Finance Iraq to end all dollar cash withdrawals by January Iraq will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest push to curb the misuse of its hard currency reserves in financial crimes and the evasion of US sanctions on Iran, a top Iraqi central bank official said. The move aims to stamp out the illicit use […] October 6, 2023
Finance Egyptian banks suspend overseas use of debit cards At least two Egyptian banks have suspended the use of Egyptian pound debit cards outside the country to stop a drain on foreign currency as the country’s currency shortage worsens. Arab African International Bank sent a notice to customers on Wednesday and Arab International Bank sent one on Thursday announcing the suspension, according to several […] October 6, 2023
Finance Egypt posts current account surplus as imports plunge Egypt’s current account turned to a surplus in the April-to-June quarter as imports plunged and revenue from tourism and the Suez Canal rose, its second quarterly surplus in less than a year, the central bank said on Wednesday. Egypt devalued its currency by more than half in the year to March, making imports more expensive. […] October 5, 2023
Finance UAE company to take over 60% of Telkom Kenya UAE-based Infrastructure Corporation of Africa LLC (ICA) will take over 60 percent of shares in Telkom Kenya from London-based private equity firm Helios after a competitive process, Kenya’s finance ministry said on Wednesday. On Tuesday, the Kenyan cabinet rescinded a deal between a previous administration and Helios for the nationalisation of Telkom, citing “governance challenges” […] October 5, 2023
Energy Iraq sets deadline for oil firms in new licensing rounds Iraq has set a January 2024 deadline for international energy companies to submit formal letters of intent to take part in its so-called “fifth plus” and sixth licensing rounds, as the country strives to boost gas production and cut imports. Iraq, Opec’s second-biggest producer after Saudi Arabia, is awarding 30 new oil and gas projects […] October 4, 2023
Energy India discusses oil price ‘sensitivity’ with Opec+ India, the world’s third-biggest oil importer, on Tuesday urged producers to show “sensitivity” towards consuming countries, hit by prices largely trading above $90 a barrel since Saudi Arabia and Russia decided to extend voluntary cuts to the end of the year. “During pandemic, when crude oil prices crashed, the world came together to stabilise the […] October 4, 2023
Energy Egypt to resume LNG exports this month Egypt, which faces growing demand for gas from its population of 105 million, will resume liquefied natural gas (LNG) exports this month as planned, petroleum minister Tarek El Molla said on Tuesday. “We are still arranging and preparing for that, quantities are not yet defined,” he told Reuters on the sidelines of the Adipec energy […] October 4, 2023
Energy Saudi Arabia may hike Arab Light price for fifth month Saudi Arabia may raise the price for its flagship Arab Light crude to Asia for a fifth straight month in November, underpinned by its prolonged voluntary output cut and resilient oil demand in the region. State oil giant Saudi Aramco may hike the official selling price (OSP) for its medium sour crude by about 45 […] October 3, 2023
Energy QatarEnergy coalition bids in Lebanon licensing round A coalition of TotalEnergies, Eni and QatarEnergy applied for the second licensing round to bid on oil and gas blocks 8 and 10 in Lebanese waters, an hour before the deadline on Monday, Lebanon’s energy ministry said. Last month the consortium began drilling an exploratory well in Lebanon’s block 9, one of the blocks falling […] October 3, 2023
Energy Israeli firm seeks higher price from Adnoc and BP A panel reviewing a $2 billion offer by Abu Dhabi’s national oil company and BP to acquire a 50 percent stake in the Israeli gas producer NewMed has recommended raising the asking price by over 10 percent, casting doubt over the deal, sources said. The proposed acquisition by Abu Dhabi National Oil Co (Adnoc) and […] October 3, 2023
Transport Brunei’s GallopAir to launch after taking Chinese aircraft GallopAir, a new Brunei-based airline, is in talks with potential investors and plans to launch operations after taking delivery of its first Chinese aircraft in the second half of next year, its chief executive told Reuters. GallopAir last month announced a $2 billion deal to buy 30 regional and narrow-body jets from Commercial Aircraft Corporation […] October 2, 2023
