Finance Egypt’s inflation surges to record 36.5% in July Egypt’s annual headline inflation rose to a new all-time high of 36.5 percent in July, in line with analysts’ expectations, as food prices soared, data from the country’s statistics agency Capmas showed. Month-on-month, prices rose 1.9 percent in July, down from 2.08 percent in June. Core inflation, which strips out volatile items like food and […] August 11, 2023
Oil & Gas Iran set to raise oil output by 250,000 bpd this summer Iran will produce an addition 250,000 barrels per day (bpd) of oil by the end of summer, the semi-official Tasnim news agency reported on Wednesday citing the head of the National Iranian Oil Company (NIOC). “Iran’s oil production will reach 3.5 million bpd at the end of summer,” Tasnim cited NIOC managing director Mohsen Khojasteh-Mehr […] August 10, 2023
Banking and Finance Turkey’s FX reserves rise as policy U-turn continues Turkey’s net foreign exchange reserves surged nearly $5 billion last week, with total reserves up almost $2 billion, bankers’ calculations showed on Wednesday, resuming an uptrend since it adopted a more orthodox monetary policy following May elections. The rebuilding of the central bank’s currency buffer is seen as a gauge of authorities’ willingness to ease […] August 10, 2023
Industry Kazakhstan in talks with AD Ports on agricultural exports Kazakhstan is in talks with Abu Dhabi Ports to set up a joint venture that would help ship Kazakh agricultural exports via Iran and then Gulf ports. The Central Asian nation, a significant exporter of agricultural commodities such as grains and oilseeds, wants to ship cargoes to Iran via the Caspian Sea and have them […] August 8, 2023
Energy Egypt’s natural gas output falls to three-year low Natural gas production in Egypt fell to a three-year low in the first five months of 2023, figures from the Joint Organisations Data Initiative (Jodi) show, raising questions about the country’s efforts to position itself as a regional energy hub. The country is grappling with power shortages when a heatwave has driven up demand for […] August 8, 2023
Finance Saudi and Chinese exchanges in talks to allow cross-listings China and Saudi Arabia’s stock exchanges are in talks to allow exchange-traded funds (ETFs) to list on each other’s bourses, three sources familiar with the matter said, as the countries look to deepen financial ties amid warming diplomatic relations. The talks are in the early stages, said the sources, and could mark a major first […] August 6, 2023
Economy Turkey pledges hiking rates at global investor meet Turkey’s new-look economic team met for the first time with dozens of international investors on Friday and pledged to continue hiking interest rates, even as economic growth slows, to head off rebounding inflation, two sources said. According to the sources and a draft programme, the eight-hour meeting in Istanbul included finance minister Mehmet Simsek and […] August 6, 2023
Banking and Finance Argentina agrees $775m loan with Qatar to repay IMF Argentina agreed a $775 million loan with Qatar on Friday, which will be used to make an immediate International Monetary Fund repayment. The country’s government is grappling with a severe economic crisis with sky-high inflation and falling central bank reserves while facing IMF repayments. Its economy minister Sergio Massa said on Monday Argentina would not […] August 4, 2023
Banking and Finance Abu Dhabi’s IHC to focus on domestic acquisitions Abu Dhabi conglomerate International Holding Company (IHC) will refocus on domestic acquisitions as global economic challenges hamper its efforts to expand abroad. IHC rose from relative obscurity to become the UAE’s largest publicly traded company worth more than $235.98 billion. As it reported that its net profit fell slightly in the second quarter, it said […] August 4, 2023
Development Russia says expansion will strengthen Brics Russia said on Thursday that the Brics group of countries would be strengthened by adding new members, in its most explicit endorsement yet of the idea of expansion. The Brics group of emerging economies currently comprises Brazil, Russia, India, China and South Africa. Moscow sees the group as an increasingly important and influential counterweight in […] August 4, 2023
Oil & Gas India’s Gail set to finalise Qatar LNG purchase deal Gail (India) Ltd is close to finalising a long-term liquefied natural gas (LNG) import deal with Qatar to buy at least one million metric tonnes per year (tpy). The agreement would potentially be for more than 20 years, three industry and trade sources said. The deal would be part of Gail’s plans to lock in […] August 4, 2023
