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Indonesian copper miner plans $880m IPO by July

Indonesian copper miner Amman Mineral Internasional aims to raise up to 12.94 trillion rupiah ($880.6 million) in an initial public offering scheduled for June 28 to July 3, according to the company’s prospectus published on Wednesday. Book building is set to start on Wednesday with an offering price in the range of 1,650 rupiah to […]

First Abu Dhabi Bank set to raise $600m via green bonds

First Abu Dhabi Bank (FAB) is set to raise $600 million from an offering of five-year green bonds. The UAE’s biggest lender sold the bonds at 95 basis points (bps) over US treasuries, tightened 25 bps from initial guidance after demand topped $1.4 billion, a bank document showed. Proceeds will be used to fund environmental […]

Why is Opec+ cutting oil output?

Opec and its allies, including Russia, meet in Vienna on June 4 to decide on their output policy. The group, known as Opec+, agreed on April 2 to increase crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7 percent of global demand, after several members pledged unilateral cuts. The surprise announcement […]

Machine, Person, Boat

QatarEnergy to sign LNG supply deal with Bangladesh

QatarEnergy will sign a long-term liquefied natural gas (LNG) supply deal with Bangladesh’s state-owned gas company Petrobangla on Thursday, the second Asian sales deal to be sealed for Qatar’s North Field expansion project. The 15-year agreement is for the supply of two million tonnes annually, Petrobangla’s chairman Zanendra Nath Sarker told Reuters. Supplies are set […]

Brics bank issues $1.2bn of panda bonds

The New Development Bank (NDB) issued 8.5 billion yuan ($1.23 billion) worth of panda bonds in China’s interbank bond market on Monday to mobilise resources for financing sustainable development projects, the bank said in a statement. Proceeds will be used for general corporate resources and to finance infrastructure and sustainable development projects, the bank said. […]

Saudi stock market Tadawul

Olam unit’s dual IPO awaits nod from Saudi regulators

Singapore’s Olam Group does not expect the $1 billion initial public offering of its agricultural unit, Olam Agri Holdings, to be completed in the first half of 2023. The company, which planned to launch a dual IPO of the unit in Singapore and Saudi Arabia, said that it is yet to receive regulatory approvals from […]

Opec's Haitham Al Ghais told Adipec that the oil industry needs $600bn of investment a year

Opec ‘would welcome’ Iran once sanctions lifted

Iran has the capacity to add “significant production volumes within a short period of time” and would be welcomed back to Opec when sanctions are lifted, its secretary general said on Monday.  Iran is a member of Opec – the Organization of the Petroleum Exporting Countries – but its oil exports are subject to US […]

Barclays sees Turkey policy rate at 36% by year-end

Barclays has reiterated its forecast that Turkey’s central bank would raise its interest rates to 36 percent by the end of the year after President Tayyip Erdoğan won the presidential elections on Sunday. “There is a need for adjustments to both rates and FX,” Barclays analyst Ercan Erguzel said in a note to clients, adding […]

Nvidia to build Israel’s most powerful AI supercomputer

Nvidia Corp is building Israel’s most powerful artificial intelligence (AI) supercomputer to meet soaring customer demand for AI applications. Nvidia, the world’s most valuable listed chip company, said the cloud-based system would cost hundreds of millions of dollars and be partly operational by the end of 2023. Gilad Shainer, a senior vice president at Nvidia, […]

egypt oil gas

Saudi imports Russian diesel to maximise refining profits

Leading crude exporter Saudi Arabia is maximising refining profits by importing unprecedented amounts of cheap Russian diesel and in turn shipping record volumes to Singapore, where the fuel can achieve higher margins, shiptracking data shows. Russia has had to divert the volumes it sold to Europe, previously its dominant product market, after the European Union […]

Investors await Turkey’s move on economic policies  

The top policymaker picks of Turkey’s re-elected president Tayyip Erdogan are taking centre stage as markets try to gauge whether he will change course towards economic orthodoxy or double down on policies widely viewed as unsustainable. Erdogan is expected to use his victory in Sunday’s election to embark on a wide cabinet reshuffle, potentially changing […]

Saudi’s eXtra plans IPO of consumer finance unit

Saudi retailer United Electronics Company is planning an initial public offering of its Islamic consumer finance business, Tasheel Finance, two sources familiar with the matter told Reuters. United Electronics, known as eXtra, has appointed HSBC to arrange the public share sale, said the sources, who declined to be named as the matter is not public. […]

JPMorgan Chase to cut 500 jobs across main businesses

JPMorgan Chase & Co. is cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters. The layoffs will affect employees across the bank’s main businesses — consumer, commercial banking, asset and wealth management — as well as technology […]

Israel watchdog seeks data from banks in rate probe

Israel’s competition watchdog is seeking more data from the country’s banks relating to an investigation, saying they were enjoying huge profits from higher interest rates on loans but weren’t adequately sharing the benefits with customers. The investigation, which began in 2022, wasn’t made public prior to Sunday. In a bid to rein in inflation, the […]

Erdogan says tackling inflation is most urgent issue

Turkish President Tayyip Erdogan said in his victory speech that inflation was the most urgent issue for the country, but said it would also fall, following the policy rate that was cut to 8.5 percent from 19 percent two years ago. “We are designing an economy focused on investment and employment, with a finance management […]

US leaders reach tentative debt ceiling deal

US President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to suspend the federal government’s $31.4 trillion debt ceiling, ending a months-long stalemate. However, the deal was announced without any celebration, in terms that reflected the bitter tenor of the negotiations and the difficult path it has to pass through […]

Aster expects the sale of its GCC business to be completed in the fourth quarter of 2024

UAE’s Aster investors seek $300m India stake sale

Investors in Aster DM Healthcare are in talks to sell a 30 percent stake in the company’s India business for about $300 million, two sources with direct knowledge said, the latest potential deal in India’s booming healthcare sector. UAE-based and Mumbai-listed Aster runs 32 hospitals, 127 clinics and 521 pharmacies in India and the UAE. […]

Dubai’s Landmark Group founder Micky Jagtiani dies

Prominent Dubai-based businessman Micky Jagtiani, who founded retail giant Landmark Group, has died. “The Landmark Group today announced that its eminent Founder and Chairman, Mukesh ‘Micky’ Jagtiani, has passed away peacefully, surrounded by his loving family,” the company said in an emailed statement on Friday. Jagtiani, originally from India, started the business in 1973 with […]

Iraq launches $17bn ‘development road’ project

Iraq has launched a $17 billion project to link a major commodities port on its southern coast by rail and roads to the border with Turkey, in a move designed to transform the country’s economy after decades of war and crisis. The development road aims to tie the Grand Faw Port in Iraq’s oil-rich south […]

Clean energy funding to beat oil for first time, says IEA

Investment in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency (IEA) said, with solar projects expected to outpace outlays on oil production for the first time. Annual investment in renewable energy is up by nearly a quarter since 2021 compared to a 15 percent rise for […]

US firm says India’s Go First has no rights over engines

Pratt & Whitney has no engines currently available for India’s Go First airline, which also has no rights over them, the counsel for the US firm told a Delaware court as the two companies engaged in a dispute over the supplies. The Indian airline has approached the Delaware court to enforce an arbitration order it […]

UAE’s Brands For Less plans minority stake sale  

The owners of UAE-based budget retailer Brands For Less Group (BFL Group) are considering selling a minority stake in the business to investors, two sources with direct knowledge of the matter said. BFL Group is working with deNovo Corporate Advisors, the sources said, a Dubai-based boutique led by ex-Morgan Stanley banker May Nasrallah. BFL Group […]