UAE raises interest rates following the path of the Federal Reserve, and Bitcoin prices climb above $4,000. Stock markets in the red after US Federal Reserve hikes interest rates.
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00:00Santa Claus is not coming to town this year, at least not for equity investors.
00:05Wall Street stocks fell just as the Federal Reserve hiked interest rates by 25 basis points.
00:11The central bank increased rates in what was a widely expected move, but Federal Reserve
00:14Chairman Jerome Powell signaled slower rate increases next year.
00:19The UAE central bank followed suit, increasing interest rates in the country by 25 basis
00:23points as well.
00:24In other finance news, Bitcoin prices rose above $4,000, the highest price in two weeks,
00:29as a relief rally gathered pace.
00:31The increase comes after Bitcoin prices dropped by about 50% over the past month.
00:35However, Bitcoin prices are nowhere near where they used to be this time last year, when
00:39they were at $20,000.
00:41And finally, one of the world's busiest airports, Dubai International Airport, welcomed its
00:451 billionth passenger today.
00:47The passenger was a 9-year-old boy arriving from Florida.
00:50In the first 10 months of 2018, 74.5 million passengers used Dubai International, up by
00:571.5% over the same period last year.
01:00This has been the Daily Business Trap.
01:01For more news, please check us out on gulfnews.com forward slash business.
01:05I'm Sarah Dia.