Finance India’s banks asked to settle trades in rupee and dirham India’s central bank is nudging local banks to ask their clients to settle trade between the UAE and India using the dirham or Indian rupee to reduce US-dollar-based transactions. The move is part of the Reserve Bank of India’s broader aim of promoting settlement in local currencies with countries with which India has a trade […] August 22, 2023
Oil & Gas Iraq begins talks with Turkey to resume oil exports Iraq’s oil minister Hayan Abdel-Ghani will visit Turkey to discuss issues including the resumption of oil exports through the Ceyhan oil terminal. Iraqi oil minister will meet his Turkish counterpart to discuss energy issues, on top of which is the resumption of Iraq’s northern oil exports via Turkey’s Ceyhan port, said an oil official. Turkey […] August 22, 2023
Finance Turkey’s central bank likely to hike policy rate to 20% Turkey’s central bank is expected to raise its policy rate to 20 percent this week, a Reuters poll showed on Monday, though some economists expect a smaller increase after hikes in previous months remained below expectations. The central bank embarked on a tightening cycle in June, after President Tayyip Erdoğan appointed former Wall Street banker […] August 22, 2023
Banking and Finance Turkey begins rolling back costly FX-protected deposits Turkey’s central bank has begun rolling back a costly scheme that protects lira deposits from FX depreciation, marking another move toward more orthodox policies following a shift toward interest rate hikes. The central bank said on Sunday that it lifted targets applied to banks for certain levels of conversions of foreign exchange deposits to the […] August 21, 2023
Energy Russia remains China’s top crude supplier in July Russia remained China’s largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports. Arrivals from Russia were up 13 percent from the same month last year to 8.06 million metric tonnes in July, or 1.9 million […] August 20, 2023
Oil & Gas Hungary to receive LNG from Qatar in 2027 Hungary can begin to receive shipments of liquefied natural gas (LNG) from Qatar in 2027, Hungarian foreign minister Peter Szijjarto told a news conference. Demand for LNG has skyrocketed following Russia’s invasion of Ukraine, giving Qatar and the United States significantly larger roles in supplying gas to Europe and forcing landlocked countries, such as Hungary, […] August 20, 2023
Tech Qualcomm’s bid for Israel’s Autotalks needs EU nod US chipmaker Qualcomm will have to seek European Union (EU) antitrust approval for its planned takeover of Israeli auto-chip maker Autotalks even though the deal is below the EU’s turnover threshold, EU regulators said. The European Commission cited the importance of the deal to original equipment manufacturers and others who need access to vehicle-to-everything (V2X) […] August 20, 2023
Finance Bahrain hard currency assets rise $800m says HSBC Bahrain’s central bank foreign currency assets rose by almost $800 million in June from May, recovering further from pandemic lows but still modest for an oil-led economy with a currency pegged to the dollar, HSBC said. “However, the rise means that reserves have risen 50 percent in the space of a year to their highest […] August 18, 2023
Finance Lebanon reports $660m in loans from Gulf states Lebanon’s central bank said its liquid foreign assets stood at $8.57 billion as it disclosed the numbers for the first time in a push for greater transparency after the departure of its long-time governor Riad Salameh. The central bank did not provide comparison figures from earlier periods, but at the start of the financial crisis […] August 18, 2023
Economy Lebanon’s caretaker PM says economic stability at stake Lebanon’s failure to approve a string of crucial economic laws to pull the country back on to its feet threatens the country’s future economic stability, caretaker Prime Minister Najib Mikati said. A financial meltdown that started in 2019 has weakened the currency by more than 90 percent, paralysed the financial system and frozen depositors out […] August 18, 2023
Industry Egypt set to launch sugar trading on local bourse Egypt’s commodities exchange has invited companies to register to trade sugar on the bourse, which already offers yellow corn and wheat. Sugar will be offered on the exchange starting Thursday, exchange head Ibrahim Ashmawy said in a statement, adding that the move was in line with a government mandate “to regulate the markets of strategic […] August 17, 2023
