Finance 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 […] December 5, 2023
Energy Vladimir Putin to visit UAE and Saudi Arabia this week Russian President Vladimir Putin will visit the UAE and Saudi Arabia this week, Russian news outlet Shot reported on Monday, citing Putin’s aide Yury Ushakov. The reported visit comes after the Opec+ group of oil producers, which includes all three countries, agreed last Thursday to voluntary output cuts totalling about 2.2 million barrels a day […] December 5, 2023
Energy Lula says Brazil will never be a full member of Opec+ Brazil will never join the Opec+ group of oil-producing nations as a full member and instead only seeks to participate as an observer, Brazilian President Luiz Inacio Lula da Silva said on Sunday. Lula’s remarks to reporters at the UN Cop28 climate summit in Dubai clarified his statements a day earlier that Brazil would “participate” […] December 4, 2023
Oil & Gas Saudi plans first Asia Arab Light price cut in seven months Top oil exporter Saudi Arabia may trim the price for its flagship Arab Light crude to Asia for the first time in seven months, despite an extension of its voluntary supply cut, as the market deals with ample supply and tepid demand. State oil giant Saudi Aramco may cut the January official selling price (OSP) […] December 3, 2023
Energy Exxon Mobil hits back at IEA carbon capture criticism Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency’s (IEA) recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion,” saying the same could be said about electric vehicles and solar energy. “There is no solution set out there today that is at the scale to solve […] December 3, 2023
Finance Saudi Arabia studies battery materials trading platform Saudi Arabia is exploring the potential launch of a new commodity trading platform for battery materials, including graphite and rare earths, its vice minister of industry and mineral resources said. Riyadh’s efforts to build an economy that is not dependent on oil include a shift towards mining the country’s untapped mineral resources – worth about […] December 1, 2023
Transport Emirates urges Rolls-Royce to go ‘back to basics’ The head of Dubai’s Emirates has urged Rolls-Royce to go “back to basics” and focus on the performance of its engines, a day after the British firm laid out plans to quadruple profits. Shares in the engine maker rose after CEO Tufan Erginbilgic unveiled a strategy on Tuesday to revive its fortunes including a sharp […] November 30, 2023
Sustainability US and China to collaborate for the success of Cop28 The United States will work with China to make the United Nations climate negotiations that begin in the UAE this week a success, Washington’s climate envoy said on Wednesday. Cooperation between the US and China, the world’s two biggest emitters of greenhouse gases, is seen as crucial to securing consensus at the November 30-December 12 […] November 30, 2023
Finance Turkey says interest rate hikes ‘cooled’ inflation Turkey’s interest rate hikes have helped lower inflation expectations and improved visibility on prices, attracting Western fund inflows that have boosted depleted FX reserves, central bank governor Hafize Gaye Erkan said on Wednesday. Interest in Turkish lira deposit accounts and assets has increased since June, Erkan told the Istanbul Chamber of Industry, after years of […] November 30, 2023
Finance Turkey’s total reserves hit record high $137bn The Turkish central bank’s total reserves rose $2 billion last week to a record of $136.5 billion, five bankers’ calculations showed on Tuesday, sustaining an uptrend after it adopted more orthodox monetary policy since June. The central bank has raised interest rates by 3,150 basis points since June, when President Tayyip Erdogan appointed former Wall […] November 29, 2023
Finance European fund Amundi dips toe back into Turkey’s lira Amundi, Europe’s largest asset manager and among the top 10 in the world, has started dipping its toe back into the Turkish lira having been impressed by the country’s turnaround efforts since its mid-year elections. The Paris-based firm, which has $2 trillion worth of assets under management, is yet to go all in given the […] November 29, 2023
