Sustainability Brazil plans mega fund to conserve forests at Cop28 Brazil plans to propose a “huge” fund to pay for the conservation of tropical forests at the United Nations Cop28 climate change summit, which begins later this month in Dubai, the country’s top climate negotiator said on Thursday. That fund, not previously reported, would be the latest in a proliferation of multilateral environmental funds. Countries […] November 24, 2023
Finance Turkish deposit rates to rise as liquidity tightens Turkish banks’ deposit rates, already above 45 percent, are expected to continue rising for the remainder of 2023 as the central bank takes additional steps to tighten liquidity and lenders spruce up their year-end balance sheets. Central bank data shows the average return on three-month lira deposits rose to near 46 percent by November 10 […] November 23, 2023
Finance JPMorgan backs bounce in Turkey’s lira as key 2024 bet Investment bank JPMorgan on Tuesday backed a bounce in Turkey’s lira as one of its key emerging market bets for 2024. The value of Turkey’s currency has plummeted in recent years, but a screeching 180-degree change of policy direction following President Tayyip Erdogan’s re-election win this year has seen interest rates hiked significantly, creating more […] November 23, 2023
Energy Morgan Stanley expects Opec to rein in output Morgan Stanley says prices of each barrel of Brent crude are likely to be supported at a level in the mid-$80s as it expects producer group Opec to continue to restrain production and stabilise oil inventories broadly at present levels. Oil prices kept in a narrow range on Wednesday, with the market awaiting news on […] November 23, 2023
Energy QatarEnergy wins $570m ruling against Spanish firm QatarEnergy is the un-named company that will receive $570 million from the Spanish power utility Endesa after an arbitration ruling over a liquefied natural gas contract dispute, people familiar with the matter have told Reuters. The Spanish firm said on Monday it would have to pay the sum to an unidentified liquefied natural gas (LNG) […] November 23, 2023
Finance Jordan spending forecast at $17.5bn in draft budget Jordan’s state spending is forecast at 12.4 billion dinars ($17.5 billion) in its draft 2024 budget, finance minister Mohamad Al-Ississ said on Wednesday, supported by a strong showing in International Monetary Fund (IMF) backed reforms. Al-Ississ said growth was expected to be around 2.6 percent in 2024, the same level forecast for this year, as […] November 23, 2023
Energy Turkey extends LNG deal with Algeria for three years Turkish state energy company Botas has signed a deal with Algerian state oil and gas company Sonatrach to extend their existing gas supply contract for three years, Turkey’s energy minister said on Tuesday. Under the deal signed during an official visit to Algiers by Turkish President Tayyip Erdogan, Turkey will continue to acquire 4.4 billion […] November 22, 2023
Energy Japanese trade body expects Opec+ to extend supply cuts The head of Japan’s oil industry body said on Monday he expects Opec+ to extend its supply curbs after December to support oil prices. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is set to consider whether to make additional oil supply cuts when it meets on November […] November 21, 2023
Oil & Gas GIC buys stake in UAE pipeline inspection firm Kuwait-based Gulf Investment Corporation (GIC) has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services. A joint statement from GIC and UAE-based Pipecare Group on Monday said the transaction was completed in Abu Dhabi on November 15. It did not give details of the size of the stake, […] November 20, 2023
Tech Ousted OpenAI CEO Altman mulls new AI venture Sam Altman, the just ousted CEO of OpenAI, is discussing a possible return to the company behind the ChatGPT bot even as he considers launching a new artificial intelligence (AI) venture, a person briefed on the matter said on Saturday. A day after the board fired him in a surprise move that rocked the tech […] November 20, 2023
Energy Kuwaiti company sells Norway assets for $454m The Kuwait Foreign Petroleum Exploration Company (Kufpec) agreed on Friday to sell all of its assets in Norway to Poland’s Orlen, which operates in Norway under the name PGNiG Upstream for $454 million, the CEO of the Kuwaiti company said on Friday. Mohammad Salem Al-Haimer said Kufpec booked about $700 million in profit throughout its […] November 19, 2023
