Economy Israel’s judicial reforms to hit economy says Moody’s Moody’s Investors Service said on Tuesday that passage of a new law in Israel limiting some Supreme Court powers signalled that political tensions will continue and likely have negative consequences for Israel’s economy and security situation. “We believe the wide-ranging nature of the government’s proposals could materially weaken the judiciary’s independence and disrupt effective checks […] July 26, 2023
Tech Twitter’s rebranding to ‘X’ faces trademark challenges Billionaire Elon Musk’s decision to rebrand Twitter as X could become complicated legally: companies including Meta and Microsoft already have intellectual property rights to the same letter. X is so widely used and cited in trademarks that it is a candidate for legal challenges – and the company formerly known as Twitter could face its […] July 26, 2023
Banking and Finance Turkey raises credit card interest to tame inflation The Turkish central bank on Tuesday detailed moves it was taking to support monetary tightening, including raising the monthly maximum interest rate on credit card cash usage and overdraft accounts to 2.89 percent. It said the increase in the rate, from a previous 1.91 percent, was designed to control inflation and balance domestic demand. The […] July 26, 2023
Banking and Finance Egypt offers dollar deposits to ease currency crunch Egypt’s two biggest state banks on Tuesday issued US dollar-denominated certificates of deposit with high returns, in what appears to be the country’s latest attempt to lure dollars away from the black market and back into the financial system. The North African nation is grappling with a shortage of hard currency, with the Egyptian pound […] July 26, 2023
Economy Egypt’s current account deficit narrows to $5.3bn Egypt’s current account deficit narrowed to $5.3 billion in July-March of 2022/23 driven by an increase in the revenues of tourism and the Suez Canal, the central bank said on Tuesday. This compared to $13.6 billion in the same period a year earlier. Remittances from Egyptians working abroad have dropped by 26.1 percent for the […] July 26, 2023
Banking and Finance China state banks sell US dollars to prop up yuan China’s major state-owned banks were seen selling US dollars to buy yuan in both onshore and offshore spot markets in early Asian trade on Tuesday. Insiders with direct knowledge of the matter said the sell-off was aimed at supporting the Chinese currency. China’s state banks usually trade on behalf of the central bank in the […] July 25, 2023
Oil & Gas Egypt denies Zohr gas field facing technical problems Egypt denied reports its giant Zohr gas field was facing technical problems, in a statement on Monday, instead highlighting investments to boost its production. Total investment in the offshore gas field has reached $12 billion and is expected to hit $15 billion in three years, the government said in a statement on Monday. “The field […] July 25, 2023
Tech Musk says Twitter’s blue bird logo to be replaced by X Twitter Inc owner Elon Musk signalled on Sunday that he will take the social media company in a new direction with a rebranding that will replace its well-known blue bird logo with an X. The change, which was not evident on the website on Sunday evening, followed Musk’s recent admission that advertising revenue remains nearly half of what it once was. He […] July 24, 2023
Manufacturing French and Korean firms to build new US battery plant French-Italian automaker Stellantis and South Korean battery maker Samsung SDI on Monday said they plan to open a second joint-venture plant in the US to build electric vehicle batteries, with a target to start production in 2027. The companies said the transaction still needs to be finalised, and where the plant will be located is […] July 24, 2023
Banking and Finance ADQ-led group’s bid for Israel’s Phoenix falls apart A deal for two shareholders in Israeli financial firm Phoenix Group to sell control of the group to a consortium led by Abu Dhabi state-owned ADQ has fallen through, a regulatory filing showed on Sunday. US private investment firms Centerbridge Partners and Gallatin Point Capital, which hold about 33 percent of Phoenix, said last year […] July 24, 2023
Energy G20 fails to reach deal on cutting fossil fuels The Group of 20 (G20) major economies meeting in India failed on Saturday to reach consensus on phasing down fossil fuels following objections by some producer nations. Scientists and campaigners are exasperated by international bodies’ foot-dragging on action to curb global warming even as extreme weather from China to the United States underlines the climate […] July 23, 2023
