Economy UAE and France expect ‘concrete outcomes’ from economic ties France and the United Arab Emirates (UAE) are working to strengthen their economic relationship with “concrete outcomes” expected in the near future, French finance minister Bruno Le Maire said on Monday during a visit to the Gulf state. He was speaking on the sidelines of the first meeting of the Franco-Emirati business council, set up […] January 31, 2023
Banking and Finance Abu Dhabi’s IHC plans to invest $381m in Adani Enterprises Abu Dhabi conglomerate International Holding Company on Monday said it would invest AED1.4 billion ($381.17 million) in Adani Enterprises’ follow-on public offer. IHC’s statement comes as the Indian company, owned by Asia’s richest man, Gautam Adani, has faced losses of $65 billion in its companies’ market value after Adani’s rebuttal of a US short-seller’s criticism […] January 31, 2023
Tourism Boeing’s 747, the original jumbo jet, prepares for final send-off Boeing’s 747, the original and arguably most aesthetic “Jumbo Jet”, revolutionised air travel only to see its more than five-decade reign as “Queen of the Skies” ended by more efficient twinjet planes. The last commercial Boeing jumbo will be delivered to Atlas Air in the surviving freighter version on Tuesday, 53 years after the 747’s […] January 30, 2023
Manufacturing Israeli EV startup targets Europe with small urban model Israeli electric vehicle (EV) startup City Transformer aims to launch production of its small urban CT-2 model in Western Europe by the end of 2024 and will soon launch a Series B funding round to raise $50 million, the company said on Monday. Chief executive Asaf Formoza told Reuters the company, which has so far […] January 30, 2023
Energy Well drilling in Lebanon’s offshore block 9 to begin in Q3 2023 TotalEnergies is keen to start work on Lebanon’s offshore block 9 “as soon as possible”, with assessments to begin early next month and well-drilling to launch in the third quarter of 2023, its CEO Patrick Pouyanne said. Pouyanne was speaking at a joint news conference in Beirut after signing a three-way consortium deal with QatarEnergy […] January 30, 2023
Tourism UK regional airline Flybe ceases trading and cancels all flights British regional airline Flybe on Saturday ceased trading for the second time in three years, with all flights cancelled and 276 workers made redundant. A statement on Flybe’s website said the airline, which operated scheduled services from Belfast, Birmingham and Heathrow across the UK and to Amsterdam and Geneva, had entered administration, a form of […] January 29, 2023
Banking and Finance Costcutter owner Bestway buys stake in Qatar-backed Sainsbury’s Retail group Bestway, the owner of Costcutter, has built a 3.45 percent stake in Sainsbury’s, describing the move as an investment and not a step towards making a takeover offer for Britain’s second largest supermarket group. Sainsbury’s shares were up 4.5 percent on Friday, hitting their highest since April and leading gainers on the FTSE […] January 29, 2023
Banking and Finance EV maker Lucid surges on report Saudi PIF to buy remaining stake Lucid Group’s shares surged 43 percent on Friday, paring gains after doubling on market speculation that Saudi Arabia’s Public Investment Fund (PIF) wanted to buy out the electric vehicle maker. The speculation originated from an “uncooked” alert attributed to deals website Betaville, using its term for market gossip. Lucid was the sixth-most traded stock on […] January 29, 2023
Manufacturing Akio Toyoda set to remain a force at Toyota as he bows out Toyota Motor Corp chief Akio Toyoda is set to remain a dominant force inside the world’s largest automaker for years to come, and will continue to influence the agenda after stepping down in April, experts and people familiar with the firm said. The 66-year-old Toyoda on Thursday announced he would step aside as leader of […] January 27, 2023
Economy Thailand holds 2023 GDP growth outlook on tourism rebound Thailand’s finance ministry on Friday maintained its economic growth outlook for 2023 at 3.8 percent, helped by a rebound in tourism and domestic demand, but an official said exports would slow down this year. For 2022, Southeast Asia’s second-largest economy is expected to have expanded three percent, down from a previous forecast of 3.4 percent, […] January 27, 2023
Energy QatarEnergy to join Lebanon offshore oil and gas exploration QatarEnergy will join TotalEnergies and Eni in a three-way consortium to explore oil and gas in two maritime blocks off the coast of Lebanon, the Lebanese energy ministry said on Thursday. The announcement said agreements would be signed on Sunday. “This will be a major positive development,” Lebanon’s energy minister Walid Fayad told Reuters, adding […] January 27, 2023
