Daily brief: Turkish lira surges, Wall Street faces largest drop in 2017

January 31, 2017 10:09 am

This week’s business news may dictate many terms throughout the year. (Image: Alamy)

Turkey’s long-suffering lira currency surged more than 2 per cent on Monday and stocks jumped nearly 3 per cent. Here are the top seven business stories you need to know today.

 

Oil prices dip as rising U.S. output offsets OPEC-led cuts

Oil prices dipped on Tuesday as rising U.S. drilling activity offset efforts by OPEC and other producers to cut output in a move to prop up the market.

 

(Ministers were positive on OPEC, non-OPEC oil output cuts)

 

Kuwait sovereign fund says it will focus on technology, infrastructure

The two main investment priorities of the Kuwait Investment Authority (KIA) this year are technology and infrastructure, the sovereign wealth fund’s chairman Anas al-Saleh told Reuters on Monday.

Turkey’s Aktif Bank gets nod to raise $120 mln via sukuk

Turkey’s largest privately-owned investment bank, has received regulatory approval to sell up to $120 million via Islamic bonds, or sukuk, in what could be a rare deal in the international sukuk market.

 

Wall Street falls the most this year over Trump

Major US stock indexes posted their largest drop so far in 2017 on Monday as investors worried that a curb on immigration ordered by Donald Trump was a reminder that some of the U.S. president’s policies are not market-friendly.

 

(Trump’s travel ban: Middle East airlines, airports make adjustments)

 

Kuwait projects $25.9 billion budget deficit next fiscal year

Kuwait’s government projects a budget deficit of 7.9 billion dinars ($25.9 billion) in the new fiscal year starting on April 1, finance minister Anas al-Saleh said on Monday.

 

Airlines complain of confusion, costs of U.S. immigration order

Airlines reacted angrily on Monday to an abrupt change in U.S. immigration policy, saying they were struggling to enforce unclear rules, faced unexpected additional costs and were worried they could be fined if they get it wrong.

 

(In Middle East, US travel curbs decried as unjust, insulting)

 

Turkey’s lira, stocks surge as investors look past Fitch downgrade

Turkey’s long-suffering lira currency surged more than 2 per cent on Monday and stocks jumped nearly 3 per cent, as investors shrugged off a sovereign debt downgrade by Fitch and piled into bank shares on expectations of strong full-year earnings

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By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.



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