Finance Iraq becomes member of European development bank Iraq has become the 74th member of the European Bank for Reconstruction and Development, the multilateral lender said on Thursday, while Ghana and Senegal have also applied to join. Iraq first submitted its request to join the bank in 2018, and its shareholder status enables it to apply to become a recipient economy, which would […] November 17, 2023
Aviation Airbus seeks to break Emirates jet order impasse Airbus sought a compromise to try to unblock dozens of A350 orders from Dubai’s Emirates late on Wednesday, buoyed by a deal for 11 of the most popular version of the jet with Ethiopian Airlines, industry sources said. Dubai Airshow talks to rescue a delayed order for long-haul jets, potentially switching to the A350-900 version, […] November 16, 2023
Aviation Saudia aircraft maintenance subsidiary targets IPO Saudi Arabia’s Saudia Technic, the aircraft maintenance subsidiary of state-owned Saudia Group, is targeting a public share sale before the end of the decade, its CEO told Reuters at the Dubai Airshow. The company is planning an initial public offering (IPO) in either 2028 or 2029, Fahd Cynndy said on Tuesday on the sidelines of […] November 16, 2023
Industry French grain trader opens Saudi office to meet local demand InVivo will open a marketing office in Saudi Arabia early next year as it seeks to secure new outlets at a time of changing global grain demand, the French agribusiness group’s chief executive told Reuters. The office, to be based in the Saudi port of Damman, aims to secure grain supplies for Saudi feed makers, […] November 16, 2023
Industry India signs basmati export deals with Middle East buyers India has signed contracts to export about 500,000 metric tonnes of new season basmati rice to cash in on robust demand from top buyers in Europe and the Middle East, traders said on Wednesday. India annually exports more than four million tonnes of basmati – a premium long-grain variety famed for its aroma – to […] November 16, 2023
Finance Bahrain’s Investcorp aims to raise $550m in first yuan fund Bahrain-based alternative asset manager Investcorp is aiming to raise 2 billion to 4 billion yuan ($274 million-$548 million) for its first private equity fund in the Chinese currency, its executive said, to explore buyout opportunities in the country. Investcorp plans to apply in the next few months for a license with Chinese regulatory bodies that […] November 15, 2023
Energy Egypt expected to resume LNG exports by January Egypt is expected to resume exports of liquefied natural gas (LNG) in December or January as domestic demand declines during winter and as it receives more gas from Israel, an executive at Italy’s Eni said on Tuesday. “Consumption in Egypt is reducing and we would expect by December, possibly January, (LNG) exports could resume,” Cristian […] November 15, 2023
Finance Egypt and India explore local currency trade settlement Egypt discussed with India’s ambassador to Egypt the possibility of entering Indian financial markets, Egypt’s finance ministry said in a statement on Tuesday. “The two sides discussed ways to encourage the use of national currencies to settle payments,” in a meeting between Egyptian finance minister Mohamed Al Maait and ambassador Ajit Gupte, the statement said. […] November 15, 2023
Aviation Saudia close to signing order of 150-plus narrow-body jets Saudia Group, which owns the Saudia airline and budget carrier flyadeal, is close to agreeing an order for 100 narrow-body jets but wants the manufacturer to agree to supply an additional 50-plus, it said on Tuesday. Abdullah Al Shahrani, the group’s general manager of communications and media affairs, declined to identify the aircraft manufacturer but […] November 15, 2023
Transport Kuwait Airways seeks damages over Airbus delays Kuwait Airways expects compensation from planemaker Airbus for delays in delivering commercial jets, the chairman of the Middle Eastern airline told Reuters on Tuesday. Aerospace and other manufacturers are struggling with supply chain bottlenecks. This year, pressure has been growing on planemakers to start paying penalties. “We are discussing it with them. There will be […] November 15, 2023
Finance Nigeria in talks with Saudi bank for project funding Nigerian President Bola Tinubu met top officials of the Jeddah-based Islamic Development Bank (IsDB) to negotiate a “multi-billion-dollar infrastructure finance facility” to help build ports and power plants, his spokesperson said on Tuesday. Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a […] November 15, 2023
