Turkey in final stage talks for up to $10bln funding from Qatar - sources

2 months ago ZAWYA

"Talks for Qatar to provide new resources to Turkey have reached the final stage. The second Turkish official said the talks for $2-3 billion funding for this year were focused on the eurobond. Turkey's Finance Ministry has borrowed $9 billion in 2022, of the $11 billion foreign borrowing foreseen for the year. The ministry foresees $10 billion foreign borrowing for 2023 but it can bring forward its debt issuances when needed for earlier financing. Turkey is also in the final stage of talks with Saudi Arabia on Riyadh placing a $5 billion deposit at the Turkish Central Bank, a Saudi finance ministry spokesman said on Tuesday.
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Egypt’s exports to South Korea are likely to increase 2.5 times in 2022: KITA

South Korea –Despite the long distance between Egypt and South Korea, as it takes around 12 hours to fly from Egypt to South Korea, the bilateral relations in all fields are very strong. Currently, South Korea exports intermediate goods to and imports raw materials from Egypt. In 2022, Egypt’s exports to Korea are likely to increase by 2.5 times on an annual basis, while Korea’s exports to Egypt are likely to remain the same. How does the South Korean private sector see the Egyptian prime minister’s latest announcement to support private businesses? Since language is always a barrier to Korean companies, an internet platform to obtain the information and enable submission of Q&A in Korean language will be very helpful to the Korean companies interested in the region.

2 months ago ZAWYA

Asia shares mixed on Fed warning, China hopes

Waller added the markets were well ahead of themselves on just one inflation print, though he did concede the Fed could now start thinking about hiking at a slower pace. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.8%, after jumping 7.7% last week. The news on COVID rules had stoked a short-covering bounce in the yuan last week, which added to broad pressure on the dollar as yields dived. The dollar regained a little ground early on Monday as its index added 0.4% to 106.870, but remained well short of last week's 111.280 top. The dollar's recent retreat provided a much-needed fillip to commodities, with gold holding at $1,763 an ounce after jumping over $100 last week.

2 months ago ZAWYA

North Korea fires suspected intercontinental ballistic missile, Seoul says

Seoul, South Korea: North Korea fired a suspected intercontinental ballistic missile Friday, Seoul's military said, the second launch in two days as Pyongyang continues a record-breaking blitz that has sent fears of a nuclear test soaring. A South Korean defence official told AFP that they "estimated that North Korea had fired an ICBM", without giving further details. Seoul's Joint Chiefs of Staff earlier said it had detected the "launch of an unidentified ballistic missile in an eastward direction". - Repeated launches -Earlier this month, North Korea conducted a flurry of launches, including an intercontinental ballistic missile, which Seoul said at the time appeared to have failed. Washington has responded to North Korea's sanction-busting missile tests by extending exercises with South Korea and deploying a strategic bomber.

2 months ago ZAWYA

Egypt’s COP27’s significance lies in its focus on implementation, adaptation: South Korea’s Environment Minister

Egypt’s COP27 is significantfor emphasisingto the international communitythe need toimplement adaptive measures to counter climate change. Each country, including South Korea, should share its efforts and detailed plans to reach the NDC target. In 2019, South Korea successfully hosted the Korea Global Adaptation Week and discussed ways to enhance adaptation to climate change. This year, South Korea implemented a climate change impact assessment to analyse and assess the impact of climate change on national plans and development projects. As a member of the international community, South Korea has a sense of responsibility for developing countries’ climate crises.

2 months ago ZAWYA

U.S. and allies turn to deterring war with North Korea as options for preventing nuclear tests dwindle

Now that the North's nuclear weapons are mature and deployed, the United States and its allies are looking to simply dissuade the North from military action. South Korean Defense Minister Lee Jong-sup said last week the focus of efforts to deal with North Korea should be shifted from curbing nuclear weapons development to deterring their use. The newly released U.S. Nuclear Posture Review says Kim Jong Un's regime would be annihilated if it ever attacked with nuclear weapons. Another major drill began on Monday with hundreds of South Korean and U.S. warplanes, including a rare deployment of American F-35B fighters. "They're doing it because they want to send a message to North Korea, hey, we mean business," he said.

2 months ago ZAWYA

Saudi Arabia's Ma'aden to export blue ammonia

Saudi Arabian Mining Company (Ma’aden), the largest multi-commodity mining and metals company in the Middle East, will export blue ammonia as it looks to support the global energy transition. Last month, Ma’aden was certified to export 138,000 tons of blue ammonia, one of the largest certified volumes in the world to date. The first shipment of 25,000 tons of Blue Ammonia will leave the Kingdom for South Korea this month. Ma’aden is well placed to meet the growing demand for blue ammonia, exporting blue ammonia with minimal GHG emissions to markets around the world. Carbon capture will further strengthen Ma’aden’s position as major global supplier of Blue Ammonia, a low carbon approach to ammonia production”, he added.

2 months ago ZAWYA

Biden to warn Xi North Korea's path could prompt bigger U.S. military presence

ABOARD AIR FORCE ONE - U.S. President Joe Biden will warn Chinese President Xi Jinping at a meeting on Monday that North Korea's continued pursuit of weapons development will lead to an enhanced U.S. military presence in the region, the White House said. "And so the People's Republic of China has an interest in playing a constructive role in restraining North Korea's worst tendencies," Sullivan added, using the country's official name. U.S.-led international sanctions have failed to halt North Korea's growing weapons programs. The day before his meeting with Xi, Biden will hold talks with Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk-Yeol in Cambodia to discuss how to rein in North Korea's nuclear program. Sullivan also said Biden hoped his first face-to-face talks with Xi would lead to more such meetings.

2 months ago ZAWYA

Biden to set 'guardrails' in talks with Xi

Nusa Dua, Indonesia: US President Joe Biden will meet China's Xi Jinping in Bali on Monday to set "guardrails" for relations between the countries, as the world's 20 largest economies hold their first major post-pandemic summit. The overarching goal will be setting "guardrails" and "clear rules of the road" a senior White House official told reporters hours before the meeting. Officially, neither the war in Ukraine, nor Putin's dark threats to use nuclear weapons are on the summit agenda. - 'Never been this complex' -At a minimum, Biden and his allies would also like to see the G20 make it clear to Putin that nuclear war is unacceptable. "If eventually (the G20) leaders do not produce a communique, that's that, it's ok."© Agence France-Presse

2 months ago ZAWYA

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