Category: Market

Ukrainian Finance Minister Serhii Marchenko called on Western allies to speed up the allocation to Ukraine of a $50 billion loan, arguing that delays in arms deliveries have led to a rising budget deficit.

The slow supply of weapons, especially from the United States, has led to an increase in military spending by $12 billion. This means that the country will see a deficit that other government officials believe will this year amount to a little below a quarter of GDP, nearly $43.5 billion, Marchenko said in an interview with the (Financial Times).

The $27 billion in direct US security assistance approved by Congress in April continues to flow slowly, Marchenko said as Ukraine is still experiencing a shortage of the required weapons and munitions.

According to the finance minister, this means that the country will not have enough money to pay allowances to its military. He added that aid delays meant salary packages reserved for the end of 2024 were utilized to procure the necessary arms and ammunition ear
lier this year.

Western allies do not directly finance the salaries of the Ukrainian Army but the dragging supplies of American weapons along with the simultaneous increase in own military spending means Kyiv will have to finance the war through expenditure cuts, state asset sales and tax hikes, the newspaper wrote.

Marchenko said that the risky financial situation underscores the need for the US and other countries to pledge more aid and pace up the provision of a $50 billion loan earlier vowed by G7 leaders.

The Group of Seven intends to complete the loan before year-end and have it paid back with proceeds from frozen Russian assets worth EUR 260 billion. Allies will decide how to spend the $50 billion, but Ukrainian government officials hope that at least part of it will be allocated for arms supplies.

Ukraine is in a really vulnerable position, Marchenko said, adding that the $50 billion loan is a ‘magical solution that would allow the nation to purchase military goods and prevent a financial collapse
that could be a concern to creditors such as the IMF.

With the US presidential election approaching, with Republican candidate Donald Trump threatening to put US aid to Ukraine to a halt, Marchenko expressed concern about delays following the summer vacation.

Source: Qatar News Agency

Doha: The general index of Qatar Stock Exchange (QSE) dropped 10.55 points, or 0.10%, at the beginning of trading on Monday, reaching 10,066 points, compared to yesterday’s closing.

QSE general index was weighed down by a decline in four sectors: Transportation by 0.20%; Industrials by 0.12%; Telecoms by 0.06% and Real Estate by 0.03%. On the other hand, the index saw a rise in Insurance by 1.57%; Consumer Goods and Services by 0.43%; and Banks and Financial Services by 0.11%.

By 10:00 am, 18.762 million shares were traded in 2,023 transactions valued QR 48.422 million.

Source: Qatar News Agency

Ukrainian Finance Minister Serhii Marchenko called on Western allies to speed up the allocation to Ukraine of a $50 billion loan, arguing that delays in arms deliveries have led to a rising budget deficit.

The slow supply of weapons, especially from the United States, has led to an increase in military spending by $12 billion. This means that the country will see a deficit that other government officials believe will this year amount to a little below a quarter of GDP, nearly $43.5 billion, Marchenko said in an interview with the (Financial Times).

The $27 billion in direct US security assistance approved by Congress in April continues to flow slowly, Marchenko said as Ukraine is still experiencing a shortage of the required weapons and munitions.

According to the finance minister, this means that the country will not have enough money to pay allowances to its military. He added that aid delays meant salary packages reserved for the end of 2024 were utilized to procure the necessary arms and ammunition ear
lier this year.

Western allies do not directly finance the salaries of the Ukrainian Army but the dragging supplies of American weapons along with the simultaneous increase in own military spending means Kyiv will have to finance the war through expenditure cuts, state asset sales and tax hikes, the newspaper wrote.

Marchenko said that the risky financial situation underscores the need for the US and other countries to pledge more aid and pace up the provision of a $50 billion loan earlier vowed by G7 leaders.

The Group of Seven intends to complete the loan before year-end and have it paid back with proceeds from frozen Russian assets worth EUR 260 billion. Allies will decide how to spend the $50 billion, but Ukrainian government officials hope that at least part of it will be allocated for arms supplies.

Ukraine is in a really vulnerable position, Marchenko said, adding that the $50 billion loan is a ‘magical solution that would allow the nation to purchase military goods and prevent a financial collapse
that could be a concern to creditors such as the IMF.

