Economy Turkey’s current account forecast to hit $43.5bn in 2023 Turkey is expected to record a current account deficit of $10 billion in January on the back of gold imports, a Reuters poll showed, while the deficit was seen at $43.5 billion in 2023. In a Reuters poll, the median estimate of 11 economists for the current account deficit in January was $10 billion, with […] March 9, 2023
Energy Bahrain explores constructing floating LNG export facility Bahrain aims to slash domestic natural gas consumption under a plan to decarbonise its economy and is exploring ways to export the fuel to international markets, the chairman of the kingdom’s energy company said. The Gulf Arab state plans to build solar farms to power its homes and industries, replacing the gas now used, Nasser […] March 9, 2023
Markets Japan’s ispace to list shares in Tokyo before moon touchdown Japan’s ispace Inc, which is aiming to be the first commercial company to land a probe on the moon, has announced an initial public offering (IPO) of its shares. The startup is authorised to list 200 million shares and will debut on the Tokyo Stock Exchange’s growth section on April 12, according to a release […] March 9, 2023
Finance Lebanon banks ‘have no liquidity’ to pay back depositors Lebanon’s commercial banks do not have enough liquidity to pay back depositors, the secretary general of the country’s banking association said in a letter that laid out the banks’ positions. The letter was signed by the Association of the Banks of Lebanon (ABL)’s Fadi Khalaf and served as the introduction to the ABL’s monthly report. […] March 9, 2023
Finance Bank of Sharjah set to raise $500m with five-year bonds Bank of Sharjah is set to raise $500 million from a sale of senior unsecured five-year bonds, a bank document showed. The bonds were sold at 310 basis points (bps) over US Treasuries (UST) after initial guidance in the area of low 300 bps over UST, the document showed. Demand was more than $1 billion […] March 9, 2023
Manufacturing UAE food group Agthia seeks to build Egypt as export hub UAE food and beverages group Agthia is considering Egypt as an export hub after making acquisitions there as part of a regional growth strategy, group CEO Alan Smith said. Agthia, majority-owned by the Abu Dhabi government through state investor ADQ, aims to be one of the Middle East’s leading players in the food industry by […] March 9, 2023
Economy Fed’s Powell sets table for higher and possibly faster rate hikes It is likely the US Federal Reserve will need to raise interest rates more than expected in response to recent strong data and is prepared to move in larger steps if the “totality” of incoming information suggests tougher measures are needed to control inflation, Fed chair Jerome Powell told lawmakers. “The latest economic data have […] March 8, 2023
Aviation Airbus reinstates Qatar Airways’ order for 73 A350 aircraft European planemaker Airbus has reinstated orders for 73 aircraft from Qatar Airways after revoking them during a dispute over damage to the surface of grounded A350s. Airbus and Qatar Airways settled the dispute at the end of January, averting a rare and potentially damaging UK court trial in the jet sector. Speaking in Berlin, Qatar […] March 8, 2023
Finance UN official puts Turkey’s quake damage at over $100bn Damage caused by a devastating earthquake in Turkey will exceed $100 billion, a UN Development Programme official told a press briefing ahead of a major donor conference next week. “It’s clear from the calculations being done to date that the damage figure presented by the government and supported by international partners would be in excess […] March 8, 2023
Tourism Qatar Airways eyes rapid growth as travel demand rebounds Qatar Airways has announced plans for rapid growth, as the travel industry recovers from the pandemic. Announcing objectives at the ITB tourism fair in Berlin, the Gulf carrier said it would add seven destinations, restore 11 others and boost the frequency of flights to 35 markets – marking a 21 percent rise in flights by […] March 8, 2023
Economy Moody’s warns judicial reforms may impact Israel’s credit rating Moody’s Investor Service has warned that the Israeli government’s planned judicial reforms could weaken institutions and could negatively impact Israel’s sovereign credit profile. In its statement, Moody’s did not downgrade Israel’s A1 positive credit rating and did not walk back the positive outlook it assigned in April 2022 that was driven by solid government finances. […] March 8, 2023
