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
Banking and Finance Turkey announces new measures to curb foreign currency demand Turkey’s central bank has asked banks to widen the spread for gold and foreign currency transactions to curb foreign currency demand, two sources with knowledge of the matter told Reuters. The central bank also asked the banking sector to increase derivative transaction costs to around 40 percent, the sources said, in a move aimed at […] February 17, 2023
Banking and Finance PIF-owned unit buys $265m stake in Chinese gaming company Chinese esports outfit VSPO, backed by Tencent Holdings Ltd, said Saudi Arabia’s sovereign wealth fund has bought a stake worth $265 million in the company, as the kingdom continues its push in the gaming market. Saudi’s Public Investment Fund (PIF) will take a stake in VSPO through gaming unit Savvy Games Group and become the […] February 17, 2023
Economy Turkey earthquake could mean loss of up to 1% of GDP in 2023 The devastating earthquake in Turkey could result in a loss of up to one percent of the country’s gross domestic product this year, the European Bank for Reconstruction and Development (EBRD) said in a report published on Thursday. The bank added this is a “reasonable estimate” due to the expected boost from reconstruction efforts later […] February 16, 2023
Economy Israel inflation hits highest since 2008 at 5.4% in January Israel’s inflation rate hit a 14-year high in January, rising to 5.4 percent over the prior 12 months, the Central Bureau of Statistics reported. The rate was expected to remain at 5.3 percent, according to a Reuters poll of economists. The consumer price index, in which the bureau slightly adjusted its basket weightings, rose 0.3 […] February 16, 2023
Business of Sport Abu Dhabi fund said to be part of $3.75bn takeover bid for Spurs Iranian-American billionaire Jahm Najafi, chair of MSP Sports Capital, is set to launch a $3.75 billion takeover bid for Premier League soccer club Tottenham Hotspur, a source familiar with the matter told Reuters. Tottenham declined to comment when contacted by Reuters. Earlier, the Financial Times reported MSP Sports Capital is working with a consortium of […] February 16, 2023
Record surge in films at Berlin festival marks post-Covid revival This year’s Berlin International Film Festival marks a resurgence for the global film industry after years in the doldrums due to the Covid-19 pandemic, industry expert Scott Roxborough said on the eve of the event. While the stars who will appear on the red carpet this year – including China’s Fan Bingbing, Sean Penn, Steven […] February 16, 2023
Economy Saudi inflation ticks up to 3.4% in January as housing costs rise Saudi Arabia’s annual inflation inched up to 3.4 percent in January 2023 from 3.3 percent a month earlier as higher housing expenses continued to drive up living costs, government data showed. Housing, water, electricity, gas and other fuels – with a 25.5 percent weight of the consumer basket, the largest category – rose 6.6 percent […] February 16, 2023
Sustainability Al Jaber says keeping 1.5C goal ‘alive’ top priority for Cop28 Sultan Al Jaber, the UAE’s climate envoy and designated president of the Cop28 climate summit, has said his main priority is to keep alive the goal of limiting global warming to 1.5 degrees Celsius as the world falls behind on the target. He brushed off criticism over his appointment as Cop28 president given his role […] February 16, 2023
Markets Istanbul bourse jumps nearly 10% after quake-related closure Turkey’s stock index rose nearly 10 percent on Wednesday after five days of earthquake-related closure and last week’s steep losses, as government measures to prop up equities looked to be working. Sentiment remained fragile, however, with the lira hitting a record low. Borsa Istanbul halted trading on its equity and derivatives markets two days after […] February 16, 2023
Banking and Finance Sharjah set to raise $1bn in sustainable bond debut The government of Sharjah will raise $1 billion from a sale of nine-year debut sustainable bonds, a document on the debt sale showed. “This is the first sustainable sovereign bond in the GCC, which indicates that the proceeds will be used for environmental or social purposes. This is broader than the ‘green bonds’ which several […] February 16, 2023
