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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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Türkiye Says Trade Deficit Widened 21.7% in April

FILE PHOTO: The Bosphorus strait is pictured through the window of a passenger aircraft over Istanbul, Türkiye February 1, 2019. REUTERS/Murad Sezer/File Photo
FILE PHOTO: The Bosphorus strait is pictured through the window of a passenger aircraft over Istanbul, Türkiye February 1, 2019. REUTERS/Murad Sezer/File Photo
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Türkiye Says Trade Deficit Widened 21.7% in April

FILE PHOTO: The Bosphorus strait is pictured through the window of a passenger aircraft over Istanbul, Türkiye February 1, 2019. REUTERS/Murad Sezer/File Photo
FILE PHOTO: The Bosphorus strait is pictured through the window of a passenger aircraft over Istanbul, Türkiye February 1, 2019. REUTERS/Murad Sezer/File Photo

Türkiye's trade deficit widened 21.7% year-on-year to 12$ billion in April, Trade Minister Omer Bolat said on Friday.
Exports stood at $20.9 billion in April, while imports amounted to $33 billion, he told a press conference.
The euro's gains against the US dollar since US President Donald Trump introduced new 10% baseline tariffs on all economies and slapped duties totaling 20% on the European Union had a positive effect on Turkish exports amounting to $440 million, Bolat also said.

Meanwhile, the Turkish manufacturing sector contracted in April as output and new orders continued to ease amid subdued demand, with firms scaling back employment and purchasing activity, a survey showed on Friday.
The Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers' Index (PMI) was unchanged at 47.3 in April. This marked the 13th consecutive month of easing business conditions, with any reading below 50.0 pointing to a contraction in activity.
Although new export orders eased the latest slowdown was the least pronounced so far this year, and the moderation in new business from abroad was also less marked than that seen for total new orders, the survey showed.
Manufacturers continued to scale back employment and purchasing activity, instead reducing inventories, the survey showed.
Manufacturers reported that suppliers quickened their deliveries in April, the survey showed, while the rate of input cost inflation quickened amid currency weakness and higher costs for raw materials.
"An uncertain international economic environment added to the challenges facing Turkish manufacturers in April. As such, further moderations in new orders, output and exports were recorded by the latest PMI survey," said Andrew Harker, Economics Director at S&P Global Market Intelligence.
"That said, there were some signs of improvement, raising hopes that the sector could potentially move closer to growth territory in the months ahead."