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
Banking and Finance Emirates NBD starts taking orders for Kangaroo bonds Emirates NBD, Dubai’s biggest lender, has begun taking orders for a benchmark issue of bonds denominated in Australian dollars, a document on the sale showed. The lender began marketing the 10-year Kangaroo bonds at around 200 basis points over asset swap (ASW), with an indicative yield of 6.3 percent and an indicative coupon of 6.25 percent. […] February 14, 2023
Banking and Finance Turkey’s cost of damages from quake estimated at $84bn Turkey’s worst earthquake in almost a century has left a trail of destruction that could cost Ankara up to $84.1 billion, a business group said, while a government official put the figure at more than $50 billion. The combined death toll in Turkey and Syria from last Monday’s 7.8 magnitude quake approached 36,000 and looked […] February 14, 2023
Economy Housing weight rises to 26% in Israel’s consumer price basket Housing remains the highest household expense for Israelis and has risen as a proportion of total costs, the Central Bureau of Statistics said on Monday in an updated basket of the consumer price index. Starting with the January CPI that will be issued on Wednesday, housing will have a new weight of 26 percent in […] February 14, 2023
Banking and Finance Saudi to take part in first meeting of new debt roundtable Officials from China, India, Saudi Arabia and Group of Seven nations will participate in a first virtual meeting of a new sovereign debt roundtable on Friday, the International Monetary Fund (IMF) said, confirming an earlier Reuters report. The roundtable will also include officials from countries that have requested debt treatments under the Group of 20 […] February 14, 2023
Banking and Finance IMF says quake impact on Turkey’s growth won’t be similar to 1999 The impact of last week’s massive earthquakes on Turkey’s economic growth is unlikely to be as pronounced compared to one of similar magnitude in 1999, Daily Sabah newspaper reported, citing International Monetary Fund (IMF) executive director Mahmoud Mohieldin. Earthquakes ravaged southeastern Turkey and severely hit northern Syria, as thousands of buildings, including homes and hospitals, were flattened. […] February 13, 2023
Tech ChatGPT frenzy sweeps China as firms seek homegrown versions OpenAI has kept its hit ChatGPT app off-limits to users in China but the tool is attracting huge interest in the country, with businesses rushing to integrate the technology and to launch rival products. The chatbot’s developer, which has attracted billions of dollars of investment from Microsoft, does not allow Chinese residents to create accounts, […] February 13, 2023
Economy Singapore downgrades growth in Q4, but sticks with 2023 forecast Singapore’s economy grew slightly less than estimated in the fourth quarter, official data has showed, but the government has kept its forecast for annual growth in 2023 at 0.5 to 2.5 percent. Gross domestic product grew 2.1 percent year-on-year in the fourth quarter, the Ministry of Trade and Industry said on Monday, slightly lower than […] February 13, 2023
Banking and Finance Israel delays bill to freeze mortgage rates Israel will delay passing a law that would freeze mortgage rates for first-time home buyers, said finance minister Bezalel Smotrich, as the proposal faces opposition from the country’s central bank. Smotrich and the head of the parliamentary finance committee, Moshe Gafni, said in a joint statement they would hold off for a week to allow […] February 13, 2023
Banking and Finance ECB needs to avoid unnecessary rise in real interest rates The European Central Bank (ECB) must avoid pushing real interest rates too high, given the level of private and public debt in the euro area, a top Italian policymaker said on Saturday. ECB governing council member Ignazio Visco, who is also the Bank of Italy’s governor, added he did not believe a recession was inevitable […] February 12, 2023
Business of Sport Red Bull and Alfa Romeo get their 2023 cars on track Formula One champions Red Bull and Ferrari-powered Alfa Romeo took their 2023 cars out on track on Friday for limited mileage pre-season filming. Red Bull published a tantalising teaser on Twitter of their RB19 lapping at Silverstone while Alfa Romeo said their C43 completed a successful debut at Barcelona’s Circuit de Catalunya. Red Bull held […] February 12, 2023