Markets Turkey plans tax exemption to increase share buybacks The Turkish treasury is planning to provide tax exemptions to increase share buybacks of companies listed on the Borsa Istanbul stock exchange, state-owned Anadolu agency reported. When Borsa Istanbul reopens for trading after a shutdown of five days following a devastating earthquake, the authorities will announce the tax relief to encourage share buybacks of companies, […] February 15, 2023
Tourism How secret London talks led to Air India’s gigantic plane order Air India’s record aircraft deal has put the Tata Group-owned airline in the league of aspiring global carriers. On Tuesday it provisionally agreed to acquire almost 500 jets from Airbus and Boeing to take on domestic and international rivals. Striking the largest ever deal by one airline took months of secret talks carried out a […] February 15, 2023
Energy Opec raises 2023 oil demand growth on China’s reopening Opec has raised its 2023 global oil demand growth forecast in its first upward revision for months, following China’s relaxation of Covid-19 restrictions. It has also trimmed supply forecasts for Russia and other non-Opec producers, pointing to a tighter market. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or […] February 15, 2023
Markets Oman’s OQ plans to raise up to $244m from oil drilling unit IPO Oman’s state energy company OQ plans to raise as much as $244 million from an initial public offering (IPO) of its oil and gas drilling business Abraj Energy Services. OQ is selling 49 percent, equivalent to 377,398,000 shares, of Abraj in a public share sale, Abraj said in an emailed statement. The IPO price band […] February 15, 2023
Banking and Finance Dubai’s biggest lender raises $313m via kangaroo bonds Emirates NBD, Dubai’s biggest lender, has raised A$450 million ($313.29 million) through an issuance of 10-year bonds at a coupon of 6.1 percent, a document on the sale showed. The kangaroo bonds – debt issued in Australia by foreign issuers – will yield 6.122 percent, the document seen by Reuters showed. On Monday, Emirates NBD […] February 15, 2023
Banking and Finance Moroccan venture capital fund eyes more tech investments in Israel Morocco’s UM6P Ventures is looking to expand its Israeli portfolio, CEO Yasser Biaz said. UM6P has already made two investments in Israeli startups – out of a total of 18 globally. “We are evaluating another two, looking deeper and further,” Biaz told Reuters during a visit to Israel for the OurCrowd Global Investor Summit in […] February 15, 2023
Tourism Nigerian central bank told to allocate more dollars to Emirates Nigerian President Muhammadu Buhari has directed the country’s central bank to increase the amount of foreign currency allocated to Dubai’s Emirates airline, after it suspended flights to and from Nigeria because it was unable to repatriate funds. Nigeria is facing severe dollar shortages, forcing many citizens and businesses to seek foreign exchange on the black […] February 15, 2023
Markets PIF says US stocks value fell nearly $6bn in Q4 2022 Saudi Arabia’s sovereign Public Investment Fund (PIF) held $30.9 billion worth of US stocks at the end of 2022, a drop from $36.8 billion at the end of September, dragged down by a $6.8 billion decrease in value of electric carmaker Lucid, it said in a regulatory filing. PIF, which already owned over 60 percent […] February 15, 2023
Tech Walmart to close 3 US tech hubs and asks staff to relocate Walmart Inc will close three of its US technology hubs, asking hundreds of workers to relocate to keep their jobs, a company spokesperson told Reuters. Nearly all technology employees across the company would be expected to work in their offices for at least two days a week, added Robert Munroe, Walmart’s director of global communications. […] February 14, 2023
Energy China’s CNPC set to seal mega Qatari LNG deal China National Petroleum Corporation (CNPC) is close to finalising a deal to buy liquefied natural gas (LNG) from QatarEnergy over nearly 30 years from the Middle Eastern exporter’s massive North Field expansion project, three people with knowledge of the matter said. If sealed, this would be the second such deal between major LNG exporter Qatar […] February 14, 2023
Energy European Union expects Egypt to maintain LNG export levels The European Union (EU) expects a framework deal with Israel and Egypt to allow Egypt to maintain “relatively high volumes” of liquefied natural gas (LNG) deliveries to Europe, the bloc’s energy commissioner said. The memorandum of understanding was signed last June with the aim of boosting exports of Israeli gas transported by pipeline to liquefaction […] February 14, 2023
