People & Lifestyle Daily Mail seeks Middle East investors for Telegraph bid The Daily Mail and General Trust has registered its interest with British bank Lloyds for a potential bid for The Telegraph, a spokesperson told Reuters on Saturday. However, while it has been engaging with several parties, DMGT does not yet have any formal plans and there is no consortium, the spokesperson added. Sky News earlier […] August 13, 2023
Tech Iraqi telecom ministry to lift Telegram messaging app ban Iraq’s telecoms ministry said it will lift a ban on the Telegram messaging app on Sunday, which was imposed earlier this week, citing security concerns and data leaks of official state institutions and citizens. The app is widely used in Iraq for messaging but also as a source of news and for sharing content. Some […] August 13, 2023
Industry Mubadala to buy 31.5% stake in Brazilian cane processor Abu Dhabi investment fund Mubadala Capital will take an opposite direction from most of its peers in the Brazilian sugar and ethanol industry, which it plans to enter by early next year, betting on expanding output of the biofuel and looking only marginally to sugar. Bruno Serapiao, CEO of Atvos, one of the country’s largest […] August 11, 2023
Oil & Gas Aramco to supply full oil volumes to Asia next month Saudi Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended. The world’s top oil exporter announced last week that it would prolong the 1 million […] August 11, 2023
Finance Turkey to lower inflation after transition period Turkey aims to lower soaring inflation permanently after a transitional period where prices remain high, finance minister Mehmet Simsek said in an interview with the Yeni Safak newspaper. “Our goal is to bring down inflation permanently after a transitional period,” Simsek said. The sustained price pressure, driven by a drop in the lira currency and […] August 11, 2023
Transport Israel’s El Al in ‘serious’ talks to buy Airbus jets El Al Israel Airlines is in “serious” talks with Airbus to buy as many as 30 A321neo jets, El Al’s CEO said, in what would be an historic change of supplier as it looks to replace its short-haul fleet. Israel’s flag carrier is also in talks with traditional supplier Boeing to buy 737 MAX aircraft, […] August 11, 2023
Finance Egypt’s inflation surges to record 36.5% in July Egypt’s annual headline inflation rose to a new all-time high of 36.5 percent in July, in line with analysts’ expectations, as food prices soared, data from the country’s statistics agency Capmas showed. Month-on-month, prices rose 1.9 percent in July, down from 2.08 percent in June. Core inflation, which strips out volatile items like food and […] August 11, 2023
Oil & Gas Iran set to raise oil output by 250,000 bpd this summer Iran will produce an addition 250,000 barrels per day (bpd) of oil by the end of summer, the semi-official Tasnim news agency reported on Wednesday citing the head of the National Iranian Oil Company (NIOC). “Iran’s oil production will reach 3.5 million bpd at the end of summer,” Tasnim cited NIOC managing director Mohsen Khojasteh-Mehr […] August 10, 2023
Banking and Finance Turkey’s FX reserves rise as policy U-turn continues Turkey’s net foreign exchange reserves surged nearly $5 billion last week, with total reserves up almost $2 billion, bankers’ calculations showed on Wednesday, resuming an uptrend since it adopted a more orthodox monetary policy following May elections. The rebuilding of the central bank’s currency buffer is seen as a gauge of authorities’ willingness to ease […] August 10, 2023
Industry Kazakhstan in talks with AD Ports on agricultural exports Kazakhstan is in talks with Abu Dhabi Ports to set up a joint venture that would help ship Kazakh agricultural exports via Iran and then Gulf ports. The Central Asian nation, a significant exporter of agricultural commodities such as grains and oilseeds, wants to ship cargoes to Iran via the Caspian Sea and have them […] August 8, 2023
Energy Egypt’s natural gas output falls to three-year low Natural gas production in Egypt fell to a three-year low in the first five months of 2023, figures from the Joint Organisations Data Initiative (Jodi) show, raising questions about the country’s efforts to position itself as a regional energy hub. The country is grappling with power shortages when a heatwave has driven up demand for […] August 8, 2023
