Banking and Finance Lebanon banking secrecy law retains key problems: IMF The International Monetary Fund (IMF) told the Lebanese state on Thursday its banking secrecy law has not resolved “key deficiencies,” urging officials to make new changes to their first attempt at financial reform. The assessment, seen by Reuters and confirmed by a government official as accurate, is the IMF’s first comment on Lebanon’s steps toward […] September 2, 2022
Banking and Finance Dubai banker leaves Credit Agricole for Societe Generale Dubai-based banker Sohaib Ahmed is leaving Credit Agricole to become Middle East head of Islamic finance at rival French lender Societe Generale (SocGen), two sources familiar with the matter said. Ahmed has worked at Credit Agricole for more than 15 years and at its Islamic banking business since April 2014, according to his LinkedIn profile. […] September 2, 2022
Energy Aramco plans stake in Renault’s future thermal engine business Saudi Aramco could take a stake in the future thermal engine business that Renault plans to separate from its electric vehicle (EV) division, a source familiar with the matter said on Thursday. Reuters reported on Tuesday that China’s Geely Automobile Holdings and an oil group were in talks over taking stakes in the fossil-fuel engine […] September 2, 2022
Aramco’s VC arm leads $13m funding for satellite operator Luxembourg-based OQ Technology, a global 5G internet of things satellite operator, has raised 13 million euros ($13.05 million) in its Series A funding round co-led by Saudi Aramco’s Wa’ed Ventures and Greece’s Phaistos Investment Fund, according to a joint statement on Thursday. It is Wa’ed’s first investment overseas, since it expanded its mandate to pursue […] September 1, 2022
Tourism Dubai’s Emirates to resume Lagos flights after Nigeria releases funds Emirates will resume some flights to Nigeria this month after the Central Bank of Nigeria released a portion funds the Dubai airline had earned in the country but had not been able to repatriate. An airline spokesperson said flights to Lagos will resume from September 11, though it is not possible to resume flights to […] September 1, 2022
Energy Qatar to build world’s largest ‘blue’ ammonia plant QatarEnergy will build the world’s largest “blue” ammonia plant, which is expected to come online in the first quarter of 2026 and to produce 1.2 million tonnes per year, chief executive and state minister for energy Saad Al-Kaabi said on Wednesday. The cost of the Ammonia-7 project is approximately 3.86 billion rials ($1.06 billion), according […] September 1, 2022
Business of Sport Smith defects to Saudi-backed LIV in major blow to PGA Tour Australian golf fans may be split over Cameron Smith’s defection to the LIV series but the Saudi-backed circuit could ultimately find fallow ground in a country left to wither by the increasingly dominant US and European tours. World number two Smith, who claimed his first major at the British Open in July, confirmed he had […] September 1, 2022
Business of Sport US firm joins Yankees owners to complete AC Milan takeover US investment firm RedBird Capital has joined forces with the owners of the New York Yankees to complete the 1.2 billion euro ($1.2 billion) acquisition of Italian soccer champions AC Milan, it said in a statement on Wednesday. Yankee Global Enterprises (YGE), owner of the New York baseball team, will take a minority equity stake […] September 1, 2022
Banking and Finance Lebanon president returns bank secrecy law to parliament Lebanon’s president on Wednesday returned to parliament an amended banking secrecy law that lawmakers passed around a month ago, saying it needed further tweaks to strengthen it. Parliament’s passage of the legislation on July 26 was considered a modest first step towards reforms required for Lebanon to access $3 billion from the International Monetary Fund […] September 1, 2022
Lifestyle Palestinian comedians strike a chord in occupied cities Palestinian American Amer Zahr is on a mission to heal through humour. In 2015 he started bringing fellow Arab American comedians from the United States to perform stand-up across occupied Palestinian cities including Nablus, Bethlehem and Ramallah. Seven years later, Zahr’s now annual Palestine Comedy Festival is still going strong. “Laughter is therapy,” he told […] September 1, 2022
Economy Turkey’s economy grew 7.6% in Q2 driven by domestic demand Turkey’s economy grew 7.6 percent year-on-year in the second quarter as expected, extending a hot streak on strong domestic demand and exports, according to data on Wednesday, though economic activity was seen slowing through year end as demand cools. Gross domestic product (GDP) expanded 2.1 percent compared with the previous quarter on a seasonally and […] September 1, 2022
