Aviation Saudi’s Riyadh Air plans trio of new plane orders Saudi Arabia’s new airline Riyadh Air is in the midst of a three-part inaugural fleet acquisition including ongoing talks with Airbus and Boeing to buy a significant number of narrow-body jets, CEO Tony Douglas said. The creation of a second Saudi national airline, with industry veteran Douglas as its CEO, was announced alongside an order […] June 6, 2023
Banking and Finance Turkey rate hike to 25% in June is ‘on the table’ An interest rate hike to 25 percent from the current 8.5 percent is on the cards for Turkey’s monetary policy committee’s upcoming meeting on June 22, “if not earlier,” JPMorgan economists said on Monday. “A policy rate hike to 25 percent, from the current level of 8.5 percent, is on the table for June 22 […] June 6, 2023
Oil & Gas Aramco raises crude price for Asia to 6-month high Saudi Arabia, the world’s top oil exporter, raised the prices of its flagship crude Arab Light to Asian buyers in July to a six-month high, following its pledge on Sunday to make a deep cut to its production next month. The official selling price (OSP) for July-loading Arab Light to Asia was increased by 45 […] June 6, 2023
Oil & Gas White House focused on oil prices after Opec+ move A White House official said on Sunday that the Biden administration is focused on oil prices and “not barrels” after Saudi Arabia planned to make a deep cut to its crude output. “We are focused on prices for American consumers, not barrels, and prices have come down significantly since last year,” said the official, who […] June 5, 2023
Aviation Iata urges jetmakers to fix aircraft delivery delays The head of a group representing global airlines renewed pressure on planemakers to speed up plane and parts production on Sunday, warning the delays would curtail airline capacity as demand for air travel nears a full recovery from the pandemic. Willie Walsh, director general of the International Air Transport Association (Iata), told Reuters the topic […] June 5, 2023
Banking and Finance Goldman Sachs says Turkish lira will weaken further Goldman Sachs revised its Turkish lira forecast in the wake of President Tayyip Erdoğan’s cabinet revamp, saying it now expected the currency to weaken to 28 to the dollar in 12 months compared with a previous prediction of 22. Erdoğan signalled on Saturday his newly-elected government would return to more orthodox economic policies when he […] June 5, 2023
Oil & Gas Opec+ meet begins and may agree further output cuts Opec and its allies began two days of meetings on Saturday that may culminate in further production cuts of as much as 1 million barrels per day, Opec+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies […] June 4, 2023
Economy Saudi and UAE attend Brics meet to deepen ties Senior officials from over a dozen countries including Saudi Arabia and Iran were in talks on closer links with the Brics bloc of major emerging economies on Friday as it met to deepen ties and position itself as a counterweight to the West. Brics, which now consists of Brazil, Russia, India, China and South Africa, […] June 4, 2023
Aviation Global airline summit to tackle climate goals Airlines will ride the crest of a faster-than-expected recovery and discuss ways of translating climate pledges into action at a summit buoyed by a return to business as usual later this week. The influential International Air Transport Association (Iata) holds its annual meeting on June 4-6 with many of its 300 carriers enjoying higher fares […] June 4, 2023
Economy Turkey’s Erdoğan signals economic U-turn Turkey’s President Tayyip Erdoğan has signalled his newly-elected government would return to more orthodox economic policies when he named Mehmet Simsek to his cabinet to tackle Turkey’s cost-of-living crisis and other strains. Simsek’s appointment as treasury and finance minister could set the stage for interest rate hikes in coming months, analysts said – a marked […] June 4, 2023
Markets Saudi’s Milling Company 3 mulls IPO in 2024 Saudi Arabia’s Milling Company 3 (MC3) is planning an initial public offering (IPO) next year and has invited banks to pitch for roles in the deal, two sources familiar with the matter said. MC3, which operates flour mills in the region of Khamis Mushait, Aljouf and Aljamoom, has appointed Moelis & Co as an adviser, […] June 4, 2023
