Home The Buzz Morning briefing: 23 May 2013


Morning briefing: 23 May 2013

Egypt tackling energy shortages, plus other news

by Executive Staff

Economics and Policy

The Egyptian government is to supply more gas and diesel to power stations to deal with electricity shortages that have worsened in recent months after the cash-strapped country failed to import enough fuel.

More from Reuters

 

Lebanon's Union Coordination Committee has accused the Finance Ministry of intentionally submitting salary scale bills with errors in them in a bid to delay the ratification of a wage hike in Parliament.

More from The Daily Star

 

Egypt’s central bank sold an unspecified amount of dollars after offering a record $800 million to local lenders at a currency auction to finance imports as Standard & Poor’s warned of accelerating inflation.

More from Bloomberg

 

Kuwait’s stock market boom could run out of steam if the government doesn’t push ahead soon with long-delayed infrastructure projects aimed at diversifying the oil-reliant economy.

More from Reuters

 

Companies and Business

Oil major BP has allocated $2.85 billion to develop Iraq's Rumaila oilfield in 2013, up from $2.2 billion last year.

More from Reuters

 

Majid Al Futtaim Holding has bought Carrefour's 25 per cent stake in its hypermarket business for €530 million.

More from The National

 

The sovereign wealth funds of Qatar, Norway and Azerbaijan and China Construction Bank have bought about 55 per cent of the new shares on offer from VTB, Russia’s second-largest bank.

More from Reuters

 
 
Nissan Middle East expects more than 11 per cent growth in sales for 2013 and said new models will help increase its market share and volume, according to managing director Samir Cherfan.
 
 
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Executive Staff


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