Trade India expects EU carbon tax to hit steel and iron exports Already facing subdued demand from developed nations, India’s exports are likely to be hit by the European Union’s 20-to-35 percent tariffs on high-carbon goods such as steel, iron ore and cement, the finance ministry said in a report released on Thursday. In April, the EU approved the world’s first plan to impose a levy on […] July 6, 2023
Tech Meta launches ‘Twitter killer’ Threads app With Twitter already on the ropes, Meta’s Mark Zuckerberg delivered another blow to Elon Musk on Wednesday, ramping up the tech billionaires’ rivalry with the launch of Instagram’s much-anticipated companion service Threads, a challenger to Twitter. “Let’s do this. Welcome to Threads,” Zuckerberg wrote in his first post on the app, along with a fire emoji. […] July 6, 2023
Energy Masdar and Spain’s Iberdrola to develop $1.5bn wind farm Spanish utility Iberdrola has signed an exclusive deal with Abu Dhabi’s Masdar to develop a 476 megawatt offshore wind farm in German waters in the Baltic Sea, Expansion newspaper reported on Wednesday, citing unidentified market sources. The Baltic Eagle wind farm being built off Germany’s northeastern coast will have 50 wind turbines and is part […] July 6, 2023
Banking and Finance Turkey to raise corporate tax to fund quake rebuilding Turkey will raise corporate taxes to fund the recovery from major earthquakes that struck the country in February, according to a draft law presented to parliament by President Tayyip Erdogan’s ruling AK Party. The earthquakes in southern Turkey killed more than 50,000 people and left millions homeless. Business groups, economists and the government have said […] July 6, 2023
Economy Turkish inflation jumps 3.9% in June on weaker currency Turkish monthly inflation jumped 3.92 percent in June, still less than expected, as it was stoked by a plunge in the lira currency after the re-election of President Tayyip Erdogan, official data showed on Wednesday. The median of estimate in a Reuters poll predicted inflation would climb 4.84 percent month-on-month. Annual inflation dipped a bit […] July 6, 2023
Health Dubai firm in talks to buy stake in Aster’s Gulf business Private equity firm Fajr Capital is in exclusive talks to acquire a majority stake in Aster DM Healthcare’s Gulf business, two sources with direct knowledge of the matter told Reuters. Aster, based in the UAE and listed in Mumbai, began a sales process at the end of last year to demerge the Gulf business, which […] July 5, 2023
Food & Drink Brazil’s BRF share offer may drive new Saudi investment Brazilian food processor BRF has filed for a follow-on share offering that will allow a previously announced investment by Saudi Arabia’s Salic in the company to materialise. BRF said in a securities filing it will initially sell 500 million new shares in a bid to raise money to reinforce its capital structure, particularly aiming to […] July 5, 2023
Energy Why are Opec+ supply cuts failing to boost oil prices? Opec+, a group comprising the Organization of the Petroleum Exporting Countries and allies including Russia that pumps around 40 percent of the world’s crude, has been cutting oil output since November in the face of flagging prices. Members Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil supply cuts on Monday in an […] July 5, 2023
Banking and Finance Turkish banks hike consumer and housing loan rates Consumer and housing loan interest rates at Turkish state banks have surged after the central bank almost doubled its key rate last month, while private banks have begun making limited consumer loans as regulations are eased. The central bank raised its key annual rate to 15 percent from 8.5 percent on June 22 and described […] July 5, 2023
Manufacturing Shisha tobacco company has IPO in the pipeline for 2024 The Middle East’s biggest shisha tobacco company has invited banks to pitch for roles in its planned initial public offering next year. Dubai’s Advanced Inhalation Rituals (Air) is planning a flotation in the first half of 2024, sources told Reuters. Air is one of the world’s biggest producers of shisha molasses. Its majority owner Kingsway […] July 4, 2023
Economy Turkey to continue hawkish policy to stem inflation Turkey will continue its monetary policy U-turn, which began with a sharp post-election rate hike last month, until the inflation outlook improves significantly, the central bank said. The hawkish policy guidance came as data showed the central bank’s net foreign reserves recorded their biggest weekly leap on record as the bank eased off interventions in […] July 4, 2023