Oil & Gas Libya’s state oil firm needs $17bn to increase output Libya’s state oil firm, the National Oil Corporation (NOC), needs a budget of $17 billion to increase national oil output to 2 million barrels per day in three to five years, its chairman, Farhat Bengdara said in an interview. Bengdara told Alwasat TV on Sunday that there were no obstacles to increase the output but […] November 28, 2023
Business of Sport Red Bull’s Max Verstappen wins Abu Dhabi GP Red Bull’s triple world champion Max Verstappen wrapped up Formula One’s most dominant season with a record-extending 19th win in 22 races at the season-ending Abu Dhabi Grand Prix on Sunday. The pole-to-flag victory, for the fourth year in a row under the Yas Marina floodlights, left the 26-year-old alone in third place in Formula […] November 27, 2023
Transport Turkish Airlines low-cost carrier to launch flights in 2024 Turkish Airlines said on Friday its budget carrier AnadoluJet will begin operating next year under the name of AJet and compete in the global low-cost aviation industry. AnadoluJet will conduct its operations under the name “AJet Air Transportation Inc” as a wholly-owned subsidiary of Turkish Airlines, starting at the end of March 2024, it said […] November 27, 2023
Transport Over 100 nations agree to 5% lower emissions by 2030 A meeting of more than 100 countries on Friday agreed to an interim goal for emissions reductions from global aviation by 2030 by using less-polluting fuels, but China, Russia and some others aired concerns about the impact on their economies. The goal, which came after five days of UN-led talks in Dubai, called for five […] November 26, 2023
Sustainability Brazil plans mega fund to conserve forests at Cop28 Brazil plans to propose a “huge” fund to pay for the conservation of tropical forests at the United Nations Cop28 climate change summit, which begins later this month in Dubai, the country’s top climate negotiator said on Thursday. That fund, not previously reported, would be the latest in a proliferation of multilateral environmental funds. Countries […] November 24, 2023
Finance Turkish deposit rates to rise as liquidity tightens Turkish banks’ deposit rates, already above 45 percent, are expected to continue rising for the remainder of 2023 as the central bank takes additional steps to tighten liquidity and lenders spruce up their year-end balance sheets. Central bank data shows the average return on three-month lira deposits rose to near 46 percent by November 10 […] November 23, 2023
Finance JPMorgan backs bounce in Turkey’s lira as key 2024 bet Investment bank JPMorgan on Tuesday backed a bounce in Turkey’s lira as one of its key emerging market bets for 2024. The value of Turkey’s currency has plummeted in recent years, but a screeching 180-degree change of policy direction following President Tayyip Erdogan’s re-election win this year has seen interest rates hiked significantly, creating more […] November 23, 2023
Energy Morgan Stanley expects Opec to rein in output Morgan Stanley says prices of each barrel of Brent crude are likely to be supported at a level in the mid-$80s as it expects producer group Opec to continue to restrain production and stabilise oil inventories broadly at present levels. Oil prices kept in a narrow range on Wednesday, with the market awaiting news on […] November 23, 2023
Energy QatarEnergy wins $570m ruling against Spanish firm QatarEnergy is the un-named company that will receive $570 million from the Spanish power utility Endesa after an arbitration ruling over a liquefied natural gas contract dispute, people familiar with the matter have told Reuters. The Spanish firm said on Monday it would have to pay the sum to an unidentified liquefied natural gas (LNG) […] November 23, 2023
Finance Jordan spending forecast at $17.5bn in draft budget Jordan’s state spending is forecast at 12.4 billion dinars ($17.5 billion) in its draft 2024 budget, finance minister Mohamad Al-Ississ said on Wednesday, supported by a strong showing in International Monetary Fund (IMF) backed reforms. Al-Ississ said growth was expected to be around 2.6 percent in 2024, the same level forecast for this year, as […] November 23, 2023
Energy Japanese trade body expects Opec+ to extend supply cuts The head of Japan’s oil industry body said on Monday he expects Opec+ to extend its supply curbs after December to support oil prices. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is set to consider whether to make additional oil supply cuts when it meets on November […] November 21, 2023
