Category Archives: Markets & Economy

Poland says no thanks to $9.2bn credit line from IMF

Warsaw will withdraw from the International Monetary Fund’s precautionary Flexible Credit Line (FCL) worth billions of dollars, according to the country’s finance ministry.

Foreign investments in Russia on the rise, spurred by economic growth

Russian economy’s revival has led to increased foreign investments in the country, said Economic Development Minister Maksim Oreshkin at a meeting of the Foreign Investment Advisory Council held by Prime Minister Dmitry Medvedev.

New Tech Could Turn Seaweed Into Biofuel

By Haley Zaremba

In the future, we may not look up to the sun for energy, but down into the ocean’s depths.

This month the U.S. Department of Energy announced an investment of nearly $1.5 million in projects to develop renewable energy from Hawaiian seaweed, following large investments in other parts of the nation in a new push toward the potentially groundbreaking development of seaweed-based biofuels.

Is Hydrogen Fuel As Dumb As Musk Thinks?

By Irina Slav

Hydrogen fuel cells are a controversial thing. Elon Musk, for example, finds them “incredibly dumb”, and he’s far from the only one. Yet the concept of using the universe’s most abundant element to fuel vehicles is still alive and kicking.

Canada Aims To Solve U.S. Nuclear Woes

By Tsvetana Paraskova

Canada believes it may have the answer to replacing some U.S. nuclear capacity with other forms of carbon-free energy.  

Oil Markets Fear Iraqi Escalation

By Cyril Widdershoven

The expected military operation of Iraqi forces against the Kurdish peshmergas in Kirkuk has begun.

Is The Aramco IPO On The Brink Of Collapse?

By Nick Cunningham

In what could be a humiliating decision, Saudi Aramco is considering not staging an IPO next year as planned, due to the difficulty of pulling off an international listing.

Egypt expects to renew financing deal with global banks

Reuters

NEW YORK: Egyptian Finance Minister Amr El-Garhy said on Monday he expects a financing agreement with a consortium of global banks will be renewed for another year with the aim to boost foreign reserves while the government implements economic reforms.

Monetary policy’s impact on Turkey’s inflation set to grow

Factors affecting Turkey’s high inflation will be closely monitored, and the impact of the Turkish Central Bank’s monetary policy on inflation will grow more noticeable in the coming months, the bank’s governor, Murat Çetinkaya said on Oct. 15.

Turkey-Cyprus power cable to link Akkuyu and Teknecik lines

Turkish Cypriot Economy and Energy Minister Sunat Atun announced the route of the new interconnected power line between Turkey and Turkish Cyprus on Oct. 16.

Atun told state-run Anadolu Agency in an interview that the power line would be laid between a new transformer station based in Akkuyu in the southern province of Mersin and the Teknecik transformer station located in Turkish Cyprus.

Report Discusses Whether Fintech Could Disrupt Gulf Cooperation Council Banks’ Business Models

  • Fintech will reduce the profitability of some of the GCC banks’ business lines, particularly money transfer and foreign-currency exchange.
  • We expect GCC banks to adjust their operations through greater digitalization and branch network and staff rationalization.
  • We also expect GCC regulators to continue protecting the stability of their banking systems.
  • On average, we don’t foresee fintech alone having a significant bearing on our GCC bank ratings in the next two years.

Wall St. inches up with financials; earnings in focus

Caroline Valetkevitch

NEW YORK (Reuters) – All three major U.S. stock index rose to record closing highs on Monday, with the Dow Jones Industrial Average less than 50 points below 23,000, ahead of a long list of earnings this week and as financial shares recovered from last week’s losses.

Risk premium returns to oil over Iraq fighting, rising U.S.-Iran tensions

Henning Gloystein

SINGAPORE (Reuters) – A risk premium has returned to oil markets with a vengeance, boosting global price benchmarks as escalating fighting in Iraq threatens supplies while political tensions loom between the United States and Iran.

Taylor Impresses Trump for Fed Chairman, Warsh Slips

By Jennifer Jacobs , Saleha Mohsin , and Craig Torres

Stanford University economist John Taylor, a candidate for Federal Reserve chairman, made a favorable impression on President Donald Trump after an hour-long interview at the White House last week, several people familiar with the matter said.

Oil elevated as Iraq tensions escalate, Asian shares hold firm

Hideyuki Sano

TOKYO (Reuters) – Oil prices clung to this month’s high on Tuesday after Iraqi forces seized the oil-rich city of Kirkuk from largely autonomous Kurdish fighters while Asian shares held firm on optimism about upcoming earnings.

The World’s Largest Oil Hedge Is Complete

By Nacha Cattan

Mexico has completed its annual oil hedge for 2018, which will lock in an average export price of $46 per barrel of crude, Deputy Finance Minister Vanessa Rubio said in an interview.

Bitcoin now bigger than Bayer, Goldman Sachs & Nike

The value of the world’s largest cryptocurrency bitcoin has broken the $5,800 mark, hitting another all-time high before retreating to the $5,600-$5,700 level, still close to the maximum.

Kurdistan accuses Baghdad of planning oil field seizure

Kurdistan authorities have accused the central Iraqi government of planning to seize oil fields in the autonomous region. Baghdad is amassing military power in two areas south of Kirkuk – the center of the oil-rich region that is formally part of Iraq but de facto controlled by the Kurdish government.

Russia will re-route Nord Stream 2 natural gas pipeline if Denmark tries to block it

The Danish parliament is considering a law which could affect the Nord Stream 2 project aimed at supplying Russian gas to the EU market via the Baltic Sea. Russia says it has a backup plan in case of difficulties.

Is OPEC Considering Deeper Output Cuts?

By Ag Metal Miner 

Bloomberg reports the comments of OPEC Secretary General Mohammad Barkindo: “There is a growing consensus that … a rebalancing process is under way. We are gradually but steadily achieving our common and noble objectives.”

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