Kuwait has appointed Fahd Al-Jarallah as the new finance minister, replacing Manaf Al Hajeri who resigned in July, while Saudi Arabia's Tadawul All Share Index closed 35.42 points lower on Sunday, and Saudi Arabia has exempted micro and small businesses with annual revenues below $2.7 million from auditor's requirements to support entrepreneurship in the country. In other news, Oman's refineries and petroleum industries reported a 13.5% growth in July, and Jeddah will host an event and conference on elevators and escalator technologies in September, contributing to the growth of the vertical transportation industry in Saudi Arabia. Additionally, Qatar's tourism sector continues to thrive, with a 91.4% year-on-year increase in visitors in July, and container shipments handled by Qatari ports saw a 19% surge in August.
The economist Tharman Shanmugaratnam highlights India's challenges in achieving sustained economic growth, addressing social and economic disparities, and integrating with China and ASEAN. He emphasizes the need for India to focus on education, increase exports, reform employment and land acquisition laws, and take advantage of its untapped potential.
Prime Minister Narendra Modi asserts that the 'Sabka Saath Sabka Vikas' model can be a guiding principle for the global welfare, as the world shifts towards a human-centric approach rather than a GDP-centric one.
Saudi Arabia's tourism revenue tripled in the first quarter of 2023 as the country attracted more visitors and sought to diversify its economy from oil, with a surplus of 22.8 billion Saudi riyals ($9.86 billion) in the balance of payments for the tourism sector and a record number of tourists.
Indian Prime Minister Narendra Modi emphasized that the theme of India's G20 Presidency, 'Vasudhaiva Kutumbakam,' is not just a slogan but a comprehensive philosophy derived from the country's cultural ethos. He also highlighted the importance of including the African Union in the G20 and expressed his belief that India will soon be among the top three economies in the world. The G20 Summit, to be held in September, will see increased security measures with 1,500 Delhi Police personnel deployed outside the venue.
The number of international students at Canadian colleges, particularly from India, has been increasing significantly, leading to concerns about the housing crisis and calls for a cap on study permits; however, there are opposing views with Quebec asserting its autonomy in determining the number of international students it can accommodate, and a new report arguing that the housing crisis is a result of systemic failure rather than solely the fault of international students. Additionally, a recent poll reveals that nearly half of Canadians are living paycheck to paycheck, contributing to the ongoing cost of living crisis.
OQ Gas Networks, the pipelines business of Oman's state oil giant OQ, plans to conduct the largest IPO in the sultanate in nearly two decades, offering up to 49% of its shares to investors and potentially raising between $700 million and $800 million. OQGN holds a natural monopoly over gas transport in the country and supplies natural gas to various customers.
Saudi Arabia's Public Investment Fund (PIF) has acquired a 100% shareholding in Saudi Iron & Steel Co., also known as Hadeed, from Saudi Basic Industries Corp for $3.33 billion, as part of efforts to accelerate industrial development in the Kingdom and improve its steel production capabilities.
China's economic growth is slowing down due to a property market downturn, softening demand for exports, and low household spending, which is causing concerns about a possible economic crunch point. Policymakers need to increase household consumption and implement structural reforms to stimulate growth.
China's trade and inflation data for the week are expected to show a fragile economic recovery, leading policymakers to consider further stimulus measures, although the effects of recent policy measures may take some time to be reflected in the data.
Consumer confidence is dropping despite a strong economy, leading to questions about the factors influencing sentiment.
Sonia Gandhi, Congress Parliamentary Party Chairperson, has been admitted to Delhi's Sir Gangaram Hospital with mild fever and is currently in stable condition.
India's restrictions on rice exports have caused prices in Asia to soar near the highest level in 15 years, prompting concerns over food security and potential price increases in Thailand and Vietnam.
South African President Cyril Ramaphosa believes that lower spending is "not necessarily" the solution to the country's fiscal challenges, as the government faces declining revenue and a significant budget deficit. Instead, he emphasizes the need to focus on key delivery areas and prioritize spending.
The Pakistani rupee is expected to trade within a narrow range against the dollar in the upcoming week following its recent sharp depreciation, although some analysts anticipate continued pressure on the currency due to capital withdrawals, political unrest, and economic uncertainty.
