Banking and Finance Egypt says tax reforms aimed to drive private investments Egypt’s cabinet has approved a draft law to eliminate tax exemptions for state entities in a bid to attract private investment, a cabinet statement said, but the law appeared to retain at least some privileges enjoyed by the army. Egypt, in the midst of a severe foreign currency shortage, has been seeking to encourage both […] June 22, 2023
Agriculture India’s 2023 wheat output 10% lower than estimates India’s wheat harvest in 2023 is at least 10 percent lower than the government’s estimate, a leading trade body told Reuters, amid a sharp rise in local prices during the past two months. Lower wheat production for a second straight year could complicate New Delhi’s efforts to keep a lid on prices of the staple […] June 22, 2023
Markets Suez Canal Authority to offload 20% of subsidiary Egypt’s Suez Canal Authority (SCA) is offering a 20 percent stake in a subsidiary company in line with a government drive to boost the private sector, but selling or leasing the canal is “out of the question”, SCA head Osama Rabie said. Rabie said the sale of the 20 percent stake in the Canal Company […] June 22, 2023
Banking and Finance Tesla’s Musk plans ‘significant investment’ in India Tesla chief executive Elon Musk said India’s Prime Minister Narendra Modi was pushing the car maker to make a “significant investment” in the country, adding that such an announcement was expected soon. His comments came after a meeting with Modi during the Indian leader’s state visit to the United States. A source previously told Reuters […] June 21, 2023
Energy Cyprus wants shorter gas pipeline link to Israel Cyprus hopes to develop plans for a pipeline linking it to Israel’s east Mediterranean gas fields during talks which start next month, the island’s top energy official told Reuters. Proposals by the new centrist Cypriot government, which came to power in March, represent a markedly different approach to its predecessors in getting gas to Europe […] June 21, 2023
Banking and Finance Ghosn files $1bn lawsuit against Nissan in Lebanon Carlos Ghosn said on Tuesday he will fight “to the end” in a $1 billion lawsuit the former Nissan chairman has brought against the Japanese carmaker, marking his first such challenge. Ghosn’s lawsuit, which he filed in Lebanon and a copy of which was seen by Reuters, includes allegations of defamation, slander, libel and the […] June 21, 2023
Banking and Finance Adnoc in $11bn takeover bid for German plastics maker Abu Dhabi National Oil Company (Adnoc) has approached German plastics and chemicals maker Covestro AG with a takeover proposal worth more than €10 billion ($10.9 billion), two people familiar with the matter said on Tuesday. The energy giant has made an informal offer for a per share price in the mid-€50, which compares with a […] June 21, 2023
Aviation Paris air show takes off with historic plane order Airbus announced a record 500-plane deal with Indian airline IndiGo on day one of the Paris Airshow, as strong demand for jets and air defences vied for attention with the industry’s supply chain problems. The multibillion-dollar deal for single-aisle planes – the largest ever by number of aircraft – confirmed a Reuters report earlier this […] June 20, 2023
Banking and Finance China cuts lending rates for first time in 10 months China cut its lending benchmarks on Tuesday in the first such easing in 10 months, as authorities seek to shore up a slowing recovery in the world’s second-largest economy, with more stimulus expected. The latest monetary easing comes as China’s post-pandemic recovery shows signs of losing steam after some initial momentum in the first quarter […] June 20, 2023
Tech Japanese companies join hands to make ‘flying cars’ Japanese automaker Suzuki Motor Corp has reached an agreement with SkyDrive Inc to make “flying cars”. The companies will use a Suzuki Group factory in central Japan to make electric vertical take-off and landing (eVTOL) aircraft and aim to begin production by around spring next year, Suzuki said in a statement. SkyDrive will establish a […] June 20, 2023
Energy Bangladesh to sign 10-year LNG deal with Oman Bangladesh’s state-owned company Petrobangla is set to sign a long-term supply deal for additional stocks of liquefied natural gas (LNG) from Oman Trading International, an official at Petrobangla said. Under the new contract, the South Asian nation will begin receiving an additional 0.5 million to 1.5 million metric tonnes per year of LNG from January […] June 19, 2023
