Daily brief: Turkey struggles with lira slide, UAE’s flydubai in loan talks
Turkey’s central bank struggles with the strong lira slide, and is reluctant to hike rates. Here are the top seven business stories you need to know today.
EU privacy proposal could dent Facebook, Gmail ad revenue
Online messaging services such as WhatsApp, iMessage and Gmail will face tougher rules on how they can track users under a proposal presented by the European Union executive on Tuesday which could hurt companies reliant on advertising.
Asia’s diesel profit may rise for first time since 2013, analysts say
Asian refiners’ profit margins from producing diesel in 2017 may rise for the first time in four years as demand for the fuel improves in the infrastructure, construction, mining and oil and gas exploration sectors.
Oman seeks multi-billion dollar deposit from neighbouring Gulf states
Oman is negotiating with wealthy Gulf Arab states to secure a multi-billion dollar deposit in its central bank that would boost its foreign exchange reserves and head off any pressure on the rial, two sources have told Reuters.
FIFA agrees to expand World Cup to 48 teams
FIFA has voted to expand the World Cup to 48 teams from its current 32, brushing aside concerns that the expansion would lower the overall standard of the tournament, and make it too big and unwieldy.
Turkey central bank struggles with lira slide
For some of Turkish President Tayyip Erdogan’s aides, the mere suggestion that the central bank should raise interest rates as the lira slides through new record lows amounts to a plot against the state.
Egypt’s cost-of-living soars as currency dives
Annual consumer price inflation in Egypt’s cities soared to a second straight eight-year high in December, hitting 23.3 per cent on the back of the government’s decision to float the pound, effectively halving its value.
UAE airline flydubai in loan talks
State-owned budget carrier flydubai said on Tuesday it is in talks with banks for a club financing facility to fund future “infrastructure requirements”.