Regional News

Bloomberg Algeria’s prime minister laid out a sweeping plan to plug the budget deficit that would include direct borrowing from the central bank, as the OPEC member looks to compensate for lower oil revenue without tapping international debt markets. The five-year plan presented by Prime Minister Ahmed Ouyahia aims to balance the budget by 2022, and reverse a deficit that …

Bloomberg It’s no secret that oil majors are among the biggest corporate emitters of pollution. What may be surprising is that they’re reducing their greenhouse-gas footprints every year, actively participating in a trend that’s swept up most corporate behemoths. Sixty-two of the world’s 100 largest companies consistently cut their emissions on an annual basis between 2010 and 2015, with an …

Bloomberg Egyptian cheese-maker Arabian Food Industries is expecting third-quarter revenues to jump by about 50 percent and sales volumes to be better than the first two quarters of the year as Egyptian consumers adapt to price hikes that followed last year’s currency float. The Cairo-based company, also known as Domty, sees revenues of 700 million Egyptian pounds ($39.7 million) this …

KHOBAR / Reuters Saudi Arabia is expected to launch a tender process for its first nuclear reactors as early as next month and will reach out to potential vendors from countries including South Korea, France and China, industry sources said. The world’s top oil exporter wants to start construction next year on two plants with a total capacity of up …

Bloomberg A dearth of new investment in oil production is stoking a risk of tighter crude supply and unstable prices, even as demand growth is expected to slow over the next five years, a senior International Energy Agency (IEA) official. The worldwide cushion of spare production capacity will shrink without further investment in exploration and output, Neil Atkinson, the head …

Bloomberg Iron ore is facing renewed pressure and risks sliding back into the $60s, as China’s economy shows signs of cooling and global mine supply increases, while planned steel capacity cuts in the world’s biggest consumer this winter could further cut demand. Ore with 62 percent content in Qingdao fell 2.5 percent to $72.13 a dry metric ton, the lowest …

Reuters Egypt will issue a $1.8 billion bond by the end of November and plans to launch a new $10 billion Eurobond programme next year, the Boursa newspaper reported on Sunday. Finance Minister Amr El Garhy told the newspaper that Cairo planned to sell Eurobonds worth $3 billion to $4 billion in the first quarter of 2018. Earlier this year, …

LONDON /Reuters Russia’s Rosatom expects to sell a 49 percent stake in its Turkish nuclear project to a consortium of Turkish companies by the end of the year, and aims to start construction of the Akkuyu plant by the end of March, a company executive said. Kirill Komarov, Rosatom’s first deputy chief executive for corporate development and international business, said …

Emirates Business Commodities traded flat on the week as a third weekly gain in energy was offset by profit-taking in metals, both precious and industrial. Some of the key drivers behind these developments were increased demand for oil, rising US inflation, North Korean missile fatigue, and weaker economic data from China dollar recovery The metal weakness was partly to blame …

Bloomberg India will offer larger areas with higher oil and natural gas reserves in the next auction of discovered fields later this year as Prime Minister Narendra Modi’s government seeks to curtail rising crude oil imports. “The next round would be meatier, bigger and players can expect even better fields,” Atanu Chakraborty, head of oil regulator Directorate General of Hydrocarbons, …