Author: Steven Sahiounie

The Turkish Lira (TRY) grabbed the spotlight in the foreign exchange realm on Thursday, leaping 7.7% against the US Dollar (USD) post the Central Bank of Turkey’s (CBoT) policy meeting. While the USD/TRY exchange rate did recede slightly overnight into Friday, the currency remained 4.0% firmer than its pre-meeting stance. At the time of writing, the US Dollar to Lira exchange rate (USD/TRY) is trading at 26.5496. The Pound Sterling to Lira exchange rate is seen trading at 33.4021. As discussed by analysts at MUFG, this unexpected upswing in the Turkish Lira (TRY) was attributed to CBoT’s decision to raise rates significantly by…

Lebanon pins hopes on offshore oil exploration amid economic collaps In the midst of Lebanon’s most devastating economic crisis in recent history, the arrival of a drilling rig off its coastline last week ignited a glimmer of possibility in a country long accustomed to navigating tumultuous waters. For years, Lebanon has harbored dreams of tapping into its offshore oil and gas reserves, fueled by regional dynamics and a desire to diversify a chronically fragile economy. Last Wednesday, a drilling rig reached Lebanon, intending to initiate offshore oil-and-gas exploration later this month, as the French energy group TotalEnergies stated. The commencement…

State and federal lawmakers are pushing to regulate foreign ownership of U.S. real estate because of fears that Chinese entities are creating a national security risk by amassing swaths of U.S. farmland, some of it near sensitive sites. A review by NBC News of thousands of documents filed with the U.S. Department of Agriculture, however, shows very few purchases by Chinese buyers in the past year and a half — fewer than 1,400 acres in a country with 1.3 billion acres of agricultural land. In fact, the total amount of U.S. agricultural land owned by Chinese interests is less than three-hundredths of…

Federal Reserve Chair Jerome Powell on Friday called for more vigilance in the fight against inflation, warning that additional interest rate increases could be yet to come. While acknowledging that progress has been made and saying the Fed will be careful in where it goes from here, the central bank leader said inflation is still above where policymakers feel comfortable. He noted that the Fed will remain flexible as it contemplates further moves, but gave little indication that it’s ready to start easing anytime soon. “Although inflation has moved down from its peak — a welcome development — it remains too high,” Powell…

 UAE Foreign Minister Abdullah bin Zayed Al Nahyan thanked the five founding members of BRICS for accepting the UAE to join the group.  Said UAE Minister In a statement on Friday, “the UAE’s accession to BRICS embodies the approach of partnership and the spirit of friendship established in the group.” Bin Zayed Al Nahyan added that “his country’s accession to the BRICS is part of the UAE’s priorities in promoting dialogue through effective platforms representing the economies of developing and emerging countries.” “The UAE constantly stresses the importance of multilateralism in supporting peace, security and development globally,” the UAE foreign…

CNN —  Members of the United Auto Workers union overwhelmingly approved possible strikes at the nation’s three unionized automakers next month, as the union tries to win back many of the concessions it lost more than 15 years ago and protect members during the transition to electric vehicles in the years ahead. The union said 97% of those participating in the strike authorization voted in favor of possible strikes at General Motors, Ford and Stellantis, the company that sells vehicles under the Ram, Dodge, Jeep and Chrysler names. There are 145,000 UAW members at the three companies. “Our union’s membership is…

CNN —  The world’s largest tech companies must comply with a sweeping new European law starting Friday that affects everything from social media moderation to targeted advertising and counterfeit goods in e-commerce — with possible ripple effects for the rest of the world. The unprecedented EU measures for online platforms will apply to companies including Amazon, Apple, Google, Meta, Microsoft, Snapchat and TikTok, among many others, reflecting one of the most comprehensive and ambitious efforts by policymakers anywhere to regulate tech giants through legislation. It could lead to fines for some companies and to changes in software affecting consumers. The rules…

Aleppo,SANA Activities of Khan al-Harir specialized Export Exhibition were launched on Thursday evening with participation of 150 companies in its 5th edition. The exhibition is being held by the Aleppo Chamber of Industry at Sports City in the presence of more than 350 merchants and businessmen from seven Arab countries. It includes various types of clothing, textiles, shoes, leather, bags, orientals and production requirements.The exhibition constitutes a major economic phenomena as part of a series of exhibitions that are held in most Syrian provinces, Minister of Industry, Abdul Qadir Joukhadar, said in a statement. The minister added that the presence…

Damascus, SANA- Minister of Economy and Foreign Trade Mohammad Samer al-Khalil, discussed with a delegation from Oman Investment Authority ways to boost bilateral economic cooperation and prepare the legal frameworks governing this. Al-Khalil affirmed that government efforts are preparing the appropriate ground for the development of bilateral economic ties, noting that activating real cooperation in the trade and investment aspects lies primarily with the private sector. He reviewed the main opportunities for investment cooperation between the two countries, especially in the agricultural fields and agro-industries. Head of the Omani delegation, Talal al-Harasi, discussed the results of his meetings with some…

Speaking at a meeting on Friday with the chairman of the State Revenue Committee of Armenia, Hojjatollah Abdolmaleki, the secretary of Iran’s Supreme Council of Free Trade-Industrial and Special Economic Zones said, “In line with the agreements made between presidents of the two countries, free industrial-trade and special economic zones are seeking to boost trade exchanges with the Republic of Armenia.” Turning to efforts to increase the trade and transit exchanges with Armenia through the borderline located in Aras Free Zone, he called the streamlining of customs activities electronically at the border and adjusting customs tariffs for entry of cargo trucks as…