Turkish state banks sell US dollars as lira falls

Turkish state banks sell US dollars as lira falls
Short Url
Updated 25 November 2021

Turkish state banks sell US dollars as lira falls

Turkish state banks sell US dollars as lira falls

State-owned banks in Turkey are selling US dollars as the lira declines and demand for foreign exchange rises, Bloomberg reported.  

The sales mark a rare move by state banks, a day following the lira’s sharp fall. 

The country’s policy of foreign exchange ceased last year, as foreign reserves diminished gradually. 

The Turkish currency rebounded after an 11-day slide by 4.7 percent at 12.24 per one dollar. 

The fall in lira put Turkey's year-to-date loss at 39 percent, which makes it the worst performing currency among emerging markets tracked by Bloomberg.


Out of this world: 555.55-carat black diamond lands in Dubai

Out of this world: 555.55-carat black diamond lands in Dubai
An employee of Sotheby's Dubai presents a 555.55 Carat Black Diamond "The Enigma" to be auctioned at Sotheby's
Updated 8 sec ago

Out of this world: 555.55-carat black diamond lands in Dubai

Out of this world: 555.55-carat black diamond lands in Dubai
  • Stevens also said the black diamond is likely from outer space

Auction house Sotheby’s Dubai has unveiled a diamond that’s literally from out of this world.


Sotheby’s calls the 555.55-carat black diamond — believed to have come from outer space — “The Enigma.”

The rare gem was shown off on Monday to journalists as part of a tour in Dubai and Los Angeles before it is due to be auctioned off in February in London.


Sotheby’s expects the diamond to be sold for at least 5 million British pounds ($6.8 million). The auction house plans to accept cryptocurrency as a possible payment as well.


Sophie Stevens, a jewelry specialist at Sotheby’s Dubai, told The Associated Press that the number five bears an importance significance to the diamond, which has 55 facets as well.


“The shape of the diamond is based on the Middle-Eastern palm symbol of the Khamsa, which stands for strength and it stands for protection,” she said. Khamsa in Arabic means five.


“So there’s a nice theme of the number five running throughout the diamond," she added.


Stevens also said the black diamond is likely from outer space.


“With the carbonado diamonds, we believe that they were formed through extraterrestrial origins, with meteorites colliding with the Earth and either forming chemical vapor disposition or indeed coming from the meteorites themselves,” she said.


Black diamonds, also known as carbonado, are extremely rare, and are found naturally only in Brazil and Central Africa. The cosmic origin theory is based on their carbon isotopes and high hydrogen content.

Related


All you need to know before Tadawul opens amidst winning streak 

All you need to know before Tadawul opens amidst winning streak 
Updated 18 January 2022

All you need to know before Tadawul opens amidst winning streak 

All you need to know before Tadawul opens amidst winning streak 

RIYADH: Saudi Arabia’s main TASI index ended higher for the seventh straight session on Monday, buoyed by optimistic investor sentiment.

TASI advanced to close at 12,166 points, while the parallel market Nomu edged down by 0.4 percent.

Nomu is to see two new company listings today of Alwasail Industrial Co. and AME Co. for Medical Supplies.

Gulf stock exchanges saw a mixed performance on Monday, led by TASI and Kuwait’s BKP, both up 0.5 percent.

Next, the Qatari index QSI added 0.3 percent, while Bahrain’s BAX was flat. Bourses of Abu Dhabi, Dubai, and Oman edged lower.

Elsewhere in the Middle East, the Egyptian index EGX30 closed 0.2 percent higher.

The oil market was up in early trading. Brent crude reached $87.6 per barrel and US WTI crude oil crossed $85 per barrel as of 9:00 a.m. Saudi time.

Stock news

  • Smart Cities Solutions Co., subsidiary of Batic Investments and Logistics Co., has sealed a SR422 million ($113 million) deal for a smart parking project in Buraydah
  • Amana Cooperative Insurance Co. has announced its board’s recommendation to increase capital through a rights issue, with a target amount of SR300 million
  • Saudi Public Transport Co., also known as SAPTCO, has appointed Musad Bin Abdulaziz Aldaood as Vice Chairman for three years starting on Jan. 1, 2022
  • Aldrees Petroleum and Transport Services Co.’s board recommended SR1.5 dividend per share for the fiscal year 2021
  • Mouwasat Medical Services Co.’s board recommended dividends at SR2.75 per share for 2021

Calendar

Jan. 18, 2022

  • Alwasail Industrial Co. and AME Co. for Medical Supplies will debut their shares on Nomu
  • Subscription to Allied Cooperative Insurance Group’s unsubscribed shares starts

Jan. 19, 2022

  • Allied Cooperative Insurance Group’s rump offering ends

Jan. 20, 2022

  • National Co. for Learning and Education will start paying out dividends of SR0.8 per share for the fiscal year ended Aug. 31, 2021

 


Saudi city of Buraydah sees a $133m smart parking system

Saudi city of Buraydah sees a $133m smart parking system
Updated 18 January 2022

Saudi city of Buraydah sees a $133m smart parking system

Saudi city of Buraydah sees a $133m smart parking system

RIYADH: Saudi Arabia’s Smart Cities Solutions Co., or SCSC, has sealed a SR422 million ($113 million) deal for a smart parking project in the city of Buraydah.