Oil & Gas UAE says current Opec+ actions sufficient for now Current actions by Opec+ to support the oil market are sufficient for now, UAE energy minister Suhail Al Mazrouei said on Friday, and the group is “only a phone call away” if any further steps are needed. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 […] July 23, 2023
Banking and Finance Israeli bank CEOs warn of fallout from judicial changes The chief executives of Israel’s two largest banks on Friday called on the government to halt its highly disputed legislative push to overhaul the judiciary, and warned of economic fallout should they continue. The drive by Prime Minister Benjamin Netanyahu’s right-wing government to change the justice system has sparked unprecedented protests and warnings, including from […] July 23, 2023
Energy Iraq renews crude supply deal with Lebanon Iraq renewed its agreement to provide Lebanon with up to 2 million tons of crude oil for a year, Lebanese energy ministry said in a statement on Friday. The two countries signed a memorandum of understanding on Iraq providing Lebanon with fuel oil and crude oil, the Iraqi state news agency INA also reported on […] July 23, 2023
Banking and Finance Lebanon proposes floating forex rate by September The vice governors of Lebanon’s central bank have proposed lifting the longtime peg on the country’s local currency and moving to a managed float by the end of September. The details were outlined in a copy of their proposal seen by Reuters on Thursday. The Lebanese pound has lost more than 98 percent of its […] July 21, 2023
Tech Middle East funds in talks to buy stake in Norway’s Visma Norwegian software developer Visma is in talks with Middle Eastern and Asian sovereign funds over the sale of a minority stake ahead of launching a formal process after September, sources familiar with the matter told Reuters. The sale could give the business an enterprise valuation of more than $20 billion, up to as much as […] July 21, 2023
Banking and Finance Turkey raises rate to 17.5% as inflation likely to soar Turkey’s central bank hiked its policy rate by 250 basis points to 17.5 percent on Thursday, continuing to reverse President Tayyip Erdogan’s low-rates policy. However, the tightening fell short of expectations with inflation expected to rise sharply. It was the second meeting under new governor Hafize Gaye Erkan. He is leading a change of course […] July 21, 2023
Markets Dubai invites IPO pitches for taxi and parking assets Dubai’s Roads and Transport Authority has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, two sources with knowledge of the matter told Reuters. The RTA is targeting the first of the two potential public share sales, in the Dubai Taxi Corporation, to take place […] July 21, 2023
Banking and Finance UAE fund agrees $100m grain loan facility with Egypt Egypt is to sign a $100 million renewable loan facility with the Abu Dhabi Fund for Development (ADFD) to fund its grains purchases, supply minister Ali Moselhy said. Abu Dhabi-based agribusiness firm Al Dahra will be one of the first suppliers of the grain through the deal, but Moselhy said that the funding could be […] July 21, 2023
Transport Tesla may cut prices in ‘turbulent times’ says Musk Tesla CEO Elon Musk signalled on Wednesday that he would cut electric vehicle prices again in “turbulent times”, even as his all-out price war on automaker rivals squeezes the company’s own margins. The company has slashed prices several times in the United States, China and other markets since late last year, and increased discounts and […] July 20, 2023
Banking and Finance Romania looks to UAE to fund $7.3bn nuclear reactors Romanian state-owned nuclear power producer Nuclearelectrica’s two planned new reactors are expected to cost at least €6.5 billion ($7.29 billion), energy minister Sebastian Burduja said. He added that Nuclearelectrica was still negotiating, with a view to signing a deal later this year, with the Lavalin group, which owns the Candu (Canada deuterium uranium) technology already […] July 20, 2023
Energy Masdar targets acquisitions in US and Europe Abu Dhabi state-owned renewable energy firm Masdar is in discussions with potential acquisition targets in the US and is also looking to expand in Europe, Gulf Arab countries and elsewhere, its chief financial officer said on Wednesday. “We plan to grow significantly in the North America market, in the US,” Niall Hannigan said, adding it […] July 20, 2023
