Energy OPEC+ agrees deep oil production cuts, Biden calls it shortsighted OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted. OPEC’s de-facto leader Saudi Arabia said the cut of two million barrels per day of output – equal to two percent of […] October 5, 2022
Economy Saudi Arabia’s PIF starts selling debut green bonds Saudi Arabia’s Public Investment Fund (PIF) has begun taking orders for its debut bond sale, in what will be the first green issuance by a sovereign wealth fund. A bank document has revealed initial price guidance for the green bonds at around 150 basis points over US Treasuries for a five-year portion, around 190 basis […] October 5, 2022
Media & Advertising Elon Musk reverses course, ready to buy Twitter for $44bn Billionaire Elon Musk is proposing to proceed with his original $44 billion bid to take Twitter Inc private, security filings showed on Tuesday, calling for an end to a lawsuit by the social media company that could have forced him to pay up, whether he wanted to or not. An agreement would put the world’s […] October 5, 2022
HSBC eyes sale of ‘profitable’ Canadian business at premium HSBC is considering selling its business in Canada, worth billions of dollars and one of the biggest international banking brands in the country, as it looks to beef up returns as demanded by its largest shareholder. “We are currently reviewing our strategic options with respect to our wholly owned subsidiary in Canada,” the bank said […] October 5, 2022
Banking and Finance Depositors storm four banks in Lebanon over withdrawal limits Outraged bank clients, at least two of them armed, stormed four commercial banks across Lebanon on Tuesday over withdrawal limits that have been imposed throughout the country amid a financial meltdown. Cases of bank hold-ups have snowballed across Lebanon as residents have grown exasperated over the informal capital controls that banks have imposed since an […] October 5, 2022
Tech European cybersecurity firm merges with Dubai’s Starlink Cybersecurity company Infinigate Group said on Tuesday it was merging with Dubai-based cybersecurity and cloud firm Starlink to create a company with estimated annual revenues of about $2.2 billion. Starlink will operate under the Infinigate Group “banner” post-merger. The deal follows Infinigate’s August takeover of cloud distributor Vuzion and announcement in July that it intended […] October 5, 2022
Economy IMF says global recession can be avoided with right fiscal policies Global recession can be avoided if governments’ fiscal policies were consistent with monetary policy tightening, but likely there would be countries falling into recession next year, the International Monetary Fund’s managing director said on Monday. In the context of monetary policy tightening, fiscal policy cannot stay idle because the cost of living crisis is hitting […] October 4, 2022
Banking and Finance Turkey inflation hits new 24-year high of 83% after rate cuts Turkish annual inflation climbed to a new 24-year high of 83.45 percent in September, data showed on Monday, still lower than forecast, after the central bank surprised markets by cutting rates twice in the last two months. Despite soaring prices, the central bank was expected to cut its policy rate again this month, after President […] October 4, 2022
Banking and Finance Unarmed Lebanese withdraws $12,000 from frozen bank An unarmed Lebanese depositor managed to withdraw nearly $12,000 in cash from his own bank account, although most people’s savings are blocked, according to a depositors’ advocacy group. Lebanon’s three-year financial crisis has locked most depositors out of their savings as banks imposed informal capital controls. In recent weeks, a growing number of depositors have […] October 4, 2022
Banking and Finance Egyptian pound weakens the most in four months on dollar flight Egypt weakened its currency on Monday by the most in more than four months, with the Egyptian pound falling by more than 0.10 pounds to the dollar, according to Refinitiv data. The pound was trading at 19.62 to the dollar at 1337 GMT, down from 19.49 at the open. Foreign currency has dried up in […] October 4, 2022
Economy Bank of Israel raises interest rate to tame inflation The Bank of Israel on Monday raised its benchmark interest rate by three-quarters of a percentage point for the second meeting in a row, citing its determination to move inflation back to within its target. The central bank lifted its key rate to 2.75 percent from two percent in its fifth straight decision to hike […] October 4, 2022