Banking and Finance Mexico in exploratory talks to issue Islamic bonds Mexico is in exploratory talks to issue sukuk, or Islamic bonds, in an effort to tap new investors, Mexican deputy finance minister Gabriel Yorio said. “We have started exploratory talks to expand our investor base via potential entry into the sukuk market, aiming for greater financial ties,” Yorio said while on a visit to Kuwait, […] June 2, 2023
Oil & Gas Ties with Saudi Arabia are ‘constructive’, says Kremlin The Kremlin has said relations with Saudi Arabia were constructive and based on mutual understanding and respect ahead of an Opec+ meeting. Asked about relations with Saudi Arabia ahead of the meeting, Kremlin spokesman Dmitry Peskov said they were “constructive, based on mutual understanding, mutual respect, mutual trust, and very work-like”. Opec+, which groups the […] June 2, 2023
Banking and Finance Turkey’s net forex reserves at lowest on record The Turkish central bank’s net forex reserves dropped to their lowest level on record, standing at $-4.4 billion on May 26, data showed on Thursday, as it sought to counter forex demand ahead of and during parliamentary and presidential elections. The bank’s net reserves dropped by some $4.25 billion last week, to their lowest level […] June 2, 2023
Oil & Gas Opec+ unlikely to deepen oil supply cuts at June 4 meeting Opec and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. Opec+, which groups the Organisation of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 percent of the world’s […] June 2, 2023
Oil & Gas Opec Gulf producers make the largest cuts in May Opec oil output fell in May after Saudi Arabia and other members of the broader Opec+ alliance made voluntary output cuts to support the market, a Reuters survey found on Wednesday, although increases elsewhere in the group limited the decline. The Organization of the Petroleum Exporting Countries has pumped 28.01 million barrels per day (bpd) […] June 1, 2023
Banking and Finance Turkish central bank ready to soften certain measures Turkey’s central bank signaled at a meeting with senior bankers that it would respond positively to the banks’ requests to soften some measures which it has taken recently, three participants in the meeting said on Wednesday. A government-backed scheme to protect lira deposits from depreciation, known as KKM accounts, was among the issues discussed, the […] June 1, 2023
Banking and Finance Italy to create $1.1bn fund for local strategic firms Italy’s cabinet on Wednesday approved a bill to create a fund to support domestic firms, the industry minister said in a statement, in a move aimed at shoring up strategic supply chains. The upcoming national strategic fund for “Made in Italy” products will have an initial endowment of €1 billion ($1.10 billion) in state cash, […] June 1, 2023
Oil & Gas Analysts’ view on possible Opec+ output cuts The Organization of the Petroleum Exporting Countries with Russia and other allies, or Opec+, meet on June 4 to discuss whether additional oil production cuts should be implemented. The group in early April surprised markets with output cuts of around 1.16 million barrels per day, fueling a rise in prices. But going into the meeting […] June 1, 2023
Banking and Finance Saudi’s Salic to invest in Brazilian meat producer IPO Saudi Arabia’s agricultural and livestock investment firm Salic has committed to buy shares in a potential $900 million stock offering by BRF SA, the Brazilian firm said, a move that would expand Salic’s footprint in the country’s meat industry. Marfrig Global Foods SA, BRF’s controlling stakeholder, had also pledged to subscribe to the planned new […] June 1, 2023
Aviation Global airlines set to tackle non-CO2 emissions Global airlines are setting up a task force to deal with non-carbon dioxide (CO2) emissions, stepping up efforts to tackle cloudy streaks formed by aircraft known as contrails, an environmental threat that until now has taken a backseat to carbon pollution in the response to global warming. The move comes as the International Air Transport […] June 1, 2023
Banking and Finance Bank of Israel chief cautions of more rate hikes Israel’s monetary policy is currently restrictive and at an appropriate level given moderating inflation, but interest rates could rise further should the shekel’s depreciation continue, Bank of Israel governor Amir Yaron said. Yaron said since the last interest rate decision on May 22, the shekel, which has been under pressure since the start of the […] May 31, 2023
