Latest news with #BernadetteBaum
Zawya
29-05-2025
- Business
- Zawya
Morocco's Bank of Africa reports 26% rise in first-quarter profit
Bank of Africa, Morocco's third-largest lender, reported a 26% increase in profit attributable to shareholders to 920 million dirhams ($99.5 million) in the first quarter, driven by a rise in net banking income. Net banking income rose 11% to 5 billion dirhams, the bank said, noting an improvement in interest and fee margins. (Reporting by Ahmed Eljechtimi Editing by Bernadette Baum)
Zawya
22-04-2025
- Business
- Zawya
IMF cuts Saudi 2025 growth forecast, flags slower oil rebound as a drag on region
The International Monetary Fund on Tuesday lowered its 2025 GDP growth forecast for Saudi Arabia, while flagging headwinds for the broader region, including a more gradual resumption of oil production. Oil-dependent governments are coming under pressure from the lowest crude prices since the COVID-19 pandemic, with officials preparing policy responses for a drop in revenue such as issuing more debt and reducing spending. In its World Economic Outlook, the IMF cut the forecast for Saudi Arabia's GDP growth in 2025 to 3% versus a January estimate of a 3.3% increase. IMF also reduced the projection for growth in 2026 by 0.4 percentage point to 3.7%. Meanwhile, the growth projection for the broader Middle East and Central Asia region was lowered to 3% this year versus a 3.6% estimate earlier. "Compared with that in January, the projection is revised downward, reflecting a more gradual resumption of oil production, persistent spillovers from conflicts, and slower-than-expected progress on structural reforms," the report said. Saudi Arabia, the world's top oil exporter and a G20 economy, had been expected to see a sharp growth rebound in 2025 on the back of higher crude output, with an October Reuters poll forecasting expansion of 4.4%. But market volatility, weaker prices, and mounting global risks now threaten to weigh on the recovery, even as the kingdom pushes to diversify its economy beyond oil. Still, Gulf oil exporters are seen as relatively well insulated from oil market volatility thanks to higher reserves, lower debt and ongoing diversification efforts, economists say. S&P raised Saudi Arabia's long-term sovereign credit rating to 'A+' in March, citing stronger institutions and solid non-oil growth under Vision 2030, while cautioning that weaker oil revenue could widen fiscal deficits and lead to delays or cutbacks in major infrastructure projects. (Reporting by Manya Saini in Dubai Editing by Bernadette Baum)
Yahoo
09-04-2025
- Politics
- Yahoo
Russia says Ukraine violated moratorium on energy infrastructure strikes six times in past day
MOSCOW (Reuters) - Russia's defence ministry said in a statement on Wednesday that Ukraine had carried out six attacks on Russian energy infrastructure over the past day, in violation of a U.S.-brokered moratorium on hitting energy infrastructure targets. Ukraine and Russia agreed to pause strikes on each other's energy facilities last month, but both sides have repeatedly accused each other of breaking the moratorium. In statements published on the Telegram messenger app, the ministry said that Kyiv had damaged energy infrastructure in Russia's Rostov and Kursk regions, as well as in the Russian-controlled part of Ukraine's Zaporizhzhia region. It also said that Ukraine had mounted two failed strikes in Russia's Krasnodar region, including on a compressor station serving the TurkStream pipeline, which sends gas from Russia to Turkey via the Black Sea. Reuters was unable to verify the battlefield reports. (Writing by Felix Light; Editing by Bernadette Baum/Guy Faulconbridge)
Zawya
19-03-2025
- Business
- Zawya
Euro zone February inflation estimate reduced due to Germany revision
Euro zone inflation was lower last month than first estimated, mostly because of a revision in Germany, Eurostat said on Wednesday, easing concerns that unexpectedly strong price pressures could prevent further ECB interest rate cuts. Inflation in the 20 nations sharing the euro was 2.3% in February, below the 2.4% first reported and in line with earlier economist estimates, a Eurostat statement showed. However, underlying inflation, or prices excluding volatile food and energy costs, a figure closely watched by policymakers, was left unchanged at 2.6%, even if the monthly growth rate was cut to 0.5% from 0.6%. The revision, though meaningful, is unlikely to move the needle much on expectations for the ECB's April policy meeting. The bank has said that uncertainty is extremely high, so it would not make up its mind until it collected as much data as possible. The ECB also has to factor in trade tensions, the likely increase in budget spending, a bigger burden in financing Ukraine's defence and falling energy costs. Markets now see a 50% to 60% chance of a rate cut in April but have fully priced in a move by June. They also anticipate another cut before the end of the year, which would take the ECB's deposit rate to 2%. The ECB now sees inflation oscillating around the current level for the rest of the year before falling to its 2% target in the first quarter of 2026. (Reporting by Balazs Koranyi Editing by Bernadette Baum)
Reuters
29-01-2025
- Business
- Reuters
India approves $1.88 bln to develop critical minerals sector
NEW DELHI, Jan 29 (Reuters) - India has approved 163 billion rupees ($1.88 billion) to develop its critical minerals sector, the information minister said on Wednesday, as the world's fastest-growing major economy aims to secure raw materials such as lithium. ($1 = 86.5400 Indian rupees) Get the latest news from India and how it matters to the world with the Reuters India File newsletter. Sign up here. Reporting by Sudipto Ganguly in Mumbai; Editing by Bernadette Baum