Finance Iraq set in ‘battle’ against dollar smugglers Iraq has made strides implementing US dollar supply restrictions targeting Iran but faces an uphill battle with a banking system unaccustomed to strict oversight and persistent currency smugglers, central bank governor Ali Al Allaq said. “It is really a battle, because the people benefiting from this situation and those harmed (by the new measures) will […] August 17, 2023
Economy Israel’s economy sustains growth and beats forecast Israel’s economy sustained its solid growth in the second quarter, beating expectations with consumer spending bouncing back after a slow start to 2023, data from the Central Bureau of Statistics showed on Wednesday. While not as fast as in 2022, growth this year has been bolstered by a low 3.6 percent jobless rate, overcoming the […] August 17, 2023
Banking and Finance Egypt outlines new measures to boost forex inflows Egypt is offering a minimum $5,000 fee for Egyptians living abroad who wish to clear their military service obligations and a US dollar pension plan also aimed at its citizens abroad, in a series of fresh measures designed to boost foreign currency inflows. Over the past few months, state-owned banks have begun selling high-interest dollar-denominated […] August 16, 2023
Economy Israel inflation eases to 16-month low at 3.3% The inflation rate in Israel eased to a 16-month month low of 3.3 percent in July from 4.2 percent in June, a drop that could continue to keep further Bank of Israel interest rate hikes at bay. The consumer price index (CPI) rose 0.3 percent in July from June, led by gains in fresh produce, […] August 16, 2023
Industry UAE signs $500m deal to supply wheat to Egypt UAE-based agribusiness Al Dahra and the Abu Dhabi Exports Office (Adex) have signed a $500 million deal to supply Egypt with wheat. The five-year agreement, worth $100 million per year, will provide Egypt with imported milling wheat from the UAE “at competitive prices”. Egypt, a major buyer of basic commodities, has been suffering from a foreign currency crunch after […] August 15, 2023
Leisure & Hospitality Neymar to play for Saudi’s Al Hilal after PSG agree deal Brazil forward Neymar is headed for Saudi Arabia after Pro League side Al Hilal agreed a two-year deal with Paris St Germain, Saudi state media reported. There was no immediate comment from the Ligue 1 champions, owned by Qatar Sports Investments, but French newspaper L’Equipe said the deal could net 31-year-old Neymar €160 million ($175 […] August 15, 2023
Banking and Finance Shuaa top shareholder quits and reveals sale plan Dubai-listed investment bank and asset manager Shuaa Capital’s top shareholder Jassim Alseddiqi is stepping down as managing director and selling his nearly 30 percent stake, he said. Shuaa last year completed a $100 million initial public offering of a special purpose acquisition company on New York’s Nasdaq exchange. Alseddiqi is leaving Shuaa to pursue “a […] August 15, 2023
Tech Israel’s Vesttoo startup seeks US bankruptcy protection Vesttoo is seeking Chapter 11 bankruptcy protection in a US court which will enable it to pursue legal action against those responsible for a fake collateral scandal, the Israeli fintech said in a statement. Vesttoo – partly backed by Banco Santander’s fintech venture capital arm Mouro Capital – has laid off staff, closed offices and […] August 15, 2023
Finance Lebanon freezes ex-central bank governor’s account Lebanon has frozen the bank accounts of former central bank governor Riad Salameh and four of his associates, a statement by the special investigation commission has revealed. Lebanon has also lifted banking secrecy on the accounts of all five individuals, which include Salameh, his brother Raja, his son Nady, his former assistant Marianne Hoayek and […] August 15, 2023
Finance Adnoc considers increasing Covestro bid to $12.6bn Abu Dhabi National Oil Co (Adnoc) has verbally signalled to Covestro that it could raise its informal offer to €60 per share if the German plastics and chemicals maker agrees to enter formal talks, two people familiar with the matter told Reuters. This would boost the oil giant’s non-binding bid to about €11.6 billion ($12.63 […] August 15, 2023
Banking and Finance Israel’s Bank Hapoalim profit surges to $515m Bank Hapoalim, Israel’s largest lender, reported a 43 percent rise in quarterly profit, boosted by a jump in financing income amid high inflation and interest rates that more than offset a spike in provisions against loan defaults. Hapoalim, the country’s largest bank by credit to the public, said it earned 1.92 billion shekels ($515 million) […] August 14, 2023