Lifestyle Last Soviet leader Gorbachev, who ended Cold War, dies at 91 Mikhail Gorbachev, who ended the Cold War without bloodshed but failed to prevent the collapse of the Soviet Union, died on Tuesday at the age of 91, hospital officials in Moscow said. Gorbachev, the last Soviet president, forged arms reduction deals with the United States and partnerships with Western powers to remove the Iron Curtain […] August 31, 2022
Retail Russia’s Ozon opens Turkish office to help cross-border orders Russian e-commerce firm Ozon said on Tuesday it would open a local office in Turkey and make it easier for consumers to make cross-border orders, helping Russian shoppers to buy goods directly from Turkish sellers on its platform. As Western sanctions have rained down on Russia over its actions in Ukraine, commercial ties between Moscow […] August 31, 2022
Banking and Finance Fugitive Turkish crypto fraud suspect arrested in Albania resort Albanian police on Tuesday arrested the fugitive Turkish founder of crypto-exchange Thodex, wanted by Interpol for suspected crypto fraud and at large for a year, police and media said. Albanian and Turkish media identified the suspect as Faruk Fatih Ozer. The Turkish interior ministry said authorities had launched extradition proceedings. Police referred to the suspect […] August 31, 2022
Banking and Finance Egypt introduces measures to help clear backed up ports Egypt’s finance ministry has put in place a package of measures to clear a backlog of goods piled up in port, a ministry statement said on Tuesday. A severe shortage of foreign currency in Egypt over the last six months has sent banks and importers scrambling to pay for the letters of credit needed to […] August 31, 2022
Tourism Emirates and United Airlines set to announce codeshare pact United Airlines and Dubai’s Emirates are set to announce a codeshare agreement in the coming weeks, sources told Reuters. United on Tuesday sent an invitation to reporters to a “special event” on September 14 titled “Come fly with us” with Chief Executive Scott Kirby and Emirates President Tim Clark in Washington. The Air Current reported […] August 31, 2022
Fintech fined $360,000 by Abu Dhabi regulator The regulator of Abu Dhabi’s free zone financial centre said on Tuesday it had fined the local subsidiary of fintech firm Wise $360,000 for breaching anti-money laundering (AML) requirements. Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) “found that Wise did not establish and maintain adequate AML systems and controls to ensure full compliance […] August 30, 2022
Economy South Korea reins in stimulus with first spending cut in 13 years South Korea said on Tuesday it would cut annual government spending for the first time in more than a decade next year, as it strives to cut back on pandemic-era stimulus and help the central bank temper inflationary pressures. Unveiling the first budget proposal under right-leaning President Yoon Suk-yeol, the finance ministry said government expenditure […] August 30, 2022
Economy IMF approves $18.5bn flexible credit line for Chile The International Monetary Fund’s (IMF) executive board approved a flexible credit line of around $18.5 billion for Chile to give the world’s leading copper miner greater flexibility to confront risks from commodities price shocks to financial tightening. Chile is one of Latin America’s most stable democracies but has nonetheless been hit by a depreciating currency […] August 30, 2022
Economy Turkish trade deficit jumps 147% to $10.7bn in July Turkey’s foreign trade deficit surged 147 percent year-on-year to $10.69 billion in July, with imports surging 41.4 percent, data from the Turkish Statistical Institute showed on Monday. Imports stood at $29.24 billion, while exports rose 13.4 percent to $18.55 billion, the data showed. Under an economic programme unveiled last year, Turkey aims to shift to […] August 30, 2022
Egypt budget deficit narrow to 5.6% of GDP in 2022 Egypt expects more progress on reducing its budget deficit this year and a foresees a decline in its debt ratio after currency devaluations caused it to rise last year, Finance Minister Mohamed Maait told a news conference on Monday. The deficit was expected to narrow to 5.6 percent of gross domestic product (GDP) in the […] August 30, 2022
Retail UAE diamond trade up 24.7% to $19.8bn in H1 2022 Around $19.8 billion worth of diamonds have been traded through the United Arab Emirates in the first half of 2022, the head of the Dubai Multi Commodities Centre (DMCC) said on Monday, a 24.7 percent increase year-on-year. Dubai has grown its diamond industry by leveraging its proximity to Africa and Russia, where many diamonds are […] August 30, 2022
