Energy Iraq to trade crude oil for Iranian gas to settle debt Iraq will begin trading crude oil for Iranian gas to end the recurring issue of payment delays to Tehran due to the need for US approval, Iraqi Prime Minister Mohammed Shia Sudani said. Sudani said Iran had cut gas exports to Iraq by more than 50 percent as of July 1 after Baghdad failed to […] July 12, 2023
Energy Qatar expects record volume of LNG deals in 2023 Qatar this year will sign record volumes of long-term liquefied natural gas (LNG) offtake contracts, the country’s energy minister said at a conference in Vancouver. About 40 percent of new global LNG output will come from Qatar by 2029, said minister of energy Saad Al Kaabi at the LNG 2023 conference. The country last year […] July 12, 2023
Energy Saudi Arabia to supply full oil volumes to Asia in August Saudi Aramco has informed some clients in northern Asia they will receive full nominated volumes of crude oil in August, several sources said on Tuesday. Meanwhile, top buyer China once again requested less supply. The world’s biggest oil exporter last week said it would extend its one million barrels-per-day (bpd) output cut by another month […] July 11, 2023
Banking and Finance Bank of Israel pauses rate hikes for first time since 2022 The Bank of Israel left short-term borrowing rates unchanged on Monday for the first time since early 2022, as expected, but warned that rates could be hiked further if inflation picked up again. Governor Amir Yaron said that rates would remain high for some time. He also cautioned that legislation on a highly-disputed bill that […] July 11, 2023
Real Estate Dubai’s Sobha Realty plans $300m debut sukuk Real estate developer Sobha Realty is set to raise $300 million through a debut sale of Islamic bonds, a bank document showed. The five-year sukuk, non-callable for three years, launched at a yield of 8.75 percent, the lower end of initial guidance earlier on Monday of 8.75-8.875 percent, after drawing final orders of more than […] July 11, 2023
Banking and Finance Lebanon rules out extension of central bank governor’s term Lebanon’s caretaker premier, Najib Mikati, will not extend the term of central bank governor Riad Salameh when it ends later this month, the prime minister’s office said. The July 31 expiration of Salameh’s term will bring to an end a 30-year tenure stained by recent charges at home and abroad of embezzlement of Lebanese public […] July 11, 2023
Tech Taiwan’s Foxconn dumps $19.5bn chip venture in India Taiwan’s Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta in a setback to Prime Minister Narendra Modi’s chipmaking plans for India. The world’s largest contract electronics maker signed a pact with Vedanta last year to set up semiconductor and display production plants in Modi’s home state of Gujarat. […] July 11, 2023
Energy Japan gas lobby wants stable supply from Middle East Japan Gas Association (JGA) chairman Takahiro Honjo hopes that Prime Minister Fumio Kishida’s planned Middle East trip this month will help Japan ensure stable supplies of liquefied natural gas (LNG) and other fuels. Resource-poor Japan is trying to beef up its energy security as it remains highly dependent on oil and LNG imports. Kishida is […] July 11, 2023
Economy Egypt’s inflation rises to all-time high of 35.7% in June Egypt’s annual urban consumer price inflation in June rose to a record 35.7 percent year-on-year from 32.7 percent in May, data from the country’s statistics agency Capmas showed. Analysts had expected the country’s headline inflation rate to jump to an all-time high, a Reuters poll showed on Thursday, as an unfavourable base effect and increased […] July 10, 2023
Economy Countries repatriating gold as Russian sanctions bite An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday. The financial market rout last year caused widespread losses for sovereign money managers who are “fundamentally” rethinking their […] July 10, 2023
Banking and Finance Japan logs current account surplus for fourth month Japan’s current account surplus more than doubled year-on-year in May, in a fourth straight month of gains, as the country’s trade deficit narrowed and income gains from its overseas investment expanded, ministry of finance data showed. The current account surplus reached 1.86 trillion yen ($13.08 billion) in May, compared with 773 billion yen in the […] July 10, 2023
