Energy Aramco may cut Arab Light crude prices to 15-month low Saudi Arabia may further cut the prices for its flagship Arab Light crude grade to Asia in February, after they were set at a 10-month low this month, as concerns of oversupply continued to cloud the market. State oil giant Saudi Aramco may cut the official selling price (OSP) for the medium sour grade by […] January 5, 2023
Tech Dell said to phase out Chinese chips by 2024 Dell Technologies Inc plans to stop using China-made chips by 2024 and has told suppliers to reduce the amount of other made-in-China components in its products amid concerns over US-Beijing tensions, Nikkei reported on Thursday. The computer maker told suppliers late last year that it aims to meaningfully lower the amount of China-made chips it […] January 5, 2023
Tech Sony and Honda roll out Afeela EV prototype Japan’s Sony has unveiled a prototype of the new Afeela electric vehicles it will build together with Honda as it looks to become a player in next-generation cars. Sony gave a glimpse of the Afeela at the CES 2023 technology trade show in Las Vegas. The car will use technology from hardware maker Qualcomm Inc, […] January 5, 2023
Banking & Finance Egypt bonds jump after latest currency devaluation Egypt’s government bond prices jumped and Egyptian pound non-deliverable forwards (NDFs) climbed 5.5 percent to seven percent to 29.4-32.4 per dollar on Wednesday after the central bank devalued the currency for the third time in less than a year. Egypt’s central bank allowed the pound to weaken to 26.49 to the dollar earlier from about […] January 5, 2023
Real Estate Turkey to provide cheaper home loans for mid-income citizens Mortgages with lower rates and longer maturities will be offered to middle income Turks looking to buy new housing, Turkish finance minister Nureddin Nebati said on Wednesday. Nebati told a news conference the mortgage loans up to 5 million lira ($266,823), will have up to 15 years maturity and rates will start from 0.69 percent. […] January 5, 2023
Banking & Finance Israel names new finance ministry chief as 2023 budget work starts Israeli finance minister Bezalel Smotrich has named attorney Shlomi Heisler as director general of the finance ministry. Heisler was most recently head of the National Infrastructure Committee and is now the most senior civil servant at the treasury. He replaces Ram Belinkov, who on Tuesday said he was stepping down amid the new government taking […] January 5, 2023
Health Qatar among countries imposing Covid tests for Chinese travellers Authorities around the world are imposing or considering curbs on travellers from China as coronavirus cases in the country surge following its relaxation of “zero-Covid” rules. International health experts predict at least one million deaths in China this year. However, China has played down concerns, saying decisions by some countries to impose a requirement for […] January 4, 2023
Economy UK fresh food prices surge 15% in year to December Fresh food prices at British supermarkets in early December were 15 percent higher than a year earlier, the biggest annual increase since at least 2005 when records started, figures from the British Retail Consortium (BRC) showed on Wednesday. British households were hit hard by a soaring cost of living in 2022, and the Bank of […] January 4, 2023
Economy Egypt private sector activity continues to shrink in December Activity in Egypt’s non-oil private sector contracted in December for the 25th straight month as inflation, a weaker currency and continued import controls dampened business, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) rose to 47.2 in December from 45.4 in November, but was still below the 50.0 threshold that […] January 4, 2023
Economy Turkey’s inflation falls to 64.27% in December Turkish annual inflation slid to 64.27 percent in December, according to official data, below forecast, dropping because of a favourable base effect after hitting a 24-year high in October. President Tayyip Erdogan’s unorthodox low interest-rate monetary policy and a resulting currency crisis pushed inflation to a peak of 85.5 percent in October before dipping slightly […] January 4, 2023
Banking & Finance Dubai regulator upholds nearly $136m fine on Abraaj founder Dubai’s financial regulator said on Tuesday it upheld a $135.6 million fine on collapsed private equity firm Abraaj Group’s founder and former CEO Arif Naqvi “for his serious failings” in respect of the company. Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 after investors […] January 4, 2023