Finance Australia raises rates to highest in more than a decade Australia’s central bank raised its cash rate 25 basis points to the highest in more than a decade at 3.60 percent on Tuesday and said it expects further tightening will be needed to curb inflation. Wrapping up its March policy meeting, the Reserve Bank of Australia (RBA) said wages growth was still consistent with the […] March 7, 2023
Finance GQG founder to meet Australian investors after Adani investment GQG Partners Inc founder Rajiv Jain will meet clients and investors in Australia this week, the company said in a statement on Tuesday, and will explain its investment into embattled Indian Adani group. GQG Partners bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since […] March 7, 2023
Energy QatarEnergy makes third oil discovery in Namibia State-owned QatarEnergy has made a third oil discovery with its partners, Namibia’s oil major Namcor and Shell, in the Jonker-1X deepwater exploration well, in the Orange Basin offshore southern Namibia. New discoveries could make Namibia, the southern neighbour of Opec member Angola, another oil producer along the African Atlantic coast. “We are delighted to announce […] March 7, 2023
Finance Egypt offers to sell 10% stake in Telecom Egypt Egypt is offering to sell a 10 percent stake in state-controlled Telecom Egypt, sources with knowledge of the offer said on Monday. The sale of state assets would be one of the first to buyers other than Gulf sovereign funds since President Abdel Fattah Al-Sisi in April ordered the government to draw up a programme […] March 7, 2023
Economy Kuwait re-appoints Sheikh Ahmad Nawaf Al-Sabah as prime minister Kuwait’s crown prince re-appointed Sheikh Ahmad Nawaf Al-Sabah as prime minister and asked him to nominate a cabinet, state news agency Kuna reported, more than a month after the government resigned due to renewed friction with parliament. A long-running standoff between the government and the elected parliament has hampered efforts by the wealthy Gulf Arab […] March 6, 2023
Real Estate China to guard against risks among property developers Warning that risks remain in the property market, China’s government said in a report released at its parliament’s annual opening that it would promote the sector’s stable development and prevent disorderly expansion by developers. Premier Li Keqiang made guarding against risks to top property developers one of the government’s priorities this year, amid still cautious […] March 6, 2023
Economy Europe to face high core inflation in near term, says Lagarde The European Central Bank (ECB) has already raised rates by three percentage points since July and essentially promised another half a percentage point increase on March 16, but investors have recently speculated on an even bigger move given poor inflation data. ECB president Christine Lagarde said the flagged increase is now “very very likely,” but […] March 6, 2023
Economy Saudi Arabia’s non-oil business activity hits eight-year high Saudi Arabia’s non-oil business sector activity soared to its highest level in eight years in February, based on a strong increase in demand and an optimistic economic outlook. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index jumped to 59.8 in February, from 58.2 the previous month, the fastest rate of increase since March […] March 6, 2023
Economy How deep are Egypt’s economic woes? Egypt’s economy has come under severe pressure over the past year, with the Egyptian pound tumbling, foreign currency drying up, and inflation soaring. Some of the causes date back decades, such as failed industrial development and export policies that created a persistent trade deficit. An over-valued currency, weak property rights and institutions, and an overbearing […] March 6, 2023
Energy Saudi raises Arab light crude price to Asia for second month Top crude exporter Saudi Arabia raised prices for the flagship Arab light crude it sells to Asia for a second month in April, to $2.50 a barrel above the Oman/Dubai average, Aramco said. The price hike – 50 cents a barrel higher than the March official selling prices – is in line with a Reuters […] March 6, 2023
Economy Turkey working to renew UN-backed Black Sea grain deal Turkish foreign minister Mevlut Cavusoglu has said that Ankara is working hard to extend a UN-backed initiative that has enabled Ukraine to export grain from ports blockaded by Russia following its invasion. The Black Sea Grain Initiative brokered by the United Nations and Turkey last July allowed grain to be exported from three Ukrainian ports. […] March 6, 2023