Banking and Finance Turkey takes measures to control rising budget deficit Turkey is taking measures to re-establish fiscal discipline and control the level of the budget deficit, finance minister Mehmet Simsek said. The budget deficit for the first five months of the year was 263.6 billion lira ($10.12 billion), compared with 124.6 billion lira a year ago, due to increased spending ahead of May’s elections and […] July 10, 2023
Energy Thailand’s PTT in talks with Qatar for LNG deal Thailand’s largest energy company, state-controlled PTT, is in advanced talks with Qatar for a 15-year liquefied natural gas (LNG) supply deal, four trading sources told Reuters. The oil and gas conglomerate is negotiating a supply of one or two million tonnes per annum (mtpa), according to different figures cited by the sources, in what would […] July 9, 2023
Banking and Finance UK to steer pensions into high-growth sectors British finance minister Jeremy Hunt will spell out on Monday long-awaited plans to encourage pension funds and other asset managers to invest in high-growth sectors, the treasury said on Sunday. In Monday’s speech at the City of London’s Mansion House, Hunt will explain how the reforms could increase returns for pensioners and unlock capital for […] July 9, 2023
Manufacturing ‘Chinese storm’ risks Europe’s EV sector says Renault chief A “Chinese storm” is looming over Europe’s growing electric vehicle (EV) sector, Renault chairman Jean-Dominique Senard told Reuters, as Asia’s superpower dominates key raw materials to make batteries for zero emission cars. China’s recent decision to restrict exports of two metals – gallium and germanium – used in semiconductors and EVs should raise red flags […] July 9, 2023
Energy Asian oil markets braced for Kuwait Al Zour’s exports Oil markets in Asia are bracing for further growth in exports from Kuwait’s newest Al Zour refinery as the complex started up its third and final crude distillation unit (CDU), with trade sources saying the full impact was likely to be felt later in the third quarter as it ramps up operation. The refinery, which […] July 9, 2023
Banking and Finance Turkey expects investments of $10bn from GCC nations Turkey expects Gulf countries to make direct investments of about $10 billion initially in domestic assets as part of President Tayyip Erdogan’s trip to the region in two weeks, according to two senior Turkish officials. Erdogan is scheduled to visit leaders in Saudi Arabia, Qatar and the UAE on July 17-19, in part to drum […] July 9, 2023
Banking and Finance Israel banks to compete for default savings rate Israel’s finance ministry on Thursday proposed a plan that for its five largest banks to compete against each other to offer the highest interest rates on savings accounts. The ministry, lawmakers, the central bank and regulators have sharply criticised banks for being quick to act to raise interest rates on mortgages and other loans while […] July 7, 2023
Tech Twitter threatens to sue Meta over Threads platform Twitter has threatened to sue Meta Platforms over its new Threads platform in a letter sent to the Facebook parent’s CEO Mark Zuckerberg by Twitter’s lawyer Alex Spiro. Meta, which launched Threads on Wednesday and has logged more than 30 million sign-ups, looks to take on Elon Musk’s Twitter by leveraging Instagram’s billions of users. Spiro, in his letter, […] July 7, 2023
Markets Dubai’s transport authority picks asset review advisor Dubai’s Roads and Transport Authority (RTA) has selected Rothschild & Co to advise on the strategic review of its assets, two sources close to the matter said on Thursday. The transport regulator is considering an initial public offering of Dubai Taxi Corporation and its public parking business, said the sources, who declined to be named […] July 7, 2023
Energy Opec maintains upbeat view for 2024 despite slowdown Opec will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to Opec said. Opec’s forecast for 2024 will likely be lower than the growth it expects for this year […] July 7, 2023
Banking and Finance Italy in talks with Saudi fund for $1bn Milan renewal plan Italy is in talks with sovereign wealth funds (SWFs) from Norway, Saudi Arabia and Singapore over plans worth €1 billion ($1.09 billion) to develop a residential area of Milan, the head of a state-owned company told Reuters on Thursday. Prime Minister Giorgia Meloni’s administration is seeking to forge closer ties with Gulf states and generally […] July 7, 2023