Banking & Finance Emirates NBD to issue 3-year dirham-denominated bond Dubai’s biggest lender Emirates NBD has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed. The senior, unsecured bond, under the bank’s $20 billion medium-term notes programme, will be issued subject to market conditions following a series of investor calls, which were scheduled to begin on Tuesday. […] January 4, 2023
Economy Israel rates set to peak around 4% and curb inflation The Bank of Israel is near the end of an aggressive interest rate hike cycle that should be enough to bring inflation back into its target range, deputy governor Andrew Abir said. On Monday, the central bank raised its benchmark interest rate by a half-point to a 14-year high of 3.75 percent, the seventh increase […] January 4, 2023
Manufacturing Tesla reports record production and deliveries in Q4 2022 Tesla Inc on Monday reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates, burdened by logistics problems, slowing demand, rising interest rates and fears of recession. The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, compared with Wall Street expectations of 431,117 […] January 3, 2023
Banking & Finance UK announces cash support for low-income households Millions of low-income households in Britain will receive cost-of-living support from the government of up to £900 ($1,084) over the financial year, the country’s Department of Work and Pensions said on Tuesday. The money will directly go to claimants’ bank accounts in three payments over the financial year, the department said in a statement. The […] January 3, 2023
Economy Singapore’s economy beats 2022 forecasts but new risks growing Singapore’s economy grew faster than official forecasts in 2022 but slower activity in the fourth quarter points to significant risks ahead for the city-state in the new year as global demand weakens and inflationary pressures weigh. Singapore’s economy grew 3.8 percent in 2022, preliminary data from the Ministry of Trade and Industry showed on Tuesday, […] January 3, 2023
Economy Turkey’s Erdogan says exports hit record $254bn in 2022 Turkey’s exports rose 12.9 percent to $254.2 billion last year, the country’s highest level ever, President Tayyip Erdogan said on Monday. Speaking at an event, Erdogan said exports to the European Union increased by 12 percent in 2022, while some 10,000 companies completed their first exports in the same period. Separately, the Turkish trade deficit […] January 3, 2023
Banking & Finance Bank of Israel raises key rate and seeks fiscal restraint The Bank of Israel raised its benchmark interest rate by half a point on Monday, and will likely continue its increases a bit more in coming months, saying it seeks to curb inflation running above five percent. The central bank as expected lifted its key rate to a 14-year high of 3.75 percent from 3.25 […] January 3, 2023
Economy IMF says global economy faces tougher year in 2023 For much of the global economy, 2023 is going to be a tough year as the main engines of global growth – the United States, Europe and China – all experience weakening activity, the head of the International Monetary Fund (IMF) has said. The new year is going to be “tougher than the year we […] January 2, 2023
Economy Oman approves 2023 budget with $3.4bn expenditure Oman’s Sultan ratified a 2023 budget with a deficit of OMR1.3 billion ($3.38 billion) or three percent of GDP, the finance ministry said on Sunday, adding that the 2022 budget achieved a surplus of OMR1.146 billion. The 2023 budget sees revenues of OMR10.05 billion, five percent lower than 2022, and expenditures of OMR11.35 billion, 6.4 […] January 2, 2023
Banking & Finance Israeli bank freezes mortgage rates for hard-hit homeowners Israel’s Bank Hapoalim will not pass on to customers the central bank’s next increase to interest rates, citing the struggles of homeowners faced with higher mortgage payments amid a broad spike in the cost of living. The Bank of Israel has raised its benchmark interest rate to 3.25 percent from 0.1 percent since April, resulting […] January 2, 2023
Sustainability Israel to abandon plastic tax despite environmental concerns Israel’s new government will abandon the country’s tax on single-use plastic plates and utensils, finance minister Bezalel Smotrich said, despite environmental concerns. The decision, in apparent defiance of global efforts to reduce the amount of plastic waste that is polluting oceans, comes after opposition to the tax from religious parties that said it unfairly targeted […] January 2, 2023
