Economy Bahrain’s preliminary estimates show deficit falls 85% in 2022 Bahrain’s preliminary financial estimates for 2022 showed the deficit decreased by 85 percent, the finance ministry said in a statement on Monday. Total oil revenues increased by 58 percent compared with budget estimates, according to the statement. The country’s total public revenues increased by 42 percent to 3.490 billion dinars ($9.26 billion) compared with budget […] February 21, 2023
Banking and Finance Iran’s currency falls to record low as sanctions to continue Iran’s troubled currency broke below the psychologically key level of 500,000 rial per US dollar on Monday, as market participants saw no end in sight to sanctions. The Iranian rial plummeted to a new record low of 501,300 against the US dollar, according to Bonbast.com which gathers live data from Iranian exchanges. Facing an inflation […] February 21, 2023
Banking and Finance Dubai redeems $750m Islamic bond and repays $300m The emirate of Dubai has redeemed a $750 million sukuk, or Islamic bond, and paid back early an additional $300 million of sukuk, its media office said on Monday, as its economy continues to rebound from the Covid-19 pandemic. The Public Debt Management Office redeemed the sukuk which was issued on January 30, 2013, the […] February 21, 2023
Banking and Finance DIFC has nearly 60 hedge fund firms waiting to be licensed The Dubai International Financial Centre (DIFC) has about 60 hedge fund firms, with north of a trillion dollars in assets under management, waiting to be licensed, the governor of the emirate’s financial free zone said on Monday. The hedge fund industry is capitalising on new rules and regulations that have been developed to support the […] February 21, 2023
Banking and Finance Egypt court to rule soon on case related to bank privatisation deal An Egyptian court will rule shortly on a case centred on the 2006 sale of AlexBank to Italy’s Intesa Sanpaolo, two source said, potentially paving the way for the cash-strapped government to sell its remaining 20 percent stake in the lender. Egypt is seeking to raise cash after its financial markets suffered heavy foreign investment […] February 21, 2023
Tech Meta to test monthly subscription service priced at $11.99 Meta Platforms has announced that it is testing a monthly subscription service, called Meta Verified, which will let users verify their accounts using a government ID and get a blue badge, as it looks to help content creators grow and build communities. The subscription bundle for Instagram and Facebook, to be launched later this week, […] February 20, 2023
Real Estate Sydney house prices edge up for second week after long decline Housing prices in Sydney nudged higher for a second straight week, industry data showed on Monday, a possible sign that the market could be bottoming out after an almost year-long downturn. Prices in Australia’s most populous city rose 0.1 percent last week from the previous week, when values also climbed 0.1 percent, figures from property […] February 20, 2023
Banking and Finance Lebanon’s central bank chief says he will not renew term Lebanon’s embattled central bank chief Riad Salameh has said he will leave his post once his latest term ends in July, even if he is asked to stay longer. “No one has asked me to continue [as central bank chief] but even if they do, I think this is enough,” he said in a televised […] February 20, 2023
Banking and Finance Britain’s Tesco said to explore sale of banking unit Britain’s biggest retailer Tesco Plc is planning to review its presence in the UK banking sector in a move that could lead to a sale of its banking arm, Sky News reported. The supermarket chain operator is lining up Goldman Sachs to advise on the future of Tesco Bank, the report said. The review was […] February 19, 2023
Banking and Finance Lebanon minister says tough to replace central bank chief Lebanese finance minister Youssef Khalil said replacing central bank governor Riad Salameh, who has held the job for three decades, would be difficult and that his term may be extended though no consensus has yet been reached. Salameh, who is being investigated by European and Lebanese prosecutors for alleged embezzlement of hundreds of millions of […] February 19, 2023
Banking and Finance Saudi sovereign fund raises Nintendo stake to 8.26% Saudi Arabia’s Public Investment Fund (PIF) raised its stake in Nintendo Co to 8.26 percent from 7.08 percent, a regulatory filing showed, the second stake increase disclosure in a week following one on Wednesday. The sovereign fund first acquired a five percent stake in the company in May 2022 and increased it to 6.07 percent […] February 19, 2023
