Markets Olam unit aims dual IPO in Saudi Arabia and Singapore Agri-food giant Olam Group aims to launch in June the dual initial public offering (IPO) of its agricultural unit that could raise up to $1 billion in Singapore and Saudi Arabia, two sources with knowledge of the matter said. The IPO, the first of such a dual listing in the world, is subject to regulatory […] May 10, 2023
Energy Pakistan plans to blend Saudi and Russian oil to cut cost Pakistan is planning to blend newly purchased Russian crude with Arabian light crude in order to create a mixture that will be more easily processed by the nation’s oil refineries, Pakistan’s energy minister said. The country is planning to purchase Russian crude oil at a discount as high prices caused by geopolitical tensions have caused […] May 10, 2023
Tech Musk says Twitter to allow calls and encrypted messages Twitter Inc CEO Elon Musk has revealed details about new features including adding calls and encrypted messaging coming to the platform. Last year, Musk flagged plans for ‘Twitter 2.0 The Everything App’, which he said would have features such as encrypted direct messages (DMs), longform tweets and payments. “Coming soon will be voice and video chat from […] May 10, 2023
Economy Egyptian inflation tipped to ease in April Egypt’s headline inflation rate is likely to edge down in April from a five-and-a-half-year high the month before, a Reuters poll showed, helped by a favourable base effect, a steady currency and weaker commodity prices. The median forecast of 13 analysts polled showed annual urban consumer inflation slipping to 31 percent in April from 32.7 […] May 9, 2023
Tech Qualcomm to acquire Israeli auto-chip maker Qualcomm is to acquire Israel’s Autotalks, a maker of chips used in crash-prevention technology, as the US firm looks to expand its automotive business. The company did not disclose the terms of the deal but said the Autotalks technology would be incorporated into its assisted and autonomous driving product, Snapdragon Digital Chassis. Qualcomm said last […] May 9, 2023
Retail Amazon offers shoppers $10 to pick up purchases Amazon.com is offering customers $10 to pick up a purchase rather than have it shipped to a home address, as the e-commerce giant joins other retailers in racing to slash costs for home delivery and returns amid slack consumer demand. Over the past few days Amazon has emailed an unknown number of Prime subscribers in […] May 9, 2023
Tech LinkedIn cuts over 700 jobs as demand wavers LinkedIn, the professional networking platform owned by Microsoft, has revealed plans to cut 716 jobs as demand wavers, while also shutting down its China-focused jobs app. LinkedIn, which has 20,000 employees, has grown revenue each quarter during the last year, but it joins other major technology companies including its parent in laying off workers as […] May 9, 2023
Battle for China’s electric SUV market heats up China is ground zero for the price war in electric vehicles (EVs) and the battleground is shifting to SUV-styled EVs, the largest segment of the market, dominated by Tesla Inc and BYD . The market, crowded with more than 90 models, is about to get even tighter with at least 20 new models of both […] May 8, 2023
Banking and Finance Binance pauses bitcoin withdrawals twice in a day Cryptocurrency exchange Binance halted bitcoin withdrawals on Monday for the second time in a day, citing large volumes. “Our team is currently working on a fix and will reopen (bitcoin) withdrawals as soon as possible,” the company said in a tweet. “There is a large volume of withdrawal transactions from Binance still pending as our […] May 8, 2023
Banking and Finance US private equity firm nears final close of $6bn Asia fund US private equity firm Bain Capital is nearing the final close of its fifth and biggest Asia-focused fund after having raised around $6 billion from global investors, said two people with knowledge of the situation. The committed capital to the fund has exceeded the firm’s initial target of $5 billion, said one of the two […] May 7, 2023
Banking and Finance Buffett says Berkshire cautious on banking sector Warren Buffett has said Berkshire Hathaway is cautious around the banking sector, largely because of poor messaging by officials around government-insured deposits, as well as distorted incentives he said were brought on by banking regulation. A crisis of confidence in the US banking sector has led to the failure of three midsized banks since March […] May 7, 2023
