Tech Musk says Twitter’s blue bird logo to be replaced by X Twitter Inc owner Elon Musk signalled on Sunday that he will take the social media company in a new direction with a rebranding that will replace its well-known blue bird logo with an X. The change, which was not evident on the website on Sunday evening, followed Musk’s recent admission that advertising revenue remains nearly half of what it once was. He […] July 24, 2023
Manufacturing French and Korean firms to build new US battery plant French-Italian automaker Stellantis and South Korean battery maker Samsung SDI on Monday said they plan to open a second joint-venture plant in the US to build electric vehicle batteries, with a target to start production in 2027. The companies said the transaction still needs to be finalised, and where the plant will be located is […] July 24, 2023
Banking and Finance ADQ-led group’s bid for Israel’s Phoenix falls apart A deal for two shareholders in Israeli financial firm Phoenix Group to sell control of the group to a consortium led by Abu Dhabi state-owned ADQ has fallen through, a regulatory filing showed on Sunday. US private investment firms Centerbridge Partners and Gallatin Point Capital, which hold about 33 percent of Phoenix, said last year […] July 24, 2023
Energy G20 fails to reach deal on cutting fossil fuels The Group of 20 (G20) major economies meeting in India failed on Saturday to reach consensus on phasing down fossil fuels following objections by some producer nations. Scientists and campaigners are exasperated by international bodies’ foot-dragging on action to curb global warming even as extreme weather from China to the United States underlines the climate […] July 23, 2023
Oil & Gas UAE says current Opec+ actions sufficient for now Current actions by Opec+ to support the oil market are sufficient for now, UAE energy minister Suhail Al Mazrouei said on Friday, and the group is “only a phone call away” if any further steps are needed. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 […] July 23, 2023
Banking and Finance Israeli bank CEOs warn of fallout from judicial changes The chief executives of Israel’s two largest banks on Friday called on the government to halt its highly disputed legislative push to overhaul the judiciary, and warned of economic fallout should they continue. The drive by Prime Minister Benjamin Netanyahu’s right-wing government to change the justice system has sparked unprecedented protests and warnings, including from […] July 23, 2023
Energy Iraq renews crude supply deal with Lebanon Iraq renewed its agreement to provide Lebanon with up to 2 million tons of crude oil for a year, Lebanese energy ministry said in a statement on Friday. The two countries signed a memorandum of understanding on Iraq providing Lebanon with fuel oil and crude oil, the Iraqi state news agency INA also reported on […] July 23, 2023
Banking and Finance Lebanon proposes floating forex rate by September The vice governors of Lebanon’s central bank have proposed lifting the longtime peg on the country’s local currency and moving to a managed float by the end of September. The details were outlined in a copy of their proposal seen by Reuters on Thursday. The Lebanese pound has lost more than 98 percent of its […] July 21, 2023
Tech Middle East funds in talks to buy stake in Norway’s Visma Norwegian software developer Visma is in talks with Middle Eastern and Asian sovereign funds over the sale of a minority stake ahead of launching a formal process after September, sources familiar with the matter told Reuters. The sale could give the business an enterprise valuation of more than $20 billion, up to as much as […] July 21, 2023
Banking and Finance Turkey raises rate to 17.5% as inflation likely to soar Turkey’s central bank hiked its policy rate by 250 basis points to 17.5 percent on Thursday, continuing to reverse President Tayyip Erdogan’s low-rates policy. However, the tightening fell short of expectations with inflation expected to rise sharply. It was the second meeting under new governor Hafize Gaye Erkan. He is leading a change of course […] July 21, 2023
Markets Dubai invites IPO pitches for taxi and parking assets Dubai’s Roads and Transport Authority has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, two sources with knowledge of the matter told Reuters. The RTA is targeting the first of the two potential public share sales, in the Dubai Taxi Corporation, to take place […] July 21, 2023
