Economy World Bank says quakes caused $34.2bn damage in Turkey The two major earthquakes which hit Turkey on February 6 caused about $34.2 billion in direct physical damage, but total reconstruction and recovery costs facing the country could be twice as high, the World Bank said on Monday. The bank estimates that the earthquakes would also shave at least half a percentage point off Turkey’s […] February 28, 2023
Tourism Egypt taps private firms to boost tourism by 30% over five years Egypt, home to ancient pyramids and Red Sea resorts, aims to boost tourism by up to 30 percent annually over the next five years, bringing in private firms to operate sites and inaugurating a huge museum around the end of 2023, its tourism minister said. Tourism is a crucial source of foreign currency and jobs […] February 28, 2023
Finance Israel central bank likely to prop up currency via swap facility Expectations mounted on Monday that Israel’s central bank could intervene in FX markets to prop up the shekel which has been one of the weakest currencies in the world since plans were laid out to overhaul the judiciary, analysts said. The shekel has slumped 8 percent versus the dollar since last month’s proposals to give […] February 28, 2023
Finance Swiss regulator investigates 12 banks in Lebanon corruption case Switzerland’s financial regulator has investigated 12 banks and launched enforcement proceedings against two of them in relation to corruption charges against longtime central banker Riad Salameh, it said on Monday. Lebanese authorities charged Salameh, his brother Raja and one of his assistants on Thursday with money laundering, embezzlement and illicit enrichment after months of delay […] February 28, 2023
Finance Turkish economic confidence down slightly following quakes Turkey’s economic confidence index fell 0.3 percent month-on-month in February to 99.1 points, following massive earthquakes that devastated the country’s southern region, data from the Turkish Statistical Institute showed on Monday. The index, which points to an optimistic outlook when above 100 and pessimistic when below, hit a record low in 2020 before recovering as […] February 28, 2023
Transport Careem to cease ride-hailing operations in Qatar Uber’s Middle Eastern business Careem will cease operations in Qatar on Tuesday, the company announced in a message sent to customers in the Gulf Arab state on Monday. The surprise announcement comes two months after the World Cup in Qatar, when Careem-branded vehicles were part of the tournament’s official plans to transport visiting fans, alongside […] February 28, 2023
Medical tourism looking sickly as patients watch their spending Attila Knott has an empty dental hospital in Hungary. The foreigners with bad teeth he was counting on never arrived, deterred first by Covid-19 and now by a cost-of-living crisis that has left the medical tourism industry struggling to recover even after the lifting of pandemic travel restrictions. “People are more cautious,” Knott told Reuters, […] February 27, 2023
Manufacturing Japanese automaker Nissan raises global EV targets Nissan Motor Company Limited on Monday raised its electrified car sales goals and said it will increase power train production in the United States, as it looks to catch up in a segment dominated by newer automakers such as Tesla Inc. The Japanese automaker was a pioneer in electric vehicles (EVs) with its all-battery-powered Leaf […] February 27, 2023
Finance G20 fails to reach consensus on Russia and Ukraine war G20 finance chiefs have been unable to reach a consensus on describing the war in Ukraine and are likely to end a meeting in India on Saturday without a joint communique, delegates said. The United States and its allies in the G7 group of nations have been adamant in demands that the communique squarely condemn […] February 26, 2023
Development Turkey begins to rebuild homes following devastating quakes Turkey has begun work to rebuild homes following this month’s devastating earthquakes, a government official said on Friday, as the combined death count in Turkey and Syria surpassed 50,000. More than 160,000 buildings containing 520,000 apartments collapsed or were severely damaged in the February 6 earthquakes that killed tens of thousands in Turkey and neighbouring Syria. […] February 26, 2023
Finance Qatar should make improvements in fight against financial crime A global financial crime watchdog on Friday said Qatar’s technical compliance with its standards was very strong but the Gulf state needed to make improvements in its fight against money laundering, terrorism financing and other areas. The Financial Action Task Force (FATF) said Qatar needed to make it easier to get information on the ultimate […] February 26, 2023