Economy Turkey’s opposition vows to roll back Erdogan’s policies Turkey’s opposition alliance has vowed to reverse many of President Tayyip Erdogan’s policies if elected in a May 14 election, including a return to a parliamentary democracy and economic orthodoxy and a major shift in foreign policy. Last month Kemal Kilicdaroglu, presidential candidate of the six-party Nation Alliance, unveiled the opposition’s programme for its first […] May 7, 2023
Tourism Holiday Inn-owner sees summer to drive growth IHG Plc chief executive Keith Barr will step down next month after six years at the helm, the Holiday Inn-owner said, sending its shares down despite strong first-quarter results driven by a rebound in Chinese demand. The 52 year-old American plans to return to his family in the United States, IHG said, adding he would […] May 7, 2023
Banking and Finance IMF working with Pakistan on $1.1bn bailout review The International Monetary Fund (IMF) is working with Pakistani authorities to conclude a ninth review of a bailout programme that will release $1.1 billion to the cash-strapped country, the lender’s mission chief said. “The IMF continues to work with the Pakistani authorities to bring the ninth review to conclusion once the necessary financing is in […] May 5, 2023
Energy Turkey discovers 1bn barrels of oil in southeast field Turkey has discovered 1 billion barrels of oil in a field in the southeast province of Sirnak, Turkish Petroleum said, in the largest onshore find in the country. Turkish Petroleum has drilled 2,771 metres deep so far and found a more than 162 metre light oil-bearing reservoir, it said, with further prospects to be explored […] May 5, 2023
Energy Luberef’s Q1 profit surges on higher base oil prices Saudi oil giant Aramco’s base oil subsidiary Luberef’s net income rose by nearly half in the first quarter despite a drop in revenue, mainly due to lower feedstock prices resulting in higher crack margins. Saudi Aramco Base Oil Company (Luberef) posted net income of SAR446 million ($118.92 million) for the first quarter, up from SAR303 […] May 5, 2023
Economy Turkey sticks to inflation forecast of 22.3% for 2023 Turkey’s central bank is sticking to its inflation forecast of 22.3 percent for 2023, governor Sahap Kavcioglu said – less than half of market expectations – even though the decline in inflation has been slower so far than it previously envisioned. Unorthodox rate cuts sought by President Tayyip Erdogan sparked a currency crisis in late […] May 5, 2023
Energy Russia’s oil and gas budget revenue drops 64% in April Russia’s federal budget revenues from oil and gas, the lifeblood of its economy, fell 64 percent in April from the year-earlier period and declined by 5.9 percent from March, its finance ministry said, as a result of higher subsidies to oil refineries. Budget income from oil and gas sales reached 647.5 billion roubles ($8.3 billion) […] May 5, 2023
Banking and Finance Egypt reports current account surplus of $1.41bn Egypt’s current account turned a surplus for the first time in years in the October-to-December quarter as imports dropped and exports rose, the central bank said in a statement. Egypt imposed import restrictions during most of 2022 and continues to suffer an acute shortage of foreign currency. The current account registered a surplus of $1.41 […] May 4, 2023
Retail Middle East shoppers find some ‘gaps on the shelves’ A “salad crisis” affecting British supermarkets hit headlines earlier this year, but shoppers across Europe and the Middle East seeking some basic groceries – from pasta to toothpaste – are also finding gaps on the shelves. Top industry executives, consultants and analysts told Reuters that supermarkets are struggling to predict demand as the receding experience […] May 4, 2023
Economy Turkish inflation slows to 44% ahead of landmark polls Turkish annual inflation slowed to 43.68 percent in April, according to official data, easing ahead of elections that polls show President Tayyip Erdogan risks losing largely due to a cost-of-living crisis. Unorthodox rate cuts sought by Erdogan sparked a currency crisis in late 2021, sending inflation to a 24-year peak of 85.51 percent last year. […] May 4, 2023
Health Israeli firm makes ready-to-cook 3D printed fish fillets Forget your hook, line and sinker. An Israeli foodtech company says it has 3D printed the first ever ready-to-cook fish fillet using animal cells cultivated and grown in a laboratory. Lab-grown beef and chicken have drawn attention as a way to sidestep the environmental toll of farming and tackle concerns over animal welfare, but few […] May 4, 2023