Banking and Finance UAE fund agrees $100m grain loan facility with Egypt Egypt is to sign a $100 million renewable loan facility with the Abu Dhabi Fund for Development (ADFD) to fund its grains purchases, supply minister Ali Moselhy said. Abu Dhabi-based agribusiness firm Al Dahra will be one of the first suppliers of the grain through the deal, but Moselhy said that the funding could be […] July 21, 2023
Transport Tesla may cut prices in ‘turbulent times’ says Musk Tesla CEO Elon Musk signalled on Wednesday that he would cut electric vehicle prices again in “turbulent times”, even as his all-out price war on automaker rivals squeezes the company’s own margins. The company has slashed prices several times in the United States, China and other markets since late last year, and increased discounts and […] July 20, 2023
Banking and Finance Romania looks to UAE to fund $7.3bn nuclear reactors Romanian state-owned nuclear power producer Nuclearelectrica’s two planned new reactors are expected to cost at least €6.5 billion ($7.29 billion), energy minister Sebastian Burduja said. He added that Nuclearelectrica was still negotiating, with a view to signing a deal later this year, with the Lavalin group, which owns the Candu (Canada deuterium uranium) technology already […] July 20, 2023
Energy Masdar targets acquisitions in US and Europe Abu Dhabi state-owned renewable energy firm Masdar is in discussions with potential acquisition targets in the US and is also looking to expand in Europe, Gulf Arab countries and elsewhere, its chief financial officer said on Wednesday. “We plan to grow significantly in the North America market, in the US,” Niall Hannigan said, adding it […] July 20, 2023
Oil & Gas Iraq’s Total oil deal heralds new revenue-sharing formula Iraq secured its $27 billion oil deal with France’s TotalEnergies last week by offering quicker, less risky payback through greater revenue-sharing, a model it could replicate in the future to lure investors. Foreign investment in Iraq’s energy sector has fizzled out since a flurry of post US-invasion deals over a decade ago, with Exxon Mobil, […] July 20, 2023
Banking and Finance Turkey’s monetary tightening faces funding setbacks Bankers warned on Wednesday that the effectiveness of recent monetary tightening in Turkey could be negatively impacted after funding conducted through open market operations (Omo) by the central bank turned negative for the first time in over a decade. The central bank has boosted its reserves by $20 billion since the beginning of June, mostly […] July 20, 2023
Energy Petrobras to review Adnoc’s joint bid for Braskem Brazilian state-run oil company Petrobras said on Wednesday it will analyse all offers presented for petrochemical producer Braskem but believes that discussions about the potential sale of the petrochemical producer are still far from over. Petrobras is one of Braskem’s main shareholders alongside conglomerate Novonor, which holds a controlling stake in the firm but has long […] July 20, 2023
Economy GCC economies to grow at much slower pace in 2023 The economies of five countries in the six-member GCC are forecast to grow even more weakly than expected three months earlier because of lower prices of oil, the region’s main export, according to a Reuters poll of economists. Brent crude, the global benchmark of oil price, has fallen from a near record-high of $139 a […] July 19, 2023
Oil & Gas Japan and Qatar talks focus on bolstering energy supplies Japanese Prime Minister Fumio Kishida agreed to strengthen energy ties and economic cooperation with major gas producer Qatar on Tuesday, in the final leg of a Gulf tour that has focused on securing energy supplies and promoting Japanese high tech. Kishida, who has been urged by Japan’s gas lobby to secure new liquefied natural gas […] July 19, 2023
Banking and Finance US issues waiver for Iraq to pay Iran for electricity The United States on Tuesday moved to let Iraq pay Iran for electricity via non-Iraqi banks, a US official said, a step Washington hopes may keep Tehran from forcing unpopular power cuts during the sweltering Iraqi summer. Secretary of State Antony Blinken signed a 120-day national security waiver allowing Iraq – heavily dependent on Iranian […] July 19, 2023
Banking and Finance Abu Dhabi’s Masdar to raise $750m in green bonds Abu Dhabi renewable energy company Masdar is set to raise $750 million from a debut sale of green bonds that fetched more than $4.2 billion in demand, a bank document showed on Tuesday. The bonds launched at a spread of 115 basis points (bps) over US Treasuries from initial guidance of around 150 bps over […] July 19, 2023
