Economic reports
Apple's iPhone hit a new revenue record as company braces for coronavirus impact
Reuters news agency reported that the iPhone is back. But Apple is girding for more disruptions in virus-hit China. Apple Inc (AAPL.O) on Last Tuesday reported sales and profits for the holiday shopping quarter above Wall Street expectations, thanks to rising iPhone sales for the first time in a ye
Turkish Airlines says Boeing agrees to compensation over Max
Turkish Airlines said Tuesday that it has reached a partial agreement with Boeing over compensation for damages caused by the grounding of the airline’s Boeing 737 Max jets. The airline did not disclose financial terms of the agreement. Between 2013 and 2015, Turkish Airlines ordered 75 Max
6 major factors that shaped the global economy in 2019
Reem Abdellatif and Matthew Amlôt As global markets begin to snap out of their trade war-induced slumber, optimism is slowly returning among investors and economists. Trade tensions, particularly between the United States and China, undermined growth in 2019. Against a backdrop of financial v
Lebanon’s food importers face challenges paying for goods
Given the current restrictive monetary policies in Lebanon and the shortage of dollars, both food importers and local agro-industrialists are under pressure. Historically, Lebanon’s productivity sectors, mainly agriculture and industry, have been severely under-developed at the expense of the
Aramco moves towards $2 trillion valuation after first day trading
Matthew Amlôt, John Benny Saudi Aramco’s shares closed at 35.2 riyals ($9.39) per share, with the company reaching a valuation of $1.88 trillion, bringing it closer to the $2 trillion valuation initially targeted by Saudi Arabian authorities. The company’s shares shot up to hit
World Bank to reduce lending to China
Washington - The World Bank said on Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether. “Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don
What’s next for Lebanon’s crisis-hit economy?
By Jacob Boswall Lebanon is facing a combined political and economic crisis that has led to widespread bank closures, and semi-official capital controls limiting the amount of cash that individuals and businesses can access. A sharp rise in demand for cash and a perilous drop in the value of the l
WEEKLY ENERGY RECAP: Spot market tightens
Oil prices were relatively steady with Brent crude holding above $63 per barrel near an eight-week high and WTI finishing above $57 per barrel. The physical spot market is getting tighter and strong demand for Arabian Gulf medium sour crude has reflected that trend. So as yet, there are no signs o
MENA non-resident capital flows to rise to $200 bln in 2019 on reforms: IIF
Reem Abdellatif Ongoing economic reforms and incentives in the Middle East and North Africa (MENA) are expected to attract more capital from non-residents to the region, the Institute of International Finance (IIF) said in a recent report. Capital flows from non-residents to MENA are expec
Irish Food Companies Face $100 Mln in Extra Taxes After US Slaps Hefty Tariffs on EU Goods – Report
Trade tensions between the EU and the US have been mounting since Washington introduced tariffs on steel and aluminium imported from Europe on May 31, 2018. A month later, the bloc retaliated with 25 percent tariffs on US motorcycles and other items, including whiskey. The US’ new tariffs on
Theguardian : World economy is sleepwalking into a new financial crisis, warns Mervyn King
Larry Elliott in Washington The world is sleepwalking towards a fresh economic and financial crisis that will have devastating consequences for the democratic market system, according to the former Bank of England governor Mervyn King. Lord King, who was in charge at Threadne
Facebook’s Libra cryptocurrency faces new hurdle from G7 nations
London, Washington - Facebook’s plans to launch its Libra cryptocurrency faced a new hurdle on Thursday, when the Group of Seven wealthy nations said such “stablecoins” should not be allowed to launch until the profound international risks they pose are addressed. When launc
Pound seesaws as the UK and EU reach a Brexit deal
The pound swung dramatically in currency markets on Thursday 10-17-2019 after the president of the European Commission, Jean-Claude Juncker, said Brussels had come to an agreement with Britain on a Brexit withdrawal agreement to be presented to EU leaders. Sterling rallied on news of the deal, gain
IMF urges global markets to strengthen oversight amid rising economic risks
Reem Abdellatif, John Benny The International Monetary Fund (IMF) on Wednesday10-16-2019 urged policymakers to implement better oversight and regulations to address financial vulnerabilities, just a day after the fund slashed its 2019 global growth forecast to its lowest level since 2008-2009 on ri
