Sustainability Israel expects 30% of electric cars on roads by 2030 Israel is expecting a huge jump in electric vehicle use by the end of the decade, when nearly a third of cars will be charged by the power grid rather than using gasoline, the energy ministry said on Tuesday. This will add significant stress to the national power grid, accounting for six percent of total […] September 12, 2023
Dubai’s Emirates to resume immediate flights to Nigeria Emirates airlines will resume immediate flight schedules to Nigeria and lift a visa ban on Nigerian travelers, following a meeting between the leaders of the two countries, the Nigerian presidency said on Monday. President Bola Ahmed Tinubu and UAE President Mohamed bin Zayed Al Nahyan met on Monday in Abu Dhabi to lift the visa […] September 12, 2023
Economy Morocco survivors seek aid as earthquake toll passes 2,100 Survivors of Morocco’s deadliest earthquake in more than six decades struggled to find food, water and shelter on Sunday as the search for the missing continued in remote villages and the death toll of more than 2,100 seemed likely to rise further. Many people were spending a third night in the open after the 6.8 […] September 11, 2023
Tech India’s Reliance explores chipmaking foray Billionaire Mukesh Ambani’s Reliance Industries has begun exploring a foray into semiconductor manufacturing, a move that could address its supply chain needs and cater to growing chip demand in India, two people familiar with its strategy said. The telecoms-to-energy conglomerate, encouraged by the Indian government, has held early-stage talks with foreign chipmakers that have the […] September 11, 2023
Sustainability UK commits $2bn to UN-backed climate fund Britain will commit to provide $2 billion to the Green Climate Fund (GCF) to help developing countries cope with climate change, Prime Minister Rishi Sunak said on Sunday at the G20 leaders summit in New Delhi. The pledge would be the biggest single funding commitment the UK has made to date to help the world […] September 11, 2023
Finance Egypt’s inflation hits 37.4% on rising food prices Egypt’s annual urban consumer price inflation rate surged to a higher-than-expected record 37.4 percent in August from 36.5 percent in July, data from the country’s statistics agency Capmas showed on Sunday. Headline inflation in July was 36.5 percent and in June 35.7 percent, both also all-time highs. High money supply growth over the last two […] September 11, 2023
Industry World food price index at two-year low The United Nations food agency’s world price index fell in August to a new two-year low, reversing a rebound seen the previous month, as a decline in most food commodities offset increases for rice and sugar. The Food and Agriculture Organization’s (FAO) price index, which tracks the most globally traded food commodities, averaged 121.4 points in August against a […] September 10, 2023
Finance Morocco earthquake kills more than 2,000 Moroccan earthquake survivors huddled for a night in the open on the High Atlas Mountains on Saturday, a day after the country’s deadliest quake in more than six decades killed more than 2,000 people and laid waste to villages. Neighbours were still searching for survivors buried on the slopes, where houses of mud brick, stone […] September 10, 2023
Business of Sport Saudi clubs’ $1bn outlay beats 4 of the ‘big 5’ leagues in Europe Saudi Pro League clubs splashed out almost $1 billion in the transfer window in a bid to boost the domestic competition by attracting some of the world’s leading players, according to analysis from Deloitte published on Friday. The outlay of $957 million in the Saudi window, which closed on September 7, exceeded the spending of […] September 10, 2023
Finance Fitch upgrades Turkey’s outlook to ‘stable’ Global ratings agency Fitch on Friday upgraded Turkey’s foreign currency outlook to “stable” and affirmed its rating at “B,” saying its change in economic policy could reduce financial instability in the near term. Turkey has been struggling with inflation for a while and is now at the heels of a policy U-turn after President Tayyip […] September 10, 2023
Finance Turkish minister plans to meet Middle East investors Turkey’s finance minister Mehmet Simsek said on Thursday that he planned investor meetings in Germany, financial hubs New York and London, and cities in Asia and the Middle East. Turkey’s economic programme had President Tayyip Erdogan’s full support, a day after the government hiked its forecasts for inflation and cut its economic growth outlook, he […] September 8, 2023
