Author: Steven Sahiounie

Ghana approved a green-minerals policy to help manage the exploitation and production of lithium, a step toward tapping into the multibillion-dollar global industry. The cabinet approved the policy document on July 27, Lands and Natural Resources Minister Samuel Jinapor said in an interview.It is expected to be passed by parliament before the end of the year, and will provide clear guidelines and a fiscal regime for mining so-called green minerals in a manner that ensures Ghana derives as much benefit as possible from its resources. “Ghana is seeking to operate at a level that makes the best out of the…

Egypt’s annual headline inflation in July rose to an all-time high of 36.5 percent, in line with analysts’ expectations, as food prices soared, data from the country’s statistics agency CAPMAS showed on Thursday.Headline inflation was 35.7 percent in June, also a record high. Month on month, prices rose 1.9 percent in July, down from 2.08 percent in June.The median forecast of 15 analysts polled showed annual urban consumer inflation rising to 36.5 percent in July. The previous high of 32.95 percent was recorded in July 2017.Food and beverage prices rose by an annual 68.4 percent in July, CAPMAS said. Source:…

Emaar Properties, Dubai’s largest listed real estate firm, has posted a roughly 15 percent drop in net profit in the second quarter. Emaar said its first-half net profit rose 15 percent from a year earlier to 4.9 billion dirhams. Its first-quarter net profit was 3.2 billion dirhams. Its second-quarter net profit of about 1.7 billion dirhams, according to Reuters calculations based on first-half results, was down from just over 2 billion dirhams in profit a year prior. That missed analysts’ average estimate of 1.9 billion dirhams in net profit for the second quarter, according to Refinitiv data. Emaar did not…

India’s company law tribunal approved a merger between Sony Group Corp.’s South Asian unit and Zee Entertainment Enterprises Ltd., helping clear the way for the creation of a media behemoth. The milestone approval on Thursday brings the deal closer to completion. However, objecting creditors can still appeal the decision at a higher court. The merger also needs sign off from India’s Ministry of Information and Broadcasting, Janak Dwarkadas, Zee’s lawyer, told Bloomberg News at the hearing in Mumbai. Zee’s shares jumped as much as 20 percent after the verdict and closed at their highest level since April 2022. The deal,…

Lulu Group International, which operates one of the Middle East’s largest hypermarket chains, is raising 10 billion dirhams ($2.72 billion) to refinance debt ahead of a potential initial public offering, people familiar with the matter said. The conglomerate is borrowing the funds from Abu Dhabi Commercial Bank PJSC, Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC and Mashreq Bank PSC, the people said, asking not to be identified discussing confidential information. The loans have an average maturity of 10 years, they said. Abu Dhabi-based Lulu is realigning its capital structure before a possible listing in 2024 after delaying those plans…

The auditor of billionaire Gautam Adani’s ports business is planning to resign, people familiar with the matter said, a move that may heighten concerns about accounting quality at the Indian conglomerate targeted by short seller Hindenburg Research. Deloitte Haskins & Sells LLP has communicated to Adani Ports & Special Economic Zone Ltd. its resignation plans and a formal announcement is expected in coming days, one of the people said, asking not to be identified discussing a sensitive matter. The Indian unit of the global accounting giant in May raised concerns over transactions between Adani Ports and three entities that Adani…

ADNOC and National Central Cooling Company PJSC (Tabreed), has announced on Monday a breakthrough in their first project in the Gulf region to harness geothermal energy to diversify and decarbonize the UAE’s energy mix.The initiative is underpinned by ADNOC’s initial $14.97 billion (Dh 55 billion) allocation towards decarbonization projects and supports the UAE National Energy Strategy, Net Zero by 2050 goals, as well as the Abu Dhabi Climate Change Strategy.The landmark project is set to decarbonize the cooling of buildings in Masdar City, further diversifying the UAE’s energy mix and support the UAE National Energy Strategy 2050, which aims to…

Steven Sahiounie, journalist and political commentator The US and Iran are in a negotiation to swap five prisoners held in Iran for five prisoners held in the US. The deal has not been finalized, and the prisoners may not arrive home soon, but the deal has been placed into motion as Iran has transferred the five prisoners to house arrest, some having been transferred out of the infamous Evin prison in Tehran. Qatar, Oman and Switzerland played a role in the deal, and when it finalizes, $6 billion dollars will be converted to Euros in a South Korean bank account…

Prime Minister Mohammad Shtayyeh today hailed the decision of Saudi Arabia to appoint Ambassador Nayef al-Sudairi as non-resident ambassador to Palestine and as consul general in Jerusalem stressing its political significance. Speaking at the start of the weekly cabinet meeting held in Ramallah, Shtayyeh said this step bears significant political meanings and implications in facing the Israeli occupation measures. Al-Sudairi submitted on Saturday at the Palestine embassy in the Jordanian capital, Amman, his credentials as non-resident ambassador to Palestine and as the Kingdom’s consul general in Jerusalem to Majdi al-Khalidi, Diplomatic Advisor to President Mahmoud Abbas. Saudi Arabia operated a…

The Israeli occupation forces today detained eight Palestinians during raids at their homes in the occupied territories, according to the Palestinian Prisoner’s Society (PPS) and other sources. Three Palestinians were detained at Jalazone refugee camp, near Ramallah, including two siblings, and a fourth was detained from the nearby town of Birzeit, according to Palestinian security sources. One person was detained in Qabatiya, south of the northern West Bank city of Jenin, and another, a 62-year-old former prisoner, was detained during a raid at his home in the northern West Bank city of Nablus, said local sources. In the southern West…