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Mashreq Bank seeing flat loan growth: Chairman

Tuesday, 22 October 2019

Dubai-based lender Mashreq Bank is seeing flat loan growth, its chairman said on Tuesday.Abdul Aziz al-Ghurair, who is also the head of the United Arab Emirates Banks Federation, said other banks were also seeing flat loan growth.

Chinese vice foreign minister says progress made in trade talks with US

Tuesday, 22 October 2019

China and the United States have achieved some progress in their trade talks, Vice Foreign Minister Le Yucheng said on Tuesday, and any problem could be resolved as long as both sides respected each other.No country can prosper without working with other nations, Le said at the Xiangshan Forum in Beijing, which China styles as its answer to the annual Shangri-La Dialogue security forum in Singapore.The world wants China and the United States to end their trade war, he said. That required ...

Trump says ‘phase 1’ China trade pact on track for November

Tuesday, 22 October 2019

US President Donald Trump on Monday said progress in developing the text of a partial trade pact with China means he will likely be able to sign it next month.Trump remains upbeat on the chances Beijing and Washington will seal the mini-deal he announced earlier this month -- marking a cooling-off period in the two nations’ damaging trade war.“We’ll be able to, we think, sign a completed document with China on phase one,” Trump said at the White House.US Trade ...

China’s FM says ‘confident’ of investment deal with EU

Tuesday, 22 October 2019

China’s foreign minister said on Monday that he was confident of an investment deal being clinched with the European Union, while pressing for talks “as soon as possible” on a free-trade accord. In an interview with AFP in Paris, Wang Yi said the list of sectors China still refuses access to is shrinking, and the country is opening up more and more, thus “creating favorable conditions for the conclusion of a bilateral investment accord.” “We are very confident ...

Lebanon’s banks to stay closed on Tuesday: Statement

Monday, 21 October 2019

Banks in Lebanon will remain closed on Tuesday, after the government agreed on a reform package on Monday in a bid to defuse the country’s biggest protests against the ruling elite in decades. The statement from the Lebanese banking association, circulated on the National News Agency, said they were waiting for calm to be restored. A nationwide general strike paralyzed Lebanon as protests aimed at ousting the ruling government entered the fifth day on Monday.  

Lebanon must fight corruption to restore investor, public confidence: IMF

Monday, 21 October 2019

Lebanon needs economic reforms that can fight corruption and restore confidence in its beleaguered economy, the director of the International Monetary Fund (IMF) in Middle East and Central Asia Jihad Azour told Al Arabiya in an exclusive interview. Azour added that the country needs to review the performance of public institutions that have contributed to its bulging debt, such as the electricity sector. The country also needs to implement a series of reforms to “fix flaws” in its ...

Lebanese government approves reform plans, 2020 budget: PM

Monday, 21 October 2019

Lebanon’s government on Monday agreed a package of long-stalled reforms to try to ease an economic crisis and defuse the biggest protests against the ruling elite in decades. The cabinet also approved a 2020 state budget that does not impose any new taxes on individuals and aims for a deficit of 0.6% of GDP, down from a previous target of around 7%. Commercial banks and the central bank are set to contribute to the deficit cut with 5.1 trillion Lebanese pounds ($3.4 billion), including ...

Saudi Arabia September consumer prices fall year-on-year

Monday, 21 October 2019

Consumer prices in Saudi Arabia dropped in September from a year earlier, but prices fell at their slowest pace so far this year, according to government data.The consumer price index (CPI) fell 0.7 percent last month on an annual basis, compared to the 1.1 percent annual drop in August.The fall in CPI shows the dwindling impact from last year’s launch of a value-added tax (VAT).On a month-on-month basis, consumer prices rose by 0.2 percent in September, according to the ...

China seeks $2.4 bln in sanctions against US in Obama-era case: WTO

Monday, 21 October 2019

China is seeking $2.4 billion in retaliatory sanctions against the US for non-compliance with a WTO ruling in a tariffs case dating to the Obama era, a document published on Monday showed. WTO appeals judges said in July that the US did not fully comply with a WTO ruling and could face Chinese sanctions if it does not remove tariffs on solar panels, wind towers, steel cylinders, and aluminum extrusions. China, in a request posted by WTO ahead of a Dispute Settlement Body (DSB) on October 28, ...

Lebanon faces political deadlock with economy on brink

Sunday, 20 October 2019

What began as an economic crisis in Lebanon has quickly escalated into a political stalemate as protests entered their fourth day on Sunday, with thousands of people calling for the country’s government – led by Prime Minister Saad Hariri – to immediately resign. Lebanon’s crumbling economy has pushed many of its citizens to the point of desperation. However, the “ruling elite” are yet to be affected, protesters told Al Arabiya English. Banks said they would ...

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