Tech Bahrain to use Israeli tech to achieve net zero goals Bahrain aims to collaborate more with Israel on technologies that help it manage water and cope with climate change, as part of a broader boost in relations between the two countries, its ambassador to Israel said on Thursday. Along with the United Arab Emirates (UAE), Bahrain in September 2020 signed an agreement to establish formal […] September 8, 2023
Infrastructure Gulf and India to discuss possible rail and port links The US, Saudi Arabia, India and other nations are discussing a possible infrastructure deal that could reconfigure trade between the Gulf and South Asia, linking Middle Eastern countries by railways and connecting to India by port, according to US officials aware of the conversations. The talks, which have also included the UAE and Europe, may […] September 8, 2023
Finance Turkey’s shift policies ‘clearly’ positive for credit rating Moody’s has signalled that Turkey’s re-embrace of conventional economic policymaking since Tayyip Erdoğan’s May election win could soon start paying dividends in terms of a stronger credit rating, as long as it sticks with it. Ankara’s credit score, which affects how much the government pays to borrow on capital markets, has been in decline for […] September 8, 2023
Industry Philippines rules out import on ample sugar stocks The Philippines has plentiful stocks of sugar as it enters a new crop year this month and thus has no immediate plans to import any additional volume, the chief of the industry regulator said on Thursday. “At this very moment, as the milling season starts, we have very ample two-month buffer stocks. For crop year […] September 7, 2023
Finance Turkey plans big interest rate hikes as inflation to hit 65% Turkey jacked up its inflation forecasts and cut those of economic growth on Wednesday, as President Tayyip Erdoğan appeared to endorse the big interest rate hikes that are driving a turnaround toward more orthodox policies. Since the policy U-turn began in June, analysts have applauded what they said was a more realistic effort to address […] September 7, 2023
Sustainability African leaders to propose new global taxes at Cop28 African leaders on Wednesday proposed new global taxes and reforms to international financial institutions to help fund climate change action in a declaration that will form the basis of their negotiating position at November’s Cop28 summit. The Nairobi declaration capped the three-day Africa Climate Summit in Kenya, which was dominated by discussions of how to […] September 7, 2023
Economy Exports support Australian economy to beat estimates Australia’s economy expanded by more than expected in the second quarter, driven by exports and public investment, while household consumption remained weak as decade-high interest rates worked to cool demand. Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.4 percent in the second quarter, slightly beating forecasts […] September 6, 2023
Retail Dubai Holding weighs sale of 25% stake in retail franchisee Dubai Holding, the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, is weighing the sale of its minority stake in Azadea Group, which operates Inditex franchises in the Middle East including Zara, three people with knowledge of the matter told Reuters. Dubai Holding has selected JPMorgan and Rothschild & Co to advise […] September 6, 2023
Energy Iraq’s oil flow to Turkey may resume after October Iraqi oil flows to Turkey are not expected to resume before October, when Turkish President Tayyip Erdogan will likely visit Baghdad, sources said, after the trip originally scheduled for August was postponed. Turkey halted Iraqi northern oil export flows on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara […] September 6, 2023
Energy Oil at $90-$100 may lead Saudi to taper supply cuts Oil prices in the range of $90-$100 per barrel may lead Saudi Arabia to taper its supply cuts, Gary Ross, CEO of Black Gold Investors and a veteran Opec watcher, told an energy industry conference in Singapore on Monday. Saudi Arabia is widely expected to roll over a voluntary oil cut of one million barrels […] September 5, 2023
Finance Erdoğan says Black Sea grain deal can be restored soon Turkish President Tayyip Erdoğan said after talks with Russia’s Vladimir Putin that it would soon be possible to revive the grain deal that the United Nations says helped to ease a food crisis by getting Ukrainian grain to market. Russia quit the deal in July – a year after it was brokered by the UN […] September 5, 2023
