Energy Opec output posts small drop ahead of Saudi cut Opec oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider Opec+ deal and voluntary cuts by several members to support the market, a Reuters survey found on Friday. The Organization of the Petroleum Exporting Countries has pumped 28.18 million barrels […] July 2, 2023
Energy Global economic headwinds to restrain oil prices in 2023 Oil prices will struggle for traction this year as global economic headwinds stymie gains that could be fuelled by a rebound in China and Opec+ cuts, a Reuters poll showed on Friday. The survey of 37 economists and analysts forecast Brent crude would average $83.03 a barrel in 2023, versus the $84.73 consensus in May. […] July 2, 2023
Tech GM buys Israeli startup to detect early battery defects General Motors said on Friday it had acquired Algolion Ltd, an Israel-based software startup that helps detect problems in batteries. GM said Algolion’s software will help the Detroit automaker bring to the market a “cost-effective” early hazard detection system at a quicker pace. The deal, for an undisclosed sum, comes at a time when automakers […] July 2, 2023
Economy Pakistan and IMF reach $3bn stand-by loan deal The International Monetary Fund says it has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement. The South Asian nation is teetering on the brink of default. The deal is subject to approval by the IMF board in July. There was an eight-month delay on the decision but it offers some respite to Pakistan, […] June 30, 2023
Banking and Finance Israel suspects limited competition among banks Israel’s competition watchdog said it would start talks with the central bank over the possibility of declaring the country’s five largest banks an oligopoly and making them subject to directives in consumer checking and savings accounts. A month ago Israel’s competition authority sought data from the top five banks, saying they were enjoying huge profits […] June 30, 2023
Economy Lebanon’s economic crisis deepening, says IMF Lebanon’s financial crisis has been aggravated by vested interests resisting crucial reforms, the International Monetary Fund said on Thursday, warning that no action could lead the country “down an unpredictable road.” The four-year economic meltdown has cost the local currency 98 percent of its value, seen GDP contract by 40 percent, pushed inflation into triple […] June 30, 2023
Banking and Finance Visa to buy Brazilian startup Pismo for $1bn Visa is acquiring Brazilian fintech platform Pismo for $1 billion to expand its footprint in Latin America. The deal, a vote of renewed confidence in the region during a funding slowdown, is the largest fintech exit in Latin America since Nubank went public in late 2021 and the largest disclosed startup exit so far this […] June 29, 2023
Economy Vietnam Q2 GDP growth accelerates, but exports slow Vietnam has reported faster economic growth in the second quarter, driven by the services sector and despite a slump in exports. Gross domestic product in the second quarter grew 4.14 percent from a year earlier, the General Statistics Office (GSO) said in a report on Thursday. Vietnam, a regional manufacturing hub, has been trying to […] June 29, 2023
Banking and Finance Israel delays bill after central bank warning Prime Minister Benjamin Netanyahu’s ruling coalition on Wednesday postponed a preliminary parliamentary reading of a bill the central bank chief has said threatens the Bank of Israel’s independence. The bill would force banks to pay interest on checking accounts and give final approval on setting the rate to the finance minister. Yinon Azulay, the parliament […] June 29, 2023
Business of Sport Saudi’s PIF governor to chair PGA and LIV merged entity The framework of the merger agreement of the PGA Tour and Saudi-backed LIV Golf says a for-profit subsidiary of the US golfing body will be created to manage commercial investments and assets for all tours, according to a copy reviewed by Reuters on Monday. The PGA Tour will have a permanent controlling interest in the […] June 27, 2023
Development Australia to invest $164m in critical minerals sector Australia’s resource-rich state of Queensland on Tuesday said it would spend A$245 million ($164 million) to help expand its critical minerals sector, and take steps to lure investments and cut rents on mining exploration leases. Australia has ramped up funding for critical minerals projects, which are essential to smart technology and clean energy. But the […] June 27, 2023
