Economy ECB to hike rates twice as inflation remains hot The European Central Bank (ECB) will hike its key interest rates by 25 basis points (bps) at each of the next two meetings, according to economists polled by Reuters, many of whom also said the bigger risk was rates could go higher still in the future. Several ECB policymakers have reiterated the central bank may […] May 16, 2023
Construction Baghdad gets makeover as repairs kindle optimism Living in Baghdad’s sprawling Sadr City suburb for the past 15 years, Khodr Abbas, 73, had to walk along a mud and dirt track to get to his home, where he would struggle to get fresh water to flow and waste-water to flush through rickety pipes. That finally changed last month. Diggers, bulldozers and other […] May 16, 2023
Economy Thai economy beats GDP forecast as tourism grows Thailand’s economy expanded faster than expected in the first quarter, official data showed. It was boosted by a rebound in private consumption and tourism, which will help to counter a slowdown in exports. South-east Asia’s second-largest economy grew 2.7 percent in the January-to-March period from a year earlier, data from the National Economic and Social […] May 15, 2023
Energy South Korea lifts power prices despite public outcry South Korea will raise electricity prices by 5.3 percent to partly reflect increased generation costs, a move delayed more than a month because of the likely effect on already high inflation and the cost of living. It is the second increase in power prices this year after a sharper 9.5 percent hike that took effect […] May 15, 2023
Banking and Finance Turkey’s lira sinks to 2-month low in post-election trade Turkey’s lira slipped to a two-month low as financial markets kicked off trading in the wake of the country’s Sunday presidential and parliamentary election. The currency weakened to 19.70 to the dollar before retracing some of its losses to 19.66, on track for its worst session since early November. That was not far off the […] May 15, 2023
Banking and Finance S&P affirms Israel’s rating but warns on growth Credit ratings agency S&P on Friday affirmed Israel’s “Aa-/A-1+” rating and kept its outlook stable, but warned that fallout from a highly contested judicial overhaul could hamper growth. Israel’s government is trying to push through changes that would give politicians greater sway over selecting judges and to limit the power of the Supreme Court to […] May 14, 2023
India’s JioCinema in pricing fight with Netflix and Disney Indian billionaire Mukesh Ambani’s streaming platform JioCinema announced premium pricing of INR999 ($12) a year, its first step to move away from a free content model to fight global rivals such as Netflix and Disney in the country. The move comes weeks after Reliance’s Viacom18 struck a content deal with Warner Bros, that will make […] May 14, 2023
Retail Polish retailer Modivo cuts costs and plans layoffs Fashion retailer Modivo, owned by footwear and fashion brand group CCC, plans to cut costs and may lay off staff to boost profitability, its incoming CEO said on Friday, as the wider sector grapples with rising inflation and energy prices. “Improving profitability also means to work on efficiency, so we will try to rebuild this […] May 14, 2023
Energy Iraq expects Opec+ to make no further output cuts Iraq does not expect Opec+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said, in the first indication from an Opec minister about a potential decision as oil prices slide. “At the next meeting, which will be held on the 3rd and 4th (of June), […] May 14, 2023
Energy Opec holds 2023 global oil demand forecast steady Opec’s global oil demand forecast for 2023 was held steady for a third month on Thursday, as the producer group cited the potential Chinese growth to be offset by downside economic risks elsewhere such as the US debt ceiling. World oil demand in 2023 will rise by 2.33 million barrels per day (bpd), or 2.3 […] May 12, 2023
Banking and Finance Mubadala $1.5bn bond sale gets orders over $18bn Abu Dhabi sovereign investor Mubadala is set to raise $1.5 billion from a dual-tranche bond sale that drew over $18 billion in demand, a bank document showed. The spreads were tightened by as much as 45 basis points (bps) from initial guidance to 105 bps over US Treasuries (UST) for a 10.5-year tranche and 135 […] May 12, 2023
