Energy Saudi to raise oil production if Russian output falls Saudi Arabia is prepared to raise its oil production if Russia’s output falls substantially because of the western sanctions imposed on it, the Financial Times reported on Wednesday, citing sources. Discussions had been held about an immediate increase in production from Saudi Arabia and the United Arab Emirates, which could be announced at Thursday’s OPEC+ meeting, […] June 2, 2022
Agriculture Turkish factory activity contracts for third straight month in May Turkish manufacturing activity contracted for the third month running in May as both output and orders slowed amid muted demand and ongoing price pressures, a business survey showed on Wednesday. The Purchasing Managers’ Index (PMI) for manufacturing stood at 49.2 in May, unchanged from April, said a panel from the Istanbul Chamber of Industry and […] June 1, 2022
Markets Finland and Sweden to continue NATO talks with Turkey Finland and Sweden said on Wednesday they would continue a dialogue with Turkey over their bids for NATO membership, but did not say whether there had been progress on overcoming Ankara’s objections to their joining the military alliance. The Nordic neighbours applied to join NATO last month in response to Russia’s invasion of Ukraine, but […] June 1, 2022
Energy Egypt in $4bn deal to build waste-to-energy facility Egypt’s Suez Canal Economic Zone (SCZONE) and H2-Industries have signed a memorandum of understanding (MoU) to build a waste-to-hydrogen facility at a greenfield site in east Port Said with an estimated cost of $4 billion, an SCZONE statement said on Wednesday. The project targets production capacity of 300,000 tonnes of green hydrogen per year, the […] June 1, 2022
Nearly a fifth of UK monkeypox cases linked to travel Nearly a fifth of monkeypox cases reported in the United Kingdom are linked to travel, Britain’s UK Health Security Agency(UKHSA) said on Wednesday. Recent foreign travel to a number of different countries in Europe within 21 days of symptom onset has been reported by 34 confirmed cases, or 18 percent of the 190 cases of […] June 1, 2022
Energy Saudi-led OPEC+ set for modest output rise, as oil hits $124, sources say Oil prices rally on future EU Russian oil ban OPEC experts didn’t discuss suspending Russia from quotas Russian oil output rising, Lavrov visits Middle East G7 again calls on OPEC to raise output US officials working on Biden’s visit to Riyadh OPEC+ is set to stick this week to its monthly modest oil output increases […] June 1, 2022
Energy UN nuclear watchdog urged to rebuke Iran, draft resolution shows IAEA reported scant progress with Iran on uranium traces Report came after three-month process to revive dialogue West previously held off of sending resolution to Board Iran bristles at such moves, could hurt talks on 2015 deal The United States, France, Britain and Germany are pushing for the U.N. nuclear watchdog’s Board of Governors to […] June 1, 2022
Markets What’s eating meal delivery stocks? Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. Whatever happened to these lockdown winners? Meal delivery companies had a great run in the early days of the COVID-19 epidemic and strived as growth and tech stocks led the rebound from the COVID-19 market crash. Things couldn’t be more different […] June 1, 2022
Real Estate Global real estate frenzy fades, as some markets slow Huge price rises of as much as 50 percent in last few years In Dubai analysts agree affordability will worsen Many have resigned themselves to renting over owning, driving up rents The global property market frenzy that gathered pace during the pandemic as people scrambled to buy more living space is likely over as interest […] June 1, 2022
Markets Dubai bucks the trend, as Gulf bourses fall on inflation fears Most Gulf bourses ended lower on Wednesday, in line with global peers as rising inflation fears around the globe deepened worries over growth prospects, with Dubai bucking the trend.Soaring food and energy costs drove euro zone inflation to a record high of 8.1 percent in May, figures on Tuesday showed, stoking concern about interest rate […] June 1, 2022
Retail Amazon.com says it is being unfairly targeted by US Congress bill By David Shepardson and Diane Bartz Amazon.com Inc on Wednesday lambasted a bill in Congress barring tech giants from giving preference to their own businesses on their websites, saying it unfairly singles the retailer out while not subjecting rivals to similar regulations. The Senate could vote on the bill as early as this month, media […] June 1, 2022
