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Saudi reforms to bring flood of foreign funds

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RIYADH: Saudi Arabia’s inclusion in global equity indexes and the planned privatisation of oil company Aramco are expected to bring big inflows of overseas money into the kingdom next year. This should help Riyadh rebuild its financial reserves and fund investment plans after the 2014 plunge in oil prices that cut export earnings and deprived the banking system of funds. Reversing ... Read More »

Swiss stocks Factors to watch on April 23

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ZURICH:  The Swiss blue-chip SMI was seen opening 0.2 percent higher at 8,808 points on Monday, according to premarket indications by bank Julius Baer .Switzerland’s biggest bank on Monday posted a 1.51 billion Swiss franc ($1.55 million) net profit for the first quarter of 2018, helped by a rise in income from its investment bank amid increasing global market volatility. ... Read More »

Sri Lanka gold jewellery price up after tax hike

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COLOMBO: Sri Lanka’s 24-carat gold price had risen to 62,000 rupees for an 8.00 gram sovereign after a 15 percent tax hike by the government, jewellers in Colombo said. Before the New Year, gold was trading around 53,000 to 54,000 rupees for 8.00 grams. Jewellery grade 22 carat gold was quoted around 59,000 – 60,000 rupees a sovereign, up from ... Read More »

Bank of Canada holds benchmark interest rate at 1.25%

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OTTAWA: The Bank of Canada is maintaining its trend-setting interest rate as its careful assessment of the timing of future hikes continues amid a backdrop of moderating growth. The central bank, which kept its rate at 1.25 per cent Wednesday, said slower first-quarter growth of about 1.3 per cent was largely a result of housing markets’ responses to stricter mortgage ... Read More »

Brazil to increase capacity to help Venezuelan migrants

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 BRASILIA: Brazil is increasing its capacity to help migrants crossing the border from Venezuela to escape the economic and political crisis affecting their country. The Social Development Ministry said Wednesday it is building 11 shelters in the northern state of Roraima where migrants will receive temporary housing, medical treatment and meals. The shelters will accommodate 500 people each and are ... Read More »

Eni investing 7b euros in Italy over 4 years

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ROME: Descalzi told investors Wednesday that the investments will include 1 billion euros into efforts to reduce its carbon footprint. That includes converting decommissioned terrain belonging to Eni totaling some 3 million hectares, mostly in southern Italy, to solar energy fields. The CEO also underlined Eni’s conversion of refineries in Venice and Gela into “green refineries” transforming waste into biodiesel, ... Read More »

Saudi privatisations offer biggest opportunities for capital markets

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RIYADH: The opening up of Saudi Arabian markets has been touted as one of the major financial opportunities in the Middle East and North Africa (MENA), with data showing inter-regional dealmaking in the region at its highest levels since 2013. In the keynote speech at the inaugural Thomson Reuters Middle East Dealmaking Forum, Matthew Toole, the company’s global head of deals intelligence, ... Read More »

Brace for more intervention on Hong Kong dollar

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CENTRAL: Hong Kong dollar has stabilized at the hands of foreign exchange interventions over the past few days, but more action will be necessary to reverse the weakness brought on by the stark interest-rate gap between Hong Kong and the U.S. The U.S.-Hong Kong dollar exchange rate USDHKD, +0.0076%  has been sitting at an all-time high of 7.85, which is the wide end ... Read More »

Hong Kong stocks but solid China economic data offers support

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CENTRAL: Hong Kong stocks were little changed at the midday break on Tuesday, with caution the watchword amid concerns over the possibility of higher interest rates in Hong Kong after recent interventions by monetary authorities to support the local dollar. Data showing the Chinese economy remained on a solid footing in the first quarter offered support however. The country’s GDP ... Read More »

Gov’t working on new economic model for Poland

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WARSAW: Poland has found itself by developing a new economic model,” Mateusz Morawiecki said, referring to “a demographic trap, the pitfalls of institutional weakness and the middle income trap.” “One of the elements of this model is a policy of sustainable development,” he added. Speaking at a meeting with residents in the southern city of Kraków, Morawiecki also said that ... Read More »

