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Lebanon's Middle East Airlines lifts electronics ban on London flights

Friday, 17 November 2017

Lebanon's national carrier Middle East Airlines (MEA) on Friday lifted restrictions on carry-on electronic devices on planes travelling from Beirut to London, the airline said. Britain implemented curbs on electronic items in the cabin in March on direct flights from Turkey, Lebanon, Jordan, Egypt, Tunisia and Saudi Arabia in response to unspecified security threats. Passengers had to check devices larger than a mobile phone such as laptops into the plane's hold. ...

Fork talk lifts bitcoin to all-time high near $8,000

Friday, 17 November 2017

Bitcoin hit an all-time high just below $8,000 on Friday, on talk that a software upgrade whose suspension sent the cryptocurrency into a tailspin at the end of last week was, after all, going ahead within hours. Talk that the upgrade - which could split or “fork” bitcoin into two versions - would go ahead was driven by a statement on the website of Coinbase, the world’s largest bitcoin company with operations in 32 countries. “The Bitcoin Segwit2x fork is expected to ...

Moody’s raises India rating, citing reforms

Friday, 17 November 2017

Moody’s on Friday upgraded India’s credit rating for the first time in more than a decade, citing economic reforms introduced under Prime Minister Narendra Modi.The move comes almost two months after the Moody’s and Standar & Poor’s lowered their ratings on regional rival China citing the country’s ballooning debt burden.Moody’s raised its rating on India to Baa2 from Baa3, the first such move since January 2004, saying recent reforms would enhance ...

Saudi energy minister: Crackdown will not hit investments

Friday, 17 November 2017

Saudi Arabia’s corruption investigations are linked to a just few individuals and will not hinder investments in the kingdom, its energy minister said on Thursday. Khalid al-Falih said the crackdown was way overdue and would also not have any impact on plans to float shares in oil giant Saudi Aramco. “Everybody understands that this is a limited, domestic affair that the government is simply cleaning house,” he said on the sidelines of the UN climate conference in Bonn, Germany ...

Data contradicts perception on Indian tourism post-demonetization

Friday, 17 November 2017

A year after the demonetisation shock, its effect on the tourism sector in India remains difficult to measure. On 8 November 2016, Indian Prime Minister Narendra Modi demonetized Rupees 500 and Rupees 1000 banknotes and the first anniversary of the decision was recently celebrated by the government as Anti-Black Money Day. It is generally believed that the sudden imposition of the demonetization decision dealt a setback to businesses in the country’s unorganized sector, as local shops and ...

Saudi energy minister: Oil market to remain oversupplied by March 2018

Friday, 17 November 2017

The world will still have a surplus of oil by end-March next year, Saudi Arabia’s energy minister said on Thursday, signaling a willingness to extend output cuts when OPEC meets at the end of November on whether to extend caps well into 2018.Khalid al-Falih also said he did not want oil prices to rise too fast and too soon to shock consumers, adding that the exit from production cuts would be gradual to make sure market reaction is smooth. “We need to recognize that by the end of ...

Crash of Iran’s riyal forces traders to stop selling foreign currencies

Thursday, 16 November 2017

According to Iranian agencies, the black currency market in Tehran has stopped the selling and buying of foreign currencies because of a sharp rise in the price of the US dollar, the euro and the pound to levels that existed before the nuclear agreement was reached. Financial websites, mainly Al Mithquaal, report that the price of one dollar now exceeds 41,000 Iranian riyals, which has caused panic and confusion in Tehran’s black market where exchange offices have stopped buying and ...

Turkish, Iraqi officials discuss resuming Kirkuk oil exports

Thursday, 16 November 2017

A Turkish energy delegation has met with Iraqi top oil officials in Baghdad to discuss issues including the resumption of Kirkuk oil exports via the Turkish port of Ceyhan, Iraq’s oil ministry said in a statement on Thursday. Exports from oilfields in Kirkuk have been on hold since Iraqi government forces took control of them from the Kurds last month in retaliation for a Kurdish referendum on independence which was widely opposed by Turkey, Iran and Western powers. “A high level ...

Souq.com to launch massive deals in GCC, Egypt for White Friday 2017

Thursday, 16 November 2017

Souq.com has announced the return of its biggest online shopping event, the annual ‘White Friday Sale’, with 500,000 deals across the region on more than 16,000 brands, from November 22 (Wednesday) to November 25, 2017 (Saturday). This year’s White Friday brings a mass of new incentives and unprecedented selection of products and special offers to online shoppers. In its fourth year running, shoppers across the GCC and Egypt can snap up deals of up to 70 percent off on all ...

Pakistan LNG import project consortium folds, says Hoegh LNG

Thursday, 16 November 2017

A consortium behind a liquefied natural gas (LNG) import project in Pakistan, including oil giant Exxon Mobil, France’s Total and Qatar Petroleum, has been dissolved, shipping company Hoegh LNG said on Thursday. Hoegh LNG was due to supply the project’s ship-based import terminal, a floating storage and regasification unit (FSRU), where LNG brought in by tanker is converted back to gas to feed into Pakistan’s grid. The other six members of the ...

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