Economy New Zealand aims to attract 12,000 overseas workers New Zealand will make temporary changes to immigration rules, a minister said on Sunday, aiming to lure 12,000 workers over the next year with a working holiday scheme designed to fill labour gaps as businesses scramble to find staff. The jostling for workers is part of a global trend that has helped push up wages […] August 21, 2022
Banking and Finance US warns Russia trying to bypass Western sanctions via Turkey US Deputy Treasury Secretary Wally Adeyemo told Turkish Deputy Finance Minister Yunus Elitas that Russian entities and individuals were attempting to use Turkey to bypass Western sanctions imposed over Moscow’s war in Ukraine, the Treasury Department said. In a phone call, the two also discussed ongoing efforts to implement and enforce the sanctions against Russia, […] August 21, 2022
Retail Emaar to sell fashion retailer Namshi to Noon for $335m Dubai’s Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF). Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2 million, as […] August 21, 2022
Business of Sport FC Barcelona still unable to register Kounde as player Barcelona have still not been authorised to register French defender Jules Kounde as a player, one of their marquee summer signings, as the club works to comply with LaLiga’s Financial Fair Play (FFP) rules, manager Xavi Hernandez said on Saturday. “At the moment, we don’t know anything. We are on stand-by,” Xavi told a news […] August 21, 2022
Tech China seeks ‘affectionate’ ties with domestic internet firms China’s cyberspace watchdog wants to build an “affectionate” relationship between internet enterprises and the government, a senior official said on Friday, the latest verbal assurance to an industry still on edge after a long and bruising regulatory crackdown. Niu Yibing, vice minister of the Cyberspace Administration of China (CAC), told a news conference the agency […] August 19, 2022
Employment Sri Lankans flee crisis in mass brain drain as turmoil worsens Shamla Yoosoof, an investment researcher from Colombo, left Sri Lanka with her three-year-old son and a jam-packed suitcase, swapping economic chaos at home for a new start in Dubai. She flew out in June to join her husband who had secured a job as a sales and marketing director there weeks before – one of […] August 19, 2022
Economy Public sector paralysed amid Lebanon’s economic implosion It’s a weekday, but 50-year-old Lebanese finance ministry employee Walid Chaar is not at work and hasn’t been since June. He rushes to water the garden at his home in the hills south of Beirut, using the single hour of rationed state power to run the sprinkler. He then phones his mother, who is struggling […] August 19, 2022
Banking and Finance Egypt central bank holds rates steady after change of governor The Central Bank of Egypt (CBE) kept its overnight interest rates steady on Thursday, hours after a new governor was named to replace Tarek Amer, who quit unexpectedly on Wednesday. President Abdel Fattah Al-Sisi appointed Hassan Abdalla as caretaker CBE governor on Thursday after Amer’s resignation, with Egypt mired in a currency crisis. Analysts said […] August 19, 2022
Economy Turkey shocks markets by cutting interest rate, as inflation soars Turkey’s central bank shocked markets on Thursday by cutting its main interest rate by 100 basis points to 13 percent, saying it needed to keep driving economic growth despite inflation hitting nearly 80 percent and a monetary tightening trend among its peers worldwide. The lira dropped as much as 1.2 percent to 18.15 per dollar […] August 19, 2022
Tourism Emirates to suspend Nigeria flights over trapped funds Dubai’s Emirates will suspend flights to Nigeria from next month over an inability to repatriate funds from Africa’s most populous nation, the airline said on Thursday. The decision highlights the difficulties faced by international carriers that fly to Nigeria, which is one of the biggest markets in Africa for several of them. The country has […] August 18, 2022
Mubadala-backed AI firm G42 sets up $10bn tech fund Emirati artificial intelligence firm G42, chaired by the Gulf state’s national security advisor, today launched a $10 billion fund to invest in late-stage technology companies. G42, which also counts Abu Dhabi sovereign wealth fund Mubadala as an investor, said the fund would operate as a private equity investor targeting a broad spectrum of technologies “that […] August 18, 2022