Manufacturing $6.4bn in contracts signed at major defence expo The UAE signed defence deals worth a total of AED23.34 billion ($6.36 billion) over five days of a major defence expo in the capital Abu Dhabi, with big wins for local companies despite a strong showing by international firms. Contracts worth 2.2 billion dirhams were signed at the International Defence Exhibition (Idex) on Friday, of […] February 26, 2023
Finance Ukraine imposes 50-year sanctions on Russian banks Ukraine’s parliament has imposed sweeping 50-year sanctions on Russian financial institutions including the central bank, all commercial banks, investment funds, insurers and other enterprises. The sanctions are part of moves by Kyiv to maintain financial pressure on Russia over its full-scale invasion of Ukraine on February 24 last year. “It is a complete block on […] February 24, 2023
Finance China calls for ‘joint action’ in debt settlements at G20 China called on the G20 to conduct a fair, objective and in-depth analysis of the causes of global debt issues and to resolve the problem in a comprehensive and effective manner, at a meeting of the bloc’s finance ministers and central bank chiefs on Friday. Liu Kun, China’s finance minister, joined the meeting in Bengaluru […] February 24, 2023
Energy Qatar posts 2022 budget surplus of $24.34bn Qatar had a budget surplus of QR89 billion ($24.34 billion) in 2022, the state news agency has reported, citing the finance ministry, a massive increase from 2021 as high oil and gas prices significantly boosted public revenue. In 2021 the budget surplus was QR1.59 billion, according to Moody’s citing finance ministry figures. For 2023, Qatar […] February 24, 2023
Finance New Bank of Japan chief says current low rates appropriate Incoming Bank of Japan (BOJ) governor Kazuo Ueda said on Friday the central bank must maintain ultra-low interest rates to support the fragile economy, warning of the dangers of responding to cost-driven inflation with monetary tightening. While signalling the chance of tweaking the BOJ’s bond yield curve control (YCC) in the future, Ueda said the […] February 24, 2023
Finance Lebanon central bank governor faces new embezzlement charges Lebanese authorities charged longtime central bank governor Riad Salameh, his brother Raja and one of his assistants on Thursday with money laundering, embezzlement and illicit enrichment after months of delay in the high-profile case. But the development has also prompted fears that authorities in Lebanon, where Salameh retains high-level political backing, could slow down cooperation […] February 24, 2023
Economy Turkish central bank cut rates to cushion earthquake impact Turkey’s central bank cut its main interest rate to 8.5 percent from nine percent on Thursday, moving to cushion the economic impact of a devastating earthquake that killed more than 43,000 people in country’s south on February 6. The cut was expected following the disaster, though some economists had predicted a considerably bigger reduction. “It […] February 24, 2023
Construction French firm to build high-speed train line in Egypt French construction company NGE has signed a contract to build a 330 km high-speed train line connecting the Red Sea Port of Sokhna with Borg Al-Arab near the Mediterranean port of Alexandria. Egypt’s National Authority for Tunnels in May signed a contract with Siemens Mobility, Orascom Construction and Arab Contractors to build about 2,000 km […] February 24, 2023
Economy Earthquake to keep Turkish inflation above 40% Turkey’s devastating earthquake will keep inflation above 40 percent in the run-up to elections scheduled for June and will necessitate an additional budget, a government official and four economists said. They predict that the February 6 earthquake, which killed more than 43,000 people in Turkey, will cost the economy more than $50 billion, in line […] February 24, 2023
Aviation Oman opens airspace and joins Saudi corridor for Israeli carriers Oman has said all airlines can overfly its territory, joining neighbouring Saudi Arabia in providing a corridor for the national carriers of Israel, which neither Gulf state formally recognises. Israeli leaders hailed the announcement mainly as a gain for civil aviation to Asia and Australia – rather than any harbinger of a breakthrough in bilateral […] February 24, 2023
Retail British supermarkets confront their German discounting rivals Britain’s big supermarkets say they have never been more competitive on price, yet their customers are still flocking to German-owned discount stores Aldi and Lidl. And the discounters’ supermarket sweep still has a long way to run, industry executives say, with Aldi UK CEO Giles Hurley pledging Britain’s lowest prices “no matter what”. That is […] February 23, 2023
