00:00Hello and welcome to Gulf News Daily Business Wrap-Up.
00:05These are the stories that we are tracking on Wednesday.
00:08Saudi Arabia came out with its record budget boosting expenditure by 7% to be at $295 billion
00:16in a bid to spruce economic growth in the face of falling oil prices.
00:20The objective of the budget was to boost economic growth and have financial sustainability.
00:27Remember that Saudi Arabia is under the economic expansion and economic reforms because of
00:34the Vision Plan 2030 that is in place.
00:38Oil prices fell more than 5% on Tuesday because of fears of oversupply in the face of falling
00:43demand.
00:44Rent good prices fell by more than 5.6% to settle at $56.62 per barrel.
00:52The US Federal Reserve is expected to raise rates by 0.25% today at 19 GMT.
01:00Remember that this would be its 4th rate hike in 2018 and its 9th since December 2015.
01:10Remember that Donald Trump, the US President, has rebuked the US Federal Reserve many times
01:17the Federal Reserve by raising rates, undercutting his efforts to boost the economy.
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