Banking and Finance Remittances to Mexico hit new record of $5.7bn in May Mexico brought in close to $5.7 billion in remittances in May, central bank data showed, breaking a monthly record that analysts cautioned was softened by the recent strength of the peso versus the dollar. While Mexico records remittances in dollars, as most of the funds come from the United States, “a strong peso hurts remittances”, said Goldman Sachs […] July 4, 2023
Economy Improving Japanese business mood signals steady recovery A central bank survey has found Japanese business sentiment improved in the second quarter as raw material costs peaked and removal of pandemic curbs lifted consumption, leading to hope of economic recovery. Companies expect to increase capital expenditure and project inflation to stay above the Bank of Japan’s (BoJ) two percent target five years ahead, […] July 3, 2023
Manufacturing Tesla beats Q2 delivery estimates as price cuts pay off Tesla Inc on Sunday said it delivered a record number of vehicles in the second quarter, topping market estimates as price cuts and US federal credits helped to make its electric vehicles more affordable. The Elon Musk-led company handed 466,140 vehicles in the April to June period, up 10 percent from the preceding quarter, and 83 […] July 3, 2023
Oil & Gas Asian refiners expect Saudi to cut August crude prices Asian refiners expect Saudi Arabia to lower prices for its crude supply to the region in August, a Reuters survey showed, even as the top oil exporter pledged to deepen production cuts in July as part of a broader Opec+ deal. Saudi Arabia in June unexpectedly raised prices for July-loading cargoes, eating into Asian refiners’ […] July 3, 2023
Energy Opec output posts small drop ahead of Saudi cut Opec oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider Opec+ deal and voluntary cuts by several members to support the market, a Reuters survey found on Friday. The Organization of the Petroleum Exporting Countries has pumped 28.18 million barrels […] July 2, 2023
Energy Adnoc awards $700m contract to UK’s Petrofac UK’s engineering and construction major Petrofac said that Abu Dhabi National Oil Company (Adnoc) has awarded a $700 million contract for its Habshan complex. Petrofac Emirates won the contract, which involves the engineering, procurement and construction (EPC) of a new gas compressor plant by Adnoc Gas Processing, London-listed engineering and construction major said in a […] July 2, 2023
Energy Global economic headwinds to restrain oil prices in 2023 Oil prices will struggle for traction this year as global economic headwinds stymie gains that could be fuelled by a rebound in China and Opec+ cuts, a Reuters poll showed on Friday. The survey of 37 economists and analysts forecast Brent crude would average $83.03 a barrel in 2023, versus the $84.73 consensus in May. […] July 2, 2023
Tech GM buys Israeli startup to detect early battery defects General Motors said on Friday it had acquired Algolion Ltd, an Israel-based software startup that helps detect problems in batteries. GM said Algolion’s software will help the Detroit automaker bring to the market a “cost-effective” early hazard detection system at a quicker pace. The deal, for an undisclosed sum, comes at a time when automakers […] July 2, 2023
Economy Pakistan and IMF reach $3bn stand-by loan deal The International Monetary Fund says it has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement. The South Asian nation is teetering on the brink of default. The deal is subject to approval by the IMF board in July. There was an eight-month delay on the decision but it offers some respite to Pakistan, […] June 30, 2023
Banking and Finance Israel suspects limited competition among banks Israel’s competition watchdog said it would start talks with the central bank over the possibility of declaring the country’s five largest banks an oligopoly and making them subject to directives in consumer checking and savings accounts. A month ago Israel’s competition authority sought data from the top five banks, saying they were enjoying huge profits […] June 30, 2023
Economy Lebanon’s economic crisis deepening, says IMF Lebanon’s financial crisis has been aggravated by vested interests resisting crucial reforms, the International Monetary Fund said on Thursday, warning that no action could lead the country “down an unpredictable road.” The four-year economic meltdown has cost the local currency 98 percent of its value, seen GDP contract by 40 percent, pushed inflation into triple […] June 30, 2023
