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India’s Jet Airways in creditor talks over possible Etihad bailout

Wednesday, 16 January 2019

India’s Jet Airways said on Wednesday it is in talks with its lenders to resolve its debt problems, amid increasing prospects of a bailout by major shareholder Etihad Airways. Shares in Jet, which has been hit by intense competition, a depreciating rupee and high oil prices and said it was now looking at a cash injection by stakeholders and board changes, closed more than 8 percent lower. Representatives of the two airlines were due to meet with creditors, led by Jet’s biggest ...

Saudi’s Samba bank 2018 profit up 10 pct, meets forecasts

Wednesday, 16 January 2019

Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 10 percent rise in 2018 net profit on Wednesday, in line with analysts’ forecasts. The bank made a profit of 5.53 billion riyals ($1.47 billion) for the year, up from 5.02 billion riyals in the same period a year earlier, it said in a bourse statement. The average of eight analysts polled forecast the bank would make a net profit of 5.59 billion riyals, according to Refinitiv data. The bank attributed ...

Egypt secures $1.2 bln from China EximBank for light rail to new capital

Wednesday, 16 January 2019

Egypt has agreed a $1.2 billion deal with the Export-Import Bank of China (EximBank) to finance a light rail system from an industrial city on the outskirts of Cairo to a new capital it is building, the transportation minister said. The loan has a 1.8 percent interest rate and matures in five years, Transport Minister Hisham Arafat said. He said $461 million would go to infrastructure and $739 million for trains. Five state-run companies and three private ones are involved in the construction ...

Saudi Arabia gives green light for development of NEOM Bay

Wednesday, 16 January 2019

NEOM Founding Board, chaired by Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers, Minister of Defense, and Chairman of Board of Directors of Public Fund Investment, approved the strategic concept of the masterplan for NEOM Bay, the first urban area to be developed in NEOM. According to the Saudi Press Agency (SPA), the Founding Board gave instructions to complete preparations and start construction work in the first quarter of 2019. It is ...

World Economic Forum warns of impact of global tensions

Wednesday, 16 January 2019

Tensions in international relations and nationalist politics have the potential to further weigh on the global economy this year, organizers of next week's gathering of business and political leaders in the Swiss ski resort of Davos warned Wednesday. In its annual Global Risks Report, the World Economic Forum said a “darkening” economic outlook, in part fostered by geopolitical tensions between the United States and China, “looks set to further reduce the potential for ...

Turkish Central Bank move could plunge lira into further turmoil

Tuesday, 15 January 2019

The Turkish lira is the world’s worst-performing currency, having lost more than 5 5% of its value from a high at the end of November.The slide against the dollar began last year with political tensions with the US over Turkish invasion of Syria’s Afrin city and imprisonment of a US pastor by Ankara, which resulted in economic sanctions. The lira hit a record low of 7.22 per dollar in August and lost almost a third of its value by December.The decline has continued this year. The ...

White House: Ivanka Trump to help select candidate to lead World Bank

Tuesday, 15 January 2019

Ivanka Trump will help manage the Trump administration’s selection of a US candidate for the position of World Bank Group president, a White House official has said.The official, who spoke on condition of anonymity because the process is not public, dismissed a report in the Financial Times that floated Ivanka’s name as a possible candidate and was repeated by several other media outlets over the weekend.Treasury Secretary Steven Mnuchin and White House Chief of Staff Mick Mulvaney ...

Powerful union calls for strike as Tunisia marks revolt anniversary

Tuesday, 15 January 2019

Tunisia’s powerful UGTT trade union on Monday called for a strike as the country, grappling with economic hardships, marked the eighth anniversary of the 2011 revolution that toppled President Zine El Abidine Ben Ali, after 23 years in power. The Tunisian General Labour Union, the UGTT, called on public sector employees to observe the strike on Thursday - the second since November - to demand a wage rise and economic reforms. In a speech at the union’s headquarters, secretary general ...

Zimbabwean protesters burn tires, block roads over fuel price hike

Monday, 14 January 2019

Protesters barricaded roads and burned tires in a suburb of Zimbabwe’s capital Harare on Monday, two days after President Emmerson Mnangagwa announced a massive fuel price hike in an effort to stem a deepening economic crisis. Cash shortages have plunged Zimbabwe’s economy into disarray, threatening widespread social unrest and undermining Mnangagwa’s efforts to win back foreign investors sidelined under his predecessor Robert Mugabe. Mnangagwa’s announcement of a 150 ...

Official: Egypt picks banks to manage sale of stakes in state-owned companies

Monday, 14 January 2019

Egypt’s CI Capital and Renaissance Capital will manage the sale of a stake in state-owned Abu Qir Fertilizers, a government official said on Monday. EFG Hermes and Citi will manage the sale of a stake in Alexandria Container and Cargo Handling, the official who spoke on condition of anonymity said. Egypt is working on selling shares in dozens of state-owned companies over the next three to five years across several sectors to help boost public finances. The state owns vast swathes of ...

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