Author: Steven Sahiounie

CI Capital Holding is one of Egypt’s leading non-bank financial services providers CI Capital Holding for Financial Investments (CICH) posted a 53.7% year-on-year (YoY) surge in consolidated net profits attributable to the parent company during the first nine months of 2023, according to a filing on November 30th. The company’s consolidated profits after tax and minority interest stood at EGP 746.475 million in the nine-month period, compared to EGP 485.695 in the first nine months of 2022. Revenues rose to EGP 4.71 billion from EGP 2.437 billion in the nine months ended September 30th last year. Meanwhile, standalone net profits…

Riyadh’s efforts to build an economy that is not dependent on oil include a shift towards mining the country’s untapped mineral resources – worth about $1.33 trillion LONDON – Saudi Arabia is exploring the potential launch of a new commodity trading platform for battery materials, including graphite and rare earths, its vice minister of industry and mineral resources said. Riyadh’s efforts to build an economy that is not dependent on oil include a shift towards mining the country’s untapped mineral resources – worth about $1.33 trillion – including copper, lithium, phosphate and gold, but also investing in overseas assets. “To…

Jazan is considered the 7th largest region in Saudi Arabia in terms of the number of commercial registrations JAZAN — The Commerce Ministry (MOC) revealed that the commercial records in the Jazan region have recorded a growth of 52% in the past 5 years, reaching more than 55,000 records. This was announced by Undersecretary of MOC for Business Abdulsalam Al-Manea during his participation in the opening session of Jazan Investment Forum. Jazan is considered the 7th largest region in Saudi Arabia in terms of the number of commercial registrations, Al-Manea said, adding that there are many promising sectors that have…

The UAE on Thursday (November 30) announced the retail fuel prices for the month of December Fuel Prices Monitoring Committee reduced gasoline prices by between 7 and 8 fils for gasoline per litre, compared to the rates of November 2023 The UAE on Thursday (November 30) announced the retail fuel prices for the month of December. The approved fuel prices by the Ministry of Energy are determined every month, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies. The Fuel Prices Monitoring Committee reduced gasoline prices for December by…

The new banknote is being issued in the same blue colour, for easier identification and will go into circulation on Thursday, November 30 The UAE Central Bank has issued a new polymer Dh500 banknote, it announced earlier on Wednesday. The new banknote is being issued in the same blue colour, for easier identification and will go into circulation on Thursday, November 30. The new Dh500 banknote highlights the UAE’s sustainable developmental including culture and tourism landmarks and unique models of sustainability. The front side includes an image of the bold architecture of the Terra Sustainability Pavilion in Expo City Dubai,…

Nottingham has joined Birmingham in announcing upcoming insolvency The UK city of Nottingham, home to folklore legend Robin Hood and birthplace of iconic designer Sir Paul Smith, effectively declared itself bankrupt on Wednesday. In a statement, Nottingham City Council announced it has a huge budget gap and is unable to balance the books for the 2023-24 financial year. The authority issued a section 114 notice, meaning it will shut down all new spending, with the exception of funding for vulnerable groups and for statutory services such as social care and waste collections. According to earlier reports, Nottingham is headed for…

Igor Sechin has accused the government institution of provoking a fuel crisis The head of Russian oil major Rosneft, Igor Sechin, has criticized the Finance Ministry’s tax policy, which he claims provoked a crisis in the domestic fuel market. He also took aim at the country’s Central Bank for a lack of “reliable” routes for cross-border payments in various currencies and for a series of sharp interest rate hikes. The fuel crunch in the domestic market that Sechin believes came about due to mistakes by the Finance Ministry led to the government imposing temporary gasoline and diesel export restrictions in order…

CEOs are reportedly betting on alternative candidates in the 2024 US presidential race Leading Wall Street bankers are opposed to both Joe Biden and Donald Trump as candidates for next year’s US presidential election, Bloomberg reported on Wednesday. According to the outlet, JPMorgan Chief Executive Jamie Dimon stated this week that voters should support former South Carolina Governor Nikki Haley as a potential alternative to Trump for the Republican nomination. Billionaire investor Bill Ackman told Bloomberg on Tuesday that current US President Biden should make way for a new candidate to emerge. “Biden’s done a lot of good things. But…

Luis Caputo, known for his Wall Street ties, has been named economy minister Argentina’s president-elect, Javier Milei, announced on Wednesday that he has chosen former Wall Street stock trader Luis Caputo to be the country’s economy minister. Milei made the announcement on Radio La Red after a two-day trip to Washington in which he met US Treasury and the International Monetary Fund (IMF) officials. Caputo, who worked at JPMorgan and Deutsche Bank, ran Argentina’s Finance Ministry and then briefly its central bank from 2017 to 2018. He is known for his close ties with Wall Street and Buenos Aires banking…

The OSCE Ministerial Council has kicked off with a plenary session at which the chief delegates are to make statements The 30th meeting of the Council of Foreign Ministers of the Organization for Security and Cooperation in Europe has started in Skopje, the capital of North Macedonia. Russian Foreign Minister Sergey Lavrov is taking part. Lavrov was one of the last to arrive at the OSCE Ministerial Council’s meeting. His appearance caused great excitement among the media workers present. Some journalists shouted their questions, but Lavrov proceeded straight into the conference hall, where he took a seat between the representatives…