Banking and Finance Nomura to hire 40 bankers in Asia and Middle East Nomura Holdings plans to hire more than 40 private bankers in Asia and the Middle East in two years to tap an expanding pool of rich families and entrepreneurs in the regions, its international wealth management chief told Reuters. Enhancing wealth management is part of Nomura’s goal of increasing revenue less vulnerable to market swings, […] August 3, 2023
Economy Israel warns high-interest rate may impact growth The Bank of Israel on Wednesday warned of risks to the stability of the banking system due to possible economic consequences from the government’s plan to overhaul the judiciary, as well as higher credit costs from a steep rise in interest rates. In its semi-annual report on financial stability, the central bank said that Israel’s […] August 3, 2023
Oil & Gas Opec+ unlikely to tweak oil policy on high demand Opec+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six Opec+ sources told Reuters, as tighter supplies and resilient demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as Opec+, meet on August 4. The […] August 3, 2023
Banking and Finance Brazil central bank kicks off ‘aggressive’ rate cuts Brazil’s central bank kicked off its rate-cutting cycle more aggressively than expected on Wednesday, reducing its benchmark interest rate by 50 basis points and signalling more of the same in the months ahead due to an improving inflation outlook. The bank’s rate-setting committee Copom cut its Selic policy rate to 13.25 percent, as just 10 […] August 3, 2023
Aviation Kuwait Airways CEO expects delay in Airbus deliveries Kuwait Airways faces possible delays of up to 12 months to receive some Airbus aircraft, its CEO said on Wednesday. The government-owned carrier signed a multi-billion dollar deal with Airbus in 2022 for 31 planes, 18 of which it has already received. Maen Razouqi said in an interview that any financial impact as a result […] August 3, 2023
Tech Israeli fintech Vesttoo retains Dubai staff amid mass layoffs Financial services company Vesttoo said on Tuesday it was laying off about 75 percent of its staff and closing some offices in Asia, as it tries to recover from a scandal over a fraudulent letter of credit used as collateral in a transaction with an insurer. Israel-based Vesttoo, which uses artificial intelligence technology to connect […] August 2, 2023
Banking and Finance Egypt’s foreign assets deficit widens by $3bn in June Egypt’s net foreign assets (NFAs) fell further into deficit in June, with the gap widening by EGP82.1 billion ($2.66 billion) from the previous month to negative EGP837.3 billion, according to central bank data. Egypt’s finances have been squeezed by a persistent shortage of foreign currency accompanied by a sharp expansion in money supply over the […] August 2, 2023
Economy Turkey restricts use of credit cards for foreign travel Turkey’s banking watchdog has stopped allowing credit card payments by instalment for foreign travel, such as flights, travel agency fees and accommodation, in a step seen dealing a blow to foreign travel operators. The move hit airline shares and was seen as curbing foreign currency outflows. It was one of two measures announced by the […] August 2, 2023
Tech Amazon to invest $7.2bn in Israel by 2037 Amazon.com said on Tuesday it is planning to invest about $7.2 billion by 2037 in Israel, where it has also launched its Amazon Web Services (AWS) data centres. Amazon’s cloud services in the region will allow the country’s government to run applications and store data in data centres located in Israel. “The establishment of the […] August 2, 2023
Aviation Indonesia buys drones worth $300m from Turkey Indonesia has bought 12 new drones from Turkish Aerospace worth $300 million, its defence ministry said, the latest in a series of purchases aimed at modernising the country’s ageing military equipment. The deal comes after Indonesian President Joko Widodo in July warned his cabinet to maintain a “healthy” budget as he highlighted outsized spending by […] August 1, 2023
Manufacturing Foxconn EV venture targets India and Thailand Foxconn’s venture attempting to build a standardised electric vehicle (EV) platform is targeting India or Thailand for the production of a small battery-powered car under development, the unit’s chief executive said. The Taiwanese company’s EV platform unit Mobility in Harmony (MIH) would be willing to work with its parent or another company to build the […] August 1, 2023
