Tech Qualcomm’s bid for Israel’s Autotalks needs EU nod US chipmaker Qualcomm will have to seek European Union (EU) antitrust approval for its planned takeover of Israeli auto-chip maker Autotalks even though the deal is below the EU’s turnover threshold, EU regulators said. The European Commission cited the importance of the deal to original equipment manufacturers and others who need access to vehicle-to-everything (V2X) […] August 20, 2023
Finance Bahrain hard currency assets rise $800m says HSBC Bahrain’s central bank foreign currency assets rose by almost $800 million in June from May, recovering further from pandemic lows but still modest for an oil-led economy with a currency pegged to the dollar, HSBC said. “However, the rise means that reserves have risen 50 percent in the space of a year to their highest […] August 18, 2023
Finance Lebanon reports $660m in loans from Gulf states Lebanon’s central bank said its liquid foreign assets stood at $8.57 billion as it disclosed the numbers for the first time in a push for greater transparency after the departure of its long-time governor Riad Salameh. The central bank did not provide comparison figures from earlier periods, but at the start of the financial crisis […] August 18, 2023
Economy Lebanon’s caretaker PM says economic stability at stake Lebanon’s failure to approve a string of crucial economic laws to pull the country back on to its feet threatens the country’s future economic stability, caretaker Prime Minister Najib Mikati said. A financial meltdown that started in 2019 has weakened the currency by more than 90 percent, paralysed the financial system and frozen depositors out […] August 18, 2023
Industry Egypt set to launch sugar trading on local bourse Egypt’s commodities exchange has invited companies to register to trade sugar on the bourse, which already offers yellow corn and wheat. Sugar will be offered on the exchange starting Thursday, exchange head Ibrahim Ashmawy said in a statement, adding that the move was in line with a government mandate “to regulate the markets of strategic […] August 17, 2023
Finance Iraq set in ‘battle’ against dollar smugglers Iraq has made strides implementing US dollar supply restrictions targeting Iran but faces an uphill battle with a banking system unaccustomed to strict oversight and persistent currency smugglers, central bank governor Ali Al Allaq said. “It is really a battle, because the people benefiting from this situation and those harmed (by the new measures) will […] August 17, 2023
Economy Israel’s economy sustains growth and beats forecast Israel’s economy sustained its solid growth in the second quarter, beating expectations with consumer spending bouncing back after a slow start to 2023, data from the Central Bureau of Statistics showed on Wednesday. While not as fast as in 2022, growth this year has been bolstered by a low 3.6 percent jobless rate, overcoming the […] August 17, 2023
Banking and Finance Egypt outlines new measures to boost forex inflows Egypt is offering a minimum $5,000 fee for Egyptians living abroad who wish to clear their military service obligations and a US dollar pension plan also aimed at its citizens abroad, in a series of fresh measures designed to boost foreign currency inflows. Over the past few months, state-owned banks have begun selling high-interest dollar-denominated […] August 16, 2023
Economy Israel inflation eases to 16-month low at 3.3% The inflation rate in Israel eased to a 16-month month low of 3.3 percent in July from 4.2 percent in June, a drop that could continue to keep further Bank of Israel interest rate hikes at bay. The consumer price index (CPI) rose 0.3 percent in July from June, led by gains in fresh produce, […] August 16, 2023
Industry UAE signs $500m deal to supply wheat to Egypt UAE-based agribusiness Al Dahra and the Abu Dhabi Exports Office (Adex) have signed a $500 million deal to supply Egypt with wheat. The five-year agreement, worth $100 million per year, will provide Egypt with imported milling wheat from the UAE “at competitive prices”. Egypt, a major buyer of basic commodities, has been suffering from a foreign currency crunch after […] August 15, 2023
Leisure & Hospitality Neymar to play for Saudi’s Al Hilal after PSG agree deal Brazil forward Neymar is headed for Saudi Arabia after Pro League side Al Hilal agreed a two-year deal with Paris St Germain, Saudi state media reported. There was no immediate comment from the Ligue 1 champions, owned by Qatar Sports Investments, but French newspaper L’Equipe said the deal could net 31-year-old Neymar €160 million ($175 […] August 15, 2023
