotiations for a Comprehensive Economic Partnership Agreement (CEPA) to strengthen trade and investment ties, focusing on sectors like renewable energy and advanced manufacturing. This initiative follows a call between UAE President Sheikh Mohamed bin Zayed Al Nahyan and EU Commission President Ursula von der Leyen, aiming to reduce tariffs and enhance market access. In 2024, non-oil trade between the UAE and the EU reached $67.6 billion, highlighting the importance of this partnership amid global economic uncertainties.
Sipay, a Turkish payments and embedded finance platform, has secured $78 million in a Series B funding round, elevating its valuation to over $875 million. The investment, led by Elephant VC, will support the company's international expansion, building on a fivefold revenue increase and a $600 million run rate. With 6.3 million wallet users and 25,000 merchants, Sipay aims to redefine the global payments ecosystem through its diverse financial services.
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