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Citibank Scales Back UAE Operations Amid Regional Security Concerns

  Citibank has temporarily closed most of its UAE branches through March 14 as a safety precaution amid rising regional tensions, with only its Mall of the Emirates branch remaining open. The move follows widespread evacuations by international banks responding to escalating geopolitical risks.  Citibank has announced the temporary closure of most of its branches and financial centers across the United Arab Emirates, a precautionary step taken as geopolitical tensions intensify in the region. According to the bank’s website, the closures will remain in effect through March 14, with normal operations expected to resume on March 16. The only exception is the Mall of the Emirates branch in Dubai, which will continue serving customers during this period.  This decision comes as several global banks—including Standard Chartered and HSBC—evacuate offices and shift employees to remote work following warnings from Iran about potential threats to Gulf-based financial institutio...

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Canada’s Annual Inflation Rate Rose to 3.4% in December 2023

 

According to the latest report from Statistics Canada, the annual inflation rate in Canada rose to 3.4% in December 2023. This is an increase from the previous month’s rate of 3.1%.

The rise was expected due to a sharper decline in gasoline prices in December 2023 compared to last month. Grocery prices were up 4.7% from a year ago, matching the pace of increase in November. With December marking the last month of the year, Statistics Canada says the annual average inflation rate for 2023 was 3.9%, down from a 40-year high of 6.8% in 2022.


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