Lifestyle Kim Kardashian pays $1.26m fine for paid Instagram crypto post Kim Kardashian has promoted everything from appetite-suppressing lollipops to melon-flavoured liqueur to toilet paper, but it was her foray into the murky world of cryptocurrencies that got her into hot water. The reality television star and influencer has agreed to settle charges of unlawfully touting a crypto security and to pay $1.26 million in penalties […] October 4, 2022
French cities to ban Qatar World Cup fan zones Several major French cities including Lille, Strasbourg and Bordeaux said they will not organise fan zones or put up giant outdoor screens to show Qatar World Cup soccer matches in protest against ecological and humanitarian issues. Leftist and ecologist mayors in those cities said the loss of immigrant workers’ lives during construction of the stadia […] October 4, 2022
Banking and Finance Dubai’s DFSA provisionally fines KPMG over Abraaj audit failings Dubai’s financial regulator said on Monday it has provisionally fined KPMG and its former audit principal $2 million over failings in the audit of collapsed private equity firm Abraaj Group. The Dubai Financial Services Authority (DFSA) said it imposed a financial penalty of $1.5 million on KPMG and $500,000 on Milind Navalkar, who was a […] October 4, 2022
Tech India’s Reliance seeks repeat of phone success with $184 laptop Reliance Jio will soon launch a laptop priced at just INR 15,000 ($184) – one of the cheapest on offer in India, aiming to replicate the success of its low-cost phone, said two sources with direct knowledge of the matter. Indian billionaire Mukesh Ambani’s Reliance is known for disrupting businesses with cut-throat price offerings. Jio, […] October 3, 2022
Retail Ben & Jerry’s says Unilever ‘covertly’ took trademarks Ben & Jerry’s says parent company Unilever Plc wrongly transferred brand names out of reach of its independent board more than 20 years ago in an updated lawsuit over its business in Israel filed on Friday in federal court. The Vermont ice cream maker says that Unilever “covertly” moved its trademarks to a Unilever business […] October 3, 2022
Tourism Booking.com adds safety advisory for West Bank properties Online travel agency Booking.com has added safety labels to listings in the occupied West Bank, which Israel, having initially opposed the move, welcomed for not singling out Jewish settlements. The move was rebuked by Palestinian officials, who said the advisory should only be used for Israeli settlements. The company now posts an advisory on its […] October 3, 2022
Sustainability King Charles will not attend Cop27 climate summit in Egypt Britain’s King Charles III will not attend the United Nations climate change summit in Egypt next month, a royal source said on Sunday, as the new monarch steps back from his previous high-profile campaigning. Buckingham Palace sought government advice about the Cop27 summit and it was unanimously agreed that it would not be right for […] October 3, 2022
Banking and Finance UAE’s Majid Al Futtaim pauses sale of chiller plants Shopping mall developer Majid Al Futtaim (MAF) has decided to put on hold plans to divest its chiller plants, two sources familiar with the matter told Reuters. Dubai’s MAF, which did not respond to a request for comment, hired HSBC in 2020 to advise it on the potential sale of district cooling plants linked to […] October 3, 2022
Banking and Finance Saudi Arabia lists five global banks as primary debt dealers Saudi Arabia’s finance ministry said on Sunday it had signed an agreement with BNP Paribas, Citi Group, Goldman Sachs, Standard Chartered and JPMorgan to become primary dealers in government debt instruments. “The agreement aims at diversifying the investor base and supporting development of the secondary market,” a statement from the ministry said. The five international […] October 3, 2022
Banking and Finance Egypt’s net foreign assets sink again in August Egypt’s net foreign assets fell by 18.06 billion Egyptian pounds ($925 million) in August, resuming a near year-long decline that had paused the month before, according to central bank data. The central bank has been relying on net foreign assets (NFAs) – banking system assets owed by non-residents minus liabilities – to help support the […] October 3, 2022
Business of Sport Four golfers drop out of LIV lawsuit against PGA Tour Hall of Famer Phil Mickelson and three other golfers dropped out of a lawsuit on Tuesday which was filed against the PGA Tour last month over its decision to suspend players who participated on the new LIV Golf circuit. Mickelson, who counts six major championships among his 45 career PGA Tour wins, asked to be […] October 2, 2022
