Economy France’s Macron says 2023 will be the year of pension reform The coming year will be one of much-delayed pension reform, President Emmanuel Macron told the French in a New Year’s eve speech on Saturday. Reforming France’s costly and complicated pension system was a key plank of Macron’s election platform when he came to power in 2017. But his initial proposals provoked weeks of protests and […] January 1, 2023
Economy US dollar eyes best year since 2015 on Fed’s monetary stance The US dollar was on track for its best performance in seven years on Friday, having been buoyed by the Federal Reserve’s aggressive monetary policy tightening and concerns about the global growth outlook. The US dollar index, which measures the greenback against a basket of currencies, has surged more than eight percent this year, the […] December 30, 2022
Economy Egypt lifts import curbs, backs bigger private sector role Egypt has lifted a key restriction on imports and approved a list of economic activities the government would leave to the private sector, in an effort to meet two key conditions attached to the International Monetary Fund’s (IMF) $3 billion support package. In a statement, the central bank said it dropped a requirement for importers […] December 30, 2022
Development Italy PM Meloni to bring Expo 2030 world fair to Rome Italian Prime Minister Giorgia Meloni has said she would do her best to ensure that the Expo 2030 world fair is held in Rome, even though she had little time to work on the project launched by her predecessor. “As an Italian and a Roman, I think it would be a great opportunity” to host […] December 30, 2022
Employment Turkey drops retirement age requirement for millions President Tayyip Erdogan has eliminated a retirement age requirement in a move that allows more than two million Turkish workers to retire immediately, less than six months before an election. The announcement was made during a news conference and follows Erdogan’s ruling AK Party delivering a hefty hike to the minimum wage last week as […] December 30, 2022
Economy Vietnam 2022 GDP grows at the fastest pace since 1997 Vietnam’s gross domestic product grew 8.02 percent in 2022, the fastest pace annually since 1997, backed by strong domestic retail sales and exports. The reading is higher than an official growth target of 6-6.5 percent and growth last year of just 2.58 percent, when Covid-19 lockdowns left a dent on the economy and impacted factory […] December 29, 2022
Markets Luberef falls nearly 7% below IPO price in market debut Shares in Saudi Aramco’s base oil subsidiary Luberef fell as much as 6.6 percent below its listing price in its Riyadh market debut on Wednesday. Formally known as Saudi Aramco Base Oil Company, Luberef raised SAR4.95 billion ($1.32 billion) earlier this month through the sale of 30 percent of the company to investors in an […] December 29, 2022
Banking & Finance Turkish banks to pay dividends after record 2022 profits Several big Turkish banks want to issue dividends to shareholders after posting record profits in 2022 and the country’s BDDK banking watchdog is considering the request, three banking sources familiar with the issue said. Each year the BDDK makes recommendations regarding banks’ profit distribution. In 2021, dividends were up to 10 percent of lenders’ net […] December 29, 2022
Economy Turkey’s inflation likely to decline to 43.2% by 2023-end Turkey’s annual inflation is expected to fall sharply to 66.8 percent in December due to a favourable base effect but drop only to 43.2 percent by the end of 2023, a Reuters poll showed, while monthly price rises should remain elevated. The end-2023 forecast is nearly twice that of the government, and raises the prospect of continued […] December 29, 2022
Energy Russia bans oil exports to countries abiding price cap President Vladimir Putin on Tuesday delivered Russia’s long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from February 1 for five months to nations that abide by the cap. The Group of Seven major powers, the European Union (EU) and Australia agreed this month […] December 28, 2022
Banking & Finance Gold prices hit all-time high in Egypt as local currency weakens The price of gold in Egypt has risen to unprecedented highs as nervous savers seek refuge from a weakening currency and some companies export bullion to raise scarce dollars to fund imports, industry experts say. Figures from the Federation of Egyptian Chambers of Commerce’s (FEDCOC) gold division show the price of 21-carat gold surpassing EGP […] December 28, 2022
