NASA’s mega-moon rocket ready for liftoff before Artemis mission Launch teams at the Kennedy Space Center in Florida spent a final full day of preparations ahead of Monday’s planned liftoff of NASA’s giant next-generation rocket on its debut test flight, kicking off the agency’s Artemis moon-to-Mars program 50 years after the end of Apollo. NASA officials said on Sunday that all systems appeared “go” […] August 29, 2022
Business of Sport Brazil soccer clubs poised for gold rush to rival Europe’s elite A new law allowing soccer clubs in Brazil to seek outside investment is attracting hundreds of millions of dollars to a country renowned as football’s biggest source of talent, a change that could see Brazilian teams rival Europe’s top tier. The surge of fresh, mostly foreign, cash coincides with an agreement last May by Brazil’s […] August 29, 2022
Banking and Finance Currency tops list of challenges for Egypt’s central bank governor Egypt’s new central bank governor, Hassan Abdalla, faces a daunting task as he tries to repair an economy derailed by an overvalued currency, rampant inflation and a banking system emptied of most of its foreign currency. President Abdel-Fattah Al-Sisi chose Abdalla for the position last week after outgoing governor Tarek Amer resigned suddenly, barely a […] August 29, 2022
Tourism Turks frustrated by ‘deliberate’ visa rejection by European nations Turkish sports presenter Sinem Okten was surprised to see her visa application to Europe’s Schengen area rejected twice, having visited often to cover matches and interview figures like Italian keeper Gianluigi Buffon and Liverpool’s Juergen Klopp. “I applied first to Germany then to France. Both rejected my application,” she said. “I’ve travelled abroad numerous times […] August 29, 2022
Banking and Finance Turkey dismisses ‘meaningless’ concerns over US warnings Turkey’s Finance Minister on Friday dismissed as “meaningless” concerns among Turkish businesses over a US Treasury warning that they risked being penalised if they maintained commercial ties with Russians under sanctions. NATO-member Turkey has sought to strike a balance between Moscow and Kyiv by criticising Russia’s invasion and sending arms to Ukraine, while opposing the […] August 29, 2022
Saudi Mecca developer converts $1.4bn debt to equity Jabal Omar Development Company, one of Saudi Arabia’s largest listed property developers, said on Sunday it has reached an agreement with one of its debt holders to convert 5.3 billion riyals ($1.41 billion) of debt into new shares. Jabal Omar Development (JODC) said it will issue more than 225 million new shares “and in exchange […] August 29, 2022
Lifestyle ‘House of the Dragon’ renewed for second season “House of the Dragon”, the highly anticipated “Game of Thrones” prequel, has been renewed for a second season after its first episode proved a hit. Based on George RR Martin’s “Fire & Blood”, the drama is set 200 years before the events that played out in “Game of Thrones” and focuses on how the House […] August 28, 2022
Banking and Finance Russian central bank eases forex restrictions for banks Russia’s central bank said on Saturday a slight easing of foreign currency restrictions on banks that took effect this week would boost the supply of cash dollars and euros on the local market. Under current rules, banks have only been allowed to sell foreign currency cash that had been bought from individuals after April 9. […] August 28, 2022
Economy Food, fuel shortages hit Tunisian shops amid looming crisis Some Tunisian shops are rationing goods including cooking oil, sugar and butter, while big queues have hit petrol stations amid a fuel shortage as the government navigates a looming crisis in public finances. Some grocery shops have restricted customers to single packs of items in short supply, while queues outside petrol stations have blocked traffic […] August 28, 2022
Economy Israeli diplomat in Turkey expects ambassador appointment in weeks The Israeli charge d’affaires in Turkey said on Friday the re-appointment of an ambassador to Ankara could happen within weeks, while repeating Israel’s expectation that the Hamas office in Istanbul be closed down. In a roundtable meeting with journalists, Israel’s current top representative in Ankara Irit Lillian said the process of re-appointing an ambassador to […] August 28, 2022
Banking and Finance Cash-rich Germany criticised by watchdog over money laundering Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe’s biggest cash centres. The report by the Financial Action Task Force (FATF), a global body that groups countries from the United States to […] August 26, 2022