Banking and Finance First Abu Dhabi’s 2022 profit up 7% to ‘historic high’ of $3.65bn First Abu Dhabi Bank, the UAE’s biggest lender, reported a seven percent rise in 2022 net profit on Thursday despite its fourth-quarter profit falling 26 percent from a year earlier. FAB posted AED13.4 billion ($3.65 billion) in net profit for the full year, up from AED12.5 billion in 2021. Fourth-quarter net profit was nearly AED2.5 […] January 27, 2023
Economy Turkey’s central bank sticks to forecast for inflation plunge Turkey’s central bank stuck to its forecasts for a sharp drop in inflation on Thursday, saying the increasing predictability of the lira’s exchange rate plus financing support meant there was no longer the basis for large price rises. Presenting a quarterly economic report, the bank’s governor Sahap Kavcioglu stood by previous year-end annual inflation forecasts […] January 27, 2023
Banking and Finance Emirates NBD’s 2022 net profit rises 40% to $3.5bn Emirates NBD, Dubai’s biggest lender, reported a 40 percent jump in 2022 net profit to AED13 billion ($3.5 billion) on Thursday, helped by higher interest rates and transaction volumes which boosted overall income. The bank, majority owned by the government of Dubai, made a profit of AED3.9 billion in the fourth quarter, up 94 percent […] January 26, 2023
Banking and Finance Turkey to provide 2% forex conversion support to firms Turkey’s central bank said on Thursday it will provide two percent foreign exchange conversion support to companies that bring forex into the country from abroad, sell it to the central bank and pledge not to buy forex for a period determined by the bank. After selling 40 percent of the forex they bring into the […] January 26, 2023
Banking and Finance Iraqi dinar’s slide triggers price rise in imported goods Hundreds of people demonstrated near central bank headquarters in Baghdad on Wednesday to protest at the recent slide of the Iraqi dinar against the dollar that has triggered a rise in prices of imported consumer goods. Masses from different regions across the country waved Iraqi flags or carried banners demanding government intervention to stop the […] January 26, 2023
Energy Qatar in talks to acquire stake in TotalEnergies’ $27bn Iraqi project Qatar is in talks to acquire a stake in French company TotalEnergies’ $27 billion energy projects in Iraq, three sources told Reuters, as Baghdad blocks attempts by Western energy companies to pull out of the country. A major investment by a Gulf state would mark a significant victory for Iraqi Prime Minister Mohammad Al-Sudani, who […] January 26, 2023
Manufacturing Nissan and Renault close in on overhaul of alliance Nissan and Renault are closing in on a sweeping overhaul of their globe-spanning automaking alliance as top executives meet on Thursday for talks to reset the two-decade-old partnership and chart a course for an uncertain electric future. Leaders of Nissan Motor Co Ltd and Renault SA are meeting via video link for an alliance board […] January 26, 2023
Banking and Finance Saudi Arabia sees borrowing at $12bn in 2023 Saudi Arabia, the world’s top oil exporter, expects its financing needs to be around SAR45 billion ($12 billion) this year after pre-funding a larger amount in 2022, the National Debt Management Centre (NDMC) said. Saudi finance minister Mohammed Al Jadaan approved the 2023 annual borrowing plan as well as a domestic sukuk issuance calendar, NDMC […] January 26, 2023
Banking and Finance Abu Dhabi fund snaps up shares in Adani’s secondary share offering Abu Dhabi Investment Authority (ADIA) and Maybank Securities picked up a stake in Adani Enterprises’ $2.45 billion secondary share offering on Wednesday, which coincided with a short-seller report that slammed the shares of Adani Group companies. The anchor portion of the share sale, India’s largest follow-on public offering (FPO), was allocated to high-profile investors at […] January 26, 2023
Manufacturing Tesla to invest $3.6bn to produce electric trucks and battery cells Tesla Inc. has said it would invest more than $3.6 billion to expand its Nevada gigafactory complex with two new factories, one to mass produce its long-delayed Semi electric truck and the other to make its new 4680 battery cell. The cell plant would be able to make enough batteries for two million light-duty vehicles […] January 25, 2023
Banking and Finance Hindenburg says holds short positions in India’s Adani Short-seller Hindenburg Research said on Wednesday it holds short positions in India’s Adani Group companies through US-traded bonds and non-Indian-traded derivative instruments. The seven listed companies of the Adani Group, which is controlled by the world’s third richest man Gautam Adani, have an 85 percent downside on a fundamental basis due to sky-high valuations, Hindenburg […] January 25, 2023
