Author: Steven Sahiounie

The cooperation extends beyond sectors like energy and manufacturing, encompassing other areas as well Doha, Qatar: The Qatar Chamber (QC) hosted yesterday a high-level German delegation led by Dr Peter Ramsauer, President of the Ghorfa Arab-German Chamber of Commerce, and Industry (Ghorfa), Federal Minister ret. The delegation also included Abdulaziz Al-Mikhlafi, the Secretary-General of AGCCI, and several leading German businessmen. The Qatari side was presided over by QC Chairman Sheikh Khalifa bin Jassim Al Thani in the attendance of many board members and the general manager. Speaking at the meeting, QC Chairman praised the close relations between Qatar and Germany across…

This came in spite of a further decline in new orders, Egypt’s non-oil private sector businesses saw a modest downswing in operating conditions in September, as persistent inflationary pressures caused a depressed demand environment, according to the S&P Global Egypt Purchasing Managers’ Index™’s (PMI™) survey posted on October 3rd. The headline seasonally adjusted S&P Global Egypt Purchasing Managers’ Index (PMI) declined for the fourth month in a row to 48.7 in September from 49.2 in August, but still below the 50-point threshold that separates expansion from contraction, the data showed. The report revealed that lower sales and difficulty in acquiring…

In Abu Dhabi, the benchmark index rose for a second consecutive session and ended 0.5% higher Most stock markets in the Gulf ended higher on Tuesday, despite concerns over higher-for-longer U.S interest rates, although Saudi shares continued their slide for a fourth session. The Federal Reserve officials said monetary policy will need to stay restrictive for “some time” to bring inflation back down to the U.S. central bank’s 2% target. Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policies as most regional currencies are pegged to the U.S. dollar. In Abu Dhabi, the benchmark…

Spot gold was down 0.1% at $1,825.70 per ounce at 1207 GMT Gold extended losses on Tuesday, hitting a seven-month low as expectations around the Federal Reserve keeping interest rates high boosted the dollar and bond yields, while focus turned to U.S. job openings data due later in the day. Spot gold was down 0.1% at $1,825.70 per ounce at 1207 GMT, dropping to its lowest since March 9. Bullion was down for a seventh consecutive session. U.S. gold futures shed 0.3% to $1,841.60 per ounce. The dollar climbed to a more than 10-month peak, while Treasury yields hung near…

The dollar rose as high as 150.165 yen, its highest since October 2022, as the greenback pushed higher against most currencies NEWYORK/LONDON/TOKYO – The yen weakened to 150 to the dollar on Tuesday, a level some analysts think could prompt concerned Japanese authorities to intervene to prop up the currency. The dollar rose as high as 150.165 yen, its highest since October 2022, as the greenback pushed higher against most currencies, driven by surging U.S. Treasury yields. Source: Zawya

The project could bring investment of about $1.5 billion into Congo’s oil and gas sector – Afreximbank chairman The African Export-Import Bank (Afreximbank) signed an agreement to provide a $300 million facility to Trident OGX Congo in a transaction expected to raise the Republic of Congo’s crude oil production by an estimated 30%. The loan will enable Trident OGX Congo, a fully owned subsidiary of Trident OGX International Ltd, Singapore, to implement a capital expenditure programme to ramp-up crude oil production from the Mengo-Kundji-Bindi II (MKB II) oil fields. Under the terms of the agreement, Trident OGX Congo will use…

The IMF’s flagship report on the world’s economy will be published in full next week at the fund and the World Bank’s annual meetings Growing geopolitical fragmentation since the conflict on Ukraine has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said Tuesday. The fractures have led to a doubling in new trade restrictions on commodities since 2021, with low-income countries bearing the brunt of the costs, the IMF announced Tuesday. “To achieve net-zero-carbon emission targets, demand for minerals is set to rise severalfold in…

Job openings, a measure of labor demand, jumped 690,000 to 9.610 million on the last day of August WASHINGTON – U.S. job openings unexpectedly increased in August, pointing to tight labor market conditions that could compel the Federal Reserve to raise interest rates next month. Job openings, a measure of labor demand, jumped 690,000 to 9.610 million on the last day of August, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday. Data for July was revised higher to show 8.920 million job openings instead of the previously reported 8.827 million.…

The Committee discussed several topics, including the draft federal general budget for the 2024 fiscal year His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, chaired the periodical meeting of the UAE’s federal General Budget Committee to review the draft federal general budget for the 2024 fiscal year. The meeting was attended by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; and Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE); in addition to representatives of the Presidential Court and the Ministry of Finance. The…

The weakening of the Russian currency is being attributed to changes in the trade balance and strong demand for foreign currency The Russian ruble weakened past the symbolic threshold of 100 to the US dollar on Tuesday, as foreign currency outflows and a changing trade balance continue to weigh on the currency. The last time the ruble was trading at 100 to the greenback was August 14. The Russian currency recovered slightly through the morning to trade just above 99 to the dollar. It also made a slight gain against the euro, after dropping to a low of 104.6. The…