Markets Egypt’s blue-chip stock index trading at near 6-year lows Egypt’s blue-chip index hit a new near six-year low on Wednesday before recovering slightly in later trading, a day before the release of June inflation data. The index is down 27.44 percent so far this year, having tumbled 3.6 percent to 8,642 on Monday, its lowest since November 2016. In morning trading on Wednesday the […] July 7, 2022
Development Russia attends G20 meeting set to be dominated by Ukraine conflict Russian Foreign Minister Sergei Lavrov has flown into Indonesia’s resort island of Bali for a meeting of G20 foreign ministers, which is set to be overshadowed by tensions triggered by the Russia-Ukraine conflict. The G20 gathering runs until Friday in host country Indonesia, which this year has grappled with the balancing act of running a […] July 7, 2022
UK Morocco trade envoy resigns amid Johnson leadership crisis Boris Johnson, the British prime minister, is set to resign today following a swathe of party resignations. Among those to submit their resignation was Dr Andrew Murrison, trade envoy to Morocco, who submitted a strongly-worded letter yesterday saying that Johnson’s position had become “unrecoverable” over his handling of the row over disgraced deputy chief whip Chris […] July 6, 2022
Banking & Finance Global corporate debt to drop amid higher funding costs Global corporate net debt has fallen by 1.9 percent to $8.15 trillion in the past year as higher borrowing costs reduce appetite for new financing and strong cash flows from years of accommodative monetary conditions help companies repay existing debt, a study of 900 top firms released on Wednesday showed. Indebtedness is expected to decline […] July 6, 2022
Real Estate Judge in Trump case fines real estate firm $10,000 a day A New York judge on Tuesday held real estate firm Cushman & Wakefield PLC in contempt of court for not producing documents subpoenaed in a probe of former US President Donald Trump’s business practices. The judge ordered the company to be fined $10,000 a day until it complied. Attorney General Letitia James has been investigating […] July 6, 2022
Banking & Finance Canadian crypto lender Voyager files for bankruptcy Voyager Digital has filed for bankruptcy, the crypto lender said in a statement on Wednesday, a week after suspending withdrawals, trading and deposits to its platform as it sought additional time to explore strategic alternatives. In its Chapter 11 bankruptcy filing on Tuesday, Toronto-listed Voyager estimated that it had more than 100,000 creditors and somewhere […] July 6, 2022
Banking & Finance New Turkish central bank rules causing issues for exporters Turkey’s exporters are experiencing serious problems in accessing financing due to new regulations by the central bank and the BDDK banking watchdog, the Istanbul Chamber of Industry (ISO) said on Tuesday. Turkey’s economy authorities have taken restrictive steps in the face of economic turmoil that has seen inflation reach its highest level in 24 years […] July 6, 2022
Economy Egypt non-oil business drops to lowest level for two years Non-oil private sector activity in Egypt dropped in June to its lowest level in two years as inflation, a weaker currency and shortages of materials bit into demand, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) weakened to 45.2 from May’s 47.0, well below the 50.0 threshold that separates growth […] July 6, 2022
Economy Qatar’s economy grows 2.5% in first quarter Qatar’s economy grew 2.5 percent in the first quarter from a year earlier, although the growth fell slightly from the previous quarter, official estimates showed on Tuesday. Qatar’s real gross domestic product (GDP), which is adjusted for inflation, shrank 0.3 percent in the first quarter from the fourth quarter to 166.26 billion riyals ($45.68 billion), […] July 5, 2022
Economy UAE doubles support for low-income Emirati families The United Arab Emirates is doubling the financial support it provides for low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them with soaring living costs in the Gulf state. The expanded budget allocation, reported by state news agency WAM on Monday, includes increasing existing benefits and establishing new ones targeted at mitigating […] July 5, 2022
Markets Most Gulf bourses fall as investors fear global recession Most stock markets in the Gulf ended lower on Monday, extending losses as investors remained worried about a global recession. Figures on Friday showed euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. US consumer sentiment hit a record low in […] July 5, 2022
