Business

01 September 2022; MEMO: The oil market will have a small surplus of just 0.4 million barrels per day in 2022, much less than previously forecasted, according to OPEC+, due to underproduction, Reuters reported OPEC+ sources saying.

The report comes days ahead of an OPEC+ policy meeting on 5 September and over a week after OPEC leader Saudi Arabia said the group may cut oil output.

30 August 2022; MEMO: Iran reopened its borders with Iraq a day after closing them, amid the political unrest and violence in Baghdad.

According to Iranian state media, Tehran closed its borders to neighbouring Iraq and halted flights to the country as protests in the Iraqi capital, Baghdad, turned violent and resulted in clashes between rival Shia groups.

30 August 2022; MEMO: The IMF said, in a statement issued on Tuesday, following a 12-day visit to the Palestinian Territories that the local economy grew in 2021 by 7.1 per cent, and is expected to decline to 4 per cent in 2022.

According to the IMF statement, "growth is projected to decline to 4 per cent, driven by lower consumption and investment due to lower real incomes as prices rise, continued fiscal weaknesses and increased uncertainty related to Russia's invasion of Ukraine."

New Delhi, Aug 30 (PTI) The government is likely to invite financial bids for privatisation of state-owned Shipping Corporation of India (SCI) in the March quarter, an official said.

"The demerger of non-core and land assets of Shipping Corporation is at an advanced stage. The process is expected to be over in about three months' time, after which financial bids will be invited," the official told PTI.

Washington/Islamabad, Aug 30 (PTI) Pakistan is at a "challenging economic juncture," the IMF has warned, as the country's economy has been buffeted by adverse external conditions, due to spillovers from the war in Ukraine, and domestic challenges that have resulted in uneven and unbalanced growth.

The Exe cu tive Board of the Interna tional Monetary Fund (IMF) on Monday completed the combined 7th and 8th reviews of a loan facility for Pakistan, allowing immediate disbursement of USD 1.17 billion to the cash-strapped country.

30 August 2022; MEMO: The United States has been putting pressure on Israel to fulfil the promise made to President Joe Biden to ease the travel of Palestinians through border crossing with Jordan.

30 August 2022; MEMO: Iranian President Ebrahim Raisi said that any roadmap to revive the nuclear agreement between his country and world powers must include ending the UN nuclear watchdog's inquiry into "safeguard issues" related to nuclear particles found at undisclosed locations in the country.

"Without resolving safeguards issues, talking about an agreement would be meaningless," Raisi said during a news conference held in Tehran yesterday,  one year since he took office.

29 August 2022; AA: Iran's President Ebrahim Raisi said Monday the country's nuclear program has become indigenous and arch-foe Israel has been unable to prevent its progress through sabotage, assassinations, and threats.

Raisi was addressing a news conference in Tehran, attended by local and foreign media, and coinciding with the first anniversary of his government that took over in August last year.

28 August 2022; MEMO: Some Tunisian shops are rationing goods including cooking oil, sugar and butter, while big queues have hit petrol stations amid a fuel shortage as the government navigates a looming crisis in public finances, Reuters reports.

Some grocery shops have restricted customers to single packs of items in short supply, while queues outside petrol stations have blocked traffic in parts of the capital.

28 August 2022; MEMO: Six more ships have left Ukrainian ports under the Istanbul grain export deal, the Turkish National Defense Ministry said on Sunday, Anadolu reports.

Shipments from Ukrainian ports are continuing, said a ministry statement, adding: "Six more ships loaded with grain departed from Ukrainian ports this morning."