Finance Thailand to inject $15.2bn into economy next year Thailand’s Prime Minister Srettha Thavisin said on Monday his government would inject 560 billion baht ($15.23 billion) into the economy next year through its signature digital wallet policy. The stimulus will be driven by the key plank of Srettha’s Pheu Thai Party’s electoral platform, where each citizen over 16 will receive a 10,000 baht ($282) […] October 2, 2023
Oil & Gas Cyprus and Chevron-led group extend gas field talks Cyprus and international energy companies led by Chevron have agreed to extend talks on how to develop its Aphrodite offshore gas field amid progress in negotiations, its energy minister said on Friday. “It is not a new negotiating round, it’s an extension, because there is progress in the conversation,” energy minister George Papanastasiou told Reuters, […] October 2, 2023
Finance S&P revises Turkey outlook to ‘stable’ on policy shift S&P Global Ratings on Friday revised its outlook on Turkey to “stable” from “negative,” citing policy shifts by the country, and affirmed its rating at “B”. Turkey’s new economic team is “enacting measures aimed at cooling the overheated economy and stabilising the exchange rate without undermining financial and fiscal stability”, the ratings agency said in […] October 1, 2023
Energy Opec+ unlikely to tweak oil policy in October meeting Opec+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four Opec+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (Opec) and allies led by Russia, known as Opec+, meet on October 4. The […] October 1, 2023
People & Lifestyle Mubadala in talks to buy stake in Indian hospital Mubadala is in talks to acquire a stake of less than 10 percent in India’s Manipal Hospitals, in what could be the Abu Dhabi sovereign fund’s first investment in the booming Indian healthcare space, people with direct knowledge said. The fund is holding talks with Singapore’s Temasek, which spent $2 billion in April to raise […] September 29, 2023
Finance Cyprus’s cabinet prepares surplus-yielding budget Cyprus’s cabinet approved its 2024 draft budgetary plan on Wednesday which is expected to yield a surplus of 2.2 percent of national output, authorities said. Growth was expected to reach 2.9 percent, Cypriot President Nikos Christodoulides said. The budget, which requires parliamentary approval, is the first prepared by Christodoulides’s centrist administration after winning presidential elections […] September 28, 2023
Energy Afrexim taps traders for $3bn loan to Nigerian oil company African Export–Import Bank (Afrexim Bank) is tapping oil traders to finance a $3 billion loan to Nigeria’s state oil company that is central to the country’s efforts to support the naira, three sources told Reuters. The currency hit an all-time low of 1,000 to the dollar on the black market on Tuesday. Afrexim approached traders […] September 28, 2023
Business of Sport Talks with PIF and DP World progressing says PGA Tour PGA Tour said its planned merger with Saudi-backed LIV Golf and DP World Tour has garnered unsolicited interest from investors as it continues to finalise an agreement with the Saudi Arabia’s Public Investment Fund (PIF) and the DP World Tour. The PGA said that while it did not solicit additional investment interest, it has a […] September 28, 2023
Banking & Finance Abu Dhabi backs $5bn fund for North American firms Wells Fargo is teaming up with private equity firm Centerbridge Partners to launch a fund with a capacity to lend more than $5 billion to North American middle-market companies, the groups said on Tuesday. The move highlights the increasing intertwining of private capital providers and traditional banks in offering credit to companies and consumers since […] September 27, 2023
Finance World Bank president sees over $100bn lending boost World Bank Group President Ajay Banga on Tuesday said proposed new contributions from wealthy countries combined with balance sheet changes could boost the bank’s lending capacity by $100 billion to $125 billion over a decade. Banga told a council on foreign relations event that the contributions would come outside the bank’s normal shareholding structure and […] September 27, 2023
Finance Israeli hi-tech firms raise $1.7bn in Q3 2023 Israeli high-tech firms raised $1.7 billion in the third quarter, preliminary data showed on Tuesday, in a sign that investment in startups is stabilising. The amount raised in the third quarter was down 38 percent over the same period in 2022 but only 14 percent lower from the second quarter, the IVC Research Center and […] September 27, 2023
