Egypt To Buy Up To 160 LNG Cargoes Through 2026
Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas, as it ramps up purchases to meet power demands despite strained government finances, industry sources said.The world's most populous Arab country has endured rolling blackouts over the past two years as natural gas supply fell short of demand. It returned to being a net importer of gas last year, buying dozens of cargoes and abandoning plans to become a supplier…
Financial Times - May 28
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Overview - The UK financial sector experienced a record 3,31 million frauds in 2024. This was up 12% from the previous year, according to figures released by industry body UK Finance on Wednesday. Criminals reacted to attempts to combat sophisticated scams with a flurry of high-volume attacks. Economy Minister said that the Spanish government would examine BBVA’s hostile takeover bid for Sabadell.
Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling assets to raise funds as it continues its international expansion while coping with lower crude prices. Aramco, the largest oil company in the world and the primary source of Saudi revenue, is the biggest oil producer on the planet. As oil prices fall, the firm will cut dividends by almost a third. People said that the company had asked investment banks to come up with ideas on how it could raise money from its assets.
Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling assets to raise funds as it expands internationally and deals with lower crude prices. Aramco, the largest oil company in the world and the primary source of Saudi revenue, is the biggest oil producer on the planet. As oil prices fall, the firm will cut dividends by almost a third. Sources said that the company had asked investment banks to come up with ideas on how it could raise money from its assets. Sources declined to name banks or assets that could be sold.
Egypt's EFG Hermes reports Q1 revenue down 34% from previous FX gains
The revenue of Egyptian financial services firm EFG Holding decreased by 34% annually in the first quarter due to a gain in foreign currency in the same period in 2024. The quarter saw revenue fall to 5.6 billion Egyptian Pounds ($112,45 million), and net profit before tax and minority interest fell 34% to 1,2 billion pounds. Egypt devalued in March 2024 its currency from 30 Egyptian pounds to 50 Egyptian Pounds, as part of an $8 billion financial assistance programme with the International Monetary Fund. All of our business lines are performing well. EFG Hermes is doing well.
OPEC+ targets US shale again with output increases
Saudi Arabia and Russia, the group's leaders, are also pushing a secondary objective behind OPEC+’s plan to increase oil production and punish overproducing allies: taking on U.S. shale to win back market shares from the United States. OPEC’s last price war against U.S. producers ten years ago failed, as technological and drilling breakthroughs allowed U.S. shale firms to cut costs, lower prices, and take market share away from the 12-member groups in the years that followed. The U.S. is more susceptible to price wars now. In the last three years, costs have risen for U.S. shale oil producers.
Saudi Arabia is prepared for multiple scenarios of oil prices, says the economy minister
Saudi Arabia's Economy Minister said that the Kingdom is prepared for all possible scenarios in terms of oil prices and budgets. According to the International Monetary Fund (IMF) and economists, Riyadh requires oil prices above $90 per barrel in order to balance its budget. Benchmark Brent prices are trading around the mid-60s this month. Saudi Arabia's Vision 2030 Reform Program is funded off-budget, but the government must spend massive amounts on infrastructure projects that are linked to it. The programme aims to wean Saudi Arabia off its "oil addiction".
IMF: AI's economic benefits will likely outweigh its emissions costs
The International Monetary Fund (IMF) said that the benefits of artificial intelligence would boost global production by 0.5% per year between 2025-2030, and outweigh the rising costs associated with the carbon emissions from the data centres required to run AI models. The IMF released a report at its annual spring meetings in Washington that noted the fact that these output gains were not shared equally around the globe. It called on governments and businesses to minimize costs to society.
Oil industry sources claim that Central Africa's new FX Initiative falls short of its target.
Two oil industry sources said that six Central African nations who were expecting to receive billions in foreign exchange from funds set aside for environmental restoration by oil companies may actually see less than 500 million dollars by the April 30 deadline. Bank of Central African States, the central bank of Cameroon and Gabon, Equatorial Guinea Central African Republic, Republic of Congo, Chad, Gabon and Chad, introduced rules in 2018 governing these funds that are mostly held by foreign banks.
US lawmakers block IMF Central Africa Support over Oil Fund Dispute
U.S. legislators have introduced legislation to block International Monetary Fund assistance for certain Central African countries in order to protect billions of dollars oil companies are required by law set aside for environmental restoration. The bill highlights the standoff between foreign investment on one hand and Central African monetary authority on the other, who are trying to tighten capital controls in extractive industries so as to replenish depleted reserves. The bill, introduced by U.S. Republican Reps.
US lawmakers block IMF Central Africa Support over Oil Fund Dispute
U.S. legislators have introduced legislation to block the International Monetary Fund's (IMF) assistance for certain Central African countries. This is in order to protect billions of dollars which oil companies are required by law set aside for environmental restoration. The bill highlights the standoff between foreign investment on one hand, and Central African monetary authority trying to tighten capital controls on extractive industry to shore up depleted reserve on the other. The bill, introduced by U.S. Republican Reps.
