Energy Opec oil output rises despite Saudi’s ongoing cuts Opec oil output rose in August as Iranian supply rose to its highest since 2018, a Reuters survey found on Thursday, despite ongoing cuts by Saudi Arabia and other members of the wider Opec+ alliance to support the market. Opec has pumped 27.56 million barrels per day (bpd) this month, the survey found, up 220,000 […] September 1, 2023
Tech US curbs AI chip exports to some Middle East nations The US has expanded the restriction of exports of sophisticated Nvidia and Advanced Micro Devices artificial intelligence (AI) chips beyond China to other regions including some countries in the Middle East. Nvidia said in a regulatory filing this week that the curbs, which affect its A100 and H100 chips designed to speed up machine-learning tasks, […] August 31, 2023
Energy Saudi Arabia may raise Arab Light price to 10-month high Saudi Arabia may raise prices of all crude grades it sells to Asia in October. The world’s top oil exporter is expected to extend its voluntary output cut for a third month, keeping sour crude supply tight and prices elevated. The October official selling price (OSP) for flagship Arab Light crude could increase by about […] August 30, 2023
Finance Isbank to free up subsidiaries for future listings Turkish lender Isbank is demerging to free up its subsidiaries to be listed in the future – the plan allows the bank to use its equity more effectively, chief financial official Gamze Yalcin said on Monday. The bank’s shares soared more than 8 percent to a record high after it earlier announced it would transfer […] August 29, 2023
Transport Qatar Airways upbeat on Latin America expansion Qatar Airways is optimistic about Brazil and the overall Latin American market as part of a global network expansion strategy on the heels of a World Cup-driven surge for its business. The airline reported a record annual revenue of $21 billion in 2022, up 45 percent from the year before, and a $1.21 billion net […] August 29, 2023
People & Lifestyle Saudi healthcare group Fakeeh weighs IPO Saudi Arabia’s Fakeeh Care, one of the largest private hospital groups in the kingdom, is considering selling a 30 percent stake through an initial public offering (IPO), two sources with knowledge of the matter told Reuters. The family-owned business, with hospitals in Jeddah and Riyadh, has appointed HSBC to advise on the deal, said the […] August 28, 2023
Energy China’s Sinopec profit falls 20% on lower oil prices Chinese refining giant Sinopec Corp plans to maintain steady refinery output during the second half of 2023 as domestic fuel demand recovers, after reporting a 20 percent decline in interim profit because of lower crude oil prices. Sinopec, the world’s largest refiner by capacity, plans 127 million metric tonnes of crude throughput, about 5.04 million […] August 28, 2023
Economy Lebanon’s central bank refuses to cover state deficit Lebanon’s central bank will not print money to lend the state or cover the crisis-hit economy’s projected deficit, acting central bank governor Wassim Mansouri said on Friday, calling on leaders to undertake urgent financial reforms. Mansouri told a press conference at the central bank the draft budget for 2023 included a state deficit of 24 […] August 27, 2023
Energy Brent is well supported at $80 says Morgan Stanley Morgan Stanley expects Brent crude prices to be well supported around $80 per barrel as the oil market is likely to remain in a deficit in the second of half of 2023 before returning to a small surplus next year. “Strong refined products markets and deep Opec cuts have been supporting crude oil prices,” analysts […] August 27, 2023
Economy Turkish minister to meet US investors next month Turkish finance minister Mehmet Simsek, who is leading the country’s economic U-turn toward orthodox policies, will hold his first meeting abroad with foreign investors on September 19 in New York, according to an invitation to the event. Simsek will give a speech and answer investors’ questions at Goldman Sachs headquarters, marking the first such overseas […] August 27, 2023
Renewable Energy Indian firm to invest $3.3bn in green hydrogen project Indian renewable energy firm Acme Group will invest 270 billion rupees ($3.27 billion) to set up a green hydrogen and ammonia project at an industrial park being developed by a Tata Steel unit in Odisha state, the companies said on Friday. Acme Group will acquire 343 acres of land in Gopalpur Industrial Park, developed by […] August 27, 2023