The International Monetary Fund (IMF) has not granted assent to Pakistan's request for deferment of electricity bills, leading to a failure to provide relief to power consumers within the stipulated 48-hour deadline given by the caretaker Prime Minister.
Chancellor Jeremy Hunt is confident that his plan to reduce inflation in the UK is working and will alleviate financial strain on households, despite criticism from experts and opposition politicians. He believes that sticking to the plan and reducing inflation will ease the pressure on families and businesses and lead to economic growth. However, some Conservative colleagues may disagree with his focus on public sector productivity rather than tax cuts. Labour's shadow chancellor, Rachel Reeves, criticized Hunt for being out of touch with the economic realities faced by families and called for investment in the economy to benefit working people.
The Covid-19 pandemic did not restore trust in democracy, but it did roll back the populist wave that emerged in the 2010s, as many populist leaders mishandled the pandemic and were seen as less trustworthy sources of information, while a sense of shared purpose reduced political polarization and increased trust in technocrats, according to a study by the University of Cambridge.
The Pakistani government plans to reopen over 1,600 textile industries that were shut down in the past 16 months, aiming to unlock the country's full production capacity potential by providing competitive energy pricing, working capital support, speedy refund payments, enhanced market access, and product diversification. This comes as the overall export earnings in August show a modest month-on-month recovery, with a 14.27% increase. The government also plans to revive regionally competitive energy tariffs to support the industrial sector and boost exports.
A senior US official has urged Pakistan to undertake energy reforms and opt for renewable energy sources in order to break the cycle of debt and international financing, and ensure economic stability and competitiveness in the future. The official emphasized the need for strong leadership and patience in implementing these reforms.
Chinese Premier Li Qiang is expected to represent China at the G20 Summit in India next week, as President Xi Jinping will not attend the summit.
India is hosting the G20 Summit in 2023, leading to the beautification of Delhi and temporary train and flight cancellations.
China's recent stimulus measures to boost its economy, including reducing down payments for homebuyers and lower rates on mortgages, are impressing the markets and may dictate the direction of the commodity market.
The current economic crisis in Pakistan is driven by high inflation, mismanaged policies, and failure to ensure price stability, leading to a weakened currency and a struggling middle class, but implementing radical reforms such as demonetization and swapping out foreign currency debt can potentially alleviate the situation and revive the economy.
The International Monetary Fund (IMF) has not granted its assent on Pakistan's request for deferment of electricity bills, causing a delay in providing relief to power consumers due to resistance from the IMF.
The high prices of electricity in Pakistan are a result of misgovernance in the power sector, including indirect taxes, losses in the system, expensive production, and the cost of generating electricity in new plants.
Development economist Prof Akpakpan Edet emphasizes the need for the government to lift the employment embargo and implement better economic policies to address Nigeria's high unemployment rate and stimulate domestic production for a stronger economy.
Commerce Secretary Gina Raimondo acknowledges the existence of inflation and its impact on Americans while highlighting the progress made by the Biden administration on the economy, as reflected in the August jobs report.
China's efforts to attract international tourists after reopening its borders have been met with low bookings and a 70% drop in international travelers in the first half of this year, attributed to the lasting damage from the pandemic, China's negative global image, and geopolitical tensions; analysts predict it could take another three years for visitor numbers to reach pre-pandemic levels.
British finance minister Jeremy Hunt has stated that inflation is expected to halve by the end of 2023, with the goal of easing pressure on household budgets and increasing productivity, as the government aims to boost optimism about the economy ahead of the expected elections next year.
British finance minister Jeremy Hunt has stated that inflation is expected to halve by the end of 2023, and he plans to prioritize this goal as the parliament reopens after the summer break, in an effort to ease pressure on household budgets and boost economic growth.
Buy-to-let landlords can secure close to double-digit returns in certain parts of the UK, with yields of 8% or higher in areas around Glasgow, Scotland, according to data from property portal Zoopla. While yields in some affluent London boroughs are lower, they have still seen significant increases in the past year. Rising mortgage rates and stringent regulations are prompting many landlords to sell their properties, leading to increased scarcity of rental properties and higher yields in certain areas. However, despite the potential for high yields, landlords are facing challenges such as rising running costs and new energy efficiency standards. Rising interest rates are also making it difficult to achieve a good return on investment, with some experts suggesting that buy-to-let is no longer a profitable option in most areas.
