Finance Turkish minister plans to meet Middle East investors Turkey’s finance minister Mehmet Simsek said on Thursday that he planned investor meetings in Germany, financial hubs New York and London, and cities in Asia and the Middle East. Turkey’s economic programme had President Tayyip Erdogan’s full support, a day after the government hiked its forecasts for inflation and cut its economic growth outlook, he […] September 8, 2023
Tech Bahrain to use Israeli tech to achieve net zero goals Bahrain aims to collaborate more with Israel on technologies that help it manage water and cope with climate change, as part of a broader boost in relations between the two countries, its ambassador to Israel said on Thursday. Along with the United Arab Emirates (UAE), Bahrain in September 2020 signed an agreement to establish formal […] September 8, 2023
Infrastructure Gulf and India to discuss possible rail and port links The US, Saudi Arabia, India and other nations are discussing a possible infrastructure deal that could reconfigure trade between the Gulf and South Asia, linking Middle Eastern countries by railways and connecting to India by port, according to US officials aware of the conversations. The talks, which have also included the UAE and Europe, may […] September 8, 2023
Finance Turkey’s shift policies ‘clearly’ positive for credit rating Moody’s has signalled that Turkey’s re-embrace of conventional economic policymaking since Tayyip Erdoğan’s May election win could soon start paying dividends in terms of a stronger credit rating, as long as it sticks with it. Ankara’s credit score, which affects how much the government pays to borrow on capital markets, has been in decline for […] September 8, 2023
Industry Philippines rules out import on ample sugar stocks The Philippines has plentiful stocks of sugar as it enters a new crop year this month and thus has no immediate plans to import any additional volume, the chief of the industry regulator said on Thursday. “At this very moment, as the milling season starts, we have very ample two-month buffer stocks. For crop year […] September 7, 2023
Finance Turkey plans big interest rate hikes as inflation to hit 65% Turkey jacked up its inflation forecasts and cut those of economic growth on Wednesday, as President Tayyip Erdoğan appeared to endorse the big interest rate hikes that are driving a turnaround toward more orthodox policies. Since the policy U-turn began in June, analysts have applauded what they said was a more realistic effort to address […] September 7, 2023
Sustainability African leaders to propose new global taxes at Cop28 African leaders on Wednesday proposed new global taxes and reforms to international financial institutions to help fund climate change action in a declaration that will form the basis of their negotiating position at November’s Cop28 summit. The Nairobi declaration capped the three-day Africa Climate Summit in Kenya, which was dominated by discussions of how to […] September 7, 2023
Economy Exports support Australian economy to beat estimates Australia’s economy expanded by more than expected in the second quarter, driven by exports and public investment, while household consumption remained weak as decade-high interest rates worked to cool demand. Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.4 percent in the second quarter, slightly beating forecasts […] September 6, 2023
Retail Dubai Holding weighs sale of 25% stake in retail franchisee Dubai Holding, the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, is weighing the sale of its minority stake in Azadea Group, which operates Inditex franchises in the Middle East including Zara, three people with knowledge of the matter told Reuters. Dubai Holding has selected JPMorgan and Rothschild & Co to advise […] September 6, 2023
Energy Iraq’s oil flow to Turkey may resume after October Iraqi oil flows to Turkey are not expected to resume before October, when Turkish President Tayyip Erdogan will likely visit Baghdad, sources said, after the trip originally scheduled for August was postponed. Turkey halted Iraqi northern oil export flows on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara […] September 6, 2023
Energy Oil at $90-$100 may lead Saudi to taper supply cuts Oil prices in the range of $90-$100 per barrel may lead Saudi Arabia to taper its supply cuts, Gary Ross, CEO of Black Gold Investors and a veteran Opec watcher, told an energy industry conference in Singapore on Monday. Saudi Arabia is widely expected to roll over a voluntary oil cut of one million barrels […] September 5, 2023