Manufacturing Saudi non-oil private sector gallops despite inflation Saudi Arabia’s non-oil private sector expanded in June at its fastest pace since September as demand continued to rise strongly despite the highest inflation in nearly two years, a survey showed on Tuesday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy rose to 57.0 in June from […] July 5, 2022
Turkey and Armenia agree to start direct cargo trade Turkey and Armenia agreed in normalisation talks between special representatives that the neighbours would start direct air cargo trade between each other at the earliest possible date, as they work to mend ties after decades of animosity. Turkey has been working to normalise relations with Armenia in coordination with Azerbaijan since December. The neighbours held […] July 4, 2022
Sustainability Sydney braces for more floods as thousands flee homes Fresh evacuation orders were issued for thousands of Sydney residents on Monday after relentless rains flooded several suburbs in Australia’s largest city, with officials warning of more wild weather over the next 12 hours. An intense low-pressure system off Australia’s east coast is forecast to bring more heavy rain through Monday across the southern regions […] July 4, 2022
Tourism No experience, no resume – you’re hired! Hotels fight for staff Top European hotel chains are hiring workers without experience or even a resume as executives admit years of underpaying staff have come back to bite, leaving them unable to meet post-pandemic travel demand. Thousands of workers left the hospitality industry when international travel shut down during the coronavirus pandemic. Many chose not to return, finding […] July 4, 2022
Economy UAE reaches trade pact with Indonesia Indonesia and the UAE today signed a free trade agreement, strengthening economic ties between Southeast Asia’s largest economy and the Gulf state. The Comprehensive Economic Partnership Agreement, signed in Abu Dhabi, will eliminate or sharply reduce duties on most goods traded between the nations. The accord includes chapters on services, investments, intellectual property rights and […] July 1, 2022
Banking & Finance One in five IMF staff say they were ‘unduly influenced’ Nearly 20 percent of International Monetary Fund staff say their work has been “unduly influenced” by supervisors, according to an internal survey released on Thursday as part of a review of data integrity standards that generally found “robust mechanisms” for institutional governance. The review was launched last year by the IMF’s Executive Board following allegations […] July 1, 2022
Energy Biden won’t push Saudi crown prince on oil U.S. President Joe Biden on Thursday said he would see Saudi Arabia’s king and crown prince during a visit to the country next month but that the purpose of his trip was not to press them to increase oil output. Asked at a press conference in Spain if he would ask the Saudi leaders to […] July 1, 2022
Development Qatar in $60m pledge to support Lebanese soldiers’ salaries Qatar has pledged $60 million to the Lebanese army, state news agency QNA said on Thursday, funding that is earmarked to support the salaries of Lebanese soldiers, two sources briefed on the deal told Reuters. The Lebanese Armed Forces (LAF) said the package was intended “to support members of the army” but did not specifically […] July 1, 2022
Markets Gulf markets fall on fears of another sharp slowdown Most stock markets in the Gulf ended lower on Thursday, as central banks’ aggressive rate-hike approach to tame inflation stokes fears of a rapid economic slowdown. On Wednesday, central bank chiefs from the US Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control […] July 1, 2022
Biden administration supports potential F-16 jet sale to Turkey The Biden administration threw its support on Wednesday behind the potential sale of US F-16 fighter jets to Turkey, a day after Ankara lifted a veto of NATO membership for Finland and Sweden. Celeste Wallander, Assistant Secretary for Defense for International Security Affairs at Pentagon, told reporters on a call that strong Turkish defense capabilities […] June 30, 2022
Retail Unilever sells Ben & Jerry’s business in Israel Unilever on Wednesday sold its Ben & Jerry’s ice cream business in Israel to its local licensee for an undisclosed sum, aiming to smooth over a potentially damaging diplomatic row over the company’s political stance. The deal comes after the US ice cream brand announced last year it would stop marketing products in the Israeli-occupied […] June 30, 2022
