Latest news with #economicrecovery
Bloomberg
16 hours ago
- Business
- Bloomberg
Luxury Boom in Milei's Argentina Masks Despair Among the Masses
The housing market is thriving in Javier Milei's Argentina. Cars are flying off the lots, and major airlines are adding Buenos Aires flights to meet surging travel demand. Yet restaurants are evermore empty, hotels are at best half-full and shop vacancies are increasing as the economic recovery starts to lose momentum, at least for the masses. Two contrasting realities are emerging in Argentina three months before the midterm elections, in which voters' perceptions of the economy stands to determine how successful Milei's party will be in winning more support for his austerity and pro-market approach. Income inequality is nothing new in Argentina. But a strong currency is just as much a pillar of Milei's early accomplishments — lower inflation and poverty — as it is a driver of the country's uneven recovery led by the libertarian, who is opening up a protectionist economy not used to foreign competition.
Arab News
19 hours ago
- Business
- Arab News
Saudi delegation arrives in Syria ahead of expected $4bn trade deals signings
RIYADH: A Saudi business delegation led by Investment Minster Khalid Al-Falih has arrived in Damascus ahead of a forum set to generate trade deals worth SR15 billion ($4 billion). More than 120 potential investors have travelled to Syria, as the Kingdom continues to support the country's economic recovery and financial landscape. Syrian news agency SANA reported that the agreements will contribute to promoting sustainable development and economic interests between Syria and Saudi Arabia. The Saudi-Syria Investment Forum is set to generate the multi-billion trade deals, Al Ekhbariya reported, while the Kingdom's Ministry of Investment wrote on X that the event is expected to witness significant participation from public and private sector entities on both sides. Saudi Arabia and Syria have made significant strides in restoring diplomatic ties in recent months, with the Kingdom reopening its embassy in Damascus in 2024 after a 12-year hiatus. In April, Saudi Arabia and Qatar announced a joint initiative to settle Syria's $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the war-torn nation. Last month, Al-Falih conducted a virtual meeting with his Syrian counterpart, Mohammad Al-Shaar, and discussed opportunities for collaboration in both public and private sectors. The forum is also expected to set out joint projects and the signing of memorandums of understanding between the two sides in various fields, SANA reported. That includes the launch of the Fayhaa White Cement Factory project in the Adra Industrial City in Damascus, which will expand cement production and support the country's reconstruction, the news agency said. The Syrian government this month also amended the country's investment law, in a move that is expected to support more domestic and foreign investment. During a visit by a Saudi delegation last week, Syria's Minister of Economy and Industry, Mohammad Al Shaar, said that the new law provides an attractive legal environment that promotes the entry of capital, SANA reported. The law will support the investment process and enhance the role of the private sector in reconstruction and economic development, the minister added.
Arab News
19 hours ago
- Business
- Arab News
Saudi delegation arrives in Syria ahead of expected $4bn trade deal signings
RIYADH: A Saudi business delegation led by Investment Minster Khalid Al-Falih has arrived in Damascus ahead of a forum set to generate trade deals worth SR15 billion ($4 billion). More than 120 potential investors have travelled to Syria, as the Kingdom continues to support the country's economic recovery and financial landscape. Syrian news agency SANA reported that the agreements will contribute to promoting sustainable development and economic interests between Syria and Saudi Arabia. The Saudi-Syria Investment Forum is set to generate the multi-billion trade deals, Al Ekhbariya reported, while the Kingdom's Ministry of Investment wrote on X that the event is expected to witness significant participation from public and private sector entities on both sides. Saudi Arabia and Syria have made significant strides in restoring diplomatic ties in recent months, with the Kingdom reopening its embassy in Damascus in 2024 after a 12-year hiatus. In April, Saudi Arabia and Qatar announced a joint initiative to settle Syria's $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the war-torn nation. Last month, Al-Falih conducted a virtual meeting with his Syrian counterpart, Mohammad Al-Shaar, and discussed opportunities for collaboration in both public and private sectors.
Reuters
a day ago
- Business
- Reuters
Sri Lanka central bank holds rates on tariff uncertainty
COLOMBO, July 23 (Reuters) - Sri Lanka's central bank held its benchmark interest rate steady at 7.75% on Wednesday, pausing after May's surprise cut, to monitor the impact of U.S. tariffs on its economy and the transmission of earlier easing. The decision was widely expected, with most analysts in a Reuters poll predicting a hold amid stable inflation and a steady economic recovery. "The Board is of the view that the current monetary policy stance will help steer inflation towards the target of 5% in the period ahead while supporting growth," the Central Bank of Sri Lanka said in a statement. Supported by a $2.9 billion programme from the International Monetary Fund, the island nation is gradually recovering from its worst financial crisis in decades, triggered by a record dollar shortage three years ago. The Central Bank of Sri Lanka (CBSL) had trimmed its benchmark interest rate by 25 basis points in May in a surprise move to support growth. The economy expanded 5% in 2024, and the central bank expects growth to remain between 4% and 5% this year. Ten of 13 analysts and economists polled by Reuters had expected the CBSL to hold rates steady at its July meeting, citing benign inflation, stable growth, and uncertainty over U.S. trade policy. The United States initially imposed 44% tariffs on Sri Lankan goods but lowered them to 30% earlier this month. Colombo resumed talks with Washington last week in a bid to reduce the duties further before they take effect on August 1. Apparel, Sri Lanka's second-largest foreign exchange earner, is particularly exposed — the sector exports 40% of its output to the U.S. and brought in $4.8 billion last year. It employs around 300,000 people, most of them women.
LBCI
a day ago
- Business
- LBCI
Lebanese PM discusses banking reforms and Beirut Museum project with French official
Lebanese Prime Minister Nawaf Salam held talks Tuesday morning at the Grand Serail with Jacques de La Jogie, economic advisor to the French President's special envoy to Lebanon, focusing on the latest developments in the bank restructuring law and proposed amendments currently under discussion in Parliament. The meeting also reviewed the expected timeline for the law's approval, along with progress in drafting the financial gap law, both of which are seen as essential steps toward Lebanon's financial and economic recovery. Additionally, Prime Minister Salam was briefed on the details of a planned archaeological museum for the city of Beirut, which is slated to be built in Martyrs' Square, the heart of the capital.