The contract duration stands at 25 years, a bourse statement by the mother company Batic Investments and Logistics Co. revealed.

As per the deal, Buraydah is to see SCSC develop, operate, and maintain a smart parking system.

SCSC will build multiple hydraulic parking lots which will provide nearly 8,000 parking spaces.

The project’s financial impact is expected to roll out on the company’s financial statements upon its completion, Batic said in the statement.

Batic owns 72.8 percent of the capital of SCSC, which specializes in implementing technical services and smart city solutions in pursuit of Saudi Vision 2030.

SCSC has already signed 25-year contracts to develop smart parking solutions in three other Saudi Arabian cities, Al Khobar, Dhahran, and Dammam.


2021 was a record year for VCs investing in emerging venture market: MAGNiTT

2021 was a record year for VCs investing in emerging venture market: MAGNiTT
Updated 18 January 2022

2021 was a record year for VCs investing in emerging venture market: MAGNiTT

2021 was a record year for VCs investing in emerging venture market: MAGNiTT

RIYADH: 2021 was a record year for venture capitalists investing in emerging venture market across Middle East, Africa, Pakistan and Turkey, according to a new report from MAGNiTT.

The deals last year hit $6.8 billion through 1,329 deals, marking a growth of 228 percent in funding and 267 percent in number of deals when compared to 2020, the report showed.

The year was also a record for mega deals with 12 mega-deals, those that exceeded $100 million, more than all mega-deals combined between 2016 and 2020. These deals accounted for 42 percent of all capital raised across Emerging Venture Markets in 2021.

Philip Bahoshy, CEO & Founder of MAGNiTT said in a statement: “2021 has in fact been more than just a record-breaking year for VCs, rather it has been a defining year. While the global pandemic posed great pressures on governments, private sectors, and startup ecosystems alike; the year 2021 marked the resurgence of VC activity tenfold.”

MAGNiTT is a data platform founded in 2015 covering venture capital in emerging venture markets.


Brent climbs to more than 7-year high on Mideast tensions, tight supply

Brent climbs to more than 7-year high on Mideast tensions, tight supply
Updated 18 January 2022

Brent climbs to more than 7-year high on Mideast tensions, tight supply

Brent climbs to more than 7-year high on Mideast tensions, tight supply

SINGAPORE: Oil prices rose more than $1 on Tuesday to a more than seven-year high on worries about possible supply disruptions after Yemen's Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.

The "new geopolitical tension added to ongoing signs of tightness across the market," ANZ Research analyst said in a note.

Brent crude futures rose 85 cents, or 1 percent, to $87.33 a barrel by 0525 GMT, after earlier hitting a peak of $87.55, their highest since Oct. 29, 2014.

U.S. West Texas Intermediate crude futures jumped $1.13, or 1.4 percent, from Friday's settlement to a more than two-month high of $84.95 a barrel. Trade on Monday was subdued as it was a U.S. public holiday.

After launching drone and missile strikes which set off explosions in fuel trucks and killed three people, the Houthi movement warned it could target more facilities, while the UAE said it reserved the right to "respond to these terrorist attacks".

UAE oil firm ADNOC said it had activated business continuity plans to ensure uninterrupted supply of products to its local and international customers after an incident at its Mussafah fuel depot.

CommSec analysts said oil prices also were being supported by colder winter temperatures in the northern hemisphere which were driving up demand for heating fuels.

"Analyst forecasts expect demand to outstrip supply this year as the world opens up from 2 years of lockdowns and resumes a more normal trajectory for demand," said Ash Glover at CMC Markets.

The tight supply-demand balance is unlikely to ease, analysts said.

Some producers within the Organization of the Petroleum Exporting Countries, OPEC, are struggling to pump at their allowed capacities, due to underinvestment and outages, under an agreement with Russia and allies, known as OPEC+, to add 400,000 barrels per day each month.

"That should continue to be supportive for oil and increase talk of triple figure prices," said OANDA analyst Craig Erlam.

"If current geopolitical tensions continue and OPEC+ members can’t deliver on their 400,000 barrel per day increase, macros coupled with the strong technical outlook could see prices push toward the $100 mark which is where the next (meaningful) technical resistance level lies," said Glover.