Author: Steven Sahiounie

In August the regulator raised the key rate unexpectedly from 8.5% to 12% MOSCOW, September 20. /TASS/. The dollar’s exchange rate would be three-digit at best if Russia’s key rate remained at the level of 8.5%, Central Bank Deputy Governor Alexey Zabotkin said. “If the rate remained at 8.5% we would now have a different level of exchange rate, which would most likely be three-digit at best. In this respect the key rate has had an effect from the viewpoint of the current dynamics of the exchange rate,” he explained. The Bank of Russia raised the key rate from 12%…

Those policies are first of all targeted at capital outflow that is currently going through friendly countries, Deputy Finance Minister Alexey Moiseev said MOSCOW, September 20. /TASS/. Russia’s government is currently considering a number of policies on resumption of current regulation in the country, Deputy Finance Minister Alexey Moiseev said. “A whole number of measures aimed at resumption of some currency regulation policies have been drafted and are currently under consideration. <…> They would allow curbing temporary fluctuations of the exchange rate,” he said. Those policies are first of all targeted at capital outflow that is currently going through friendly…

SINGAPORE: Oil prices fell nearly $1 on Wednesday ahead of the US Federal Reserve’s interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand, according to Reuters. Prices fell despite a bigger-than-expected draw in US oil stockpiles and weak shale output from the country that indicated tight crude supply for the rest of 2023. Global benchmark Brent crude futures were down 88 cents, or 0.9 percent, at $93.46 a barrel by 9:50 a.m. Saudi time. Brent hit $95.96 on Tuesday, its highest since November. US West…

RIYADH: The strong performance of the UAE’s non-oil sector is expected to drive the country’s economic growth beyond the 6 percent mark in 2023, according to Minister of Economy Abdulla bin Touq Al-Marri. He noted that the non-oil sector had achieved a 4.5 percent growth in the first half of the year, contributing to an overall gross domestic product growth rate of 3.8 percent, as reported by the local newspaper Al-Ittihad. Al-Marri emphasized that the national economy is moving steadily toward achieving rapid and sustainable growth. The minister clarified that new engines have been added over the…

BEIJING: Russia maintained its spot as China’s top crude oil supplier in August, Chinese government data showed on Wednesday, even as discounts on Russian crude continued to narrow and Moscow cut exports. China’s imports from Russia — including supplies via pipelines and seaborne shipments — jumped 26 percent from August last year to 10.54 million metric tons, or 2.48 million barrels per day, the second-highest on the record, according to data from the General Administration of Customs. Russian arrivals over the first eight months of the year were up a quarter from a year earlier to 71.21 million tons. Shipments from…

RIYADH: Egypt’s automotive industry is set to experience significant growth with Rolling Plus Chemical Industries Co. announcing plans to establish a tire manufacturing plant with an investment of 1 billion euros ($1.07 billion). The company has signed a contract with the Egyptian government to establish the plant, which will be located in the Suez Canal Economic Zone, as reported by Al-Arabiya. The tire manufacturing facility will be spread over an area of 400,000 sq. meters and will have an annual production capacity of 7 million tires. The project will be implemented in three phases, and it will produce…

RIYADH: In a move aimed at bolstering global sustainability efforts, HSBC has committed to providing $1 billion in financing to support early-stage climate tech companies. This initiative will support startups working on a range of solutions, spanning electric vehicle charging infrastructure, advanced battery storage, sustainable agriculture and food production, and innovative carbon removal technologies, the company said in a press release. Barry O’Byrne, the CEO of global commercial banking at HSBC, said: “Access to finance is critical for early-stage climate tech companies to create and scale real-world solutions. We are already working with some of the most exciting companies…

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Wednesday’s trading session at 11,061.50, declining 9.27 points – or 0.08 percent. The parallel market Nomu closed the day at 22,393.08 points, reflecting a drop of 16.31 points, or 0.07 percent. MSCI Tadawul 30 Index also slightly edged down 3.66 points to settle at 1,422.79, a 0.26 percent dip. TASI reported a trading volume of SR5.23 billion ($1.39 billion), with 96 stocks gaining and 109 losing steam. The best-performing stock of the day was Knowledge Economic City, whose share price surged 9.54 percent to SR15.16. The second top performer was Etihad Atheeb Telecommunication Co.,…

RIYADH: Kyrgyzstan is set to witness significant economic and social infrastructure developments as the Islamic Development Bank prepares a Member Country Partnership Study for the Central Asian nation. The MCPS will facilitate the design of tangible programs and projects for the Kyrgyz Republic, aligning it with IsDB’s new strategic direction, as reported by the Saudi Press Agency. This announcement was made during a meeting between IsDB President Mohammad Al-Jasser and Kyrgyz President Sadyr Japarov on the sidelines of the 78th session of the UN General Assembly in New York. Kyrgyzstan enjoys a long-standing relationship with the Shariah-compliant bank, which…

RIYADH: ADES Holding Co., partially owned by Saudi Arabia’s Public Investment Fund (PIF), has reportedly set the final price for its initial public offering on the Kingdom’s main exchange at SR13.50 ($3.60) per share. According to a Reuters report, this pricing implies a valuation of $4.06 billion for the oil and gas driller. ADES Group has not officially confirmed the Reuters claim. Instead, the company informed Arab News that the final IPO price would be disclosed once approved by Saudi Arabia’s Capital Markets Authority. The report noted that the company is expected to raise about $1.22 billion from the…