Amazon to buy Whole Foods for $13.7 billion

17/06/2017 (Gulf News – Bahrain): Inc said on Friday it would buy Whole Foods Market Inc for $13.7 billion, in an embrace of brick-and-mortar stores that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry. Amazon used aggressive pricing to become an e-commerce retail juggernaut and has recently been experimenting with brick-and-mortar outlets. It will take over a natural and organic grocer pioneer with 456 stores, a mecca for young, high-end shoppers, that has been struggling to rein in prices and integrate technology. The deal represents a dramatic turn in strategy for Amazon, which has offered food delivery through its Fresh service for a decade but has not made a major dent in the $700 billion grocery market. “The ramifications for all of retail are seismic – not just retailers that sell grocery, but for everyone,” Gordon Haskett analyst Chuck Grom said…$137-billion


Turkey’s Borsa Istanbul hits record high

Turkey's Borsa Istanbul hits record high09/06/2017 (Anadolu Agency – Turkey): Turkey’s benchmark index closed the day with an all-time high after going up 965.33 points on Friday to stand at 98,942.87 points. Borsa Istanbul’s BIST 100 index rose 0.99 percent with a total trading volume of 4.6 billion Turkish liras (approximately $1.30 billion). The banking and holding sector indices advanced by 1.33 percent and 0.90 percent, respectively. Among all sectors, the mining sector index was the top gainer — up 4.44 percent — while the small-and-medium enterprises industrial index saw the biggest decline, going down 0.23 percent. Stocks of Nurol GMYO (NUGYO), a real estate investment trust, were the top performer with an increase of 20 percent in value, whereas Otokar, a major defense industry firm part of Koc Holding, performed the worst, with its stocks falling by 3.14 percent…


Russia lifts further trade sanctions against Turkey

AP photo03/06/2017 (Hurriyet – Turkey): Russia on June 2 further relaxed trade sanctions placed on Turkey in the aftermath of the downing of a Russian fighter jet in 2015, as Anadolu Agency has reported. In a statement, the Russian government said Prime Minister Dmitry Medvedev had signed a decree lifting the ban on some agricultural produce and Turkish companies involved in construction, engineering and tourism. The development is the latest in the lifting of sanctions imposed after Turkey shot down a Russian warplane that crossed into Turkish airspace from Syria in November 2015. The June 2 resolution removed frozen chicken and other poultry by-products as well as cucumbers, gherkins and fresh fruits from the list of blocked products, the Russian government said. It also lifted the ban on Turkish construction, design, engineering and tourism-related companies…–.aspx?pageID=238&nID=113839&NewsCatID=345


Electricity crisis disrupts livelihood in Gaza Strip

EPA Photo28/05/2017 (Sabah – Turkey): The power authority in the Gaza Strip warned that the ongoing electricity shortages in the blockaded Palestinian territory would have grave consequences. “The crisis is affecting all aspects of livelihood in Gaza,” Fathi al-Sheikh Khalil, the authority’s deputy head, said during a press conference Sunday. He stated that the cuts obstruct water supplies, sewage pumps and disrupt health services to patients. “Israel is fully responsible for the ongoing electricity crisis in Gaza,” he said, calling on Israel to fulfill the strip’s electric needs. According to Khalil, Gaza’s power authority agreed to all conditions set by the Ramallah-based government to resupply the fuel needed to operate the strip’s power plant…


Saudi-US trade volume exceeds SR2 Trillion in 10 years

Saudi-US trade volume exceeds SR2 Trillion in 10 years20/05/2017 (Saudi Gazette – KSA): RIYADH – The Ministry of Commerce and Investment said the volume of trade exchange between the Kingdom and the US in 2016 reached SR142 billion. Of this, the Saudi exports to the US reached SR65.6 billion while American exports reached SR75.8 billion. It added that the Saudi-US volume of trade has exceeded SR2 trillion during the last decade. The balance of trade is in favor of the US by SR10.1 billion and the US stands second among the top ten countries importing from the Kingdom and the first place among the top ten countries exporting to the Kingdom during 2016. Crude oil and its products and fertilizers (urea) top the list of the most important Saudi commodities exported to the US, apart from raw aluminum blends and ethylene glycol. Meanwhile, the list of commodities imported from the US includes spare parts, aircraft engines and vehicles of all kinds…