Business of Sport Serena Williams’ massive on-court earnings have no rival Serena Williams enters her final US Open as a long shot to take home the trophy but her title as the biggest earner in the history of women’s tennis will remain for many years to come. Since turning professional in 1995, Williams has amassed a mind-boggling $94.6 million in prize money, more than twice as […] August 26, 2022
Tourism Airlines using Mexico City hub agree to 15% cut in flights Airlines using the Benito Juarez International Airport in Mexico City have agreed to temporarily reduce flights at the hub from 61 per hour to 52 during peak hours, starting Oct. 31, the country’s transportation ministry said on Thursday. The cut, which is almost a 15 percent reduction and still pending final approval, follows previous flight […] August 26, 2022
Banking and Finance Turkish central bank’s net forex reserves drop to $13.88bn The Turkish central bank’s net international reserves fell $1.8 billion to $13.88 billion in the week to August 19, central bank data showed on Thursday, after hitting their highest level since late April a week earlier. The exchange rate used by Reuters on Thursday was 17.9688. Last month, the net forex reserves dropped to $6.07 […] August 26, 2022
Economy Egypt’s GDP surged by 6.6% in year to June-end Egypt’s economy expanded by 6.6 percent in the fiscal year that ended on June 30, with growth accelerating from the previous year’s 3.3 percent as activity recovered after the coronavirus pandemic before slowing again due to the impact of the war in Ukraine. The growth figure given in a cabinet statement on Thursday was higher […] August 26, 2022
Banking and Finance Egypt central bank increases cash withdrawal limits Egypt’s central bank on Thursday increased the maximum amount of cash customers are allowed to withdraw from their bank accounts and removed restrictions on how much they could deposit entirely. Under a rule put in place in April 2020, the central bank restricted withdrawals to EGP 50,000 ($2,600), but now will allow withdrawals of up […] August 26, 2022
Tourism Europe’s Wizz Air mulls Saudi operating license European budget carrier Wizz Air is considering basing an airline in Saudi Arabia as part an agreement signed with the government this year to develop the kingdom’s aviation sector, its chief executive said in an interview on Thursday. Wizz Air, which said in May it would explore opportunities in Saudi Arabia, announced on Thursday it […] August 26, 2022
Retail Alabbar to acquire stake in online retailer YOOX Net-A-Porter Richemont Wednesday announced a long-awaited deal to offload most of its online fashion retailer YOOX Net-A-Porter (YNAP), clearing the way for its labels to sign up for technology run by luxury e-commerce specialist Farfetch. The deal, removing from its books a loss-making business that had become a distraction for the Swiss luxury group, was welcomed […] August 25, 2022
Employment China to promote fiscal, monetary policies to support labour market China will focus on creating jobs and promote fiscal, monetary and industrial policies to stabilise its labour market, Li Zhong, Vice Minister of the Ministry of Human Resources and Social Security, said on Thursday. As the Chinese economy struggles to recover from a COVID-induced slump, the youth unemployment rate has surged to a record high […] August 25, 2022
Banking and Finance Turkey lowers reference interest rate for September Turkey’s central bank lowered its reference interest rate to 15.34 percent for September, from 16.32 percent in August, according to an official document, in a move that is likely to lower interest rates on corporate loans. On Saturday, the central bank unveiled new required bond holdings for lenders meant to address the widening gap between […] August 25, 2022
Tourism Palestinians urged not to use Israeli airport for concessions The Palestinian Authority urged Palestinians not to take advantage of concessions promised by Israel that would allow them to travel through Ramon airport in southern Israel, saying they should have their own airport. Israel’s Airports Authority this month said Palestinians from the occupied West Bank would be offered special flights from Ramon, near the Red […] August 25, 2022
Business of Sport PGA Tour overhauls schedule, player purses amid LIV threat The PGA Tour’s top golfers have committed to competing against each other on a more regular basis while the bonus pool for players who positively impact the game was doubled to $100 million, Commissioner Jay Monahan said on Wednesday. The changes represent the PGA Tour’s most serious response to the threat posed by the Saudi […] August 25, 2022
