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Daily brief: Egypt inflation soars, Grammy ratings up

Egypt’s core inflation shot to its highest level in more than a decade, reaching over 30 per cent in January. Here are the top seven business stories you need to know today.


Oil down 2% as dollar firms, OPEC compliance rate shrugged off

Oil on Monday declined by about 2 per cent, the most since mid January, as a stronger dollar and signs of rising U.S. crude output pressured prices while an OPEC report showing high compliance with last year’s production-cut deal underwhelmed investors.


Ratings for 2017 Grammy Awards up slightly from last year

CBS Corp’s airing of the 59th Annual Grammy Awards drew 26.05 million viewers on Sunday night, up 4 per cent from last year, according to Nielsen data. Last year, Monday night show attracted an audience of 24.95 million viewers.


Egyptian inflation hits highest level in more than a decade

Egypt’s core inflation has soared to its highest level in more than a decade, hitting 30.86 per cent in January as the effects of a currency float and IMF-endorsed austerity measures ripple through an economy undergoing painful reforms.


(Foreigners support rally on Egyptian treasuries, pushing yields lower)


Peugeot sees Trump’s Iran stance boosting market lead

France’s PSA Group is pushing ahead with an Iranian plant investment and production ramp-up in the face of a hardened U.S. stance against Tehran under President Donald Trump that could play to the carmaker’s advantage, a senior executive said.


(Visa row overshadows Iranian investment drive and plane deals)


Egypt making good progress in IMF programme, Lagarde says

Egypt is making good progress in its $12 billion loan programme with the International Monetary Fund and its currency may be stabilising after plunging to record lows, IMF Managing Director Christine Lagarde said on Monday.


(Turkey’s economic growth to be below potential in 2016 and 2017: IMF)


Standard Chartered to review Sudan links after US sanctions move, executive says

Standard Chartered will consider whether it can restart correspondent banking relationships with Sudan following the proposed lifting of US sanctions, a senior executive said.


Tesla targets Middle East drive with Dubai debut

Tesla Inc has started selling its luxury electric cars in Dubai, marking its first foray into the Middle East. The California-based company is accepting online orders from customers in the United Arab Emirates, a pop-up store in the Dubai Mall and a Tesla service centre being built on Dubai’s Sheikh Zayed Road, which is due to open in July.