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Egypt: Annual Urban Consumer Price Inflation Increases in Sept

Egypt's annual urban consumer price inflation increased to 3.7% in September from 3.4% in August, the country's statistics agency CAPMAS said on Saturday. This came as food and beverage prices declined 2.6% annually in September and fell 0.2% month-on-month. The central bank unexpectedly cut its


South Sudan to Change Currency to Improve Economy

South Sudan’s cabinet agreed on Friday to change the country’s currency in order to improve the economy, the government spokesman said, without giving further details. “The cabinet has decided that the current currency should be changed....This is to improve our economic situati


Polish Fashion Retailer LPP Wants to Revive Dividends Next Year

Poland’s biggest fashion retailer LPP aims to pay out dividends next year after deciding against any payout this year, its deputy head Przemyslaw Lutkiewicz said on Friday. LPP, which sells mostly in shopping malls that were temporarily closed and are now being visited by fewer customers th


OPEC: Worst is Over for Oil Market

OPEC Secretary General Mohammad Barkindo said on Thursday the worst was over for the oil market, following a price and demand collapse this year due to the coronavirus pandemic. World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said. The prediction fro


Samsung Electronics Profit Climbs After Huawei Orders, Phone Recovery

Samsung Electronics Co Ltd said its third-quarter profit likely jumped 58% to the highest in two years, beating analysts’ estimates as US restrictions on China’s Huawei boosted the South Korean tech giant’s phone and chip sales. US action against Huawei Technologies Co Ltd has d


Lebanon on Edge as Time, Money Run Out

Fouad Khamasi fills his taxi every day with about 40,000 Lebanese pounds' worth of fuel. It could cost at least four times that much if subsidies come to an end. The Beirut cab driver, 53, can just about afford to buy fuel and feed his kids. He worries the price of subsidized foods and key import


Turkey’s Central Bank raises lira swap rate

Turkey’s Central Bank increased the Turkish lira interest rate for swap transactions by 150 basis points on Friday, . The rate, the bank uses in weekly currency swaps, rose to 11.75 per cent from 10.25 per cent, according to information obtained by an Anadolu Agency reporter.


Saudi Bindawood Sets IPO Price at 96 Riyals Per Share

Saudi Arabian supermarket retailer BinDawood Holding has priced its initial public offering at 96 riyals ($25.59) a share, the company said on Wednesday. The retailer, which owns the Danube and BinDawood supermarket brands, said the book-building process generated an order book of 106.9 billion r


US Blacklists All of Iran's Financial Sector

Washington has hit virtually all of Iran’s financial sector with sanctions, dealing another blow to an economy that is already reeling under US sanctions. Thursday's move hits 18 Iranian banks that had thus far escaped the bulk of re-imposed US sanctions and, more importantly, subjects fore


Turkish Lira Hits All-Time Low Due to Political Turmoil

Turkey’s lira hit a record low for the second straight session on Thursday weighed by concerns over possible US sanctions and the Caucasus conflict. The lira sank 0.7% to an all-time low of 7.9389 to the dollar, Reuters reported. This came as other emerging market stocks and currencies ros


UK prefers to save jobs over tax rises as COVID-19 hits economy

Britain will prioritise trying to save jobs over tax rises while the COVID-19 pandemic batters the economy, though record borrowing and a $2.6 trillion debt pile cannot be sustained for ever, Chancellor of the Exchequer (Finance Minister) Rishi Sunak said on Tuesday.Prime Minister Boris Johnson is


Markets improve on Trump’s health progress, stimulus hopes

Global shares gained ground and crude prices rose on Monday as investor risk appetite was stoked by renewed stimulus optimism and news of President Donald Trump’s health progress.US stocks are rising Monday. The S&P 500 was 1.1% higher in morning trading, with raw-material producers and


Airline industry to burn $77 billion cash in H2 of 2020, says IATA

Global airlines warned on Tuesday that the coronavirus-stricken industry was on course to burn through another $77 billion in cash in the second half of 2020, calling on governments to renew expiring wage support programmes.“The issue now is that aid, particularly the wage subsidies, is star


Business Environment Strongly Improves in Egypt Despite Pandemic

The headline seasonally adjusted IHS Markit Egypt PMI rose from 49.4 in August to 50.4 in September, signaling an improvement during the latest survey period. “The result marked the first above-50.0 reading since July 2019. The latest div pointed to only a marginal improvement in business c


Puma Shares Dip as Kering Sells 5.9% Stake

Shares in Puma fell 3.5% on Tuesday after French luxury group Kering said it had completed the sale of a 5.9% stake in the German sportswear company for approximately 656 million euros ($772 million). Kering has increasingly focused on its high-margin luxury brands like Gucci, Saint Laurent and B


Iran’s Oil Sales to Reach $5 Bn in 2020

Iran lost $115 billion in oil exports and non-oil revenues, and the country’s crude oil sales this year will reach five billion dollars at best, according to an Iranian economic official. Iran’s total oil and non-oil exports will reach $35 billion this year, whereas its foreign curren


Saudi gold production reaches record levels

Saudi Arabia’s total production of gold increased 158 per cent to 12,353 kilogrammes in 2019 compared to the 4,789 kilogrammes recorded in 2014, a new report revealed. According to the publication, the kingdom has also increased its total production of silver, reaching 5,588 kilogrammes in


Airbnb to float IPO of $3 billion

Home rental company Airbnb is aiming to raise around $3 billion in its upcoming initial public offering (IPO), people familiar with the matter said, taking advantage of the unexpectedly sharp recovery in its business after the COVID-19 pandemic roiled the travel industry.Airbnb will be one of the




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