Economy Japan central bank debates rising wages and fading deflation risks Bank of Japan (BOJ) policymakers saw the need to keep ultra-low interest rates but discussed growing prospects that higher wages could finally eradicate the risk of a return to deflation, a summary of opinions at their December meeting showed. Their increasing attention to mounting inflationary pressures could keep alive market expectations the BOJ will phase […] December 28, 2022
Energy DEWA expects hydroelectric plant completion in Q4 2024 The pumped-storage hydroelectric power plant that Dubai Electricity and Water Authority (DEWA) is building in Hatta is 58.48 percent complete, state-run WAM news agency reported. This is the first station of its kind in the GCC, with investments of up to AED 1.421 billion ($387 million). The project is planned for completion in Q4 of […] December 27, 2022
Energy Japanese firms to sign long-term contracts to buy LNG from Oman Japan’s trading houses Mitsui & Company, Itochu Corporation and Japan’s biggest power generator JERA are expected to sign new long-term contracts to buy liquefied natural gas (LNG) from Oman, NHK said on Tuesday. The Japanese companies are expected to buy a total of about two million tonnes of LNG, starting from 2025, through around 10-year […] December 27, 2022
Energy Turkey’s natural gas reserves rise in Black Sea after new find The total volume of natural gas Turkey has discovered in the Black Sea now amounts to 710 billion cubic meters (bcm) after a new field was located and a previous find was revised higher, President Recep Tayyip Erdogan said on Monday. Speaking after a cabinet meeting, Erdogan said Turkey had discovered a new reserve of […] December 27, 2022
Tech Elon Musk says around 100 Starlinks now active in Iran SpaceX chief executive Elon Musk said on Monday that the company is now close to having 100 active Starlinks, the firm’s satellite internet service, in Iran, three months after he tweeted he would activate the service there amid protests around the Islamic country. Musk said, “approaching 100 starlinks active in Iran”, in a tweet on […] December 27, 2022
Banking & Finance Sanctions forcing Russia’s Sberbank to close UAE office Russia’s dominant lender Sberbank will be forced to close its office in the UAE early next year, first deputy chairman Alexander Vedyakhin said on Monday, blaming sanctions pressure. Sweeping Western sanctions targeted Russia’s financial system after Moscow sent troops into Ukraine on February 24. Sberbank is one of several major Russian banks to have been […] December 27, 2022
Economy Tunisia union rejects 2023 budget and threatens to occupy streets Tunisia’s powerful UGTT union will hold mass protests and “occupy the streets” soon to show its rejection of next year’s austerity budget, the leader of the union said on Monday, in its strongest challenge to the government of President Kais Saied yet. The union, with more than a million members, has proven able to paralyse […] December 27, 2022
Banking & Finance Bloomberg has no plans to buy Dow Jones or Washington Post Bloomberg LP has no interest in acquiring either Dow Jones or the Washington Post, a spokesman has said. “There have been no conversations with anyone or either organisation about an acquisition,” spokesman Ty Trippet said in the tweet, which was retweeted by billionaire owner Michael Bloomberg. News website Axios reported on Friday that Bloomberg was […] December 26, 2022
Banking & Finance Israel awards licence to investors to set up new digital bank Israel’s banking regulator on Sunday approved a conditional licence and control permit to a group of entrepreneurs to establish a new online bank, the second addition to the highly concentrated banking sector in three years. The Bank of Israel said its banking supervision department had completed the inspection process for the new institution named Esh […] December 26, 2022
Agriculture Abu Dhabi’s fertiliser producer Fertiglobe refinances $900m loan Abu Dhabi-listed fertiliser maker Fertiglobe, which counts state oil company Adnoc and OCI as major shareholders, has refinanced a $900-million bridge loan, originally due in 2024. The $900 million facility has been refinanced with new three-year $300 million and five-year $600 million term facilities at margins of 150 basis points (bps) and 175 bps respectively, […] December 26, 2022
Economy Israel exports to reach record of more than $160bn in 2022 Israel’s exports are expected to have risen more than 10 percent to a record level of at least $160 billion in 2022, led by exports of services, the Economy Ministry said on Sunday. Exports, some 30 percent of Israel’s economic activity, were $144 billion in 2021, when services overtook goods as the country’s main export […] December 26, 2022
