Economic reports
Businesses fear prolonged world recession
Global business leaders are overwhelmingly worried about the possibility of a prolonged recession because of the coronavirus disease (COVID-19), according to the World Economic Forum (WEF). In a survey of corporate and business decision-makers, the WEF found that nearly 70 percent thought that a pr
Turkey seeks to expand oil and gas drilling through influence on Tripoli government
In a new illustration of the economic objectives it is pursuing in Libya, Turkey has announced its intent to begin oil and gas exploration in an unspecified area off the North African country’s coast. State-run oil firm Turkish Petroleum has submitted an application to the Tripoli government
UK furlough scheme extended by four months
The UK scheme to pay wages of workers on leave because of coronavirus will be extended to October, Chancellor Rishi Sunak has said. Mr Sunak confirmed that employees will continue to receive 80% of their monthly wages up to £2,500. But he said the government will ask companies to "start shar
Qatar Airways admits 'new reality', readies to dismiss 'substantial' number of staff
After weeks of trying to highlight the resilience of the airline in front of the global aviation crisis caused by the coronavirus pandemic, Qatar Airways has admitted it must now accept "a new reality" and is preparing to lay off a large number of its employees. A memo from the company's CEO Akbar
India Offers Land Twice Luxembourg’s Size to Firms Leaving China
India is developing a land pool nearly double the size of Luxembourg to lure businesses moving out of China, according to people with the knowledge of the matter. A total area of 461,589 hectares has been identified across the country for the purpose, the people said, asking not to be identified be
10 Ways To Recession-Proof Your Finances
The effects of recession can lead to unemployment, fall in income and businesses closing down. Now, I’m not trying to scare you. The point is to prepare for the worst case scenario. There are ways to financially prepare for a (possible) recession. It would be best to start now to minimise the
Oil for Less Than Nothing? Here’s How That Happened
April 20, 2020 will go down in oil-market history as the day when the U.S. benchmark price for crude dropped below zero for the first time -- and then kept falling. In a massive and unprecedented swing, the future contracts for May delivery of West Texas Intermediate tumbled to minus $37.63 a barrel
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
