BIZARRE: 2 - You Need To See This

Ukrainian Grain Shipments Drop as Ship Backups Grow

The amount of grain leaving Ukraine has dropped even as a UN-brokered deal works to keep food flowing to developing nations, with inspections of ships falling to half what they were four months ago and a backlog of vessels growing as Russia's invasion nears the one-year mark. Ukrainian and some…

Asharq Al-Awsat · Feb 19, 2023

Ukrainian grain shipments drop as ship backups grow

The amount of grain leaving Ukraine has dropped even as a U.N.-brokered deal works to keep food flowing to developing nations nearly a year into Russia's invasion

The Independent UK · Feb 19, 2023

China's Lenovo Q3 Revenue Tumbles 24% as PC Demand Slumps

China’s Lenovo Group reported a 24% revenue decline for the third quarter, its second consecutive decline as global demand for computers and smartphones continued to slump. The world’s largest maker of personal computers (PC) said on Friday that total revenue during the October-December quarter was $15.3 billion, down 23% from…

Asharq Al-Awsat · Feb 17, 2023

Report: Syria Used US-Sanctioned Ships to Import Wheat from Crimea

Using a low-profile fleet of ships under US sanctions, Syria has this year sharply increased wheat imports from the Black Sea peninsula of Crimea that Russia annexed from Ukraine, Reuters reported. Wheat sent to Syria from the Black Sea port of Sevastopol in Crimea increased 17-fold this year to just…

Asharq Al-Awsat · Dec 19, 2022

Exclusive-Russian-annexed Crimea showers Syria with wheat, Ukraine cries foul

Using a low-profile fleet of ships under U.S. sanctions, Syria has this year sharply increased wheat imports from the Black Sea peninsula of Crimea that Russia annexed from Ukraine, a sign of tightening economic ties between two allies shunned by the West.

Reuters · Dec 19, 2022

Fashion Retailer H&M’s Sept-Nov Sales Beat Forecast

H&M, the world's second-biggest fashion retailer, reported on Thursday a 10% increase year-on-year in September-November net sales, slightly exceeding market expectations of a 9.5% rise. Net sales for September-November, H&M's fiscal fourth quarter, stood at 62.5 billion Swedish crowns ($6.13 billion), up from 56.8 billion crowns a year ago, while…

Asharq Al-Awsat · Dec 15, 2022

The lights are on so far, but letting gas supplies dwindle was a risky bet

Successive governments’ energy plans hinged on a delusion the market would always provide gas at reasonable prices

The Guardian - UK · Dec 12, 2022

Microsoft to buy 4% of London Stock Exchange Group on cloud deal

Microsoft Corp agreed to buy a 4% stake in London Stock Exchange Group Plc as part of a $2.8 billion cloud-computing deal that pushes big tech further into financial markets.

Bangkok Post · Dec 12, 2022

Gap Shrinks between Egypt's Official, Black Market Dollar Prices

The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy. On Thursday, Cairo announced a $3 billion International Monetary Fund deal with a commitment to a “durably flexible exchange rate regime.” The central bank…

Asharq Al-Awsat · Nov 2, 2022

Egypt's Pound Sinks Further Against Dollar After Flexibility Pledge

Egypt's pound fell about 3% to 23.8 against the dollar as trading resumed on Sunday, Refinitiv data showed, after authorities committed to a flexible exchange rate under an International Monetary Fund support deal. The pound slid about 14.5% to 23.1 against the dollar on Thursday after they pledged a "durably…

Asharq Al-Awsat · Oct 31, 2022