Banking and Finance Shuaa top shareholder quits and reveals sale plan Dubai-listed investment bank and asset manager Shuaa Capital’s top shareholder Jassim Alseddiqi is stepping down as managing director and selling his nearly 30 percent stake, he said. Shuaa last year completed a $100 million initial public offering of a special purpose acquisition company on New York’s Nasdaq exchange. Alseddiqi is leaving Shuaa to pursue “a […] August 15, 2023
Tech Israel’s Vesttoo startup seeks US bankruptcy protection Vesttoo is seeking Chapter 11 bankruptcy protection in a US court which will enable it to pursue legal action against those responsible for a fake collateral scandal, the Israeli fintech said in a statement. Vesttoo – partly backed by Banco Santander’s fintech venture capital arm Mouro Capital – has laid off staff, closed offices and […] August 15, 2023
Finance Lebanon freezes ex-central bank governor’s account Lebanon has frozen the bank accounts of former central bank governor Riad Salameh and four of his associates, a statement by the special investigation commission has revealed. Lebanon has also lifted banking secrecy on the accounts of all five individuals, which include Salameh, his brother Raja, his son Nady, his former assistant Marianne Hoayek and […] August 15, 2023
Finance Adnoc considers increasing Covestro bid to $12.6bn Abu Dhabi National Oil Co (Adnoc) has verbally signalled to Covestro that it could raise its informal offer to €60 per share if the German plastics and chemicals maker agrees to enter formal talks, two people familiar with the matter told Reuters. This would boost the oil giant’s non-binding bid to about €11.6 billion ($12.63 […] August 15, 2023
Banking and Finance Israel’s Bank Hapoalim profit surges to $515m Bank Hapoalim, Israel’s largest lender, reported a 43 percent rise in quarterly profit, boosted by a jump in financing income amid high inflation and interest rates that more than offset a spike in provisions against loan defaults. Hapoalim, the country’s largest bank by credit to the public, said it earned 1.92 billion shekels ($515 million) […] August 14, 2023
People & Lifestyle Daily Mail seeks Middle East investors for Telegraph bid The Daily Mail and General Trust has registered its interest with British bank Lloyds for a potential bid for The Telegraph, a spokesperson told Reuters on Saturday. However, while it has been engaging with several parties, DMGT does not yet have any formal plans and there is no consortium, the spokesperson added. Sky News earlier […] August 13, 2023
Tech Iraqi telecom ministry to lift Telegram messaging app ban Iraq’s telecoms ministry said it will lift a ban on the Telegram messaging app on Sunday, which was imposed earlier this week, citing security concerns and data leaks of official state institutions and citizens. The app is widely used in Iraq for messaging but also as a source of news and for sharing content. Some […] August 13, 2023
Industry Mubadala to buy 31.5% stake in Brazilian cane processor Abu Dhabi investment fund Mubadala Capital will take an opposite direction from most of its peers in the Brazilian sugar and ethanol industry, which it plans to enter by early next year, betting on expanding output of the biofuel and looking only marginally to sugar. Bruno Serapiao, CEO of Atvos, one of the country’s largest […] August 11, 2023
Oil & Gas Aramco to supply full oil volumes to Asia next month Saudi Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended. The world’s top oil exporter announced last week that it would prolong the 1 million […] August 11, 2023
Finance Turkey to lower inflation after transition period Turkey aims to lower soaring inflation permanently after a transitional period where prices remain high, finance minister Mehmet Simsek said in an interview with the Yeni Safak newspaper. “Our goal is to bring down inflation permanently after a transitional period,” Simsek said. The sustained price pressure, driven by a drop in the lira currency and […] August 11, 2023
Transport Israel’s El Al in ‘serious’ talks to buy Airbus jets El Al Israel Airlines is in “serious” talks with Airbus to buy as many as 30 A321neo jets, El Al’s CEO said, in what would be an historic change of supplier as it looks to replace its short-haul fleet. Israel’s flag carrier is also in talks with traditional supplier Boeing to buy 737 MAX aircraft, […] August 11, 2023
