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  • Saudi Arabia Set to Deposit $5 Billion at Turkish Central Bank

    Saudi Arabia is set to deposit $5 billion at Turkey’s central bank, a major boost for President Recep Tayyip Erdogan’s bid to keep the lira stable ahead of presidential elections next year. The kingdom is in the “final” stage of discussions to offer Turkey assistance, a Saudi Ministry of Finance spokesperson said, confirming an earlier report by Reuters.

  • Saudi Arabia’s state fund hires banks for IPO of ADES, sources say

    Saudi Arabia's sovereign wealth fund is planning an initial public offering (IPO) of oil and gas drilling firm ADES International in Riyadh next year that could fetch more than $1 billion, according to two sources who declined to be identified as the matter is not public. The Public Investment Fund (PIF) has selected JPMorgan (JPM.N), Goldman Sachs (GS.N), Saudi National Bank's investment banking arm (1180.SE) and Egypt-based EFG Hermes (HRHO.CA) as joint lead managers, the sources said.

  • England: Three Lions among seven countries to confirm they will not wear OneLove armband in Qatar

    "FIFA has been very clear that it will impose sporting sanctions if our captains wear the armbands on the field of play. As national federations, we can't put our players in a position where they could face sporting sanctions including bookings, so we have asked the captains not to attempt to wear the armbands in FIFA World Cup games," the statement read.

  • Budweiser World Cup campaign curbed, not crashed, by Qatar beer ban

    Indeed, the brewer has launched its biggest ever World Cup campaign in over 70 markets, more than double the number of participating countries, compared with just over 50 for the 2018 edition. "The stadium sales themselves are a relatively small component of this," said Bernstein beverage analyst Trevor Stirling. "In terms of volumes of brands, it's about the global television audience and global activations."

  • Budweiser World Cup campaign curbed, not crashed, by Qatar beer ban

    The event, held every four years, typically boosts beer consumption globally, and the Belgium-based maker of brands such as Stella Artois and Corona clearly wants to profit from the millions of dollars it has paid to be the tournament's official brewer. The 2014 World Cup boosted AB InBev beer sales in host country Brazil - its second most profitable market after the United States - by 140 million litres, with extra drinking in usually weak winter months and an annual volume hike of more than 1 percentage point.

  • Sale of beer with alcohol banned at World Cup stadiums

    “Following discussions between host country authorities and FIFA, a decision has been made to focus the sale of alcoholic beverages on the FIFA Fan Festival, other fan destinations and licensed venues, removing sales points of beer from ... stadium perimeters,” FIFA said in a statement. Champagne, wine, whiskey and other alcohol is still expected to be served in the luxury hospitality areas of the stadiums. Outside of those places, beer is normally the only alcohol sold to regular ticket holders.

  • Bankers bet billions on new wave of debt-for-nature deals

    7 minute readNovember 17, 20227:39 AM ESTLast Updated 2 hours ago Bankers bet billions on new wave of debt-for-nature deals By Clare Baldwin, Marc Jones and Simon Jessop [1/2] A hammerhead shark swims close to Wolf Island at Galapagos Marine Reserve August 19, 2013. Picture taken August 19, 2013. REUTERS/Jorge Silva 1 2 Summary More countries linking debt cost to conservation goals Seychelles, Belize, Barbados among those to strike deals Ecuador swap could be biggest yet at $800 million Cape Verde, Sri Lanka and others also exploring deals SHARM EL-SHEIKH, Egypt, Nov 17 (Reuters) - The Galapagos Islands, whose thousands of unique species inspired Darwin's theory of evolution, have incalculable ecological value. But what are they worth? Perhaps around $800 million, judging by the size of a "debt-for-nature" swap deal that could see Ecuador's debts cut in exchange for protecting its offshore territory's fragile ecosystem, according to people with knowledge of the talks. These kind of agreements are part of efforts to address an intractable quandary facing world leaders at the U.N. COP27 summit underway in Egypt: who will pay the bill for the global fight against biodiversity loss and climate change? Advertisement · Scroll to continue Report an ad ADVERTISING "There's now a big push to get nature into sovereign debt markets," said Simon Zadek, executive director at NatureFinance, which advises governments on debt-for-nature swaps and other types of climate-focused finance. "The tragedy of debt distress offers a real opportunity," he added, pointing to nature-rich countries who look like ideal debt swap candidates following big drops in their bond prices this year.

  • Syria and Lebanon at risk from rapidly spreading cholera epidemic

    with UNICEF estimating the total in Syria at 35,569 while the Ministry of Public Health puts that in Lebanon at 3,369. According to the EU, the causes of the outbreak in Syria include drought, economic decline, and the battered state of the country’s water infrastructure, which leaves 47% of the population relying on unsafe sources of water for their daily needs.

  • Analysis: Power vacuum adds to risks for crisis-hit Lebanon

    Lebanon has had neither a head of state nor a fully empowered cabinet since Michel Aoun's term as president ended on Oct. 31 - an unprecedented vacuum even by the standards of a country that has enjoyed little stability since independence. With politicians showing no compromise in a tussle over state power, some political sources and analysts say a compromise on the presidency may demand the type of foreign mediation that has saved Lebanon from previous such standoffs.

  • Analysis: Power vacuum adds to risks for crisis-hit Lebanon

    Lebanon faces an indefinite government crisis that further complicates the path out of its financial meltdown, adding to risks of instability as hardship deepens and state institutions teeter on the brink of collapse. Lebanon has had neither a head of state nor a fully empowered cabinet since Michel Aoun's term as president ended on Oct. 31 - an unprecedented vacuum even by the standards of a country that has enjoyed little stability since independence. With politicians showing no compromise in a tussle over state power, some political sources and analysts say a compromise on the presidency may demand the type of foreign mediation that has saved Lebanon from previous such standoffs.