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World Bank’s IFC to Help Egypt Monetize State Assets

Vehicles drive on a road next to the construction site of the Iconic Tower skyscraper in the Central Business District (CBD), which is being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt January 15, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
Vehicles drive on a road next to the construction site of the Iconic Tower skyscraper in the Central Business District (CBD), which is being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt January 15, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
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World Bank’s IFC to Help Egypt Monetize State Assets

Vehicles drive on a road next to the construction site of the Iconic Tower skyscraper in the Central Business District (CBD), which is being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt January 15, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
Vehicles drive on a road next to the construction site of the Iconic Tower skyscraper in the Central Business District (CBD), which is being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt January 15, 2023. REUTERS/Amr Abdallah Dalsh/File Photo

The International Finance Corporation (IFC) said on Sunday it would act as the strategic advisor for Egypt's plans to boost the role of the private sector in the economy.

The IFC said it would advise on the government's "asset monetization program, which will focus on harnessing private capital and know-how to manage state-owned assets".

That will include structuring and preparing assets for sale, the IFC said in a statement.

Last year Egypt's government announced a state ownership policy designed to identify areas of the economy in which the private sector can play a bigger role.

Egypt has been struggling to manage an acute foreign currency shortage, attract new investment and contain a rising debt burden.

"We will have a five-year partnership with the World Bank's IFC to guarantee the governorship of the program in the long term," Prime Minister Moustafa Madbouly said on Sunday in a televized conference with IFC Managing Director Makhtar Diop.

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Turkish Central Bank Keeps Key Interest Rate at 37%

The Turkish Central Bank headquarters in Ankara (Reuters)
The Turkish Central Bank headquarters in Ankara (Reuters)
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Turkish Central Bank Keeps Key Interest Rate at 37%

The Turkish Central Bank headquarters in Ankara (Reuters)
The Turkish Central Bank headquarters in Ankara (Reuters)

Türkiye's central bank left its key interest rate at 37% on Thursday, as expected, keeping it unchanged for a fifth consecutive meeting as it continues to monitor the inflation impact of the Iran war.

The central bank said recent indicators suggested that the underlying trend of inflation was decelerating, though elevated energy prices posed an upward risk to the inflation outlook.

"The impact of geopolitical developments on the inflation outlook through the cost channel, economic ⁠activity and expectations is ⁠closely monitored," Reuters quoted the bank as saying in a statement.

The lira held steady at 48.4950 against the dollar after the announcement, while the main Istanbul share index was slightly lower.

In a Reuters poll, 16 of 17 economists had forecast the policy rate would remain at 37%, while ⁠one had expected a 100-basis-point cut.

The central bank also did not adjust its overnight lending and borrowing rates from 40% and 35.5%, respectively. The bank uses the rate corridor to adjust the cost of funding to the market, when necessary, without changing the benchmark rate.

Last month, the central bank resumed one-week repo auctions, which had been suspended since March in order to control the inflationary impact of the Iran war. Overnight interest rates, which had ⁠remained ⁠at around 40% since the suspension, fell by 300 basis points.

The war-related surge in energy prices has rattled import-reliant economies such as Türkiye, where inflation was 31.51% last month.

In the latest inflation report, the central bank raised its inflation forecast for the end of 2026 to 28%, from 26%. The government sees inflation at 28.4% at the end of this year.

Economists continued to expect monetary easing over the remainder of the year, but are closely monitoring new tensions in the region and their impact on inflation.

Business

OPEC Further Lowers 2026 Global Oil Demand Growth Forecast

FILED - 09 December 2023, United Arab Emirates, Dubai: FILE PHOTO - A view of the OPEC pavilion on the COP28 grounds. Photo: Hannes P Albert/dpa
FILED - 09 December 2023, United Arab Emirates, Dubai: FILE PHOTO - A view of the OPEC pavilion on the COP28 grounds. Photo: Hannes P Albert/dpa
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OPEC Further Lowers 2026 Global Oil Demand Growth Forecast

FILED - 09 December 2023, United Arab Emirates, Dubai: FILE PHOTO - A view of the OPEC pavilion on the COP28 grounds. Photo: Hannes P Albert/dpa
FILED - 09 December 2023, United Arab Emirates, Dubai: FILE PHOTO - A view of the OPEC pavilion on the COP28 grounds. Photo: Hannes P Albert/dpa

OPEC on Thursday lowered its forecast for world oil demand growth in 2026 to 380,000 barrels per day, ⁠a copy of its ⁠monthly report showed, marking the fifth straight downward revision.

The producer group continues ⁠to see a smaller impact on consumption since the Iran war started than other forecasters, such as the International Energy Agency, which expects demand to decline in 2026.

The ⁠Organization ⁠of the Petroleum Exporting Countries also raised its forecast for 2027 oil demand growth, according to the report on its website.

Business

HSBC's 1st Female CFO Pam Kaur to Step Down in 2027

FILE PHOTO: HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic/File Photo
FILE PHOTO: HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic/File Photo
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HSBC's 1st Female CFO Pam Kaur to Step Down in 2027

FILE PHOTO: HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic/File Photo
FILE PHOTO: HSBC logo is seen in this illustration taken January 7, 2026. REUTERS/Dado Ruvic/File Photo

HSBC Chief Financial Officer, Pam Kaur, plans to step down in 2027, the latest high-profile executive departure at the Asia-focused lender.

Kaur will not stand for re-election as a director at the lender's 2027 annual general meeting, the bank said on Thursday, according to Reuters.

HSBC said its board has started to look for a successor, and will consider "both internal and external candidates".

Her planned exit puts leadership stability back under scrutiny. In December, HSBC unexpectedly named interim chair Brendan Nelson to the permanent role after a ⁠drawn-out, seven-month search.

Kaur's official ⁠retirement date as Group CFO would be confirmed in due course but would be no later than the company's 2027 AGM, which is usually in May, according to the bank.

Pam Kaur was the bank's first female finance chief in its over 160-year ⁠history.

Since her appointment in October 2024, Kaur has been widely regarded as the top aide to HSBC CEO Georges Elhedery as he leads a global overhaul.

The restructuring splits the bank's footprint into East and West regional divisions, driven by market exits and deep cost cuts to streamline operations.

After stepping down from the full-time role of Group CFO and executive director, Kaur will take on an advisory role to support Group ⁠CEO ⁠Georges Elhedery on ongoing strategic projects, the bank said.

Last month, HSBC's global chief executive for the insurance business Edward Moncreiffe left the bank after two decades at the banking group.

Recent high-profile exits include former head of banking for Europe and the Americas Gerry Keefe, who resigned in April, and its cash equities trading heads, James Grafton and Steve Jobber, who left in February.

The bank's former US banking chief Lisa McGeough departed last September.