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
Finance Turkey depositors convert lira deposits to dollars Turkish depositors mostly converted funds back to dollars last month when they withdrew from state depreciation-protected accounts, according to initial data and senior bankers, as Ankara begins winding down the scheme in a broad policy U-turn. Since President Tayyip Erdogan won re-election in May, authorities have raised interest rates sharply under the U-turn and set […] September 5, 2023
Banking and Finance Japan extends $100m loan to Jordan for power reforms Japan extended a $100 million loan to help Jordan’s electricity sector reforms as part of Tokyo’s support for the kingdom’s International Monetary Fund (IMF(-guided reforms, officials said on Sunday. “Japan will continue our support for Jordan in its economic and financial reforms and further modernisation,” foreign minister Yoshimasa Hayashi said in joint remarks with his […] September 4, 2023
Economy Bank of Israel to hold rates as inflation eases Israel’s central bank is expected to leave short-term interest rates unchanged this week, as it did in July with inflation easing, but the rate hike cycle may not be over with the shekel hovering around a 3 1/2 year low. Of the 16 economists polled by Reuters, 15 projected the Bank of Israel would hold […] September 4, 2023
Finance Egypt net foreign assets deficit narrows in July Egypt’s net foreign assets deficit narrowed by EGP24.9 billion ($808 million) in July to a negative EGP812.4 billion, its first decline since March, according to central bank data. A persistent shortage of foreign currency accompanied by a sharp expansion in money supply over the last three years have squeezed Egypt’s finances. The drawdown on net […] September 4, 2023
Economy Turkish factory activity slows as new order growth weakens Turkish factory activity contracted for a second month in August due to a slowdown in new orders as firms faced challenges securing business, a survey showed on Friday. The purchasing managers’ index (PMI) for manufacturing fell to 49.0 in August from 49.9 in July, according to the survey by the Istanbul Chamber of Industry and […] September 4, 2023
Industry Turkey and Russia seek to revive grain export deal Russian President Vladimir Putin will hold talks with Turkey’s Tayyip Erdogan on Monday in the Black Sea resort of Sochi as Ankara and the United Nations seek to revive a Ukraine grain export deal that helped ease a global food crisis. Russia quit the deal in July – a year after it was brokered by […] September 3, 2023
Manufacturing Telsa to export China-made Model 3 sedan to Middle East Tesla showed off its restyled, China-made Model 3 sedan for the first time to the public at a trade fair in Beijing, after launching it a day before in several countries. The US automaker displayed a flame red version of the car – marking the first change to its mass-market car line-up since it launched […] September 3, 2023
Finance SoftBank’s Arm to be valued at up to $54bn Arm Holdings Ltd, the chip designer owned by SoftBank Group Corp, is planning to ask investors to pay $47 to $51 for each of its shares when it begins marketing its initial public offering (IPO) next week, people familiar with the matter said on Saturday. The price range, which has not been previously reported, would […] September 3, 2023
Sustainability EU to seek Cop28 deal on phasing out fossil fuels European Union (EU) countries are preparing to push for a global deal on phasing out fossil fuels at the United Nations Cop28 climate summit ,which begins in the UAE in November-end, a draft of the EU’s negotiating position showed. Diplomats from the bloc’s 27 member states are drafting their position for the summit in Dubai, […] September 3, 2023
Finance Turkey’s economy grow 3.8% on strong household spend Turkey’s economy grew by a more-than-expected 3.8 percent in the second quarter due to strong household spending, data showed on Thursday, but activity should slow through year-end as election-related stimulus fades and big rate hikes weigh. On a quarterly basis, gross domestic product (GDP) expanded 3.5 percent on a seasonally and calendar-adjusted basis, also outstripping […] September 1, 2023
Energy Opec oil output rises despite Saudi’s ongoing cuts Opec oil output rose in August as Iranian supply rose to its highest since 2018, a Reuters survey found on Thursday, despite ongoing cuts by Saudi Arabia and other members of the wider Opec+ alliance to support the market. Opec has pumped 27.56 million barrels per day (bpd) this month, the survey found, up 220,000 […] September 1, 2023
Tech US curbs AI chip exports to some Middle East nations The US has expanded the restriction of exports of sophisticated Nvidia and Advanced Micro Devices artificial intelligence (AI) chips beyond China to other regions including some countries in the Middle East. Nvidia said in a regulatory filing this week that the curbs, which affect its A100 and H100 chips designed to speed up machine-learning tasks, […] August 31, 2023
Energy Saudi Arabia may raise Arab Light price to 10-month high Saudi Arabia may raise prices of all crude grades it sells to Asia in October. The world’s top oil exporter is expected to extend its voluntary output cut for a third month, keeping sour crude supply tight and prices elevated. The October official selling price (OSP) for flagship Arab Light crude could increase by about […] August 30, 2023
Finance Isbank to free up subsidiaries for future listings Turkish lender Isbank is demerging to free up its subsidiaries to be listed in the future – the plan allows the bank to use its equity more effectively, chief financial official Gamze Yalcin said on Monday. The bank’s shares soared more than 8 percent to a record high after it earlier announced it would transfer […] August 29, 2023
Transport Qatar Airways upbeat on Latin America expansion Qatar Airways is optimistic about Brazil and the overall Latin American market as part of a global network expansion strategy on the heels of a World Cup-driven surge for its business. The airline reported a record annual revenue of $21 billion in 2022, up 45 percent from the year before, and a $1.21 billion net […] August 29, 2023
People & Lifestyle Saudi healthcare group Fakeeh weighs IPO Saudi Arabia’s Fakeeh Care, one of the largest private hospital groups in the kingdom, is considering selling a 30 percent stake through an initial public offering (IPO), two sources with knowledge of the matter told Reuters. The family-owned business, with hospitals in Jeddah and Riyadh, has appointed HSBC to advise on the deal, said the […] August 28, 2023