Finance Erdoğan says Black Sea grain deal can be restored soon Turkish President Tayyip Erdoğan said after talks with Russia’s Vladimir Putin that it would soon be possible to revive the grain deal that the United Nations says helped to ease a food crisis by getting Ukrainian grain to market. Russia quit the deal in July – a year after it was brokered by the UN […] September 5, 2023
Finance Turkey depositors convert lira deposits to dollars Turkish depositors mostly converted funds back to dollars last month when they withdrew from state depreciation-protected accounts, according to initial data and senior bankers, as Ankara begins winding down the scheme in a broad policy U-turn. Since President Tayyip Erdogan won re-election in May, authorities have raised interest rates sharply under the U-turn and set […] September 5, 2023
Banking & Finance Japan extends $100m loan to Jordan for power reforms Japan extended a $100 million loan to help Jordan’s electricity sector reforms as part of Tokyo’s support for the kingdom’s International Monetary Fund (IMF(-guided reforms, officials said on Sunday. “Japan will continue our support for Jordan in its economic and financial reforms and further modernisation,” foreign minister Yoshimasa Hayashi said in joint remarks with his […] September 4, 2023
Economy Bank of Israel to hold rates as inflation eases Israel’s central bank is expected to leave short-term interest rates unchanged this week, as it did in July with inflation easing, but the rate hike cycle may not be over with the shekel hovering around a 3 1/2 year low. Of the 16 economists polled by Reuters, 15 projected the Bank of Israel would hold […] September 4, 2023
Finance Egypt net foreign assets deficit narrows in July Egypt’s net foreign assets deficit narrowed by EGP24.9 billion ($808 million) in July to a negative EGP812.4 billion, its first decline since March, according to central bank data. A persistent shortage of foreign currency accompanied by a sharp expansion in money supply over the last three years have squeezed Egypt’s finances. The drawdown on net […] September 4, 2023
Economy Turkish factory activity slows as new order growth weakens Turkish factory activity contracted for a second month in August due to a slowdown in new orders as firms faced challenges securing business, a survey showed on Friday. The purchasing managers’ index (PMI) for manufacturing fell to 49.0 in August from 49.9 in July, according to the survey by the Istanbul Chamber of Industry and […] September 4, 2023
Industry Turkey and Russia seek to revive grain export deal Russian President Vladimir Putin will hold talks with Turkey’s Tayyip Erdogan on Monday in the Black Sea resort of Sochi as Ankara and the United Nations seek to revive a Ukraine grain export deal that helped ease a global food crisis. Russia quit the deal in July – a year after it was brokered by […] September 3, 2023
Manufacturing Telsa to export China-made Model 3 sedan to Middle East Tesla showed off its restyled, China-made Model 3 sedan for the first time to the public at a trade fair in Beijing, after launching it a day before in several countries. The US automaker displayed a flame red version of the car – marking the first change to its mass-market car line-up since it launched […] September 3, 2023
Finance SoftBank’s Arm to be valued at up to $54bn Arm Holdings Ltd, the chip designer owned by SoftBank Group Corp, is planning to ask investors to pay $47 to $51 for each of its shares when it begins marketing its initial public offering (IPO) next week, people familiar with the matter said on Saturday. The price range, which has not been previously reported, would […] September 3, 2023
Sustainability EU to seek Cop28 deal on phasing out fossil fuels European Union (EU) countries are preparing to push for a global deal on phasing out fossil fuels at the United Nations Cop28 climate summit ,which begins in the UAE in November-end, a draft of the EU’s negotiating position showed. Diplomats from the bloc’s 27 member states are drafting their position for the summit in Dubai, […] September 3, 2023
Finance Turkey’s economy grow 3.8% on strong household spend Turkey’s economy grew by a more-than-expected 3.8 percent in the second quarter due to strong household spending, data showed on Thursday, but activity should slow through year-end as election-related stimulus fades and big rate hikes weigh. On a quarterly basis, gross domestic product (GDP) expanded 3.5 percent on a seasonally and calendar-adjusted basis, also outstripping […] September 1, 2023