Saudi Arabia's GDP will grow by 1.3% between 2024 and 2024
Preliminary government data released on Sunday showed that Saudi Arabia's economy will grow by 1.3% in 2024. This growth is due to increased non-oil activities and government initiatives. Data released by the General Authority for Statistics revealed that non-oil activities grew by 4.3%, government activities grew by 2.6% and oil activities decreased by 4.5%. According to government estimates, the fourth quarter GDP of the Kingdom increased by 4.5% compared to last year. Low oil prices will continue to affect government revenues, resulting in a slowdown in growth in the world's largest oil exporter.
World Bank and other lenders criticise Pakistan’s energy negotiations
A group of eight development financing institutions warned that Pakistan's unilateral renegotiation will damage investor confidence in the clean energy sector and harm its long-term prospects. Last year, Pakistan announced that it would renegotiate contracts with independent energy producers in order to reduce "unsustainable" electric tariffs. In a letter, the International Finance Corporation of the World Bank, the Asian Development Bank (ADB), the Islamic Development Bank (IDB) and…
Egypt rushes solar energy to catch up as gas prices soar
Egypt, with its few clouds, vast deserts, and well-developed electrical grid, has everything it needs to expand solar energy generation. It is only now that Egypt has begun to take advantage of these resources, as the price of imported natural gas has risen. Last year, a sharp drop in gas production and a growing demand caught the authorities by surprise. This led to rolling blackouts during the hot summer. Ahmed Mortada is the head of energy for the multilateral lender European Bank for Reconstruction and Development in Egypt.
IMF and World Bank leaders promise to work with Trump at UN climate summit
The World Bank and International Monetary Fund chiefs said on Tuesday that they would continue to work with Donald Trump's incoming administration in the United States to provide funding to countries affected by climate change. Kristalina Georgeieva, IMF's chief, told a panel at the U.N. COP29 Climate Summit in Azerbaijan the global lender worked with Trump under his previous administration and was looking forward to working with him again. Georgieva expressed her confidence that the U.S. Private sector will continue to invest green technologies.
Holiday schedule for US economic and other data
Veterans Day, a federal holiday, will impact the release of major economic, energy, and commodities reports that originated from Washington or were filed there during the week of November 10. The schedule is below. The times are in GMT/EST. Some Treasury announcements may be subject to change. Veterans Day holiday. Federal government offices and the bond market are closed. Stock markets, International Monetary Fund and Federal Reserve open. The U.S. Department of Agriculture publishes weekly U.S. Export Inspections for Grains, Oilseeds, 1110/1600. USDA releases weekly Crop Progress 1600/2100.
Sources say that Brazil is aiming to attract foreign investment through a green development platform.
Brazil will launch a new platform on Wednesday to attract more foreign investment into sustainable development. The platform will highlight $8 billion worth of promising private sector projects, and look to triple this portfolio within a year. Four Brazilian officials who spoke anonymously about the program before a Washington launch event, held on the sidelines the meetings of the International Monetary Fund (IMF) and World Bank, said it was a concrete example for Brazil's agenda in its role as G20 Chair this year and host country of the United Nations Climate Change Conference (2025).
IMF predicts a slowdown in the economic growth of Mexico between 2024 and 2025
The International Monetary Fund said on Tuesday that it expects Mexico's economy to grow at around 1.5% in this year. It cited capacity constraints and a tight monetary policy. The IMF stated in a press release that the growth rate is expected to slow down next year, reaching just 1.3%. At the same time, inflation is predicted to be close to the 3% target set by the central bank. Banxico is the name of Mexico's central banking institution. In a split decision, Banxico lowered its benchmark rate in September to 10.50%. The board expects inflation to ease, allowing for more rate cuts.
Senegal announces a 25-year plan for economic and social development
Senegal’s government released a 25-year plan of development on Monday. It said that the plan would lay the groundwork for economic sovereignty by focusing on competitiveness, resource management sustainability and good governance. The agenda was launched in March, seven months after the West African president Bassirou Diomaye Faye won a landslide victory at elections on the promise of improving livelihoods. He said: "Our... economic model has been neutralised because it relies on exploitation of raw materials, without significant local processing and valorisation.
Holiday schedule for US economic and other data
The Columbus/Indigenous Peoples Federal Holiday on Monday, October 14, will affect the release of major economic, energy, and commodities reports during the week of Oct. 13. Treasury Department will announce the release date of the Monthly Budget in October. Due to reporting requirements for the end of fiscal year, the September report was delayed. The schedule is below. The times are in EDT/GMT. Certains Treasury announcements may change. Columbus/Indigenous Peoples holiday. Bond markets, Federal Reserve, International Monetary Fund and federal government offices are closed. Stock markets are open.