Banking and Finance SVB agrees to sell its investment banking division SVB Financial Group has entered into an agreement to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and backed by funds managed by The Baupost Group. The bidder group will acquire the investment banking business for a combination of cash, repayment of an inter-company note, and a five percent […] June 19, 2023
Banking and Finance Qatari companies to develop projects worth $9.5bn in Iraq Three Qatari companies and Iraq’s National Investment Commission have agreed to develop $9.5 billion worth of projects in Iraq, including the construction of a pair of power plants that will generate a total of 2,400 megawatts, according to statements. UCC Holding and the investment commission signed a 25-year public-private partnership linked to the two power […] June 19, 2023
Banking and Finance US chipmaker Intel to invest $25bn in new Israel factory US chipmaker Intel Corp will spend $25 billion on a new factory in Israel, Prime Minister Benjamin Netanyahu said, calling it the largest-ever international investment in the country. The factory in Kiryat Gat is due to open in 2027, to operate through 2035 at least and employ thousands of people, Israel’s finance ministry said. Under […] June 19, 2023
Aviation Airlines must go green to survive, says Riyadh Air boss The head of Riyadh Air pledged the Saudi startup would be both commercially and environmentally sustainable and warned that carriers that do not embrace climate concerns will not survive. Riyadh Air is owned by Saudi Arabia’s Public Investment Fund, which has more than $620 billion in assets under management. Chief executive Tony Douglas said the […] June 19, 2023
Aviation Boeing raises 20-year outlook for new jetliners US planemaker Boeing slightly raised its annual 20-year forecast for new jetliner deliveries, propelled by the strength of the narrow-body market fuelled by demand from low-cost carriers. Boeing expects airlines will need to buy 42,595 jets from now until 2042, up from 41,170 planes in its previous 20-year forecast last year. The latest projection — […] June 18, 2023
Banking and Finance India weighs barter trade with Egypt amid credit talks India is weighing a proposal to begin barter trade in goods like fertiliser and gas with Egypt as part of a wider deal that could see New Delhi extending a credit line worth several billion dollars to Cairo, sources told Reuters. An agreement is likely to be announced later this month during Indian Prime Minister […] June 18, 2023
Energy Iran’s oil exports hit 5-year high despite US sanctions Iran’s crude exports and oil output have hit new highs in 2023 despite US sanctions, according to consultants, shipping data and a source familiar with the matter, adding to global supply when other producers are limiting output. Tehran’s oil exports have been limited since former US president Donald Trump in 2018 exited a 2015 nuclear […] June 18, 2023
Banking and Finance Turkey’s central bank likely to hike policy rate to 20% Turkey’s central bank is expected to raise its policy rate by a huge 1,150 basis points next week, from 8.5 percent to 20 percent, a Reuters poll showed, in a policy U-turn after rate cuts under President Tayyip Erdogan led to a cost-of-living crisis. The central bank slashed its policy rate from 19 percent in […] June 18, 2023
Retail Uber to exit food delivery business in Israel Uber said on Thursday it will shut its food delivery business in Italy and exit Israel, where it has not built sufficient market share. The moves were “in line with our efforts to focus on markets where we have opportunities for sustainable growth,” a company spokesperson said. CEO Dara Khosrowshahi has said Uber will invest […] June 16, 2023
Business of Sport Manchester United and Qatari sheikh near $6bn deal English football club Manchester United is negotiating granting exclusivity to the consortium led by Qatar’s Sheikh Jassim bin Hamad Al Thani in talks to sell itself for more than $6 billion, people familiar with the matter said on Thursday. While a deal remains uncertain, the development represents a major milestone in the efforts of Sheikh […] June 16, 2023
Oil & Gas Kuwait’s Al Zour issues low-sulphur fuel oil sales tender Kuwait’s Al Zour refinery has issued a term tender for fuel oil sales for July to December loading, trade sources said on Thursday, while it continues to ramp up its third crude distillation unit (CDU). Al Zour’s low-sulphur fuel oil (LSFO) tenders are closely watched by market participants. The refinery is set to be a […] June 16, 2023
