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Reuters

Reuters

New Silicon Valley Bank CEO is ‘conducting business as usual’

The new boss of Silicon Valley Bank, Tim Mayopoulos, on Monday told clients that the lender is open and conducting business as usual, according to a letter seen by Reuters. Earlier in the day, the US Federal Deposit Insurance Corporation had tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named […]

China reopens borders to foreign tourists for first time since 2020

China said that it will reopen its borders to foreign tourists for the first time in the three years since the outbreak of the Covid-19 pandemic by restoring the issuance of all types of visas from Wednesday. The removal of this last cross-border control measure imposed to guard against Covid-19 comes after authorities last month […]

Iraq cabinet approves 2023 draft budget of $136bn

Iraq’s cabinet has approved a 2023 draft budget of 197.828 trillion Iraqi dinars ($135.6 billion), Prime Minister Shia Al-Sudani said. The deficit is estimated to come to 63 trillion dinars in the new budget, he added. The draft budget will be referred to parliament for approval.   In February, Iraq’s central bank said it plans […]

Turkey’s current account deficit widens to $9.9bn in January

Turkey’s current account deficit widened to $9.85 billion in January, data from the central bank showed, the highest level in four decades of available data, driven by a soaring energy bill and gold imports. It was the highest monthly deficit since 1984, the first year for which such data is available, according to central bank […]

Aircraft, Airliner, Airplane

Boeing expected to sell nearly 80 787 planes to Saudi airlines

Boeing Co. is expected to sell nearly 80 787 Dreamliner airplanes to two Saudi Arabian airlines, a source briefed on the matter said. An announcement of the plan reported earlier by the Wall Street Journal is expected as soon as Tuesday, and the list prices for 78 planes would total nearly $37 billion. Airlines typically […]

Nepal’s foreign reserves improve on remittances from Middle East

Nepal’s gross foreign exchange reserves rose 10.2 percent to $10.50 billion in mid-February, boosted mainly by remittances from overseas, to a level that will cover about nine months of imports, the central bank said in a report. Reserves rose from $9.54 billion in mid-July 2022, as Nepalis working abroad sent money home, data showed. A […]

Kuwait central bank expects little SVB impact on local lenders

Kuwait’s central bank said on Sunday there would be very little impact on local lenders from the collapse on Friday of Silicon Valley Bank (SVB). The Kuwaiti central bank governor said that the exposure of the local banks to SVB was very limited and that the banks assured him that their business would be barely […]

World markets set for aftershocks as SVB collapse ripples out

Markets were set for a bumpy ride this week as the fallout from collapsed startup-focused lender Silicon Valley Bank (SVB), the biggest US bank failure since the 2008 financial crisis, coincides with key economic data and policy meetings. S&P500 futures rose 1.4 percent after US authorities guaranteed SVB customers would have access to their deposits […]

China’s new premier Li Qiang tasked with reviving economy

Li Qiang, the former Communist Party chief of Shanghai, took office on Saturday as China’s premier, the country’s No.2 post, putting the close ally of President Xi Jinping in charge of reviving an economy battered by three years of Covid-19 curbs. Widely perceived to be pragmatic and business-friendly, the 63-year-old Li faces the daunting task […]

Britain’s finance minister flags back-to-work incentives in budget

Finance minister Jeremy Hunt will set out measures to boost Britain’s workforce next week, by offering financial incentives in his budget for parents with young children, disabled people and others to rejoin the workforce. Britain has a chronic labour shortage that is dragging on its economic performance. Foreign workers left the country en masse over […]

Talks between Egypt and the UAE over the loan deal to purchase wheat from Kazakhstan are in early stages

Egypt to withdraw from decades-old UN grain treaty by June-end

Egypt, one of the world’s largest wheat importers, has given notice it will withdraw at the end of June from a decades-old UN grains treaty, causing consternation among some other signatories to the convention. Egypt’s departure from the multinational Grains Trade Convention (GTC), which promotes market transparency to further trade cooperation, follows a period of […]