IMF reaches staff-level agreement with Egypt on delivering second tranche of loan

IMF13/05/2017 (Ahram Online): The International Monetary Fund staff team and the Egyptian authorities have reached a staff-level agreement on the first review of Egypt’s economic reform programme, supported by the IMF’s $12 billion loan, according to a Fund statement on Friday. The statement by the head of the IMF delegation to Egypt, Chis Jarvis, said that once approved by the Fund’s executive board, “completion of the review would make available SDR 895.48 million (about US$1.25 billion), bringing total disbursements under the program to about US$4 billion.”The delegation from the IMF arrived in Cairo on 30 April to follow up on the progress in the country’s economic reform programme, ahead of delivering the second tranche of the IMF loan…



Algerian-Moroccan Business meetings in ICT Sector to be launched, May 2nd

30/04/2017 (DZ Breaking – Algeria): A delegation of Moroccan businessmen is expected stay in Algeria, from 2 to 4 May, for seveal meetings, according to Algerian Chamber of Commerce and Industry (CACI). In this regard, meetings will be organized between the Algerian and Moroccan business communities, in order to explore opportunities for partnerships in the information and communication technologies (ICT) field. These business meetings will be held on May 2nd, at Sofitel Hamma Garden Hotel, starting from 08:30 am (local time)…


Turkey’s Borsa Istanbul hits second highest close ever

Turkey's Borsa Istanbul hits second highest close ever22/04/2017 (Anadolu Agency – Turkey): Turkey’s benchmark index closed the week with a 384.55-point hike to reach 92,423.93 points on Friday, marking it the second highest close of all time. The highest close of the country’s benchmark index was recorded at 93,178.87 points on May 22, 2013. Borsa Istanbul’s BIST 100 index rose 0.42 percent with a total trading volume of 4.3 billion Turkish liras (approximately $1.18 billion) and increased by 2.62 percent in a week compared with last Friday’s close of 90,063.69 points. The U.S. dollar/Turkish lira exchange rate was flat at 3.6440 liras as of 5 p.m. (1400GMT) Friday, compared with 3.6450 liras at Thursday’s close. A dollar traded for 3.6920 liras last Friday, after seeing a historic jump to 3.94 liras in mid-January…


New Istanbul airport ‘will help aviation industry’

New Istanbul airport 'will help aviation industry'15/04/2017 (Anadolu Agency – Turkey): Istanbul’s third airport will provide a boost to the global aviation sector, Lufthansa’s Turkey chief said Friday. “The airport will provide an important gain for the aviation industry,” Kemal Gecer said. “Its geographical advantage for passengers and its comfort are significant. This airport will be an advantage for air carriers.” The first stage of construction will finish next year, when the airport on the European stretch of Turkey’s Black Sea coast will open. The new airport will take most passenger traffic from Ataturk International Airport, hosting 250 airlines flying to more than 350 destinations when it is completed in 2018, making it one of the world’s largest transport hubs…


Crude prices surge after US strike on Assad airbase in Syria

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that hammered prices, in Cushing (Reuters Photo)07/04/2017 (Sabah – Turkey): Oil prices rallied on Friday after the United States launched a missile strike against Syria, sparking fears that an escalation of the conflict in the crude-rich Middle East could disrupt supplies. Both main contracts jumped more than two percent to their highest levels in a month after U.S. President Donald Trump ordered an assault in retaliation for a chemical attack in Syria that Washington blamed on Assad regime. However, the gains were pared through the day and by 0745 GMT the US benchmark West Texas Intermediate was up 78 cents at $52.48 a barrel while Brent crude was up 76 cents at $55.60. “The situation remains fluid in Syria at the moment as the implications of the massive cruise missile strike from the United States gets digested,” said OANDA senior market analyst Jeffrey Halley in a note…