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Alibaba Singles’ Day smashes $25 bln sales record

Sunday, 11 November 2018

Chinese e-commerce giant Alibaba Group Holding Ltd smashed the 2017 record for its Singles’ Day sales event on Sunday, surpassing 168 billion yuan ($24.15 billion) sales in under sixteen hours. Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping US shopping holiday Black Friday. The Chinese event was originally a novelty student holiday to celebrate being single, countering Valentines Day, but has ...

Iraq rail service back on track after war with ISIS

Sunday, 11 November 2018

At Baghdad’s grand but half-empty railway station, a single train is sputtering to life. It is the newly revived daily service to Falluja, a dusty town to the west once infamous as a Sunni insurgent stronghold.The driver and conductor assure that the tracks running through Anbar province are now clear of mines planted by Islamic State in Iraq and Syria and of collapsed bridges the group blew up when it marauded through western and northern Iraq in 2014.The rapid advance of the militants ...

Egypt’s annual urban consumer price inflation accelerates to 17.7 pct in October

Sunday, 11 November 2018

Egypt’s annual urban consumer price inflation accelerated to 17.7 percent in October from 16.0 percent in September, the official statistics agency CAPMAS said on Saturday. Egypt has hiked fuel, electricity and transportation prices over the past few months to help meet the terms of a $12 billion IMF loan program it signed in late 2016 that includes deep cuts to energy subsidies and tax hikes. On a monthly basis, inflation accelerated to 2.6 percent from 2.5 percent in September, but ...

SWIFT system to disconnect some Iranian banks this weekend

Friday, 9 November 2018

The Belgium-based SWIFT financial messaging service will be disconnecting some Iranian banks this weekend, said SWIFT chief executive Gottfried Leibbrandt at an event in Paris on Friday. Earlier this week, SWIFT had already stated that it would be suspending some unspecified Iranian banks’ access to its messaging system in the interest of the stability and integrity of the global financial system. In a brief statement issued earlier this week, SWIFT had made no ...

India’s finance minister says Mastercard, Visa losing out to local players

Thursday, 8 November 2018

India’s finance minister said on Thursday that Mastercard and Visa were losing market share to domestic payments networks, months after Mastercard complained to the US government that Indian Prime Minister Narendra Modi was using nationalism to promote a local rival. Finance Minister Arun Jaitley spoke about the surging growth of RuPay and Unified Payment Interface (UPI), which allows swift inter-bank fund transfers, on the second anniversary of Modi’s shock decision to ...

Tesla director Denholm to replace Musk as board chair

Thursday, 8 November 2018

Tesla Inc said Robyn Denholm will replace Elon Musk as chair of the electric-car maker’s board, more than a month after the billionaire had to step down from the role as part of a settlement with US regulators. The appointment of Denholm, one of the two women on the carmaker’s nine-member board, caps months of turbulence for the company and its stock as investors called for stronger oversight of Musk, whose erratic public behavior raised concerns about his ability to steer the ...

Saudi female employment in private sector rise 8.8 percent

Thursday, 8 November 2018

The number of Saudi female employees in the private sector- covered by social security- increased by 8.8% during this year. According to Saudi newspaper Aleqtissadiya’s analysis, based on data from the General Statistics Authority in Saudi Arabia, the number of Saudi women in the work force at the end of the second quarter of this year, increased to 593.4 thousand employees, accounting for 6.3% of employment in the private sector, with a work force of both sexes at 9.37 million. The number ...

Despite sanctions, an American ship to unload its soya cargo in Iran

Thursday, 8 November 2018

Despite the entry into force of the second tranche of US sanctions against Iran since November 5, a US steamer loaded with soybeans from the United States was headed to Iran. According to information released by the US Department of Agriculture, the ship, which is carrying a shipment of soy from Longview port in Washington, sailed to the Iranian port of Imam Khomeini on November 1. This coincides with the resumption of the US sanctions against Iran, which was withdrawn under the nuclear ...

China October exports surprisingly strong in race to beat higher US tariffs

Thursday, 8 November 2018

China reported stronger-than-expected exports for October as shippers rushed goods to the United States, its biggest trading partner, racing to beat higher tariff rates due to kick in at the start of next year. Import growth also defied forecasts for a slowdown, suggesting Beijing’s growth-boosting measures to support the cooling economy may be slowly starting to make themselves felt. The upbeat trade readings from China offer good news for both those worried ...

Royal Jordanian CEO says manufacturers in ‘head-to-head race’ for new jet order

Thursday, 8 November 2018

Royal Jordanian expects to decide in the first quarter next year on an order for over 20 narrow-body aircraft, the Middle East airline’s chief executive said on Tuesday. The Amman-based carrier is in talks with Airbus, Boeing, and Embraer for an order of 23 jets to replace and expand its fleet of 19 Airbus A320 family aircraft and Embraer 195 and 175s. “I think right now it’s a head to head race ... and the best offer will win,” Chief Executive ...

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