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Postponed World Economic Forum 2022 to remain in Davos: Klaus Schwab

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The postponed World Economic Forum 2022 will gather the global political and business elite this summer in its traditional home of Davos in Switzerland, its chief said on Wednesday.

Klaus Schwab’s comments to Swiss daily Blick came after the annual meeting was postponed from January to “early summer” on Monday, over uncertainty linked to the new omicron variant of the coronavirus.

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This year, the WEF also postponed the in-person meeting from January to the summer. They first suggested it be held at a luxury resort close to Lucerne in Switzerland, then switched to Singapore because of the Covid pandemic in Switzerland, before cancelling the event altogether.

When Blick asked Schwab whether the meeting would be held in Singapore, he replied: “No, it will be held in Davos.”

The WEF chief insisted that the 2022 meeting had been postponed until the coronavirus situation improved, not cancelled.

“The infection rates in Switzerland at the moment are some of the highest worldwide, which does not really inspire confidence,” he said.

Read more: Davos World Economic Forum postponed due to COVID-19: Organizers

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Iran gas flow to Turkey cut by technical failure: Officials

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Iran has cut gas flows to Turkey due to a technical failure, prompting Turkish authorities to order gas-fueled power plants to cut gas use by 40 percent, sector officials said on Thursday.

Turkish natural gas distributors were also asked to reduce supply to 60 percent for large consumers except for that used for heating, the Turkish sector officials said, adding that schools and hospitals will be exempted.

Iran notified Turkey of 10-day cut to natural gas flows, but talks are ongoing to start flows earlier, the officials added.

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Turkey, UAE sign FX swap deal worth $5 billion

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Turkey signed a $4.9 billion currency swap agreement with the UAE, boosting dwindling foreign-exchange reserves depleted by the country’s financial turmoil.

The three-year deal reflects a warming of ties that began last year after a decade of frosty relations that rippled across the Middle East. Turkey has already signed swap deals with Qatar, South Korea and China to prop up its reserves, which shrank more than 10 percent in December as the central bank intervened in the foreign-exchange market to stem the lira’s decline.

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Reserves totalled just under $110 billion on Jan. 7, according to official data, but fall significantly below zero when the central bank’s liabilities from swap deals with foreign counterparts or commercial lenders are stripped out. The lira, meanwhile, still lost about 40 percent of its value last month alone, when investors fled lira assets in search of protection against a worsening inflation outlook.

The run on the currency began after the central bank started a cycle of interest rate cuts in September at President Recep Tayyip Erdogan’s demand. Erdogan argues that lower borrowing costs will curb price pressures, contrary to what most central bankers think.

The size of Wednesday’s swap agreement in local currencies is 18 billion UAE dirhams or 64 billion Turkish liras, according to separate statements by both monetary authorities.

The deal followed a visit by Abu Dhabi’s Crown Prince, Sheikh Mohammed bin Zayed Al Nahyan, to Turkey in November.

Read more:

Turkey, UAE say they want deeper cooperation, trade after Dubai talks

UAE establishes $10 bln fund to support investments in Turkey

Turkey, UAE to sign accords on energy, technology at talks: Officials

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UAE energy minister looks ahead to supply 400,000 bpd, ‘not worried’ about short term

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UAE energy minister Suhail al-Mazrouei said on Wednesday that he was “not worried about the short term” when asked about predictions that oil prices will rise above $100.

The price of benchmark Brent crude gained 0.33 percent on Wednesday to $87.76 per barrel, as oil rose for a fourth day as an outage on a pipeline from Iraq to Turkey added to worries about an already tight supply outlook.

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“I will never give a prediction on a price. We will continue to do our work of increasing the supply of 400,000 bpd,” he told reporters on the sidelines of the Abu Dhabi Sustainability Week.

“I am not worried about the short term,” he said. “I am worried about the long term if there are voices saying we should not invest.”

Analysts are forecasting tight oil supply in 2022, driven in part by demand holding up much better than expected as the highly contagious omicron coronavirus variant spreads, with some predicting the return of $100 oil.

Mazrouei said all producing countries and international oil companies should invest in hydrocarbons to ensure a smooth energy transition.

Read more:

UAE’s ADNOC works to ensure reliable supply after fuel depot incident

Key Iraq oil pipeline to restart after explosion in Turkey

Global oil demand expected to remain ‘robust’ despite COVID omicron variant: OPEC

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