Startups in the Middle East and North Africa region have attracted significant investor interest, with MENA startups raising over $76 million in August 2023 and accounting for two of the three exits recorded in the region, indicating its growing role in the global startup ecosystem, although the first half of the year saw a decline in capital attracted compared to the previous year. Additionally, PIF's Jada Fund of Funds Co. has committed to Aliph Capital's GCC fund to support SMEs in Saudi Arabia, and UAE fintech MALY has raised $1.6 million in pre-seed funding. Furthermore, Rewaa, an inventory management platform, has raised $27 million in a Series A funding round led by Wa'ed Ventures.
Indian skilling and talent development company Disprz aims to transform Saudi Arabia's workforce using its AI-powered strategy, with plans to expand its Middle East customer base to 500 within the next three years, according to CEO Subbu Viswanathan. The company is already collaborating with key enterprises in Saudi Arabia, including NEOM, SRMG, and Tawuniya Insurance, and aims to adapt its global products to align with local demands through a glocalization strategy. Disprz also plans to integrate generative AI across its product suite and establish a local office in Saudi Arabia.
The Chancellor of the Exchequer, Jeremy Hunt, highlights the conservative government's achievements in terms of supporting businesses, job creation, economic growth, and reducing debt, while criticizing the Labour Party's approach of increased spending without clear plans for funding, and emphasizes the importance of fiscal responsibility and supply-side reforms.
India's recent achievements and economic growth have positioned it as a rising global power, but the country must address its challenges in poverty, job creation, education, and inequality in order to fully realize its potential.
India has asked utilities to import 4% of their coal requirements until March next year in order to meet the country's increasing power demand, which has been exacerbated by hot weather, industrial activity, and deficient rainfall. To address the shortage, the government is also planning to revive idling gas-based power utilities and discuss the utilization of gas-based capacity in a meeting chaired by the power and renewable energy minister.
Canada has paused negotiations for a free trade agreement with India, with both countries mutually deciding to resume talks in the future.
Public markets across Pakistan were closed due to a strike by retail associations over rising electricity prices, exacerbating the country's economic recovery challenges.
Over 300 trains are set to be affected, with around 200 cancellations, due to the G20 Summit taking place in Delhi from September 9 to September 10, 2023.
The BRICS expansion and their de-dollarization efforts have been met with a relatively calm response from the US, Germany, and the European Union, emphasizing the importance of countries choosing partnerships based on their national interests.
China's President Xi Jinping has announced that China will open up its service industries to further promote cross-border trade and investment, focusing on sectors such as telecommunications, tourism, law, and vocational examinations, and aligning domestic standards with international norms.
Chinese President Xi Jinping announces plans to widen market access in the service industry and promote cross-border services trade, focusing on expanding the domestic market, increasing imports of high-quality services, and reforming the country's basic data system.
Pakistan's economic crisis is worsening under the caretaker government, as LPG prices increase by 20% and the rupee continues to fall.
The government's budget cuts on subsidies could further worsen rural demand in India, which is already facing uncertainties due to inconsistent monsoons, food inflation, and lower income, according to a report by Care Edge.
The Canadian government has requested a pause in trade talks with India as Prime Minister Justin Trudeau prepares to travel to India for the G20 Summit, potentially allowing for more consultations with stakeholders.
The US job market is cooling down, with signs of weakening and a slowdown in momentum, which may allow the Federal Reserve to ease inflation pressure through weaker job creation and reduced demand.
Minneapolis has successfully managed to tame inflation by focusing on reducing housing costs through zoning reforms and rental assistance, serving as an example for other cities to follow.
China has announced new guidelines to boost car sales, with a focus on new energy vehicles, aiming to sell around 27 million new vehicles this year and increase sales of electric cars to approximately 9 million units, as the country looks to revive its post-Covid economy.
Nigeria is the second-largest source of IT talent traveling to Canada, with over 32,000 workers arriving between April 2022 and March 2023, thanks to Canada's welcoming immigration policies and the growth of remote work. Rural areas in Canada are also experiencing significant expansion in the IT workforce.