Author: Steven Sahiounie

Gazprom handed over a draft roadmap on the gas hub project to Turkey’s Botas, Russian President Vladimir Putin said on September 4 in Sochi after talks with Turkish leader Recep Tayyip Erdogan ISTANBUL, September 5. /TASS/. Negotiations of establishing a joint working group to deal with implementation of a roadmap for the gas hub project in Turkey can be held shortly, a local diplomatic source told TASS. “Negotiations may be held in the near time. The project roadmap provides for coordination of legal and administrative matters of electronic platform functioning, trade organization mechanisms, potential participation of third party representatives in…

It is noted that the latest data evidence a dramatic increase in the business activity in the Russian services sector MOSCOW, September 5. /TASS/. The Purchasing Managers Index (PMI) in the Russian services sector moved up from 54 points in July to 57.6 points in August, S&P Global said in its research. The index value above 50 points evidences an increase in the business activity and the value below such level means it is slowing down. The latest data evidence a dramatic increase in the business activity in the Russian services sector, the research says. “Growth in business activity was…

It is noted that personal relations between Recep Tayyip Erdogan and Vladimir Putin are one of the factors of dynamic development of trade and economic relations between the two countries ISTANBUL, September 5. /TASS/. Russia will become the largest trading partner of Turkey and statements of presidents of the two countries about the intention to bring the trade turnover to $100 bln confirm this trend, Director of the Turkey’s Foreign Policy Institute Huseyin Bagci told TASS, commenting on recent talks of presidents of the two countries in Sochi. “A conclusions can be made from statements made in Sochi regarding trade…

American farmers dominated the international corn market for more than 50 years Brazilian corn growers have managed to dethrone the US as the world’s number one exporter of the crop, Bloomberg reported last week, adding that the South American nation would account for about 32% of global corn exports in the 2023 agricultural year. According to the data from the US Department of Agriculture, as cited by the media, the US will account for only 23% of global corn exports in the agricultural year that ended August 31, well below the new leading exporter. Brazil is expected to keep the…

Banks must comply with US, EU, and UK sanctions in addition to local regulations, Swissinfo reports G7 countries, particularly the US, have questioned whether Switzerland is doing all it can to track Russian assets stashed away in bank vaults, Swissinfo reported. Swiss banks complain that on top of existing tax evasion and money laundering regulations, they now have to comply with US, EU, and UK sanctions. The situation is particularly complicated and challenging for banks with multiple branches abroad. “Contradictions between sanctions regimes [of the US, EU, and UK] are repeatedly leading to major difficulties with implementation and unnecessary compliance…

RIYADH: Egyptian presidential spokesman Ahmad Fahmi has said that Italian energy major Eni is planning to invest $7.7 billion in the country. The announcement was made after Egyptian President Abdel Fattah El-Sisi met with Eni’s CEO Claudio Descalzi, where he lauded the firm’s activities in his country. The meeting was also attended by Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and senior Eni officials. In August, El-Sisi revealed that Egypt will receive a $3.5 billion investment from UK multinational oil and gas company BP over the next three years. During the meeting with BP CEO Bernard Looney, the president highlighted Egypt’s…

RIYADH: The fintech sector is thriving in the Kingdom, which could be gauged through the fact that the share of digital payments reached 62 percent close enough to Saudi Arabia’s target of 70 percent by the end of 2025, said a top official of the central bank. Speaking at the opening of a two-day Seamless Saudi Arabia 2023 in Riyadh, Khalid Walid Al-Dhaher, vice governor for supervision and technology at the Saudi Central Bank, highlighted the growth of the Saudi financial sector since the launch of Vision 2030. “We have witnessed a significant increase in the number of financial technology…

RIYADH: King Abdullah Financial District Development & Management Co. has signed a deal with Orange Business, the enterprise division of Orange Group, to design, build and run an advanced smart city platform that will seamlessly integrate with KAFD’s existing digital infrastructure. This strategic partnership aims to incorporate advanced technologies including artificial intelligence and data analytics into the existing platform, enhancing the smart city experience within the area, known as Saudi Arabia’s premier business district. The agreement was signed on Sept. 4 at a ceremony hosted by KAFD, which was attended by more than 50 guests. The development of KAFD’s digital infrastructure aligns with Saudi Arabia’s Vision 2030, as the Kingdom strives to…

RIYADH: ACWA Power, a prominent player in Saudi Arabia’s energy transition efforts, is set to further its collaborations in the fields of green hydrogen, water desalination, and research and development through a series of newly inked agreements with six Italian companies. These partnerships were formalized at the Saudi-Italian Investment Forum held in Milan on Sept. 4, according to a statement. The six Italian entities include the small, medium, and large enterprises federation Confindustria, major energy firm Eni, and utility and waste management firm A2A. The remaining three firms are industrial solutions provider Industrie De Nora, specialty additives manufacturer Italmatch Chemicals,…

In a press release, RAC, a UK automotive business, details that the price of petrol “rocketed by nearly 7p (6.68p) a liter in August while diesel shot up by 8p.” According to the UK automotive services business, RAC, on Monday, the price of a liter (0.26 gallons) of petrol increased by about 7 pence ($0.08) and the price of a liter (0.26 gallons) of diesel increased by 8 pence in August. In a press release, the company detailed that the price of petrol “rocketed by nearly 7p (6.68p) a liter in August while diesel shot up by 8p, making for…