Complex Made Simple

Daily brief: GCC Shura rejects JASTA, UK ramps up borrowing ahead of Brexit

GCC rejects JASTA bill, as UK scrambles to meet Brexit deadline. Here are the top business stories you need to know today.

GCC Shura, representatives and national councils reject JASTA

A meeting of speakers, presidents and chairmen of the GCC Shura, including national councils have rejected the US Congress drafted Justice Against Sponsors of Terrorism Act, JASTA, in a recent meeting, as a flagrant violation of the bases and principles of international relations, UAE official press agency, WAM, reported.

Markets see possible Turkish rate rise in defiance of Erdogan

Turkey’s central bank could raise interest rates for the first time in nearly three years on Thursday to prop up a stumbling lira currency, a move that would defy President Tayyip Erdogan’s relentless drive for cheaper credit, putting the central bank at odds with the president.

Bracing for Brexit, UK to ramp up borrowing, cuts growth forecasts

Britain ramped up its borrowing forecasts by much more than expected and said the vote to leave the European Union would weigh heavily on the economy, giving the government little room to ease the Brexit pressure on households and companies.

 (Does Britain really have a Brexit plan? Read here)


Iraq says willing to cut oil output in OPEC’s plan to boost prices

Iraq is willing to cut its crude oil output as part of OPEC’s plan to reduce global supply and boost crude prices, Prime Minister Haider al-Abadi told reporters on Wednesday in Baghdad. (Read more on this here)

 (Iraq has been hesitant about the freeze, read about that here)


Qatar National Bank appoints GM in Saudi Arabia

Qatar National Bank (QNB) has appointed Layth al-Shaiban, a former BNP Paribas executive in Saudi Arabia, as its general manager in the kingdom, according to sources close to the matter.


Libyan oil output down about 70,000 barrels

Libya’s oil production has dropped about 70,000 barrels to 523,000 barrels per day, mainly due to a power problem that is now fixed, the National Oil Corporation (NOC) said on Wednesday.

(Libya oil exports were threatened earlier this year, find out why here)

Air Arabia confirms options for five Airbus A320s

Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier, announced today that it has confirmed options for five additional Airbus A320 aircraft. The delivery of original contract covering 44 firm orders and five options will be completed in 2017.

(US grants second Airbus license to sell planes to Iran)

(With Reuters)