Economy Strong Israel GDP and inflation may lead to 75 bps rate hike A sharp rebound in Israel’s economic activity and a jump in annual inflation have made a 0.75-point interest rate increase more likely next week, analysts said on Tuesday. The central bank had looked headed for a second straight half-point move at its upcoming August 22 policy meeting, but data showed stronger than expected economic growth […] August 17, 2022
Tourism German airports hire Turkish workers to ease staff shortage Around 150 airport workers from Turkey will be deployed at German airports, according to an industry association, far fewer than initially expected despite staffing shortages that had caused travel chaos during the busy summer holiday season. In late June, the German government announced plans to fast-track work permits and visas for several thousand foreign airport […] August 17, 2022
Real Estate Turkish house sales drop 12.9% in July as Russians top buyer list Turkish home sales fell 12.9 percent in July on the year to 93,902 houses, with sales to foreigners dropping 12.4 percent, data from the Turkish Statistical Institute showed on Tuesday. Russians topped the list of foreigners with 1,028 houses purchased, reflecting how many have sought a financial haven in the wake of Moscow’s invasion of […] August 17, 2022
Real Estate Silicon Valley investors back Adam Neumann’s property firm Venture capital giant Andreessen Horowitz said on Monday it would be investing in Adam Neumann’s residential real estate company Flow, backing the WeWork Inc co-founder who has often drawn criticism for his allegedly erratic management style. The investment was announced in a blog post by Marc Andreessen, co-founder and general partner at the venture capital […] August 16, 2022
Economy Israel inflation rate jumps to new 14-year high of 5.2% in July Israel’s annual consumer price index (CPI) rose to a higher than expected rate of 5.2 percent in July, the most since October 2008 and following a 4.4 percent rate in June, as more aggressive interest rate hikes loom and keep the soaring cost of living centre stage ahead of an election in November. A Reuters […] August 16, 2022
Banking and Finance Egypt’s Central Bank says foreign treasury bills exodus continues A foreign exodus from Egyptian treasury bills continued into May, Central Bank of Egypt (CBE) data showed on Monday, after the Ukraine crisis and concerns about US interest rate hikes prompted foreign investors to cash out their holdings. T-bills held by foreign customers dropped in the month by 30 billion Egyptian pounds, at the time […] August 16, 2022
Energy Tunisia’s economy grew 2.8% in Q2 2022 Tunisia’s economy recorded a growth rate of 2.8 percent in Q2 of this year compared to the same period in 2021, the country’s statistics agency said on Monday. The National Institute of Statistics’ data also showed that Tunisia’s trade deficit widened to 13.7 billion dinars ($4.36 billion) in the first seven months of 2022 from 8.7 […] August 16, 2022
Economy Bahrain posts budget surplus of $88m in H1 2022 Bahrain has posted a budget surplus of 33 million dinars ($88 million) in the first half of 2022 from a deficit of 520 million dinars a year earlier, the country’s Ministry of Finance said on Monday. The data also showed total public revenues at 1.698 billion dinars, up 52 percent year-on-year, while total expenditure stood […] August 16, 2022
Tourism PIF and Cain invest $900m in hotelier Aman Group Saud Arabia’s Public Investment Fund (PIF) and London-based real estate investment firm Cain International said on Monday they had invested $900 million in luxury hotel group Aman, which Cain said valued Aman at $3 billion. The PIF and Cain said, in separate announcements, the investment would support Aman Group’s “global expansion of ultra-luxury hotels and […] August 16, 2022
Real Estate Dubai Mall owner Emaar mulls sale of e-commerce business The board of Dubai’s Emaar Properties, which owns the Dubai Mall, will meet on Thursday to discuss the sale of its e-commerce fashion business, the company said today. The meeting, disclosed in a statement, will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in […] August 15, 2022
Health Johnson & Johnson to end global sales of talc-based baby powder Johnson & Johnson will stop selling talc-based baby powder globally in 2023, the drugmaker said, more than two years after it ended US sales of a product that drew thousands of consumer safety lawsuits. “As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder […] August 15, 2022