Turkish factory activity rises in January after falling for 2 months

Turkish industrial production expanded 4.5 percent year-on-year in January, more than expected, data showed on Friday, returning to growth after two months of decline due to a global economic slowdown. Industrial output expanded 1.9 percent month-on-month in January on a calendar and seasonally adjusted basis, data from the Turkish Statistical Institute showed. In a Reuters […]

Turkey’s southeast exodus after quake puts manufacturing at risk

Mehmet Alkan, a shoe-sole manufacturer in Turkey’s earthquake-hit south, doesn’t know what will become of his company after some of his 220 employees died and half fled, reflecting the difficult transformation ahead for industry in the region. Forty of his workers and some families sheltered for a while in the undamaged Alkan Taban factory in […]

Iran’s rial climbs 6% after accord to restore ties with Saudi Arabia

The Iranian rial recouped some of its recent losses on Saturday, gaining more than six percent amid prospects of diminished regional tensions after Iran and regional rival Saudi Arabia agreed to resume diplomatic ties. Iran and Saudi Arabia agreed on Friday to re-establish relations after years of hostility that had threatened stability and security in […]

Lebanese banks to resume strike on March 14

Lebanon’s commercial banks will resume their open-ended strike on March 14, citing “arbitrary judicial decisions” that had drained their foreign currency reserves. The statement by the Association of the Banks of Lebanon (ABL) said legal measures had allowed borrowers to repay foreign currency loans to the banks at the old official exchange rate of 1,500 […]

Emerging countries to suffer most if Fed rate hits 6%

Emerging markets are facing their demons as traders mull whether US Federal Reserve interest rates will rise as high as 6 percent, a level that could kick weaker countries when they’re down, while diverging global growth paths and China’s reopening might cushion some of the blow for the bigger ones. Expectations for where the Fed’s […]

Egypt has approved funding of €54 million from Germany to finance a smart energy project

Turkish lira falls to record low near 19 to the US dollar

Turkey’s lira weakened to a fresh record low of 18.9620 against the dollar on Thursday, as investors weigh the economic impact of massive earthquakes that hit the country last month. Presidential and parliamentary elections scheduled for May 14 are adding to uncertainty. They will determine whether Turkey continues with unorthodox policies under President Tayyip Erdogan […]

Egypt’s core inflation hits record high of 40.3% in February

Egypt’s official annual headline inflation rate leapt in February to a higher-than-expected 31.9 percent, its highest in five and a half years, while core inflation skyrocketed to a record 40.26 percent, according to official data. The soaring inflation follows a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and […]

Saudi Arabia posts budget surplus of $27.68bn in 2022

Saudi Arabia recorded a budget surplus of SAR103.9 billion ($27.68 billion) in 2022, beating its own estimates, as higher oil prices boosted government revenues by 31 percent, according to finance ministry data. The world’s top oil exporter recorded real GDP growth of 8.7 percent in 2022 leading to the Gulf state’s first budget surplus in […]

Israel’s Bank Hapoalim says Q4 profit nearly doubles on rate hikes

Bank Hapoalim has reported a near doubling of net profit in the fourth quarter 2022, helped by a sharp rise in interest rates that boosted financing income. Hapoalim, one of Israel’s two largest lenders and the first of Israel’s banks to issue quarterly results, said it earned a net 1.75 billion shekels ($487 million) in […]

US senators reintroduce bill to stop Opec output cuts

A group of bipartisan US senators said they have reintroduced legislation to pressure the Opec oil production group to stop making output cuts. The so-called “No Oil Producing and Exporting Cartels” (Nopec) bill was reintroduced by senators Chuck Grassley, a Republican, and Amy Klobuchar, a Democrat, as well as others on the judiciary committee. If passed by the committee, both […]

Israeli fintech to wire $500m out of country over judicial overhaul

Israeli financial technology firm Riskified is transferring $500 million out of the country, joining private sector opposition to the government’s planned overhaul of the judicial system. CEO Eido Gal shared the decision with employees in a letter and voiced concerns that the proposed changes to the court system, if ratified, could lead to a “prolonged […]