ECONOMY

Cash is now king in Lebanon, where a three-year economic meltdown has led the country's once-lauded financial sector to atrophy.

India's annual pre-budget economic survey is likely to peg GDP growth at 6-6.8% for 2023-24, according to a source.

Oil prices climbed in early Asia trade on Monday, supported by tensions in the Middle East following a drone attack in Iran and as Beijing pledged over the weekend to promote a consumption recovery which would support fuel demand.

On Thursday, the Pakistani rupee fell 9.6% against the dollar in the inter-bank market, the biggest one-day drop in over two decades, a day after foreign exchange companies removed a cap on the exchange rate.

Presenting a quarterly economic report, the bank's Governor Sahap Kavcioglu stood by previous year-end annual inflation forecasts for 2023 and 2024 of 22.3% and 8.8% respectively.

The 2023 growth forecast is well behind an International Monetary Fund forecast of 2.7% that was issued in October and is due to be updated next week.

Officials and economists said the large size of recent deficits and a need to gain investor confidence was forcing fiscal caution on the government,

Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth.

Economic growth in the United Arab Emirates (UAE) was expected at 3.3% this year, down from 6.4% last year.

The government says it is doing what it can to tamp down prices and expand social spending, often blaming current pressures on external factors linked to the war in Ukraine.

Oil prices fell on Thursday after industry data showed a large unexpected increase in U.S. crude stocks for a second week, heightening concerns of a drop in fuel demand.

About two billion tonnes of carbon dioxide are being removed from the atmosphere every year, according to a report published on Thursday, but nearly all of it is accomplished through forests, despite growing investments in new technologies.

Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that a relaxation of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer.

The Egyptian pound has lost half its value against the dollar since March, following a devaluation demanded as part of a $3 billion International Monetary Fund loan agreement.

Gold prices are expected to rise towards record highs above $2,000 an ounce this year, albeit with a little turbulence, as the United States slows the pace of rate hikes and eventually stops increasing them, according to industry analysts.

"The fundamental reason" for this depreciation is "external constraints", said Muzhar Saleh, a financial adviser to Prime Minister Mohammed Shia al-Sudani.

Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite U.S.

The clear-out had initially been expected to last weeks, but police said on Sunday only two activists remained in the village, holed up in an underground tunnel.

A shortage of crucial dollars has left banks refusing to issue new letters of credit for importers, hitting an economy already squeezed by soaring inflation and lacklustre growth.

The world will need natural gas for a long time and more investment is required to ensure supply security and affordable prices during the global energy transition, the energy ministers of Qatar and the United Arab Emirates said on Saturday.

Oil prices slipped in early trade on Friday but were on track for gains of more than 6% for the week on solid signs of demand growth in top crude oil importer China and expectations of less aggressive interest rate hikes in the United States.

Oil prices were little changed on Tuesday, giving up some of the gains from the previous session, as traders awaited clarity on the Federal Reserve's plans for rate hikes to gauge the impact on the economy and fuel demand.

Oil prices edged up on Monday, a day after travellers streamed into China following a reopening of borders that lifted the fuel demand outlook and partly offset concerns of global recession.

Speaking at an event organised by the International Monetary Fund (IMF), the Indian central bank chief said policy challenges in the region have sharpened due to the Covid-19 pandemic and the war in Ukraine.

Oil prices rebounded on Thursday after opening the year down more than 9%, the worst yearly start in over three decades, as investors took advantage of the decline to buy futures on expectations long-term fuel demand will remain steady.

The cash-strapped North African country is battling 10 percent inflation alongside slow growth, high unemployment and shortages of basic goods, exacerbated by the Covid pandemic and the war in Ukraine.

Oil prices held their ground on Wednesday after tumbling in the previous session as markets braced for minutes from the U.S. Federal Reserve's December policy meeting.

Oil prices slid on Monday from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023 as major economies experience weakening activity.

India's manufacturing industry ended 2022 on a solid footing as business conditions improved at the fastest rate in over two years while growth in new orders and output accelerated, a business survey showed on Monday.