Banking and Finance Wall Street gears up for possible US debt default As talks over raising the US government’s $31.4 trillion debt ceiling go down to the wire, Wall Street banks and asset managers have been preparing for the fallout from a potential default. The financial industry has prepared for such a crisis before, most recently in September 2021. But this time, the relatively short time frame […] May 22, 2023
Aviation Ryanair cautiously optimistic of profit in next 12 months Ryanair on Monday posted a near record profit of €1.43 billion ($1.57 billion) in the year to end-March and said it was cautiously optimistic that profits would rise modestly in the next 12 months, with summer demand notably robust. The Irish airline, Europe’s largest by passenger numbers, expects summer European short-haul capacity to remain below […] May 22, 2023
Tech G7 leaders seeks global technical standards for AI Leaders of the Group of Seven (G7) nations on Saturday called for the development and adoption of technical standards to keep artificial intelligence (AI) “trustworthy,” saying governance of the technology has not kept pace with its growth. While the G7 leaders, meeting in Hiroshima, Japan, recognised that the approaches to achieving “the common vision and […] May 21, 2023
Banking and Finance Abu Dhabi’s Mubadala reports $276bn assets Abu Dhabi sovereign investor Mubadala on Friday reported its 2022 financialresults with more than AED1 trillion ($276 billion) in assets under management, and said it outperformed market benchmarks. Mubadala Investment Company is the second-biggest state fund in the UAE capital, after Abu Dhabi Investment Authority. In 2021 it reported AED1.045 trillion – around $280 billion […] May 19, 2023
Manufacturing UK to invest $1.3bn to build chip supply chains Britain announced £1 billion ($1.26 billion) of investment for its semiconductor sector on Friday in a long-awaited strategy that aims to strengthen the domestic industry and chip supply chains. The strategy focuses on Britain’s role in designing semiconductors, used in everything from cars to smartphones and washing machines, the government’s newly formed department for science, […] May 19, 2023
Economy Egypt’s central bank leaves key interest rates steady Egypt’s central bank kept its overnight interest rates unchanged on Thursday, saying that growth had slowed in the fourth quarter and international commodity prices were easing. As forecast by analysts, the bank left its lending rate at 19.25 percent and deposit rate at 18.25 percent, its monetary policy committee (MPC) said in a statement. “Domestically, […] May 19, 2023
Economy Turkish lira hits record low after post-election rout Turkey’s lira weakened to a record low against the dollar on Thursday, after incumbent Recep Tayyip Erdoğan’s lead in presidential elections surprised markets, while the nation’s sovereign dollar bonds steadied after a three-day post-election rout. The cost of insuring the country’s debt against default fell slightly, but equity markets and banking stocks endured fresh losses […] May 19, 2023
Manufacturing Tesla proposes India factory after refusal to lower tax Tesla Inc has proposed setting up a factory in India to build electric cars for domestic sale and export, the carmaker told government officials on Wednesday, according to a source with direct knowledge of the matter. The proposal comes after India refused to agree to Tesla’s request last year to lower the import tax on cars, which can reach as much […] May 18, 2023
Banking and Finance Bahrain’s oil holding firm launches $750m sukuk Bahrain’s state oil holding firm Nogaholding launched a $750 million 10-year Islamic bond, or sukuk, on Wednesday, capital markets publication IFR News reported. Demand for the high-yield issue drove pricing below guidance. Order books hit more than $3.75 billion ahead of launch, allowing the company to offer a yield of 6.625 percent from the 7.25 […] May 18, 2023
Banking and Finance Qatari fund explores claims against Credit Suisse losses Qatar’s sovereign wealth fund, Credit Suisse’s second-largest investor, has explored seeking redress for losses incurred by the bank’s takeover, two people familiar with the matter said, as legal challenges to Switzerland’s state-backed rescue mount. The Qatar Investment Authority (QIA) sought legal advice on whether it had any claim against Swiss authorities, including through international arbitration, […] May 18, 2023
