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
Economy Pakistan closer to IMF deal after UAE pledges $1bn The UAE has confirmed financial support of $1 billion to Pakistan, the South Asian nation’s finance minister said on Friday. The commitment removes a key hurdle to securing a much-awaited bailout tranche from the International Monetary Fund (IMF). The commitment is one of the lender’s last requirements before approving a staff-level pact to release a […] April 14, 2023
Tech China’s Didi Global to roll out robotaxis by 2025 Chinese ride-hailing giant Didi Global has said that it is working with carmakers in the country to develop its own robotaxis, which it aims to put into service by 2025, after revealing a concept vehicle with robotic arms it called “Didi Neuron”. The company said that it is collaborating with multiple new energy carmakers in […] April 14, 2023
Chinese firms plan $10bn refinery in Indonesia Two Chinese polyester fibre makers are seeking Beijing’s approval to build a $10 billion refinery and petrochemical complex in Indonesia, sources with direct knowledge of the matter told Reuters. The move comes as China ramps up talks on mega investments in southeast Asia as part of President Xi Jinping’s Belt and Road Initiative and as […] April 12, 2023
Aviation Saudia plans to add 56 new weekly flights State-owned Saudi Arabian Airlines (Saudia) plans to add 56 weekly flights to 14 global destinations by the summer as it continues to ramp up operations. Under the expansion, the national flag carrier of the kingdom will serve cities across Thailand, China, South Korea, Indonesia, Singapore and Europe in the latest addition to its scheduling. It […] April 11, 2023
Energy Indonesia seeks bids for three oil and gas blocks Indonesia has put three oil and gas exploration blocks out for tender in its first bidding round of the year, with estimated resources of more than 2.4 billion barrels of oil and 9 trillion cubic feet of gas, its energy ministry said. Indonesia plans to offer 10 oil and gas working areas this year, including […] April 11, 2023
Economy Philippines may pause rate rises if inflation slows The Philippine central bank may consider pausing its monetary tightening next month if April inflation does not accelerate, the bank’s governor said. Bangko Sentral ng Pilipinas governor Felipe Medalla said in a telephone message to Reuters that a pause in interest rate increases was possible “if the April CPI (consumer price index) is not higher […] April 10, 2023
Tech China’s Baidu sues Apple over fake Ernie bot apps Chinese search engine giant Baidu has filed lawsuits against “relevant” app developers and Apple Inc over fake copies of its Ernie bot app available on Apple’s app store. The company’s artificial intelligence powered Ernie bot, launched last month, has been touted as China’s closest answer to the US-developed chatbot ChatGPT. Baidu said it had lodged […] April 9, 2023
Energy Iraq revives $10bn deal vital to increasing its oil output Iraq has agreed terms on a long-stalled $10 billion deal with France’s TotalEnergies and QatarEnergy. The deal includes building a seawater treatment plant, which is vital to increasing oil output in Iraq, Opec’s second largest crude producer. The Baghdad government wants to nearly double Iraq’s oil production to 8 million barrels per day (bpd) by […] April 5, 2023
Economy Easing inflation backs rate hike pause in Philippines Philippine annual inflation eased for a second consecutive month in March on slower rises in food and transport costs, data showed, supporting the case for the central bank to consider a pause in its monetary tightening cycle. The consumer price index rose 7.6 percent in March, the statistics agency said, below an 8 percent forecast […] April 5, 2023
Aviation Emirates strengthens ties with US while Etihad looks east Dubai airline Emirates has strengthened its relations with the US as its Abu Dhabi counterpart Etihad Airways increased its presence in the east. Emirates and United Airlines have activated their codeshare partnership allowing customers of the Dubai carrier to fly to Chicago, Houston or San Francisco and connect to the network of domestic flights operated […] March 31, 2023
Retail Alibaba considers yielding control of some businesses in overhaul Alibaba Group said on Thursday it will look to monetise non-core assets and consider giving up control of some businesses, as the Chinese tech conglomerate reinvents itself after a regulatory crackdown that wiped 70 percent off its shares. Group CEO Daniel Zhang said the company’s breakup into separate businesses will allow its units to become more […] March 31, 2023
Energy Uzbekistan draws in billions of GCC energy investments Uzbekistan’s energy sector is attracting billions of dollars from the Gulf as the former Soviet republic looks to generate 35 percent of its electricity from renewable sources by 2030. The central Asian country has an average of 330 sunny days a year and the potential for solar energy is huge, prompting companies such as Saudi-based […] March 31, 2023
Banking & Finance Gulf financial centres slip down global ranking list Financial centres in the UAE, Qatar and Bahrain have fallen in the latest global index as their rivals in the US and Asia Pacific come out on top. Dubai and Abu Dhabi continue to take first and second places in the Middle East region, but they have both dropped down the overall league table. Dubai […] March 30, 2023
Tourism Gulf expects China rebound as tourists return from isolation The Middle East is likely to experience a surge in Chinese tourism this year, reminiscent of the earlier rebound witnessed from Europe and India. China lifted its Covid-related travel restrictions in January, allowing Chinese tourists to travel abroad, without having to quarantine upon their return. Bookings for overseas travel during Chinese New Year soared […] March 28, 2023