Manufacturing Tesla cuts delivery waiting time for Model Y in China Electric auto giant Tesla said on Thursday it has slashed the delivery waiting time for its Model 3 and Model Y cars in China as it ramps up output at its Shanghai plant after upgrading production lines. The waiting time for the rear-wheel drive Model Y sport utility vehicle is now four to eight weeks, […] August 18, 2022
Business of Sport Hacker tournament brings together world’s best in Las Vegas A team of hackers from two North American universities won the “Capture the Flag” championship, a contest seen as the “Olympics of hacking,” which draws together some of the world’s best in the field. In the carpeted ballroom of one of the largest casinos in Las Vegas, the few dozen hackers competing in the challenge […] August 18, 2022
Economy Turkey to re-appoint ambassador to Israel Turkey and Israel will mutually re-appoint ambassadors, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday, marking a milestone in the two countries’ efforts to normalise ties. “Appointment of ambassadors was one of the steps for the normalisation of ties. Such a positive step came from Israel as a result of these efforts, and as Turkey, […] August 18, 2022
Economy Tunisia to submit reform plan to IMF in September Tunisia will submit a national reform programme to the International Monetary Fund (IMF) in September, the economy minister said on Wednesday, part of efforts to secure a bailout to rescue strained public finances. Economy Minister Samir Saied was quoted by state news agency TAP as saying the programme would be submitted to the IMF board. […] August 18, 2022
Banking and Finance Egypt’s central bank governor resigns a year early Egypt’s central bank governor Tarek Amer has submitted his resignation, the office of President Abdel Fattah Al-Sisi said on Wednesday, just over a year before the completion of Amer’s final term. There was no announcement of a replacement for Amer, who has been appointed as a presidential adviser. The central bank governor is one of […] August 18, 2022
Banking and Finance HSBC appoints new head of Middle East global banking HSBC has appointed Julian Wentzel as head of global banking for its Middle East, North Africa and Turkey (MENAT) business, according to an internal memo seen by Reuters on Wednesday. Wentzel will be based in Dubai and a search is ongoing to find a successor for his previous role as head of global banking for […] August 18, 2022
Banking and Finance Brazil’s Burger King owner opposes Mubadala takeover bid The owner of Burger King Brazil, Zamp SA, said on Wednesday its board of directors opposes Abu Dhabi state investor Mubadala Capital LLC’s takeover bid for the firm, voicing its objection weeks before shareholders decide on the deal. Zamp, previously known as BK Brasil Operacao e Assessoria a Restaurantes SA, is the master franchisee of […] August 18, 2022
Tourism Dubai airport sees Q2 passenger travel surge, hikes annual forecast The operator of Dubai International said on Wednesday over 14 million passengers had travelled through the airport in the second quarter, and raised its forecast for the year to 62.4 million passengers. That was the ninth consecutive quarter that saw greater passenger figures than the prior quarter as international travel demand ramps up amid an […] August 17, 2022
Business of Sport Elon Musk says he was joking about buying Manchester United Elon Musk, the world’s richest person, said early on Wednesday that he was joking when he tweeted hours previously that he was going to buy currently struggling English football club Manchester United Plc. “No, this is a long-running joke on Twitter. I’m not buying any sports teams,” Musk posted when asked by a user if […] August 17, 2022
Banking and Finance New Zealand central bank does not expect recession Reserve Bank of New Zealand Governor Adrian Orr said on Wednesday that while growth would slow he did not expect a recession, adding that the central bank believed it was on top of inflation, which has hit three-decade highs. “Through our projection period ahead, while we do not forecast a recession … we do forecast […] August 17, 2022
Business of Sport Formula One governing body approves 2026 engine rules Formula One’s governing body approved engine regulations for 2026 on Tuesday, an eagerly-awaited move that could lead to the arrival of premium Volkswagen Group brands Porsche and Audi. The International Automobile Federation (FIA) said its World Motor Sport Council (WMSC) also updated the 2022 and 2023 technical rules to address safety concerns. The new power unit […] August 17, 2022