Manufacturing UK manufacturing growth hits 16-month low in May British manufacturing activity expanded in May at the weakest rate since January 2021, as producers of consumer goods struggled against a worsening cost-of-living crunch, a survey showed on Wednesday. The final estimate of the S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) fell to 54.6 in May from 55.8 in April, unchanged from a preliminary […] June 1, 2022
Energy Who is buying Russian crude oil and who has stopped Here is the response by countries and companies regarding purchases of Russian oil since the war in Ukraine started on Feb. 24. Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases, while Group of Seven (G7) nations, including Japan, committed to ban or phase out imports of Russian oil […] June 1, 2022
Tourism DP World-owned P&O Ferries loses UK government contract Britain says it has cancelled a contract with P&O Ferries “with immediate effect” in its latest action against the DP World-owned company following its decision to axe hundreds of staff earlier this year. The Home Office (interior ministry) said it was ending its agreement with the firm to provide contingency travel services to “juxtaposed ports” […] June 1, 2022
Cinemark subscription surge hails post-pandemic cinema rebound Cinemark Holdings Inc has signed up 1 million paying subscribers to its Movie Club monthly subscription plan, the company said on Wednesday, hailing a rebound in moviegoing after disruptions from the coronavirus pandemic. The third-largest movie theater chain in the United States said it was the first cinema operator to cross the 1 million milestone […] June 1, 2022
Lifestyle Damian Lewis, Salman Rushdie and Rio Ferdinand among UK honours list Actor Damian Lewis, author Ian Rankin and former Northern Ireland first minister Arlene Foster were among more than 1,100 people recognised by Britain’s Queen Elizabeth in her annual birthday honours. The list, which is issued to mark the 96-year-old monarch’s official birthday, honours recipients for their “outstanding” contributions; most awards recognise public service or community […] June 1, 2022
Tech Africa’s online platforms take on Silicon Valley African startups challenge giants like Facebook, Twitter Innovators say local knowledge is key to meeting needs Platforms prioritize indigenous languages, data rights By Kim Harrisberg and Menna A. Farouk Plan a funeral, call out corruption or start a business – tough jobs all now made easier by a generation of tech-savvy Africans tackling local problems […] June 1, 2022
Manufacturing Egypt awards eight gold, metal mining exploration licences Egypt awarded eight gold and metal mining exploration licences in the eastern desert region, the petroleum ministry said on Wednesday, as it seeks to increase investments in this underdeveloped industry. Four companies won the licences – Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said. Egypt has […] June 1, 2022
Abu Dhabi leads $725m fundraising by US insurance broker Acrisure said on Tuesday it had raised $725 million in a fresh funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority, valuing the insurance brokerage at $23 billion. The company has benefited from a jump in global commercial insurance premiums that rose 11 percent on average in the first quarter, according […] June 1, 2022
Energy Iran’s energy export revenue soars 60% in last two months Iran’s energy export revenue is 60 percent higher in the first two months of the Iranian year (March 21 to May 21) compared to the same period a year ago, an official from the Iranian oil ministry told the ministry’s SHANA news agency on Sunday. The official did not give a reason for the jump […] June 1, 2022
Tourism Qatar Airways ready to see $1bn Airbus dispute through to trial Qatar Airways is ready to see its legal dispute with Airbus over flaws with the protective skin of A350 wide-body jets through to trial, the Gulf carrier said on Tuesday. Qatar Airways is suing the European planemaker in a UK court for $1 billion in damages after grounding about two dozen of its A350s experiencing […] June 1, 2022
Sharjah’s Arada Developments set to raise $350m with debut sukuk Arada Developments, the largest developer in Sharjah in the United Arab Emirates, was set to raise $350 million in its debut foray in the debt markets, a document showed on Tuesday. The yield was set at 8.12 percent, tightening from initial price guidance of around 8.25 percent. The Islamic bonds, or sukuk, received more than […] June 1, 2022