Economy IMF says Jordan must push reforms to drive growth The International Monetary Fund said on Wednesday Jordan needed to accelerate structural economic reforms to push growth beyond the average two-to-three percent it has struck in recent years to help it generate more jobs to reduce high unemployment. “With unemployment still high, and particularly among the youth and women, structural reforms are essential for achieving […] May 18, 2023
Energy Qatar cuts July Al Shaheen oil price to 27-month low Qatar Energy set the term price for cargoes of Al Shaheen oil loading in July at the lowest level since April 2021, as refining margins remained sluggish and crude supplies were ample despite an additional Opec+ output cut. Qatar set the price for July cargoes at a premium of about $1.03 a barrel above Dubai […] May 18, 2023
Tech Israel tech firms to continue job layoffs in 2023 Israeli high-tech firms have largely halted job hiring and many are expected to continue layoffs this year, a report on the country’s tech sector showed on Tuesday. One-quarter of companies have stopped recruiting new employees and another quarter plan more layoffs – many of those planning to let go five percent of their workforce, according […] May 17, 2023
Banking and Finance Pfizer plans $31bn debt to fund Seagen takeover Pfizer Inc said on Tuesday it plans to raise $31 billion from a debt offering to finance its proposed acquisition of Seagen Inc. Pfizer struck a $43 billion deal in March to acquire Seagen and its targeted cancer therapies as it prepares for a steep fall in Covid-related sales and generic competition for some top-selling […] May 17, 2023
Retail Elon Musk reverses course on Tesla advertising its cars Tesla Inc boss Elon Musk, who has never used traditional advertising to sell cars, said on Tuesday that the automaker would try it and see whether it produced results. Musk said it was “ironic” that as CEO of Tesla, he now owns Twitter. The social media platform is highly dependent on ads and will soon […] May 17, 2023
Energy Lebanon strikes deals to get more oil from Iraq Lebanon has agreed deals to secure more fuel supplies from Iraq, the two countries said on Tuesday, as Beirut battles to produce more power to help it emerge from years of economic crisis. Baghdad has agreed to increase the volume of heavy fuel oil supplied under an existing deal by 50 percent to 1.5 million […] May 17, 2023
Banking and Finance Turkey’s market rout deepens after Erdoğan’s secures lead Turkey’s market rout deepened on Tuesday amid investor expectations that President Tayyip Erdoğan could be able to extend his rule – and his unorthodox economic policies – into a third decade. Banking stocks and sovereign dollar bonds slid for a second day and the cost of insuring exposure to Turkish debt rose further after Erdoğan […] May 17, 2023
Banking and Finance UBS flags $17bn hit from Credit Suisse takeover UBS Group AG expects a financial hit of about $17 billion from the takeover of Credit Suisse Group AG, the bank said in a presentation early on Wednesday as it prepares to complete the rescue of its struggling Swiss rival. UBS estimates a negative impact of $13 billion from fair value adjustments of the combined […] May 17, 2023
Tech Amazon in deal for ‘Lord of the Rings’ video game Amazon.com and Swedish game developer Embracer Group have agreed to develop and publish a massively multiplayer online (MMO) game based on fantasy series The Lord of The Rings, the companies said. The game, which is in the early stages of development, will be set in Middle-earth, featuring stories of The Hobbit and The Lord of […] May 16, 2023
Banking and Finance Bahrain’s Nogaholding plans new dollar sukuk Bahrain’s state oil holding firm, Nogaholding, is planning a sale of US dollar-denominated Islamic bonds and has offered to tender existing notes for cash, a bank document and filing showed. The tender offer is conditional on the completion of the new debt sale, in which nogaholding will offer sukuk maturing in seven or 10 years. […] May 16, 2023
Banking and Finance SC Lowy targets regional deals from Abu Dhabi office Hong Kong-headquartered SC Lowy, which invests in high yield and distressed credits, plans to open an office in Abu Dhabi amid growing opportunities in the Middle East region, its new regional head said. “We are in the final stages, hopefully, of getting the final sign off from the regulatory bodies to open an office in […] May 16, 2023
Energy Vietnam approves $135bn power plan for 2030 Vietnam’s prime minister approved a long-awaited power plan for this decade that needs $134.7 billion of funding for new power plants and grids, the government said, in a move that may help unlock billions of dollars of foreign investment. The plan, known as PDP8, is aimed at ensuring energy security for the southeast Asian country […] May 16, 2023