Economy Cash-strapped Britons give up pets as living costs soar Stood on her hind legs to greet any prospective owner who might approach her glass-doored kennel, Harriet is a black English cocker spaniel abandoned as a deepening cost-of-living crisis pushes growing numbers of Britons to part with their pets. She was found running along a busy road in London after witnesses saw her pushed out […] August 15, 2022
Tourism Tokyo diners can nosh on food at ‘Stranger Things’ cafe Japanese fans of the sci-fi hit “Stranger Things” can chow down on demonic pasta and rock out to retro 1980s tunes at a pop-up cafe inspired by the Netflix Inc horror drama. The shop, a partnership with local restaurant chain Pronto Corp, recently extended its run in the fashionable Shibuya district of Tokyo several months […] August 15, 2022
Economy Kuwait names first ambassador to Iran in over six years Kuwait has appointed an ambassador to Iran, both countries said on Sunday, more than six years after recalling its top envoy to Tehran in solidarity with Saudi Arabia after it severed ties with the Islamic Republic in 2016. Ambassador Bader Abdullah Al-Munaikh handed his credentials to Iranian Foreign Minister Hossein Amirabdollahian in Tehran on Saturday, […] August 15, 2022
Energy Saudi Arabia’s Kingdom Holding invests in Russian energy firms Saudi Arabia’s Kingdom Holding invested in Russian energy groups Gazprom, Rosneft and Lukoil between February 22 and March 22, it said on Twitter on Sunday. Many Western nations have imposed sanctions on Russian energy firms and their executives following Russia’s invasion of Ukraine on February 24. The Kingdom Holding investments fall within the company’s 12.8 […] August 15, 2022
Economy Moody’s cuts Turkey’s sovereign rating, but raises outlook to stable Ratings agency Moody’s on Friday lowered Turkey’s sovereign credit rating by one notch to “B3” from “B2”, citing rising balance of payment pressures and risks of further declines in the country’s foreign-currency reserves. “(The) current account deficit will likely exceed earlier expectations by a wide margin, raising external financing needs at a time of tightening financial […] August 15, 2022
Economy Turkish central bank to keep rates at 14% despite high inflation Turkey’s central bank is expected to hold its policy rate unchanged at 14 percent for an eighth meeting next week, a Reuters poll showed on Friday, in the face of a global tightening cycle and rampant inflation at nearly 80 percent that shows no signs of falling. Most economists expect the key interest rate to […] August 14, 2022
Egypt’s foreign currency gap narrows to $400m in July Egypt’s foreign currency gap narrowed to $400 million last month from $3.9 billion in February, deputy governor of the Central Bank of Egypt Gamal Negm said on Saturday. Egypt has seen billions of dollars leave its markets since the Russian invasion of Ukraine in February as investors have fled emerging markets for safer havens. But […] August 14, 2022
Energy Saudi Aramco Q2 profit soars 90% on higher oil prices Saudi Arabian state oil producer Aramco reported a 90 percent rise in second-quarter profit on Sunday, beating analyst expectations, boosted by higher oil prices, volumes sold and refining margins. The company expects “oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts,” Aramco chief executive […] August 14, 2022
Markets Saudi Tadawul Group reports Q2 profit drop on mounting costs Saudi Tadawul Group, the bourse’s owner and operator, on Sunday reported an almost 24 percent decline in second-quarter profit as expenses, including salaries, rose. Net profit in the quarter ended June 30 fell to SAR 137.7 million ($36.68 million) from a SAR 181.1 million in the year-earlier period. The group said operating expenditures increased 16.6 percent […] August 14, 2022
Tourism Israeli airline El Al expects nod for Saudi-Oman corridor in days Permission for El Al Israel Airlines to fly over Oman is expected in “a matter of days”, chief executive Dina Ben-Tal said on Thursday, a move that would be a big boost for the flag carrier’s Asian routes. Ben-Tal, speaking to reporters after El Al issued second-quarter results, said the airline had already received approval […] August 12, 2022
Turkish locals’ forex and gold holdings rise $3.77bn Turkish locals’ forex and gold holdings rose $3.77 billion when adjusted for the parity effect to stand at $216.86 billion by August 5, data showed on Thursday, as corporates bought hard currencies. Turkish local corporates bought $4.27 billion last week, when adjusted for the parity effect, central bank data showed. Individuals sold $498 million in […] August 12, 2022