Markets Israel’s renewable firm valued at over $2bn in New York debut Shares of Enlight Renewable Energy slipped in their US market debut on Friday, giving the Israel-based renewable energy developer a market capitalisation of $2.07 billion. The stock opened at $17.90, slightly below its initial public offering price of $18 per share. It raised $252 million by offering 14 million shares on Thursday, lower than its […] February 12, 2023
Energy Oil rebound more likely in 2023 with $100 a barrel possible Oil may resume its rally in 2023 as Chinese demand recovers after Covid curbs were scrapped and lack of investment limits growth in supply, OPEC country officials told Reuters, with a growing number seeing a possible return to $100 a barrel. In 2022, oil soared above $100 for the first time since 2014 as demand […] February 12, 2023
Banking and Finance First Abu Dhabi Bank rules out bid for Britain’s Standard Chartered First Abu Dhabi Bank (FAB), the United Arab Emirates’ biggest lender, said on Friday that it was not evaluating a possible offer for Britain’s Standard Chartered The lender could renew a potential offer for Standard Chartered, once lock-up rules from its previous aborted bid expire, Bloomberg News reported on Thursday. News of the potential offer […] February 10, 2023
Real Estate Hong Kong’s Lee faces stern test over $3.4bn housing scheme A flagship $3.4 billion plan by Hong Kong to build temporary housing to ease a massive shortage is facing fierce criticism over its high cost and the absence of a longer-term solution in one of the world’s most unaffordable property markets. The global financial hub has long struggled with sky-high house prices, which have rocketed […] February 10, 2023
Energy Germany in advanced talks with Oman for natural gas supplies Germany and Oman are in advanced talks to sign a long-term deal for liquefied natural gas (LNG) lasting at least 10 years as Berlin continues its search for alternatives to Russian fuel supplies, three sources familiar with the matter said. Europe has been scrambling to replace Russian gas since last year against a backdrop of […] February 10, 2023
Banking and Finance Dubai Islamic Bank to raise $1bn with sustainable sukuk Dubai Islamic Bank, the biggest Islamic lender in the United Arab Emirates, is set to raise $1 billion from a sale of five-year long sustainable sukuk, a bank document showed. The Islamic bonds launched at a yield of 4.8 percent. Initial price guidance was around 130 basis points over US Treasuries. Demand for the debt […] February 10, 2023
Economy Egypt’s inflation hits nearly five-year high at 25.8% in January Egypt’s annual urban consumer price inflation jumped to a higher-than-expected 25.8 percent in January, its fastest in more than five years, data from statistics agency CAPMAS showed. The rise from 21.3 percent in December followed a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and continuing delays in getting […] February 10, 2023
Banking and Finance Kuwait plans reform to aid via economic development fund Kuwait intends to reconsider its policy of providing aid to Arab and developing countries through the Kuwait Fund for Arab Economic Development, its foreign minister said. “There are developments at the international level that require us to reconsider the mechanisms of the fund’s work and harness the fund’s work to preserve our national interests,” Sheikh […] February 10, 2023
Markets MSCI to change free float status of some Adani securities Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float after market participants raised concerns about the eligibility of the Indian conglomerate’s companies for some of its indexes. Changes for Adani securities associated with its MSCI Global Investable Market Indexes are due to be […] February 9, 2023
Development Iran seeks global investors for $200bn worth of projects Iran is undertaking projects worth $200 billion and seeking the participation of global investors, Ahmad Asadzadeh, Iran’s deputy minister for international affairs, said at the India Energy Week conference on Wednesday. He said many of the projects were related to climate change issues, such as gas flaring, as well as improving oil recovery and security […] February 9, 2023
Markets Egypt to sell state stakes in 32 firms over next year Egypt plans to sell stakes in at least 32 companies by the end of March 2024, Prime Minister Moustafa Madbouly said on Wednesday, dusting off plans that have largely lain dormant for years as the country’s financial woes mounted. Among the planned sales are stakes in three prominent banks, Banque du Caire, United Bank of […] February 9, 2023
