Jordan’s Economy Faces Setback, Prime Minister Highlights Impact of Gaza Conflict
Jordan’s Prime Minister, Bisher al Khasawneh, voiced concerns over the Gaza conflict’s impact on the nation’s once-promising economy. The disruption in Red Sea shipping due to Houthi attacks, coupled with a significant dip in tourism post the Oct. 7 Hamas attack, has thwarted Jordan’s economic growth trajectory. Shipping costs for cargo arriving at Aqaba’s Red Sea port have surged, sparking worries about potential inflation. Despite the challenges, Jordan remains focused on its economic modernization plan, seeking to enhance competitiveness. The recent IMF approval of a $1.2 billion loan program reflects international confidence in Jordan’s economic policies, providing a ray of hope for recovery.
Omantel Group Records Robust Financial Performance with 28.7% Surge in Net Profit
Omantel Group, a major telecommunications player, reported a substantial 28.7% surge in net profit, reaching RO251mn for the first nine months of 2023. This robust financial performance highlights Omantel’s resilience and strategic financial management in a competitive market. The group’s overall revenue also witnessed a commendable 10.6% growth, reaching RO2.192bn by September 2023. Amidst aggressive competition, Omantel’s ability to maintain a steady net profit from domestic operations underscores its financial stability and adaptability in the evolving telecom landscape. The stellar performance of its subsidiary, Zain Group, further solidifies Omantel’s position as a dominant force in the industry.
Omantel Group Achieves Strong H1 Performance with 31% Profit Growth
Omantel Group, a leading telecommunications company in Oman, has reported a substantial 31.3% year-on-year increase in its net profit for the first half of 2023, reaching RO168.9 million. This growth has been attributed to factors such as incorporating Zain Group’s business and sustainable revenue expansion. Despite competitive challenges, Omantel’s ability to maintain net profit stability in its domestic operations showcases its strategic resilience. The partnership with Zain Group has also contributed to subscriber growth and increased revenues, underlining the company’s pivotal role in Oman’s evolving telecom sector.
Exclusive: China to allow Didi apps back online, in latest sign of regulatory thaw
Chinese authorities are set to allow Didi Global’s ride-hailing and other apps back on domestic app stores as soon as next week, five sources told Reuters, in yet another signal that their two-year regulatory crackdown on the technology sector is ending.
Goldman plans major overhaul to combine key units – source
Goldman Sachs is planning a major reorganization to combine its biggest businesses into three divisions with its storied investment banking and trading businesses being merged into a single unit, a source familiar with the matter told Reuters.
Canada’s TD, CIBC profits beat estimates; loan growth offsets higher costs, provisions
Toronto-Dominion Bank (TD.TO) and Canadian Imperial Bank of Commerce (CM.TO) posted better-than-expected third-quarter profits on Thursday, with the former driven by lower provisions for credit losses (PCL) than anticipated, and the latter’s due to better revenues than predicted.
Nasdaq profits top Wall Street views as software services rise
Nasdaq Inc (NDAQ.O) on Wednesday reported quarterly profits that beat Wall Street expectations, as traders turned to the exchange operator’s investment-related products to navigate market volatility, helping drive up revenues.
Russia hikes rates, introduces capital controls to defend against sanctions
Russia’s central bank more than doubled its key policy rate on Monday and introduced some capital controls as it scrambled to shield the economy from unprecedented Western sanctions that sent the rouble tumbling to record lows.
Goldman profit hit by weaker trading, rising expenses; shares tumble
Shares in Goldman Sachs Group (GS.N) fell as much as 8% Tuesday after Wall Street’s premier investment bank missed quarterly profit expectations, hampered by weaker trading revenues and rising expenses.
How sustainable are sovereign wealth funds?
Risks don’t come much longer term than climate change, so you might expect sovereign wealth funds to be all over it, as investment giants with decades in their sights.
