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Can Lebanon’s next government rise to the economic challenge?

Wednesday, 23 May 2018

After Lebanon’s first parliamentary election in nine years, the dire economic situation and unsustainable public debt levels are top priorities for the next government. Before the May 6 vote, leaders from across the deeply divided political establishment sounded the alarm about the state’s finances and economy. They agree a new government, which is expected to contain the main parties, must be formed quickly, although wrangling over cabinet portfolios could take time, even months. ...

China signals to state giants: ‘Buy American’ oil and grains

Wednesday, 23 May 2018

China will import record volumes of US oil and is likely to ship more US soy after Beijing signaled to state-run refiners and grains purchasers they should buy more to help ease tensions between the two top economies, trade sources said on Wednesday. China pledged at the weekend to increase imports from its top trading partner to avert a trade war that could damage the global economy. Energy and commodities were high on Washington’s list of products for sale. As ...

Cyber firms warn on suspected Russian plan to attack Ukraine

Wednesday, 23 May 2018

Cisco Systems Inc on Wednesday warned that hackers have infected at least 500,000 routers and storage devices in dozens of countries with highly sophisticated malicious software, possibly in preparation for another massive cyber attack on Ukraine. Cisco's Talos cyber intelligence unit said it has high confidence that the Russian government is behind the campaign, dubbed VPNFilter, because the hacking software shares code with malware used in previous cyber attacks that the US government has ...

PICTURES: Saudi Crown Prince chairs Economic and Development Affairs meeting

Wednesday, 23 May 2018

Saudi Crown Prince Mohammed bin Salman chaired at Al-Salam Palace in Jeddah a meeting of the Council of Economic and Development Affairs on Tuesday. During the meeting, the Council reviewed a number of issues on its agenda and took necessary recommendations, according to the Saudi Press Agency. The crown prince is also Chairman of the Council of Economic and Development Affairs.  

Saudi courts ensure $3.4 bln payment based on foreign rulings

Wednesday, 23 May 2018

Saudi enforcement courts have announced the recovery of more than $3.4 billion (around 13 billion Saudi riyals) after enforcing a number of foreign rulings.According to a statement released by Saudi Arabia’s Ministry of Justice, the rulings came from foreign arbitration committees and foreign courts from a number of countries around the world concerning individuals, companies and entities inside the Kingdom. The most recent one came from a Court in Virginia, forcing a Saudi tourism company ...

Saudi Arabia joins global customs transit system

Wednesday, 23 May 2018

Saudi Arabia has become the 74th country to ratify the TIR Convention, a multilateral treaty to simplify and harmonize the administrative formalities of international road transport. This was announced in a press release issued by International Road Transport Union (IRU). The Saudi government will use the TIR system to help improve and develop its transport sector, as outlined in its Vision 2030 and National Transformation Program 2020, positioning the country as a key logistics hub. More than ...

Jordan’s trade deficit narrows to $3 bln in Q1

Tuesday, 22 May 2018

Jordan’s trade deficit fell 2.6 percent to 2.1 billion dinars ($3 billion) in the first quarter of 2018 compared with the same period last year, official figures showed on Tuesday. Department of Statistics data showed the value of imports in the first three months of the year fell by 2.2 percent from a year earlier to 3.3 billion dinars. The kingdom’s total exports reached 1.2 billion dinars, dropping 1.5 percent from the same period in 2017 as the value of ...

Turkey lira hits new historic lows after Fitch warning

Tuesday, 22 May 2018

Turkey’s embattled currency, the lira, on Tuesday hit new historic lows against the US dollar after Fitch ratings agency expressed concerns over the central bank’s independence in the wake of comments by President Recep Tayyip Erdogan.Fitch said that comments by Erdogan last week that he plans to have a greater say in monetary policy if he wins June elections raised the possibility of economic policy becoming more unpredictable after the polls.In an interview with Bloomberg TV while ...

Morocco’s annual inflation rises to 2.7 pct yr/yr in April

Tuesday, 22 May 2018

Morocco’s annual consumer price inflation rate rose to 2.7 percent in April from 2.5 percent in March, mainly due to higher food prices, the High Planning Authority said on Tuesday. Annual food inflation rose to 3.7 percent from 3.3 percent in the 12 months through April. Non-food price inflation grew to 1.7 percent from 1.4 percent year on year, it said in a statement. Communication costs remained unchanged, while goods and miscellaneous services were 6.8 percent more expensive, the ...

Woman to lead NYSE for the first time in 226 years

Tuesday, 22 May 2018

The New York Stock Exchange for the first time in its 226-year history will be led by a woman.Stacey Cunningham, who started her career as a floor clerk on the NYSE trading floor, will become the 67th president of the Big Board.Cunningham, who is the chief operating officer for the NYSE Group, becomes president Friday. Current NYSE President Thomas Farley, is leaving to head a special purpose acquisition company.The historically male-dominated financial industry has grappled with its own issues ...

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