With the US presidential election approaching, with Republican candidate Donald Trump threatening to put US aid to Ukraine to a halt, Marchenko expressed concern about delays following the summer vacation.

Source: Qatar News Agency

Doha: The general index of Qatar Stock Exchange (QSE) dropped 10.55 points, or 0.10%, at the beginning of trading on Monday, reaching 10,066 points, compared to yesterday’s closing.

QSE general index was weighed down by a decline in four sectors: Transportation by 0.20%; Industrials by 0.12%; Telecoms by 0.06% and Real Estate by 0.03%. On the other hand, the index saw a rise in Insurance by 1.57%; Consumer Goods and Services by 0.43%; and Banks and Financial Services by 0.11%.

By 10:00 am, 18.762 million shares were traded in 2,023 transactions valued QR 48.422 million.

Source: Qatar News Agency

South Korea and Turkiye have agreed to extend their currency swap deal by three years.

The Bank of Korea (BOK) said Monday that the three-year agreement, signed by the BOK and the Central Bank of the Republic of Turkiye, allows for the exchange of local currencies between the two countries, South Korea’s News Agency (Yonhap) reported.

“This arrangement is designed to promote bilateral trade through a swap-financed trade settlement facility and financial cooperation between the two countries,” the two central banks said in a statement.

In 2021, the two countries signed their first three-year, 2.3 trillion-won (roughly $2 billion) currency swap agreement in a move to boost bilateral trade.

A currency swap is a tool for defending against financial turmoil by allowing a country beset by a liquidity crunch to borrow money from others with its own currency.

Source: Qatar News Agency

Oil prices rose for a fifth consecutive session on Monday, extending gains from last week’s more than 3% rise, as US recession fears eased while geopolitical tensions in the Middle East supported prices.

Brent crude futures climbed 22 cents, or 0.3%, to $79.88 a barrel, while US West Texas Intermediate (WTI) crude futures rose 36 cents, or 0.5%, to $77.20.

Brent ended last week up more than 3.5% on the week, while WTI gained more than 4%, on supportive economic data and increased hopes of a US interest rate cut.

Source: Qatar News Agency

Algeria’s Minister of Trade Tayeb Zitouni met Monday with his Niger’s counterpart Saidou Osman, who is currently visiting Algeria.

During the meeting, they discussed means to enhance economic and trade cooperation between the two countries, in addition to discussing the free trade zone project between Algeria and Niger.

Source: Qatar News Agency

Omani Minister of Heritage and Tourism Salim bin Mohammed Al Mahrouqi discussed on Sunday with Malaysias Minister of Tourism, Arts and Culture Dato Sri Tiong King Sing, who is visiting the Sultanate of Oman, aspects of cooperation in the fields of heritage and tourism between the two countries, enhancing mutual tourism, increasing the number of direct flights and expanding training programs in the field of tourism.

The meeting also included a review of the agreement on framing cooperation through the memorandum of understanding signed between the two countries and the executive program that will contain limited areas and the accompanying timetable.

Source: Qatar News Agency

European stocks started trading higher on Monday as investors looked ahead to a week of important economic data from the US and Europe.

The STOXX Europe 600 index rose 0.4 percent.

The oil and gas sector rose about 1 percent as oil prices rose for a fifth straight session.

The financial sector index also rose about 1 percent, supported by Hannover Re, which jumped 6.2 percent after the German reinsurer unveiled first-half results.

BT Group jumped 6.6 percent after India’s Bharti Enterprises agreed to buy about 24.5 percent of Altice UK, the telecoms company’s biggest shareholder.

Source: Qatar News Agency

Omani Minister of Heritage and Tourism Salim bin Mohammed Al Mahrouqi discussed on Sunday with Malaysias Minister of Tourism, Arts and Culture Dato Sri Tiong King Sing, who is visiting the Sultanate of Oman, aspects of cooperation in the fields of heritage and tourism between the two countries, enhancing mutual tourism, increasing the number of direct flights and expanding training programs in the field of tourism.

The meeting also included a review of the agreement on framing cooperation through the memorandum of understanding signed between the two countries and the executive program that will contain limited areas and the accompanying timetable.

Source: Qatar News Agency