{"id":577143,"date":"2022-11-10T04:00:51","date_gmt":"2022-11-10T04:00:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/usd-100-oil-a-threat-to-global-economy-says-iea-head\/"},"modified":"2022-11-10T04:00:51","modified_gmt":"2022-11-10T04:00:51","slug":"usd-100-oil-a-threat-to-global-economy-says-iea-head","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/usd-100-oil-a-threat-to-global-economy-says-iea-head\/","title":{"rendered":"USD 100 oil a threat to global economy, says IEA head"},"content":{"rendered":"<p><strong>Three-figure oil = bad news for the global economy, says IEA chief:<\/strong> Oil prices moving back towards USD 100 a barrel will put more pressure on the global economy, the head of the International Energy Agency, Fatih Birol, said yesterday, calling on OPEC+\u2019s to rethink last month\u2019s decision to cut supply. \u201cThis decision may put further upward pressure on inflation and weaken the global economy,\u201d he said on the sidelines of COP27. <a href=\"https:\/\/www.reuters.com\/business\/energy\/ieas-birol-says-100-oil-real-risk-global-economy-2022-11-09\/\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-11-09\/opec-may-need-to-rethink-oil-output-cut-iea-s-birol-video?sref=mmeFTDW1\">Bloomberg<\/a> both talked to the IEA chief.<\/p>\n<p><strong>REGIONAL HEADLINES worth knowing:<\/strong><\/p>\n<ul>\n<li><strong>IPO Watch:<\/strong> UAE cooling systems firm <a href=\"https:\/\/www.empower.ae\/\">Empower<\/a> raised AED 2.7 bn (USD 724 mn) in its Dubai IPO, selling 2 bn shares priced at the top of its range. The company received some USD 34 bn of bids after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d204db62-30cb-442d-b885-b305c1f509c7\">doubling the offering<\/a> due to high demand. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-09\/empower-s-dubai-ipo-raises-724-million-after-pricing-at-the-top\">Bloomberg<\/a>)<\/li>\n<li><strong>PIF backs private equity takeover of Vodafone\u2019s towers business:<\/strong> A consortium including Saudi Arabia\u2019s sovereign wealth fund is set to purchase Vodafone\u2019s EUR 14.8 bn towers business, trumping an offer by Spain\u2019s Cellnex. (<a href=\"https:\/\/www.ft.com\/content\/5e68714e-b03c-4592-b993-5d47457f7351\">FT<\/a>)<\/li>\n<li><strong>Saudi Arabia has tapped US-based investment bank Lazard <\/strong>to help it drum up funding for its USD 500 bn high-tech city Neom, with debt sales and a 2024 Riyadh IPO on the table. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-09\/saudi-arabia-said-to-work-with-lazard-to-fund-mega-neom-project?srnd=premium-middle-east#xj4y7vzkg&leadSource=uverify%20wall\">Bloomberg<\/a>)<\/li>\n<\/ul>\n<p><strong>GLOBAL HEADLINES worth knowing:<\/strong><\/p>\n<ul>\n<li><strong>Bangladesh becomes the sixth <\/strong><strong>country <\/strong><strong>to agree to IMF bailout in 2022:<\/strong> Bangladesh has reached a staff-level agreement with the IMF for a USD 4.5 bn bailout. Egypt, Lebanon, Pakistan, Sri Lanka and Zambia have also inked facilities. (<a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/11\/08\/pr22375-bangladesh\">IMF<\/a>)<\/li>\n<li><strong>Musk sells more Tesla shares: <\/strong>Elon Musk sold 19.5 mn shares worth nearly USD 4 bn in the EV maker, following his landmark <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a24e0122-fc30-49bf-8663-41298d621ddc\">USD 44 bn purchase of Twitter<\/a>. The b\u2019naire has now sold some USD 36 bn of Tesla stock in the past year. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-09\/musk-sells-3-95-billion-of-tesla-stock-after-twitter-takeover?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>Meta confirms huge layoffs:<\/strong> The social media company has fired 13% of its workforce \u2014 shedding some 11k jobs \u2014 following terrible 3Q earnings as it spends big on the metaverse. (<a href=\"https:\/\/www.reuters.com\/technology\/meta-cut-more-than-11000-jobs-one-biggest-us-layoffs-this-year-2022-11-09\/\">Reuters<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,782<\/p>\n<\/td>\n<td>\n<p>+4.6% (YTD: -1.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.36<\/p>\n<\/td>\n<td>\n<p>Sell 24.44<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.37<\/p>\n<\/td>\n<td>\n<p>Sell 24.42<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>13.25% deposit<\/p>\n<\/td>\n<td>\n<p>14.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,407<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,618<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +25.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,385<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +5.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,749<\/p>\n<\/td>\n<td>\n<p>-2.1% (YTD: -21.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,296<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -1.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,728<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -13.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 92.35<\/p>\n<\/td>\n<td>\n<p>-3.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.93<\/p>\n<\/td>\n<td>\n<p>-3.4%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,708.60<\/p>\n<\/td>\n<td>\n<p>-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 15,762<\/p>\n<\/td>\n<td>\n<p>-15.5% (YTD: -65.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 4.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.24 bn (11.1% above the 90-day average). Local investors were net sellers. The index is down 1.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>Eastern Company (+15.7%), CIB (+11.4%) and Alexandria Containers and Cargo Handling (+4.7%).<\/p>\n<p><strong>In the red: <\/strong>QNB Alahli (-3.1%), Ezz Steel (-2.3%) and GB Auto (-1.9%).<\/p>\n<p><strong>It\u2019s a sea of red in Asia this morning<\/strong> following yesterday\u2019s sell-off on Wall Street. The Hang Seng is leading the declines (-2.0%) while the Kospi, the Nikkei and the Shanghai Composite are all lower. Stock futures for Europe and the US are mixed this morning.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three-figure oil = bad news for the global economy, says IEA chief: Oil prices moving back towards USD 100 a barrel will put more pressure on the global economy, the head of the International Energy Agency, Fatih Birol, said yesterday, calling on OPEC+\u2019s to rethink last month\u2019s decision to cut supply. \u201cThis decision may put [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[637,9980,72,119,78,91,128,122,651],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577143","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-elon-musk","tag-empower","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-oil-and-gas","tag-opec","tag-planet-finance","tag-tesla","wpautop","entry"],"acf":{"mongo_id":"62b5496d-bf12-4a6c-86f3-bdfc53a5f41f","is_powered_by":true,"section_story_id":"44a777cf-984b-4ec0-8acc-a7a1275975e1","story_type":"1","photo_url":"","photo_position":"above","related_issue":[577118],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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