Economy Egypt expects Brics entry will lure foreign investment Egypt hopes its imminent inclusion in the Brics bloc of developing nations will help ease its shortage of foreign currency and attract new investment, but analysts say it may take time before any benefits appear. The bloc, which includes Brazil, Russia, India, China and South Africa, on Thursday invited Egypt and five other countries to […] August 27, 2023
Economy Turkey’s interest rate hike to 25% sparks lira rally Turkey’s central bank hiked its key interest rate by a larger-than-expected 750 basis points (bps) to 25 percent on Thursday, sparking a rare lira rally and signalling a new determination to address rebounding inflation as part of a broader policy U-turn. The surprise move leaves the policy rate at its highest level since 2019, and […] August 25, 2023
Transport Nigeria seeks to ‘immediately’ resolve issues with Emirates Nigeria’s president, Bola Tinubu, has ordered an immediate resolution to disagreements with Emirates airline and visa issuance by the UAE, the president’s spokesman said on Thursday. The UAE stopped issuing visas to Nigerians last year after Dubai’s Emirates suspended flights due to an inability to repatriate funds from Africa’s biggest economy. Tinubu’s office said in […] August 25, 2023
Energy Goldman says high oil stock cuts downside price risk Goldman Sachs sees less of a downside risk to oil prices from higher-than-expected inventories, noting that lower Organisation for Economic Co-operation and Development (Oecd) commercial stocks could add $2 to its end-2023 Brent outlook of $86 per barrel. Oecd commercial stocks, which the Wall Street investment bank estimated were equal to about a third of […] August 24, 2023
Energy Saudi Arabia may roll over 1m bpd cut into October Saudi Arabia will likely roll over a voluntary oil cut of one million barrels per day (bpd) for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by […] August 24, 2023
Retail Qatar to invest $1bn for 1% stake in Reliance Retail Qatar Investment Authority will invest $1 billion for a 1 percent stake in India’s Reliance Retail Ventures, nearly doubling its valuation to $100 billion from its last funding round in 2020. Reliance Retail is India’s largest retailer and the retail arm of billionaire Mukesh Ambani’s Reliance Industries. It has been partnering with a slew of […] August 24, 2023
Manufacturing Foreign investors seek 15% of Egypt’s tobacco company Egypt has received several offers from foreign investors to buy up to 15.3 percent of the shares of state-controlled Eastern Co, the country’s main tobacco products maker, the company said in a disclosure to the stock exchange on Tuesday. If it goes through, the sale would give impetus to Egypt’s floundering privatisation programme and reduce […] August 23, 2023
Energy Africa hopes for climate funding ahead of Cop28 Deals worth hundreds of millions of dollars are expected to be struck at next month’s Africa climate summit, including increasingly popular nature-based investments, the event’s main organiser said on Tuesday. African officials hope the meeting will strengthen the continent’s voice and send a unified message ahead of the Cop28 UN climate summit later this year […] August 23, 2023
Leisure & Hospitality Turkish food delivery company to cut 2,500 jobs Turkish food delivery company Getir announced a global restructuring on Tuesday, saying it plans to cut 2,500 jobs across five countries, or 10.9 percent of its total workforce. Getir last month announced its exit from Italy, Spain, and Portugal, but it will continue to operate in Turkey, the UK, Germany, the Netherlands and the US, […] August 23, 2023
Transport Suez Canal traffic unaffected after tanker collision Shipping traffic was flowing normally on Egypt’s Suez Canal on Wednesday, two shipping sources based in the country said, after two tankers that collided earlier were separated. The two tankers, the Singapore-flagged liquefied natural gas (LNG) carrier BW Lesmes and the Cayman Islands-flagged oil products tanker Burri, briefly collided in the canal, ship tracking company […] August 23, 2023
Brics expansion hopefuls seek to rebalance world order An expansion of the Brics bloc under consideration at a summit this week has attracted a handful of potential candidates – from Iran to Argentina – with one thing in common: a desire to level a global playing field many consider rigged against them. The list of grievances is long. Abusive trade practices. Punishing sanctions […] August 22, 2023
