Crypto News: Massive earthquakes hit Turkey, Syria

Two massive earthquakes hit Turkey and nearby countries, killing hundreds of people and forcing millions to flee their homes and face the hardships of staying out in the coldest of winter days.

A pre-dawn earthquake hit near the city of Gaziantep with a 7.7 magnitude on Monday, the worst in Turkey since a 1939 earthquake that killed about 33,000 people. Hours later, a second temblor with 7.6 magnitude shook the neighboring Kahramanmaras city.

The quakes were felt as far as Egypt and Cyprus, and led to deaths of hundreds of people in Syria, too.

Thousands of buildings collapsed in Turkey alone, making it all but certain that the death toll will rise dramatically.

"We don't know where the number of dead and injured will rise to," President Recep Tayyip Erdogan said several hours after the first temblor.

Authorities said the quakes affected 10 cities, where 13.3 million people live — about one-sixth of the country's population. The region's economic output accounts for about a 10th of Turkey's gross domestic product.

More than 40 countries along with the European Union have offered assistance after Turkey activated a "Level 4 Alert," meaning the country needs international help.

The immediate impact on global markets was immediate as Turkey had to halt crude oil flows to the Ceyhan export terminal, which exported last month about 1 million barrels a day, or 1% of the global supply.

Also Read: Turkey Declines Musk's Offer to Send Starlink After Deadly Quake

An aerial view of collapsed buildings in Hatay, Turkey, on Feb. 6. Photographer: Ercin Erturk/Anadolu

Authorities reported serious damage at airports, rail lines and highways. At least one port — Iskenderun — had to suspend operations.

Monday's disasters come at a critical time for Turkey. Erdogan was planning to move presidential and general elections forward by a month to May 14. But the displacement of millions of people might complicate those plans.

While there are no such indications yet, elections might even be postponed if the devastation proves to be too great, according to Emre Peker, Europe director for Eurasia Group.

Also Read: In Pictures — Major Earthquake Collapses Buildings in Turkey, Syria

Lebanon's central bank set the pound at 15,000 per dollar, devaluing the official rate of 1,500 by 90%. It also replaced two separate rates offered on foreign-currency deposits — at 8,000 and 12,000 each — with the new level.

Yet, the nation has a long way to go before it can catch up with the unofficial rate that most of the economy uses, at about 62,000 pounds per dollar.

The Abraham Accords give United Arab Emirates' ruler Mohammed bin Zayed part ownership of Israel's problems with the Palestinians and Iran, Bobby Ghosh writes for Bloomberg Opinion. Thus far, the Emirates have responded with characteristic caution, but the limits of this approach will soon be tested.

Also Read: Iran Blames Israel for Drone Attack and Hints At Response

Clemency for some protestors: Iran's Supreme Leader Ayatollah Ali Khamenei agreed to either pardon or reduce sentences for some people arrested in a violent crackdown against nationwide anti-government protests.

More pressure: The US has told the United Arab Emirates and Turkey that their economic and financial ties to Russia are hampering efforts to curb Moscow's invasion of Ukraine.

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Engine of job creation: Saudi Arabia's non-oil sector grew at the fastest pace in more than a year and helped the kingdom record the fastest overall growth among major global economies.

Rate cuts loom: Turkey's consumer inflation slowed less than forecast, even as President Erdogan renewed his call for additional rate cuts, claiming they will bring down inflation.

Also Read: Turkey Rebuffs Idea Erdogan Will Allow Higher Interest Rates After Election

Surprise move: Egypt's central bank unexpectedly kept interest rates unchanged for the first time since September, as the government struggles to lure back investors and already faces growing borrowing costs.

Also Read: Pound's Plummet Sends Egyptian Private Sector Into Sharp Decline

February IPO? The UAE's national energy company has started pitching an initial public offering of its gas business to investors and said it generated a record profit last year.

Also Read: Kefi Gold Hires Advisors for Dual-Listing in Saudi Stock Market

Crude market signal: Saudi Arabia unexpectedly raised oil prices for its main market of Asia, while also lifting those for US and European customers. Still, the kingdom's energy minister, Prince Abdulaziz bin Salman, on Saturday said the kingdom would be cautious about raising oil production.

Also Read: Rising Oil Demand in China is No Dead-Cat Bounce, Says Kuwait

OPEC+ exports: Russia's oil shipments surged in January while many of its partners in the OPEC+ coalition — including leading member Saudi Arabia — eased back, according to data firm Kpler.

Also Read: Oil Market Faces Production Issue in 2024, Goldman's Currie Says

Change of guard: Saudi Arabia appointed a new head of the central bank, promoting the vice governor for investment and research as the budget returns to a surplus for the first time in nearly a decade.

Paint dispute settled: Airbus and Qatar Airways have agreed to end their long-running battle over flaking paint on the A350 flagship jetliner, averting an open showdown in court.

DEWA results: Feb. 8
Salik results: Feb. 9
Egypt's January inflation: Feb. 9
Dubai's January Purchasing Managers' Index: By Feb. 15

A Saudi prince is suing a business partnership over $5 million in his purchase of a stake in a lush Bahamian island.

Prince Sultan bin Salman bin Abdul Aziz Al Saud Photographer: Stefano Montesi/Corbis/Corbis News

Prince Salman Bin Sultan Bin Salman Bin Abdulaziz Al Saud claims that officials of Cave Cay, controlled by investment fund Yntegra Group, are violating a side agreement under which he and Yntegra officials are each to pay the $5 million to the partnership.

The partnership is selling stakes in the 220-acre island, Big Cave Cay, as part of a project to build a "high-end residential club community, luxury resort and marina" offering "unparalleled barefoot luxury" on the property, which also includes Little Cave Cay and more than 3,000 acres of land connecting the two islands, according to the suit.

The prince is the latest of the kingdom's wealthy royals to turn to Delaware's Chancery Court to resolve a dispute.

Also Read: Historic Swiss Hotel Shuttered by Pandemic Bought by Dubai Group