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Bitcoin Surges Above $16,000

An image of the bitcoin and US currencies are displayed on a screen as delegates listen to a panel of speakers during the Interpol World Congress in Singapore. AFP file photo
An image of the bitcoin and US currencies are displayed on a screen as delegates listen to a panel of speakers during the Interpol World Congress in Singapore. AFP file photo
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Bitcoin Surges Above $16,000

An image of the bitcoin and US currencies are displayed on a screen as delegates listen to a panel of speakers during the Interpol World Congress in Singapore. AFP file photo
An image of the bitcoin and US currencies are displayed on a screen as delegates listen to a panel of speakers during the Interpol World Congress in Singapore. AFP file photo

Bitcoin, the volatile digital currency, flirted with $17,000 on Thursday.

Still under $14,000 in Asian trading hours, it smashed through $15,000 in European trading and got as high as $16,777 before pulling back, according to Bloomberg data. Near 2145 GMT, bitcoin stood at $16,070.

The rally came just a day after the virtual currency, which has been used to buy everything from an ice cream to a pint of beer, hit the $12,000 mark for the first time. The eye-popping rise has seen the currency's value soar more than 50 percent in just one week, and from just $752 in mid-January.

Bitcoin -- which came into being in 2009 as a bit of encrypted software -- has no central bank backing it and no legal exchange rate. 

It has surged dramatically in the past month, driven by growing acceptance among traditional investors of an innovation once considered the preserve of computer nerds and financial experts, and sometimes more shady users.

A Bloomberg report said that Bitcoin’s extraordinary price surge means its market capitalization now exceeds the annual output of a country such as New Zealand.

The South Pacific nation’s farm-and-tourism-led economy is valued at $185 billion, according to World Bank data as of July, putting it some $5 billion below bitcoin, the report said.

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China Overtakes US as Germany’s Top Trading Partner 

A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)
A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)
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China Overtakes US as Germany’s Top Trading Partner 

A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)
A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)

China overtook the US as Germany's largest trading partner in the first eight months of 2025, regaining the top spot as higher tariffs weighed on German exports to the United States, preliminary data from the German statistics office showed.

German imports and exports with China totaled 163.4 billion euros ($190.7 billion) from January to August, while trade with the US amounted to 162.8 billion euros, according to Reuters calculations.

The US was Germany’s top trading partner in 2024, ending an eight-year streak for China. The shift came as Germany sought to reduce its reliance on China, with Berlin citing political differences and accusing Beijing of unfair practices.

Trade dynamics shifted again this year, however, with Donald Trump’s return to the White House and renewed tariffs.

US TARIFFS TAKE THEIR TOLL ON GERMAN EXPORTS

Tariffs have pushed down German exports to the United States, which fell 7.4% in the first eight months of the year compared with 2024 to 99.6 billion euros. In August, exports to the US fell 23.5% year-on-year, showing that the trend is accelerating.

"There is no question that US tariff and trade policy is an important reason for the decline in sales," said Dirk Jandura, president of the BGA foreign trade association.

Jandura said that US demand for classic German export goods, such as cars, machinery and chemicals, had fallen.

With the ongoing tariff threat and the stronger euro, German exports to the US are unlikely to rebound any time soon, said Carsten Brzeski, global head of macro at ING.

CHINESE IMPORTS TO GERMANY SURGE

Exports to China fell even more sharply than those to the United States, dropping 13.5% year-on-year to 54.7 billion euros in the first eight months of 2025.

By contrast, imports from China rose 8.3% to 108.8 billion euros.

"The renewed import boom from China is worrying," said Brzeski. "Particularly as data shows that these imports come at dumping prices."

He warned that this not only increased German dependence on China but could add to stress in key industries where China has become a major rival.

"In the absence of economic dynamism at home, some in Germany may now be troubled by any shifts on world markets," said Berenberg economist Salomon Fiedler.

Business

Lubna Olayan, Jane Fraser Appointed Co-Chairs of Saudi-US Business Council 

A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)
A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)
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Lubna Olayan, Jane Fraser Appointed Co-Chairs of Saudi-US Business Council 

A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)
A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)

The Saudi-US Business Council announced on Tuesday the appointment of Olayan Group’s founding board chair Lubna Suliman Olayan, and Citigroup chief executive Jane Fraser as co-chairs of the council’s board of directors, representing Saudi Arabia and the United States, respectively.

The council said Olayan brings extensive experience in advancing Saudi-US economic relations. In addition to her role at the Olayan Group, she serves as chair of the board of directors of Saudi Awwal Bank (SAB) and sits on several international advisory boards.

The two co-chairs will lead efforts to define the strategic direction of the council's work as a key platform supporting bilateral business and investment between Saudi Arabia and the US, added the council.

Their leadership comes at a pivotal time as the Kingdom continues to expand economic and investment opportunities under Saudi Vision 2030.

Business

Saudi Tourism Authority Concludes Promotional Tour in Gulf Countries 

The tour was carried out in cooperation with a select group of partners from the Saudi tourism private sector. (SPA)
The tour was carried out in cooperation with a select group of partners from the Saudi tourism private sector. (SPA)
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Saudi Tourism Authority Concludes Promotional Tour in Gulf Countries 

The tour was carried out in cooperation with a select group of partners from the Saudi tourism private sector. (SPA)
The tour was carried out in cooperation with a select group of partners from the Saudi tourism private sector. (SPA)

The Saudi Tourism Authority (STA) concluded its promotional tour across Oman, Qatar, Bahrain, and the United Arab Emirates, reported the Saudi Press Agency on Wednesday.

The tour was carried out in cooperation with a select group of partners from the Saudi tourism private sector. The delegation met with over 750 partners from major travel agencies and tour operators in the Gulf Cooperation Council (GCC) countries to showcase Saudi tourism products and destinations.

It explored opportunities for cooperation and the development of diverse tourism packages and products, coinciding with the Saudi Winter 2025 program under the theme "Winter is Alive.”

The tour is part of the STA's ongoing efforts to promote its unique tourist destinations, empower private-sector partners both inside and outside Saudi Arabia, and contribute to attracting more segments of Gulf tourists to the Kingdom.