Tech Israel’s technology sector troubles persist in 2023 A slowdown in Israel’s technology sector has worsened in 2023, exacerbated by political turmoil, and the country may be detaching from broader trends that point to a global recovery, the state-backed Israel Innovation Authority said on Monday. High-tech has for a decade been the fastest growing sector in Israel and crucial for economic growth, accounting […] June 27, 2023
Energy Turkey tops destination for Russia’s diesel exports in June Turkey will again be the top destination for Russian diesel exports in June, while total shipments are set to rise after seasonal refinery maintenance, traders said and Refinitiv Eikon data showed. Russia’s estimated offline primary oil refining capacity for June could total 4.029 million tonnes versus 4.95 million tonnes in May, Refinitiv data shows. Since […] June 27, 2023
Banking and Finance Turkey’s lira hits new low after bank rules’ rollback The Turkish lira slid as much as three percent to a record low against the dollar on Monday, after the central bank took steps to simplify policy, while an official and bankers said the bank had stopped using its reserves to support the lira. The lira weakened as far as 26.05 against the US currency, […] June 27, 2023
Energy Hydrocarbons to remain part of future Asean energy mix Hydrocarbons will continue to be an important part of the energy mix in states in the Association of Southeast Asian Nations (Asean), Malaysian Prime Minister Anwar Ibrahim said on Monday, as affordability and energy security remain key concerns for the region of more than half a billion people. Achieving net-zero emissions targets should not come […] June 26, 2023
Energy Aramco forecasts strong global oil market in 2023 Global oil market fundamentals are expected to remain sound for the rest of the year, underpinned by healthy demand in developing countries, especially in China and India, Saudi Aramco CEO Amin Nasser said on Monday. “Overall, we believe that oil market fundamentals remain generally sound for the rest of the year,” Nasser told the Energy […] June 26, 2023
Energy China petrochemical refiners add capacity despite global glut China is adding new petrochemical capacity despite a global glut as the country’s refiners diversify from transport fuels – a move that threatens to depress margins worldwide next year as weak economic growth saps demand. In an ominous sign for producers of the chemicals used in plastic packaging, polyester clothing and auto parts, refiners’ profit […] June 26, 2023
Banking and Finance Vietnam to extend VAT cut to boost economy Vietnamese lawmakers on Saturday approved a government plan to extend a reduction in value added tax (VAT) on goods and services until the end of this year to boost domestic consumption and production, as its export-driven economy faces headwinds from slowing global demand. The VAT cut to eight percent from 10 percent, which has been […] June 25, 2023
Economy Pakistan revises budget to clinch IMF stalled funds Pakistan has changed its budget for the financial year starting on July 1, finance minister Ishaq Dar said on Saturday, including the latest fiscal tightening measures dictated by International Monetary Fund (IMF) in a final effort to clinch a stalled rescue package. “Pakistan and IMF had detailed negotiations for the last three days as a […] June 25, 2023
Banking and Finance Investors hold money as Turkish rate hike disappoints Foreign investors hoping for a game-changing rate hike from Turkey’s newly appointed central bank chief said Thursday’s disappointing move to a key rate of just 15 percent could keep some money on the sidelines. The appointment of US-trained banker Hafize Gaye Erkan to lead the bank boosted expectations that it would rapidly raise rates to […] June 25, 2023
Aviation Cathay Pacific forecasts first profit on travel rebound Hong Kong’s Cathay Pacific Airways on Friday forecast its first half-year profit in three years, buoyed by a strong rebound in travel demand and one-off gain from a stake sale in Air China. The city’s flagship carrier had posted record losses for the last three years as it parked much of its fleet during the […] June 23, 2023
Oil & Gas New discoveries boost Israel’s gas reserves by 40% Israel’s natural gas reserves have grown by 40 percent over the past decade due to increased drilling and exploration activities, an industry report said, even as production soared. The increase came amid five-fold growth in offshore gas production since the start-up of Israel’s first major producing Tamar field in 2013, the report prepared by consultancy […] June 23, 2023
