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
Economy UAE and Saudi economies to slip this year on lower oil demand Economies in the six-member Gulf Cooperation Council (GCC) will grow this year at half the rate of 2022 as oil revenues take a hit from an expected mild global slowdown, according to the median view from a Reuters poll of economists. Crude oil prices, a major driver for Gulf economies, are down more than a […] January 25, 2023
Energy Opec+ panel unlikely to tweak oil policy at February 1 meeting An Opec+ panel is likely to endorse the producer group’s current oil output policy when it meets next week, five Opec+ sources have said, as hopes that improved Chinese demand would drive an oil price rally were balanced by economic concerns. Ministers from Opec and allies led by Russia, known collectively as Opec+, meet virtually […] January 25, 2023
Banking and Finance Gulf stock markets rise with optimism about China’s economy Gulf stock markets closed higher on Tuesday on expectations of economic recovery in the world’s second largest economy, China, and smaller interest rate hikes from the US Federal Reserve. The Fed will end its tightening cycle after a 25-basis-point hike at each of its next two policy meetings and then likely hold interest rates steady […] January 24, 2023
Banking and Finance Sri Lanka expects to complete debt restructuring in six months Sri Lanka is committed to meeting all its debt repayments and is hoping to complete debt restructuring negotiations in the next six months, the country’s central bank chief P. Nandalal Weerasinghe said on Tuesday. “There has been good progress this month with India already pledging financing assurances. We expect assurances from China and Japan soon,” […] January 24, 2023
Tech Intel chairman Omar Ishrak steps down Intel Corp said on Monday chairman Omar Ishrak had stepped down and the chipmaker appointed board director Frank Yeary as his replacement. “He (Ishrak) was instrumental in bringing me back to the company as CEO and has fostered a high-impact working dynamic across the board and management team,” Intel chief Pat Gelsinger said. Gelsinger returned […] January 24, 2023
Banking and Finance Lazard says Saudi base to be Mena investment banking hub Investment bank Lazard Ltd said on Monday it hired Wassim Al-Khatib as chief executive officer of the bank’s investment banking business for the Middle East and North Africa (Mena). Al-Khatib will also be CEO of Lazard Saudi Arabia, the statement said, adding that the bank plans to make its presence in the kingdom as its […] January 24, 2023
Banking and Finance Turkey plans draft law for debt restructuring Turkey’s ruling AK Party is preparing a draft law to let people and companies restructure debt to public institutions, President Tayyip Erdogan said on Monday, one of a string of eye-catching measures promised ahead of elections. The changes would waive late payment fees incurred over unpaid tax bills, social security debt and other liabilities, Erdogan […] January 24, 2023
Development Egypt’s Sisi defends mega-projects while economy is under strain Egyptian President Abdel Fattah Al-Sisi on Monday defended mega-projects undertaken since he took power, saying they were not to blame for economic turmoil that has seen the currency plummet and inflation accelerate. Since Sisi became president in 2014, Egypt has embarked on an infrastructure splurge spearheaded by the military that has included the expansion of […] January 24, 2023
Banking and Finance Qatari sovereign fund ups stake in Credit Suisse to just under 7% Qatar’s sovereign wealth fund has increased its stake in Credit Suisse to just under seven percent, becoming the Swiss bank’s second-largest shareholder after Saudi National Bank, in a sign that its Gulf investor base is growing in importance. The Qatar Investment Authority (QIA) bought 139.03 million shares in the Swiss lender, Refinitiv data shows based […] January 24, 2023
Banking and Finance Top hedge funds earned less for clients in 2022 The 20 best performing hedge fund managers earned $22.4 billion for investors in 2022, marking their slimmest gains since 2016 as many firms, including Tiger Global Management, struggled with slumping financial markets, LCH Investments data shows. The top 20 managers, led by Ken Griffin’s Citadel, Bridgewater Associates and DE Shaw Group, made less than half […] January 23, 2023
Banking and Finance Egypt signs $1.5bn financing pact for energy and commodity imports Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund its trading, including imports of energy products and essential commodities, CNBC Arabia wrote on Twitter, citing the head of the corporation. Last year Egypt signed a similar agreement also worth $1.5 billion with the ITFC, which is […] January 23, 2023
Markets Oman’s drilling services firm plans March listing on Muscat exchange Oman’s oil and gas drilling services firm Abraj Energy Services plans to list up to 49 percent of its shares on the Muscat stock exchange in March through an initial public offering (IPO), a company statement said. The IPO forms part of an exit plan recently announced by sovereign wealth fund, the Oman Investment Authority […] January 23, 2023
Banking and Finance OPEC development fund raises $1bn with first-ever bond The OPEC Fund for International Development, a development institution established by the Organization of the Petroleum Exporting Countries nearly 50 years ago, has raised $1 billion by selling its first-ever bond. With the money earmarked for food security, healthcare, infrastructure, education, employment and renewable energy projects, the three-year bond, which will pay investors an interest […] January 22, 2023
Banking and Finance India’s Adani Group plans spin off and dismisses debt concerns India’s Adani Group, which is controlled by billionaire Gautam Adani, said it plans to spin off more businesses by 2028 and dismisses any debt concerns. The corporate house plans to spin off, or demerge, its metals, mining, data centre, airports, roads and logistics businesses, said chief financial officer Jugeshinder Singh said. “The criteria is for […] January 22, 2023
Tourism UAE firms explore production of sustainable aviation fuel with BP UAE renewable energy company Masdar, state oil firm Abu Dhabi National Oil Company (Adnoc) and oil major BP agreed to conduct a joint feasibility study on exploring the production of sustainable aviation fuel (SAF) in the UAE, Masdar said in a statement. The agreement, which includes Abu Dhabi Waste Management Company (Tadweer) and Abu Dhabi’s […] January 22, 2023
Tourism Little room for gloom at Dublin’s Davos for aircraft financiers While the prospect of global recession casts a long shadow over the snowy peaks of Davos this week, the mood was mostly sunnier at another gathering of executives – the owners of most of the world’s planes – 1,700 kilometres away in Dublin. The world’s top aircraft lessors – a bellwether for the wider economy […] January 22, 2023
Economy Lebanon sets new rate for withdrawals from dollar deposits Lebanon’s central bank said on Thursday it had set a new rate of 15,000 Lebanese pounds to the US dollar for withdrawals from bank deposits denominated in dollars, but which can now can be accessed largely in the local currency. The rate was previously set at 8,000 pounds under central bank Circular 151, which implied […] January 22, 2023
Economy Saudi capital developing fast with eye on Expo 2030 bid Saudi Arabia, which has bid to host the Expo 2030 world fair, is pushing ahead with plans to turn its capital Riyadh into a major global metropolis, a government official said. The kingdom has ambitions to double the size and population of its capital city with total investments of some $800 billion under its Vision […] January 20, 2023
Energy Saudi Arabia remains top crude supplier to China in 2022 Russia remained China’s second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis. China’s crude oil imports from Russia jumped eight percent in 2022 from a year earlier to 86.25 million tonnes, equivalent to 1.72 […] January 20, 2023
Banking and Finance Israel’s Playtika offers $738m for Angry Birds maker Playtika Holding Corp on Thursday sweetened its offer for Finnish game maker Rovio, best known for its “Angry Birds” franchise, to €683 million ($737.50 million), as a consolidation in the industry gathers pace. The offer values each share of Rovio at €9.05, about 60 percent higher than the company’s closing price on January 19. It […] January 20, 2023
