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PIF to Sell Part of Stake in Saudi Telecom

The logo of Saudi Arabia's Public Investment Fund (PIF)
The logo of Saudi Arabia's Public Investment Fund (PIF)
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PIF to Sell Part of Stake in Saudi Telecom

The logo of Saudi Arabia's Public Investment Fund (PIF)
The logo of Saudi Arabia's Public Investment Fund (PIF)

Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth fund, is considering selling part of its 70% stake in Saudi Telecom Co (STC) while retaining majority ownership, the state fund said on Thursday.

"The potential transaction is expected to contribute to PIF's establishment and development of new sectors, in addition to strengthening the Saudi economy's growth and diversifying its sources of income," PIF said in a statement.

PIF said it had appointed Goldman Sachs, HSBC, Morgan Stanley and SNB Capital to advise on the deal.

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Turkish Inflation Falls to 35.4% in May, Below Forecast 

People on a ferry cross the Bosphorus backdropped by the Galata Tower during sunset in Istanbul, Türkiye, 28 May 2025. (EPA)
People on a ferry cross the Bosphorus backdropped by the Galata Tower during sunset in Istanbul, Türkiye, 28 May 2025. (EPA)
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Turkish Inflation Falls to 35.4% in May, Below Forecast 

People on a ferry cross the Bosphorus backdropped by the Galata Tower during sunset in Istanbul, Türkiye, 28 May 2025. (EPA)
People on a ferry cross the Bosphorus backdropped by the Galata Tower during sunset in Istanbul, Türkiye, 28 May 2025. (EPA)

Turkish annual inflation dipped to 35.41% in May, official data showed on Tuesday, below a Reuters poll forecast and less than half the level of more than 75% that it reached a year earlier.

Month-on-month, consumer price inflation was 1.53%, the Turkish Statistical Institute said, also below forecasts. In April, inflation stood at 3.0% on a monthly basis and 37.86% annually.

In a Reuters poll, the monthly inflation rate was expected to be 2.0% in May, with the annual rate seen at 36.1%.

Annual increases were led by education prices, which were up 71.67% on the year, while housing prices climbed 67.43%. Food and non-alcoholic drinks prices rose 32.87%.

Inflation is seen at around 30% by end-2025, the poll showed, above a central bank forecast of 24%. Economists have revised up year-end inflation forecasts since March despite the central bank's recent tightening steps.

In March, Turkish assets suffered, with the lira touching a record low against the US dollar after Istanbul Mayor Ekrem Imamoglu - President Recep Tayyip Erdogan's chief political rival - was jailed pending trial over graft charges that he denies.

The domestic producer price index rose 2.48% month-on-month in May for an annual rise of 23.13%, the data showed.