Energy Norwegian oil major scraps Kurdistan output guidance Norwegian oil company DNO has scrapped its guidance for output in Iraq’s Kurdistan region following a halt in exports since March that forced the company to shut production. Turkey stopped pumping about 450,000 barrels per day (bpd) of Iraqi crude from a pipeline from the Fish-Khabur border area to its Ceyhan port on March 25 […] May 12, 2023
Banking and Finance UAE’s Royal Group targets US investments The chairman of Abu Dhabi-based conglomerate Royal Group, Sheikh Tahnoon bin Zayed Al Nahyan, said the company has identified “outstanding” investment opportunities in the US market that it plans to pursue. “First and foremost, I’d like to reiterate that I firmly believe in the stability and potential of the US market,” Sheikh Tahnoon, who rarely […] May 12, 2023
Aviation Turkish Airlines to order 600 aircraft amid competition Turkish Airlines will order a total of 600 new aircraft in June to be delivered within ten years, company chairman Ahmet Bolat said. Such an order, if confirmed, would be the largest in the industry’s history by a single airline, eclipsing a record order by Air India for 470 Airbus and Boeing planes in December, […] May 12, 2023
Markets MSCI removes two Adani companies from indexes Index provider MSCI said two Adani-group companies will not be eligible for its global indexes, while 86 securities will be added to and 39 deleted from its widely followed MSCI ACWI stock index, as part of its quarterly index review. MSCI said earlier this week it would apply a “special treatment” to Egyptian securities listed […] May 12, 2023
Economy IMF says Israel’s judicial reforms is a risk to economy The International Monetary Fund (IMF) on Wednesday flagged Israel’s proposed judiciary reforms as a significant downside risk to the economy that could tighten financial conditions and hinder investment, consumption and long-term growth. Israel needed to permanently reduce uncertainty around the reforms with a “politically sustainable solution that is clearly communicated and well understood both domestically […] May 11, 2023
Banking and Finance US debt ceiling standoff overshadows G7 meeting A standoff over raising the US debt ceiling overshadowed a meeting of Group of Seven (G7) finance leaders set to begin on Thursday, heightening US recession fears as central banks seek a soft landing for the global economy. President Joe Biden piled pressure on Republican lawmakers on Wednesday to move quickly to raise the limit on the government’s permitted […] May 11, 2023
Economy France sees slight economic growth in Q2 2023 The French economy is set to grow slightly in the second quarter when compared to the previous one, the country’s central bank said on Wednesday, as activity across sectors picked up steam. The Bank of France said companies polled in its monthly business sentiment survey reported activity in April was stronger than in March in […] May 11, 2023
Energy Turkey defers $600m Russian energy payment Turkey has deferred payment to Russia of a $600 million natural gas bill to 2024, two sources said on Wednesday, the first such postponement under a deal announced last week that underlines deepening ties between Ankara and Moscow. Under the terms of the agreement, up to $4 billion in Turkish energy payments to Russia may […] May 11, 2023
Economy Egypt’s headline inflation slows to 30.6% in April Egypt’s annual urban consumer inflation in April slowed to 30.6 percent from 32.7 percent in March, data from the state statistics agency Capmas showed on Wednesday, lower than analysts had expected. Month-on-month, urban inflation slowed to 1.7 percent from 2.7 percent in March and 6.5 percent in February. Inflation had steadily crept up over the […] May 11, 2023
Energy Russia’s Tatneft makes new oil discovery in Libya Russia’s Tatneft has made a new oil discovery with a 1,870 barrel per day capacity in Libya’s Ghadames basin, Libya’s National Oil Corporation (Noc) said in a statement on Wednesday. Noc said the well was the third discovery for Tatneft in the area known as area 82 block 4. Tatneft has an interest of 10.5 […] May 11, 2023
Energy UAE says Opec+ cuts aimed to balance oil market The UAE energy minister Suhail Al Mazrouei said that additional voluntary output cuts by the Opec+ producer group were implemented to balance the oil market. Mazrouei, who briefed reporters on the sidelines of the World Utilities Congress, said he was concerned about future supply shortages due to low investment. “I’m not that worried about the […] May 10, 2023
