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Technicians working for Otokar, a maker of heavy commercial and military vehicles, on the production line at a factory in Sakarya, Turkey

Turkish manufacturers buoyed by rise in PMI

Turkish producers are cautiously optimistic after the Turkey Production Managers Index (PMI), which measures the outlook of the country’s manufacturing sector, returned to positive territory in February. According to the latest report issued by the Istanbul Chamber of Commerce and Standard and Poor’s, this is the first increase after seven straight months of contraction.  The […]

Donald Trump draws crowds on the campaign trail in Conway, South Carolina; meanwhile his brand is a bonus in the Gulf

Trump still has ‘big pull’ for $2m branded villas in Oman

Donald Trump may be facing criminal investigations in the US, but the 45th president’s brand continues to wield substantial influence in the Gulf. Last week there were more than 100 expressions of interest in a launch of 20 Trump-branded villas in Oman, within 24 hours, according to the project’s developer. “Trump as a brand still […]

Egypt economy election

Currency and inflation in focus ahead of Egypt polls

In the run-up to Egypt’s December 10-12 presidential election, financially strapped people queue at state-managed cooperatives trying to buy scarce rations of subsidised sugar. It is the latest sign of economic pressures that have risen sharply since early last year, leaving Egyptians grappling with soaring prices and an unresolved foreign currency crunch, and overshadowing pledges […]

Egypt's President Abdel Fattah Al-Sisi is thought to be delaying devaluing the pound until after the next election, which could take place this year

Egypt’s economic outlook darkens as IMF postpones review

Egypt’s efforts to revive its economy were dealt a major setback this week after the IMF postponed its eagerly awaited September review of Egypt’s $3 billion bailout programme until the first quarter of 2024.  Originally scheduled to take place in March, it would have been the IMF’s first review of the $3 billion loan it […]

People, Person, Press Conference

Biden: US-Asean pact to address ‘biggest issues of our time’

Southeast Asian heads of government held talks on Saturday with visiting global leaders including US president Joe Biden, who hailed the launch of a new US-Asean pact as a critical step towards tackling “the biggest issues of our time”. In his first visit to Southeast Asia as president, Biden said the region was at the […]

Turkey bankers say ballooning debt poses long-term risks

Turkish bank executives raised concerns with authorities this week that a year of new rules forcing them to buy government bonds could ultimately destabilise the sector, even as it sharply reduces costs of a big pre-election spending plan. According to six people who participated in or were briefed on a Monday meeting with finance minister […]

Prince Abdulaziz bin Salman speaks at the Future Investment Initiative conference in Riyadh on October 25

Riyadh was more ‘mature’ in spat with Washington, minister tells FII

Saudi Arabia decided to be the “maturer guys” in a spat with the United States over oil supplies, the kingdom’s energy minister Prince Abdulaziz bin Salman said on Tuesday. Prince Abdulaziz made the comment during his speech to the kingdom’s Future Investment Initiative (FII) event, which has drawn top executives from the US and elsewhere. […]

US national security seeks to contain China’s rise

The White House rolled out a long-delayed national security strategy on Wednesday that seeks to contain China’s rise while re-emphasising the importance of working with allies to tackle challenges confronting democratic nations. The 48-page document, which was delayed by Russia’s invasion of Ukraine, includes no major shifts in thinking and introduces no major new foreign […]

Kim Kardashian pays $1.26m fine for paid Instagram crypto post

Kim Kardashian has promoted everything from appetite-suppressing lollipops to melon-flavoured liqueur to toilet paper, but it was her foray into the murky world of cryptocurrencies that got her into hot water. The reality television star and influencer has agreed to settle charges of unlawfully touting a crypto security and to pay $1.26 million in penalties […]

US expects more banks will cut off Russian payment system Mir

Steps that Turkish lenders Isbank and Denizbank took to suspend the use of Russian payment system Mir make a lot of sense, a senior US administration official said on Tuesday, and said the United States expects more banks will cut off Mir over sanctions risk. Isbank and Denizbank on Monday announced separately they had suspended […]

US Speaker Nancy Pelosi in Yerevan, Armenia, on September 18

Turkey’s VP rebukes Pelosi for ‘biased’ remarks in Armenia

Turkey’s vice president Fuat Oktay has branded Nancy Pelosi’s speech on clashes between Armenia and Azerbaijan “biased”, suggesting that her comments “sabotage diplomacy efforts”. The Speaker of the US House of Representatives visited Armenia this weekend, in an unprecedented show of American support for the country, which has been locked in conflict with its neighbour […]

IMF to send mission to Lebanon to discuss slow reform progress

The International Monetary Fund (IMF) said on Thursday that a staff mission will visit Lebanon next week to discuss ways to “speed up” implementation of agreed reforms required for an IMF loan program amid deteriorating living conditions in the country. “We are looking to support Lebanon as strongly as we can. It’s a difficult situation,” […]

No time to waste, worried Italian business leaders warn politicians

Italy cannot afford weeks of political inertia after an election this month, business chiefs said, adding that sky-high energy prices are already forcing more and more firms to curtail production. Gathered on the shores of Lake Como for the annual Ambrosetti Forum this weekend, business owners lashed out at politicians for ousting Prime Minister Mario […]

Airplane, Aircraft, Vehicle

Emirates and United Airlines set to announce codeshare pact

United Airlines and Dubai’s Emirates are set to announce a codeshare agreement in the coming weeks, sources told Reuters. United on Tuesday sent an invitation to reporters to a “special event” on September 14 titled “Come fly with us” with Chief Executive Scott Kirby and Emirates President Tim Clark in Washington. The Air Current reported […]

Egypt central bank holds rates steady after change of governor

The Central Bank of Egypt (CBE) kept its overnight interest rates steady on Thursday, hours after a new governor was named to replace Tarek Amer, who quit unexpectedly on Wednesday. President Abdel Fattah Al-Sisi appointed Hassan Abdalla as caretaker CBE governor on Thursday after Amer’s resignation, with Egypt mired in a currency crisis. Analysts said […]

US officials attended detained American’s UAE hearing

US embassy officials attended US citizen and rights lawyer Asim Ghafoor’s hearing in the United Arab Emirates on Tuesday, a State Department official said, adding that his next hearing was scheduled for Wednesday. UAE authorities have said Ghafoor, a US citizen and civil rights attorney based in Virginia, was arrested last month while transiting through […]