Economy US and UK financial entities join talks at new debt roundtable US-based investment firm BlackRock is joining a new sovereign debt roundtable set up to accelerate progress on stalled relief efforts for distressed countries, with Britain’s Standard Chartered also joining, according to sources. The Global Sovereign Debt Roundtable, chaired by the International Monetary Fund (IMF), the World Bank and India – this year’s leader of the […] February 19, 2023
Banking and Finance Egypt hires banks for debut dollar sukuk as Eurobonds mature Egypt has hired banks for its debut sale of Islamic bonds denominated in US dollars, a document on the deal showed. A successful sukuk sale would help Egypt repay $1.25 billion in five-year Eurobonds that mature on February 21. Joint lead managers and bookrunners on the sukuk are Abu Dhabi Islamic Bank, Citi, Credit Agricole, […] February 19, 2023
Banking and Finance Turkey rages at shoddy construction after homes topple Residents of a luxury housing complex in southern Turkey thought their apartments were “earthquake-proof” until the structure toppled like a domino in last week’s devastating earthquake, leaving hundreds feared dead. Now the wreckage of the Ronesans Rezidans, which was advertised as “a piece of paradise” when it opened a decade ago, has become a focus […] February 19, 2023
Tech YouTube CEO Wojcicki steps down as revenue continues to decline YouTube CEO – and one of the first Google employees – Susan Wojcicki is stepping down from her role at the tech giant that started in her garage nearly 25 years ago, she said in a personal update on the video-sharing platform. Wojcicki, 54, will be replaced by her deputy Neal Mohan, a senior advertising and […] February 17, 2023
Energy Saudi minister says Opec+ deal will continue until year-end Saudi energy minister Prince Abdulaziz bin Salman said the current Opec+ deal on oil output would be locked in until the end of the year, adding he remained cautious on Chinese demand forecasts. In an interview published by Energy Aspects, the minister said the oil group can’t increase output based solely on initial signals. Opec+, […] February 17, 2023
Energy Abu Dhabi’s Adnoc eyes listing of 4% of gas business Abu Dhabi National Oil Company (Adnoc) plans to float four percent of its gas business in an initial public offering (IPO), two sources told Reuters. The state oil giant made the decision on Adnoc Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the […] February 17, 2023
Australia’s central bank says more rate pain needed to tame inflation Australia’s top central banker again projected further interest rate rises in coming months and said the pain was worth bearing to bring inflation down. Speaking before members of parliament for the second time this week, Reserve Bank of Australia (RBA) governor Philip Lowe said the extent of further interest rate rises would depend on the […] February 17, 2023
Banking and Finance Standard Chartered launches $1bn share buyback Standard Chartered raised its performance goals, unveiled a new $1 billion share buyback and produced a 28 percent rise in annual profit as global interest rate rises bolstered its lending revenues. StanChart said almost half its 10 percent overall income growth came from interest, as central bank rate hikes aimed at combating inflation enabled banks […] February 17, 2023
Banking and Finance Lebanese depositors smash up and burn Beirut banks Several dozen Lebanese protesters attacked banks in a Beirut neighbourhood on Thursday, while blocking roads protesting against informal restrictions on cash withdrawals in place for years and rapidly deteriorating economic conditions. At least six banks had been targeted as the Lebanese pound hit a new record low on Thursday, a spokesperson for Depositors Outcry, a […] February 17, 2023
Banking and Finance Turkish firms pledge to invest $500m in Egypt Turkish companies have committed $500 million in new investments in Egypt after a visiting business delegation met the prime minister for the first time in a decade, the Egyptian cabinet said, in the latest sign of a thaw in relations. Diplomatic relations between Egypt and Turkey were severed after Egyptian President Abdel Fattah Al-Sisi, then […] February 17, 2023
Economy Israel economy forecast to slow sharply in 2023 amid rate hikes Israel’s economy grew 6.5 percent in 2022 – slower than 2021’s 8.6 percent expansion but still much stronger than most Western countries – the Central Bureau of Statistics said, citing solid growth in consumer spending, exports and investment. The full-year reading exceeded the 6.3 percent projected by the Bank of Israel and the finance ministry […] February 17, 2023
