Business

18 May 2022; MEMO: Algeria's president has confirmed his confidence that Turkish investments in his country will reach $10 billion and more within a short time, Anadolu has reported. Abdelmadjid Tebboune made his comment during a joint press conference with his Turkish counterpart Recep Tayyip Erdogan on Monday after their meeting at the Presidential Palace in Ankara.

18 May 2022; MEMO: Iran's Foreign Minister Hossein Amir-Abdollahian is scheduled to meet his Saudi counterpart Faisal Bin Farhan in the Iraqi capital Baghdad, an Iranian lawmaker announced yesterday.

Javad Karimi-Ghodousi told the Fars News Agency that there was "no development" since the talks that began in April 2021 between Tehran and Riyadh.

He said that the upcoming meeting would discuss "bilateral relations, the opening of embassies, and regional issues, especially the Yemen war."

New Delhi, May 17 (PTI) Swiss building material major Holcim has said its USD 6.38 billion deal with Asia's richest man Gautam Adani's group is tax-free.

Holcim had on Sunday signed a binding agreement with the Adani Group to sell its business in India -- about a 63 per cent stake in Ambuja Cement, which owns a 54.53 stake in ACC (of which 4.48 per cent is direct shareholding).

New Delhi, May 17 (PTI) Hyundai Motor India on Tuesday said it has joined hands with Tata Power to set up fast charging electric vehicle infrastructure across its select dealerships in the country.

Under the collaboration, 60 kW DC charging stations will be installed at the company's 34 EV dealerships in 29 cities to cater to all kinds of electric vehicles through Hyundai and Tata Power EZ Charge Mobile App.

16 May 2022; MEMO: The UAE has committed itself to invest $100 billion in India across several sectors, the country's commerce and industry minister, Piyush Goyal, revealed on Friday. Goyal made the announcement at the India-UAE Economic Partnership Summit in Mumbai.

16 May 2022; MEMO: Israel is boosting offshore natural gas output and aims to reach a supply agreement with Europe in the coming months as the continent looks to replace Russian supply, Reuters reports.

The country is on track in the next few years to double production to about 40 billion cubic metres (bcm) from about 20 bcm as it expands current projects and brings new fields online, industry officials say.

16 May 2022; MEMO: Turkey and Qatar are moving towards a strategic partnership while boosting their bilateral ties especially in economy, Presidential Communications Director, Fahrettin Altun said, and Anadolu News Agency reports.

According to the report, the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani's visit to Turkey on Friday is highly significant in consolidating the strong and strategic relations between the two countries, Altun said in an interview with Qatar News Agency (QNA).

16 May 2022; MEMO: Saudi Aramco Company announced on Sunday, that it attained an increase of 82 per cent in its profits in the first quarter of 2022, compared to the same period last year, due to the high oil prices that made it the most expensive company in the world, with respect the market value.

The announcement is a continuation of the good news for the Saudi economy, which is achieving the fastest growth rate in a decade, due to the revenues of the oil sector.

17 May 2022; MEMO: Egyptian citizens have expressed their anger on social media following the announcement of a government plan to sell seven of the country's largest ports.

Prime Minister Mostafa Madbouly made the announcement, and added that the same strategy will be employed to sell state-owned hotels "in order to expand government institutions." Madbouly explained that the move was part of the "government's plan to handle the current global crisis."

New Delhi, May 16 (PTI) The country's largest lender State Bank of India has raised its marginal cost of funds based lending rate by 10 basis points or 0.1 per cent across all tenures, a move that will lead to an increase in EMIs for borrowers.

This is the second hike in a month raising the cost by 0.2 per cent with the two consecutive increases.