Opinion Energy Opec+ ponders whether to stick or twist April's output cuts appear to have had the desired effect, but the oil alliance may yet cause another surprise May 22, 2023
Economy IMF says Jordan must push reforms to drive growth The International Monetary Fund said on Wednesday Jordan needed to accelerate structural economic reforms to push growth beyond the average two-to-three percent it has struck in recent years to help it generate more jobs to reduce high unemployment. “With unemployment still high, and particularly among the youth and women, structural reforms are essential for achieving […] May 18, 2023
Tech Bahrain’s Beyon puts $250m into digital infrastructure Tech company Beyon Group is investing more than $250 million in new infrastructure to support Bahrain’s digital transformation. The parent company of telecoms operator Batelco said it has joined the Southeast Asia-Middle East-Western Europe 6 (SEA-ME-WE 6) consortium, which is building a 21,700km-long undersea telecommunications cable from Marseille in France to Singapore. The cable will […] May 17, 2023
Construction Al Habtoor forced to look overseas for contractor Billionaire Khalaf Al Habtoor had to look to China and India for a contractor for his latest Dubai development as experts say Saudi Arabia’s construction boom is impacting UAE projects. The founding chairman of the Al Habtoor Group (AHG) broke ground on the Habtoor Tower building earlier this month. AHG was previously involved in building […] May 16, 2023
Energy Vietnam approves $135bn power plan for 2030 Vietnam’s prime minister approved a long-awaited power plan for this decade that needs $134.7 billion of funding for new power plants and grids, the government said, in a move that may help unlock billions of dollars of foreign investment. The plan, known as PDP8, is aimed at ensuring energy security for the southeast Asian country […] May 16, 2023
DMCC opens Mumbai office as trade grows A Dubai-based free zone has opened a new representative office in Mumbai. Dubai Multi-Commodities Centre (DMCC) is host to 3,700 Indian businesses and is seeking to capitalise on a rise of trade between the UAE and India since the signing of a bilateral agreement last year. It announced the opening on Monday after concluding its […] May 15, 2023
Economy Thai economy beats GDP forecast as tourism grows Thailand’s economy expanded faster than expected in the first quarter, official data showed. It was boosted by a rebound in private consumption and tourism, which will help to counter a slowdown in exports. South-east Asia’s second-largest economy grew 2.7 percent in the January-to-March period from a year earlier, data from the National Economic and Social […] May 15, 2023
Energy South Korea lifts power prices despite public outcry South Korea will raise electricity prices by 5.3 percent to partly reflect increased generation costs, a move delayed more than a month because of the likely effect on already high inflation and the cost of living. It is the second increase in power prices this year after a sharper 9.5 percent hike that took effect […] May 15, 2023
Energy Pakistan plans to blend Saudi and Russian oil to cut cost Pakistan is planning to blend newly purchased Russian crude with Arabian light crude in order to create a mixture that will be more easily processed by the nation’s oil refineries, Pakistan’s energy minister said. The country is planning to purchase Russian crude oil at a discount as high prices caused by geopolitical tensions have caused […] May 10, 2023
Battle for China’s electric SUV market heats up China is ground zero for the price war in electric vehicles (EVs) and the battleground is shifting to SUV-styled EVs, the largest segment of the market, dominated by Tesla Inc and BYD . The market, crowded with more than 90 models, is about to get even tighter with at least 20 new models of both […] May 8, 2023
Banking & Finance US private equity firm nears final close of $6bn Asia fund US private equity firm Bain Capital is nearing the final close of its fifth and biggest Asia-focused fund after having raised around $6 billion from global investors, said two people with knowledge of the situation. The committed capital to the fund has exceeded the firm’s initial target of $5 billion, said one of the two […] May 7, 2023
Banking & Finance IMF working with Pakistan on $1.1bn bailout review The International Monetary Fund (IMF) is working with Pakistani authorities to conclude a ninth review of a bailout programme that will release $1.1 billion to the cash-strapped country, the lender’s mission chief said. “The IMF continues to work with the Pakistani authorities to bring the ninth review to conclusion once the necessary financing is in […] May 5, 2023
Economy Thailand’s inflation drops to its lowest in 16 months Thailand’s headline inflation dropped to its lowest in 16 months in April, coming in close to expectations owing to lower energy and food prices and a high base in 2022, the commerce ministry said on Wednesday. The headline consumer price index (CPI) rose 2.67 percent in April from a year earlier, compared with a forecast […] May 3, 2023
Energy Lootah Biofuels turns gaze to Asia after Maldives deal Lootah Biofuels has signed an agreement with state-owned Fenaka Corporation, a company serving the island communities of the Maldives, to establish its first biofuel plant outside the UAE. Lootah, which is based in Dubai, said the deal underscored its commitment to expand its reach internationally to meet long-term energy needs through clean alternatives. For the […] May 1, 2023
Banking & Finance Netflix to invest $2.5bn in Korea to make TV shows Netflix Inc said on Tuesday it plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows, doubling the amount the company has invested in the market since 2016. The US streaming service made the announcement after a meeting between South Korean President Yoon […] April 25, 2023
Koreans tap cash-giving apps to help beat rising inflation Throngs of people have been milling seemingly aimlessly around the forecourt of a museum in central Seoul, brushing silently past each other with heads bent toward smartphones while fingers frantically tap screens – in the latest money-making trend. Walking 10,000 steps, completing tasks such as subscribing to social media, or just tapping the screen when […] April 24, 2023
Manufacturing China’s BYD to build $290m EV battery plant in Chile China’s BYD Co Ltd , the world’s largest electric vehicle (EV) maker, plans to build a $290 million lithium cathode factory in Chile’s northern Antofagasta region, said Chilean economic development agency Corfo. The South American country’s government has named BYD Chile a qualified lithium producer, Corfo said, giving it access to preferential prices for lithium […] April 21, 2023
Markets Chinese stock listings in Europe face liquidity hurdle China’s ambitious plan to get its companies listed in London and Zurich stock markets needs fine-tuning, analysts say, as the sparse liquidity in traded Chinese companies there has created market arbitrage opportunities for investors. The Shanghai-London Stock Connect has seen only five Chinese companies issue global depository receipts (GDRs) in London in its four years […] April 20, 2023
Analysis Banking & Finance Ukraine ceasefire will unlock billions in Gulf-Russia deals GCC investors shelved a potential $15 billion of investments in Russia when Moscow invaded Ukraine, but companies are said to be quietly resuming due diligence in the hope of tying up deals when a peace accord is reached. These possible Gulf-Russia deals are mainly in the oil and gas, transport, logistics and agricultural sectors, according […] April 19, 2023
Business of Sport Saudi Arabia in talks with Indian Premier League Reports linking Saudi Arabia with an Indian Premier League-style cricket tournament are both “unsurprising” and a “logical next step” in the continued growth of the sport across the region, according to a leading industry analyst. Saudi Arabia is in discussions with the owners of the IPL to establish a new T20 competition, according to a […] April 18, 2023
Opinion Energy IEA is wrong to blame Opec+ for global inflation The latest spat seems to boil down to divergent views on China April 18, 2023
Tech Malaysia to launch new 5G network next year Malaysia plans to introduce a second 5G network from next year, four sources told Reuters. It is the latest policy shake-up aimed at dismantling monopolies and promoting competition from Prime Minister Anwar Ibrahim’s six-month-old administration. Malaysia’s 5G roll-out by state agency Digital Nasional Berhad (DNB) has experienced repeated delays since its launch in December 2021 because of industry concerns over […] April 17, 2023