Singapore shares end week on upbeat note

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SINGAPORE: Local shares bounced back yesterday after a dip on Thursday, due to Wall Street’s solid overnight showing and encouraging domestic growth data. The key Straits Times Index (STI) advanced 32.69 points, or 0.94 per cent, to finish at 3,501.30, and up 59 points, or 1.7 per cent, for the week. Other major Asian bourses closed mixed following the sharp ... Read More »

Increasing Canadian crude volumes into USGC refining market

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OTTAWA: Supplies of Canadian oil sands heavy crude are increasingly being refined on the US Gulf Coast (USGC) and could top 1.2 million bpd – a full one-third of the region’s heavy oil refining market – by 2020, says a new report by business information provider IHS Markit. The 800 000 bpd estimate for current runs of Canadian crude in the ... Read More »

Malaysia stocks poised to halt losing streak

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KUALA LUMPUR: The Malaysia stock market has moved lower in three straight sessions, dropping more than 45 points or 2.5 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,815-point plateau although it’s expected to stop the bleeding on Thursday. The global forecast for the Asian markets is upbeat, with bargain hunting expected to boost ... Read More »

Iran Indonesia trade value grows 28%

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TEHRAN: Iran’s trade with Indonesia totaled 1.89 million tons worth $733.62 million during the 11 months to Feb. 19, registering a 77.19% and 28.11% growth in tonnage and value respectively compared with last year’s corresponding period, the Islamic Republic of Iran Customs Administration announced. Iran exported 1.59 million tons of goods worth $505.72 million to Indonesia during the period, registering ... Read More »

Sri Lanka reduces lending rate to boost economic growth

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COLOMBO: The Central Bank of Sri Lanka (CBSL) has decided to reduce the lending interest rate by 25 basis points with immediate effect. The Bank said considering the favorable developments in inflation and inflation outlook as well as lower than expected real GDP growth that further widened the prevailing gap between actual and potential GDP growth, the Monetary Board, at ... Read More »

UAE shares react to weak first quarter report on non-oil sector

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ABU DHABI: Shares traded on markets in Dubai and Abu Dhabi on Tuesday ended uneven following bank Emirates NBD’s release of the Purchasing Managers Index (PMI) for March, pointing at a 10-month low of activity in the non-oil private sector. The Dubai Financial Market General Index (DFMGI) failed to sustain its rebound it performed at the beginning of the week ... Read More »

Asian stocks start new quarter on front foot

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TOKYO: Asian stocks began the new quarter on Monday with modest gains following a strong performance by global equities last week, while the dollar held steady ahead of key economic indicators. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent. South Korea’s Kospi was flat and Japan’s Nikkei advanced 0.5 per cent. Shanghai was up 0.3 per ... Read More »

US China tensions could hurt local economic growth

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WASHING TON: A US-CHINA trade war will have severe implications on Malaysia’s economic growth, although the impact may be limited for now. Asian Strategy and Leadership Institute research and business development director Lau Zheng Zhou said any major disruption to the global trade environment and momentum will significantly affect Malaysia’s attractiveness for investment and hurt its growth prospects. “In the ... Read More »

Saudi Arabia set to join emerging market index

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RIYADH: The largest Arab economy’s classification as an emerging market is a key step toward the kingdom’s goal of attracting billions in additional stock investor inflows. FTSE Russell also announced that Kuwait’s stock market would enter its emerging market index in two equal stages in September and December this year, and 10 Kuwaiti stocks currently look likely to join the ... Read More »

Dollar slips vs yen, but underpinned by hopes of East Asia detente

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New York : The dollar eased against the yen on Thursday, losing some momentum after hopes of detente in East Asia provided the spark for its largest daily gain in six months the previous session. The dollar fell 0.3 percent to 106.52 yen, giving back some gains after having surged 1.43 percent on Wednesday, its biggest rise since Sept. 11 ... Read More »