Finance Saudi and Chinese exchanges in talks to allow cross-listings China and Saudi Arabia’s stock exchanges are in talks to allow exchange-traded funds (ETFs) to list on each other’s bourses, three sources familiar with the matter said, as the countries look to deepen financial ties amid warming diplomatic relations. The talks are in the early stages, said the sources, and could mark a major first […] August 6, 2023
Economy Turkey pledges hiking rates at global investor meet Turkey’s new-look economic team met for the first time with dozens of international investors on Friday and pledged to continue hiking interest rates, even as economic growth slows, to head off rebounding inflation, two sources said. According to the sources and a draft programme, the eight-hour meeting in Istanbul included finance minister Mehmet Simsek and […] August 6, 2023
Banking and Finance Argentina agrees $775m loan with Qatar to repay IMF Argentina agreed a $775 million loan with Qatar on Friday, which will be used to make an immediate International Monetary Fund repayment. The country’s government is grappling with a severe economic crisis with sky-high inflation and falling central bank reserves while facing IMF repayments. Its economy minister Sergio Massa said on Monday Argentina would not […] August 4, 2023
Banking and Finance Abu Dhabi’s IHC to focus on domestic acquisitions Abu Dhabi conglomerate International Holding Company (IHC) will refocus on domestic acquisitions as global economic challenges hamper its efforts to expand abroad. IHC rose from relative obscurity to become the UAE’s largest publicly traded company worth more than $235.98 billion. As it reported that its net profit fell slightly in the second quarter, it said […] August 4, 2023
Development Russia says expansion will strengthen Brics Russia said on Thursday that the Brics group of countries would be strengthened by adding new members, in its most explicit endorsement yet of the idea of expansion. The Brics group of emerging economies currently comprises Brazil, Russia, India, China and South Africa. Moscow sees the group as an increasingly important and influential counterweight in […] August 4, 2023
Oil & Gas India’s Gail set to finalise Qatar LNG purchase deal Gail (India) Ltd is close to finalising a long-term liquefied natural gas (LNG) import deal with Qatar to buy at least one million metric tonnes per year (tpy). The agreement would potentially be for more than 20 years, three industry and trade sources said. The deal would be part of Gail’s plans to lock in […] August 4, 2023
Banking and Finance Nomura to hire 40 bankers in Asia and Middle East Nomura Holdings plans to hire more than 40 private bankers in Asia and the Middle East in two years to tap an expanding pool of rich families and entrepreneurs in the regions, its international wealth management chief told Reuters. Enhancing wealth management is part of Nomura’s goal of increasing revenue less vulnerable to market swings, […] August 3, 2023
Economy Israel warns high-interest rate may impact growth The Bank of Israel on Wednesday warned of risks to the stability of the banking system due to possible economic consequences from the government’s plan to overhaul the judiciary, as well as higher credit costs from a steep rise in interest rates. In its semi-annual report on financial stability, the central bank said that Israel’s […] August 3, 2023
Oil & Gas Opec+ unlikely to tweak oil policy on high demand Opec+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six Opec+ sources told Reuters, as tighter supplies and resilient demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as Opec+, meet on August 4. The […] August 3, 2023
Banking and Finance Brazil central bank kicks off ‘aggressive’ rate cuts Brazil’s central bank kicked off its rate-cutting cycle more aggressively than expected on Wednesday, reducing its benchmark interest rate by 50 basis points and signalling more of the same in the months ahead due to an improving inflation outlook. The bank’s rate-setting committee Copom cut its Selic policy rate to 13.25 percent, as just 10 […] August 3, 2023
Aviation Kuwait Airways CEO expects delay in Airbus deliveries Kuwait Airways faces possible delays of up to 12 months to receive some Airbus aircraft, its CEO said on Wednesday. The government-owned carrier signed a multi-billion dollar deal with Airbus in 2022 for 31 planes, 18 of which it has already received. Maen Razouqi said in an interview that any financial impact as a result […] August 3, 2023
