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Reuters

Reuters

Libyan oil ports reopen after storm forced closure

Four major oil ports in Libya have reopened after shutting down on Saturday because of the powerful storm that swept the country, killing thousands of people, port agent Al Omran International Maritime Agencies said on Wednesday. The eastern ports of Brega, Es Sidra and Ras Lanuf opened on Tuesday and the port of Zueitina opened […]

People stuck on a road after a powerful storm and heavy rainfall hit Shahhat city in Libya

Floods wipe out quarter of Libyan city as death toll passes 5,000

Thousands of people were killed and at least 10,000 were missing in Libya in floods caused by a huge Mediterranean storm that burst dams, swept away buildings and wiped out as much as a quarter of the eastern coastal city of Derna. A senior medic in Derna told Reuters that more than 2,000 people were dead, while […]

China’s Alibaba to open ‘free’ AI model

Alibaba said on Wednesday it would open its artificial intelligence (AI) model Tongyi Qianwen to the public, in a sign it has gained Chinese regulatory approval to mass-market the model. Authorities in China have recently accelerated efforts to support companies developing AI as the technology increasingly becomes a focus of competition with the United States. […]

Goldman Sachs ups Turkey’s deficit forecast to $43bn

Goldman Sachs raised its forecast on Tuesday for Turkey’s 2023 current account deficit to $43 billion from a previous $38 billion, after it said it “deteriorated sharply” in July. “(I)ncorporating higher oil prices, we now expect Turkey’s current account deficit to reach $43 billion (previously $38 billion) for 2023 as a whole,” the Wall Street […]

Opec July output

Opec sticks to robust growth demand on resilient economy

Opec on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation. World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth […]

After the voluntary oil cut, Saudi Arabia's output for October, November, and December will be capped at nearly nine million bpd

Global oil stockpiles to fall after Saudi cut says EIA

Global oil inventories were expected to fall in the fourth quarter after Saudi Arabia extended output cuts this month, while US crude production is forecast to rise more than previously thought, the US Energy Information Administration (EIA) said in a monthly report on Tuesday. World oil stockpiles were forecast to fall by 200,000 barrels per […]

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 […]

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 […]

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 […]

India AMD

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 […]

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 […]

Tunisia

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 […]

Field, Outdoors, Nature

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 […]

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 […]

Istanbul Turkish tourism

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 […]

Monetary and fiscal tightening will help support disinflation, said Turkish finance minister Mehmet Şimşek

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 […]

Bahrain Israeli tech net zero

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 […]

Gulf India rail port links deal

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 […]

Turkey credit rating

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 […]

Sugar cane workers in the Philippines

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 […]

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 […]