Category Archives: Markets & Economy

Binladin Group to resume building giant Mecca hotel

One of Saudi Arabia’s biggest construction firms, Saudi Binladen Group, is planning to get back to the world’s largest hotel project, the $3.5 billion Abraj Kudai in Mecca.
The project has been delayed for two years due to the financial squeeze following the drop in oil prices.
When completed, the 10,000-room mega hotel will have 70 restaurants, shopping malls, several helipads, a wing for the Saudi royal family and even a ballroom.

Soros continues betting against US stock market despite mounting losses

US regulatory filings show George Soros is still investing in options that will profit him only if the stock market they are linked to declines in value.
Soros Fund Management held put options on PowerShares QQQ Trust, SPDR S&P 500 ETF, iShares Russell 2000 ETF as of June 30. Each is an exchange-traded fund that tracks a broad US stock market index. The bet is worth $1.8 billion. Soros stands to profit only if the stock market falls.

Air Berlin files for insolvency after biggest investor pulls funding

Germany’s second-largest airline Air Berlin has filed for insolvency after its key shareholder Etihad Airways said it would withdraw financial support for the carrier.
Trading in Air Berlin shares was temporarily suspended until 12:05 GMT.

IEA: OPEC Must Extend Cuts To Balance Oil Markets

By Nick Cunningham
U.S. shale is poised to outlast OPEC.

Turkey runs $6.7 bln budget deficit

Turkey ran a budget deficit of 24.3 billion Turkish liras (nearly $6.7 billion) in the first seven months of 2017, Finance Minister Naci Ağbal said on Aug. 15.

In a written statement, Ağbal said: “The budget deficit in this period was recorded due to government incentives and actions to support economic growth. “This January to June, government revenues reached 351.6 billion Turkish liras [around $96.8 billion], while expenditures were 375.9 billion liras [around $103.5 billion], marking a $6.7-billion deficit. “In the coming period, the upward trend in budget deficit will diminish along with the end of supportive practices to stimulate economy,” he said.

Libya’s Sharara oilfield output dropped after security breaches: engineer

Ayman al-Warfalli

BENGHAZI, Libya (Reuters) – Production at Libya’s Sharara oilfield dropped to between 130,000 and 150,000 barrels per day (bpd), from about 280,000 bpd, because of recent security breaches, an engineer who works at the field said on Tuesday.

Americans’ debt level notches a new record high

Jonathan Spicer

NEW YORK (Reuters) – Americans’ debt level notched another record high in the second quarter, after having earlier in the year surpassed its pre-crisis peak, on the back of modest rises in mortgage, auto and credit card debt, where delinquencies jumped.

Tech companies ramp up NAFTA lobbying on eve of trade talks

Jason Lange

WASHINGTON (Reuters) – Technology companies, such as Microsoft (MSFT.O) and Cisco Systems (CSCO.O) have ramped up lobbying ahead of talks to renegotiate the North American Free Trade Agreement, looking to avoid any future restrictions on cloud storage and to promote an international pact to eliminate technology goods tariffs.

Algeria’s Third Premier This Year Signals Turmoil in OPEC State

By Tarek El-Tablawy and Salah Slimani

NAFTA negotiators aim for ‘ambitious’ start to talks: U.S. official

Lesley Wroughton and David Ljunggren
WASHINGTON (Reuters) – Negotiators from Canada, Mexico and the United States are aiming for an “ambitious” first round of trade talks, a senior U.S. official said on Tuesday, as the countries try to fast-track a deal to modernize the 23-year-old pact by early next year.
The United States Trade Representative official, speaking on a conference call with reporters, said the sides would begin to merge proposed texts during the first round of meetings in Washington.

Dollar holds most of gains made on upbeat U.S. retail sales data

Lisa Twaronite
TOKYO (Reuters) – The dollar edged slightly lower in early Asian trading on Wednesday but held most of its gains made after U.S. retail sales data suggested the economy continued to gain momentum in the third quarter and kept alive hopes for another Federal Reserve interest rate hike this year.

400 factories return to production in al-Kallaseh industrial zone in Aleppo

Aleppo, SANA – 400 factories have so far returned to production in the industrial zone in al-Kallaseh in Aleppo, said member of the Industrial Zone’s Committee, Luai Sukkar.

Oil prices edge up on falling US crude stocks, but global glut still weighs

Henning Gloystein

SINGAPORE (Reuters) – Oil prices edged up on Wednesday on a fall in U.S. crude inventories, although markets were still being weighed down by general oversupply.

Dollar revived by U.S. data tonic, North Korea respite

Wayne Cole

SYDNEY (Reuters) – The dollar hoarded hefty gains on Wednesday after strong U.S. retail data put a Federal Reserve rate hike back on the agenda, while Asia stocks inched ahead as tensions in the Korean peninsula simmered down a little.

Angry Birds-maker flutters with $2bn public offering

Rovio Entertainment, the Finnish software developer behind the Angry Birds phenomenon, is planning an initial public offering (IPO) next month, according to people close to the matter, as quoted by Bloomberg.
The IPO could value the maker of video games and movies at nearly $2 billion.

Half of Belgium’s economic output ends up in tax havens

Companies operating in Belgium sent more than €221 billion to countries local authorities regard as tax havens, according to Belgian daily Le Soir.
Belgium’s gross domestic product was $466 billion last year. According to the country’s tax authorities, 853 Belgian companies funneled almost a half of the country’s economic output to tax havens.

Trump starting negotiations on ‘useless & unprofitable’ trade pact with Mexico & Canada

Talks on renegotiating the North American Free Trade Agreement (NAFTA) will begin in Washington on Wednesday. During his presidential campaign, Donald Trump promised Americans to pull the country out of “useless and unprofitable” trade pacts.

$1 in bitcoin seven years ago is valued at over $1.4 million today

The bitcoin digital currency has smashed another record, reaching $4,251 on Monday. The market capitalization of the world’s most popular cryptocurrency has surged $15 billion in the last week.
Investors name several reasons for the recent bitcoin rally. The cryptocurrency is up 320 percent in the year to date.

Trump’s NAFTA goals to collide with auto industry

WASHINGTON: The Trump administration has set a collision course with the auto industry as it launches renegotiations of the 23-year-old North American Free Trade Agreement (NAFTA) this week, aiming to shrink a growing trade deficit with Mexico and tighten the rules of origin for cars and parts.

Sterling little changed in face of Brexit noise

LONDON: Sterling inched down against a broadly stronger dollar on Monday, holding close to the $1.30 level that has proved an anchor for the past month despite a series of negative headlines from the first weeks of Brexit negotiations.

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