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Diaz-Canel says Cuba has landed deals to finance wind and solar energy projects

Cuba says Turkey and other allies pledge to end economic crisis

China, Russia, Algeria and Turkey have pledged to restructure Cuba’s debt, provide new trade and investment financing, and help ease an energy crisis, Cuban president Miguel Diaz-Canel told state-run media following a rare trip abroad last week. The Communist-run country has yet to recover from a precipitous drop in output during the coronavirus pandemic and […]

Tayyip Erdogan's economic programme over the last 14 months prioritised growth and exports

Turkey’s economy up 3.9% on last year but growth is slowing

Turkey’s economy expanded 3.9 percent in the third quarter from a year ago, according to official data released on Wednesday, though growth slowed from the previous quarter as a global slowdown put a drag on exports, but the tourism sector remained strong. Gross domestic product (GDP) contracted 0.1 percent from the previous quarter on a […]

City, Street, Urban

Egypt’s net foreign assets continued to decline in October

Egypt’s net foreign assets (NFAs) fell by EGP 109.9 billion ($4.47 billion) in October, extending a decline that began in September 2021, central bank data showed. The decrease works out to about $228 million after calculating for devaluations during October. Russia’s invasion of Ukraine in February sparked a currency crisis that led to Egypt to […]

Flag, United Arab Emirates Flag

Jordan’s draft budget forecasts lower deficit

Jordan’s finance minister Mohamad Al Ississ said on Wednesday that their draft budget for 2023 forecasts 11.4 billion dinars ($16 billion) in state expenditure as the economy’s recovery gathers pace. Al Ississ said in a statement the budget deficit was expected to fall to 2.9 percent of GDP next year from 3.4 percent this year […]

US approves potential anti-drone system sale to Qatar for $1bn

The US State Department has approved the potential sale of an anti-drone system to Qatar in a deal valued at $1 billion, the Pentagon said on Tuesday. The principal contractors will be Raytheon Technologies Corp , SRC and Northrop Grumman Corp, the Pentagon said in a statement. It added that the Pentagon’s Defence Security Cooperation […]

Road, Truck, Vehicle

Syria steps up fuel rationing as shortages hit mobile network

Syria announced on Tuesday it would cut the amount of fuel it provides to government employees to help address shortages that have knocked out a number of mobile phone towers. Prime Minister Hussein Arnous ordered a 40 percent cut in the amount of fuel provided to government employees and restrictions on official travel for non-urgent […]

Adnoc hires Goldman Sachs for proposed gas business IPO

Abu Dhabi National Oil company (Adnoc) has engaged Goldman Sachs to work on consolidation of its gas operations for a planned stock market flotation next year, two sources close to the transaction told Reuters. Adnoc is sharpening its focus on the gas market as Europe seeks to replace all Russian energy imports as early as […]

Person, Human, Forge

Turkish trade deficit surges 422% in October 2022

Turkey’s foreign trade deficit surged 421.7 percent year-on-year to $7.87 billion in October, with imports climbing 31.4 percent, data from the Turkish Statistical Institute showed on Tuesday. Imports stood at $29.2 billion, while exports rose three percent to $21.33 billion, the data showed. Under an economic programme unveiled last year, Turkey aims to shift to […]

Saudi extends term for $5bn deposit in Egypt’s central bank

Saudi Arabia has extended the term for a $5 billion deposit it made to Egypt’s central bank, state news agency SPA said on Tuesday, without saying how long the extension would be. In March, Saudi Arabia made a $5 billion deposit in the central bank as Egypt came under increasing financial pressure following Russia’s invasion […]

Europe’s Ryanair in talks to expand into Egypt and Libya

Europe’s largest airline by passenger numbers, Ryanair, is in talks with authorities in Egypt and Libya about operating flights to the countries for the first time, chief executive Michael O’Leary said on Tuesday. Ryanair’s only flights outside of Europe currently are to and from Morocco, Israel and Jordan. Its Hungary-based rival Wizz, which flies to […]

QatarEnergy Germany gas deal

Germany to get new flows of QatarEnergy liquefied natural gas

Germany is set to receive new flows of Qatari liquefied natural gas (LNG) from 2026 after QatarEnergy and ConocoPhillips on Tuesday signed two sales and purchase agreements for its export covering at least a 15-year period. Since Russia’s invasion of Ukraine in February, competition for LNG has become intense, with Europe in particular needing vast amounts […]

Person, Man, Adult

Messi takes on Ronaldo in ‘cryptoverse’ World Cup 2022

The market for fan tokens, a volatile cocktail of crypto and sport, is heating up in the desert of Qatar. Interest in this niche breed of cryptocurrencies, typically linked to sports teams like Barcelona or Brazil, has been charged up by the soccer World Cup which began on November 20. Average daily trading volumes for […]

Finger, Person, Hand

Israel plans to draft law to shield mortgages from rate hikes

The head of the Israeli parliament’s powerful finance committee on Monday criticised a wave of central bank interest hikes and said he would propose legislation to minimise their impact on mortgage holders. In a bid to fight rising inflation, the Bank of Israel last week raised its benchmark interest rate by a half-point to an […]

Venture capitalists flock to fund DeFi and Web3 startups

Decentralised finance (DeFi) and Web3 were the primary targets of early-stage startup funding from some of the top private investors in the third quarter, research firm Pitchbook said on Tuesday, even as overall venture capital investments declined. Web3 – a term used to describe a potential next phase of the internet – firms that were […]

New Zealand faces ‘shallow’ recession as rates need to rise

New Zealand is likely facing a “shallow” recession as interest rates need to rise further to tame inflation, a top central banker said on Monday, suggesting that a pause in the policy tightening streak was still a distant prospect. In an interview, Reserve Bank of New Zealand (RBNZ) assistant governor Karen Silk said the central […]

Office Building, Building, Architecture

Abu Dhabi fund among investors to fund Citi Mexico suitor’s bid

Mexico’s Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc’s Mexican retail bank, two sources familiar with the matter told Reuters. The debt financing could attract more investors to join in Mifel’s bid to buy Citibanamex, although there is enough […]

Symbol, Text, Number

US ‘Black Friday’ online sales hit record $9bn despite high inflation

US shoppers spent a record $9.12 billion online this Black Friday, a report showed on Saturday, as consumers weathered the squeeze from high inflation and grabbed steep discounts on everything from smartphones to toys. Online spending rose 2.3 percent on Black Friday, Adobe Inc’s data and insights arm Adobe Analytics said, thanks to consumers holding […]

Shares in Twitter plunged after Musk pulled out of the deal to buy the social network

Twitter CEO Elon Musk says user signups at all-time high

Twitter Inc chief executive Elon Musk says new user signups to the social media platform are at an “all-time high”, as he struggles with a mass exodus of advertisers and users fleeing to other platforms over concerns about verification and hate speech. Signups were averaging over two million per day in the last seven days […]

Symbol, Logo, Trademark

Egypt not out of the woods after IMF rescue deal

Egypt’s finances remain in a precarious state despite two major currency devaluations this year and a brand new $3 billion International Monetary Fund (IMF) rescue package, economists say. With debt interest payments set to soak up over 40 percent of the government’s revenues next year and a lack of foreign currency still hurting the economy, […]

Qatar reviews London investments after transport advert ban

Qatar has launched a review of its investments in London after the city’s transport authority this week banned the Gulf state’s tourism advertisements on the capital’s buses, taxis and Underground train system, Saturday’s Financial Times reported. The paper said the move by Transport for London (TfL) was triggered by concerns over the soccer World Cup […]