With Putin arriving in Aug, Erdogan confident of Ukraine grain deal extension
The Black Sea grain deal was first signed in July 2022, five months after the Russian invasion of Ukraine, and has already been renewed two times. This time however, Putin has repeatedly threatened not to renew it because of obstacles to Russia's own exports. The deal, which Erdogan helped broker,...
Ukraine, Lebanon top agenda as Saudi crown prince meets French president
Saudi Arabia has maintained a cautious stance throughout the invasion of Ukraine by Russia, stopping short of condemning the assault while emphasizing the importance of Ukraine's territorial integrity. MBS hosted President Volodymyr Zelensky last month in Jeddah during an Arab League summit, the Ukrainian leader's first visit to the Middle...
UN working to renew Ukraine grain export deal
That crucial accord granting safe passage for Ukrainian grain to be exported via Black Sea ports despite Moscow's invasion was signed in July 2022 by Russia, Ukraine, Turkey and the United Nations. It was renewed again in May but for only two months, until July 17. But the Kremlin on...
Pakistan gets first Russian crude under discount deal: PM
Since Russia launched its invasion of Ukraine last year, economic sanctions have seen a significant cut in its oil and gas exports to the EU and US. However Pakistan, in the midst of an economic downturn worsening a long-running energy shortage, in May confirmed it had struck a deal with Moscow...
Turkey says Ukraine grain deal nearing agreement
The Black Sea Grain Initiative, in place since July after diplomacy by the United Nations and Turkey, allows Ukraine grain exports via port, helping ease shortages and resulting price spikes triggered by Russia's invasion of the breadbasket nation. More than 30 million tonnes of grain and agricultural products have been...
ADB operations cross $20bn
Financial results were published in ADB’s Annual Report 2022.Nigeria gas fuels Morocco, Algeria pipeline power struggle
Morocco and Algeria have moved to revive long-stalled projects in light of a gas supply crunch following Russia's invasion of Ukraine a year ago. Prices surged and Europe - which was heavily reliant on Russian gas - had to look elsewhere for energy.Eni posts record profit in 2022
Sales jumped 73 percent to 132.2 billion euros.Repsol’s profit up on high oil prices
The oil firm posted a net profit of $4.55 billion in 2022.Iran’s President Raisi arrives in China to boost economic ties
Raisi is expected to hold private talks with his Chinese counterpart President Xi Jinping in the capital Beijing, with the pair expected to sign a number of "cooperation documents". The two met for the first time last September in Uzbekistan at a summit for the SCO, where the Iranian president...
Shell annual profit hits $42bn
The post-tax figure was more than double the amount.
ECB to hike rates again, but outlook brightens
Most analysts expect a 50-basis point hike in March but, with inflation starting to ease, there are already signs of a debate among policymakers about when to slow the pace. ECB board member Fabio Panetta, known for his dovish stance, said the bank should not commit to any particular hike...
Sweden wants to resume ‘dialogue’ with Turkey on NATO
"Our collective message is that we want to call for calm, for reflection, for calm in the process so that we can return to functioning talks between Sweden, Finland and Turkey on our common NATO membership," Kristersson told a press conference, adding that he wanted a return to "dialogue." Ankara...
Economic slowdown will force workers into worse jobs: UN
The ILO said deficits in decent work had been worsened by multiple, overlapping crises, including Russia's war in Ukraine, emerging geopolitical tensions, an uneven recovery from the Covid-19 pandemic and continuing supply chain bottlenecks.Turkey’s inflation rate slows sharply to 64.3%
Analysts attribute the sharp slowdown to the so-called base effect, which makes year-on-year price increases look smaller when compared to extremely high levels 12 months earlier. The latest reading is still higher than in any another other emerging market except for Argentina. But it fulfils Erdogan's campaign promise that inflation...
World economy faces more pain in 2023 after a gloomy year
Economists expect Germany and another major eurozone economy, Italy, to fall into recession. Britain's economy is already shrinking. Rating agency S&P Global foresees stagnation for the eurozone in 2023. But the International Monetary Fund still expects the world economy to expand in 2023, with growth of 2.7 percent. The OECD...Two years after EU exit, UK business feels Brexit blues
Complicating matters has been the loss of EU workers in sectors such as health, hospitality and agriculture, even if some of those returning home have been replaced by staff from non-EU countries. Witnessing the fallout, some high-profile bosses who voted for Brexit are calling on the government to relax the...EU leaders meeting in Brussels to focus on trade dispute with US
The EU summit was to also examine the situation, and consequences in Europe, of Russia's war in Ukraine, which European Council President Charles Michel said was at "the heart of our concerns".UK inflation slows to 10.7% in November
The data was published on the eve of an interest rate decision from the Bank of England, which is widely expected to deliver the ninth hike in a row as policymakers try to tackle rampant prices. It also comes as strikes spread across the economy, with workers protesting over salaries...
