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US will seek extradition of Huawei CFO from Canada

Wednesday, 23 January 2019

The US Justice Department said on Tuesday it will pursue the extradition of the chief financial officer of China’s Huawei Technologies Co Ltd’s, arrested in Canada in December. The United States has accused Meng Wanzhou of misrepresenting the company’s links to a firm that tried to sell equipment to Iran despite US sanctions. The arrest soured ties between Canada and China, which subsequently detained two Canadians and sentenced a third to death. The US statement came a day ...

Japan logs first trade deficit since 2015

Wednesday, 23 January 2019

Japan logged a trade deficit last year for the first time since 2015, with export growth slowing amid tensions between the country’s two biggest trading partners -- China and the United States.Japan logged the deficit of 1,203 billion yen ($11 billion) in 2018 after two years of surplus, with annual growth in exports slowing to 4.1 percent from 11.8 percent in 2017, according to finance ministry data released Wednesday.Exports to China increased 6.8 percent, markedly slower than the ...

Gulf gets boost as billions pour in before bond index entry

Wednesday, 23 January 2019

Government bonds issued by Saudi Arabia and four other Gulf states are outperforming debt from other regions, on expectations their inclusion in JPMorgan’s bond indexes will pull in up to $40 billion in foreign investment.JPMorgan told investors in September that Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait – all members of the Gulf Cooperation Council – would join its emerging-market government bond indexes this year, in phases starting Jan. 31 and running ...

Abu Dhabi fund allocates $3 bln deposit to Pakistan’s central bank

Wednesday, 23 January 2019

The Abu Dhabi Fund for Development has allocated $3 billion to Pakistan through a deposit into the country’s central bank, the fund said on Tuesday.Pakistan is battling to bring under control a gaping current account deficit that has hurt its economy and lowered growth.The deposit was announced in December. It is aimed at supporting Pakistan’s economic growth and helping it achieve its monetary policy targets.

Bahrain received first funds from Gulf aid last year: Central bank governor

Wednesday, 23 January 2019

Bahrain has received the first installment of a $10 billion aid package pledged by its Gulf allies last year, its central bank governor told Bloomberg TV in an interview. “This has been within the program we have agreed. The first payment was last year and I think this year this will continue,” Rasheed Mohammed Al Maraj said in Davos. He did not disclose the size of the first instalment. Bahrain was expected to receive $2 billion late last year, officials told Reuters in October, as ...

Lebanon dollar bonds slip after Moody's credit rating cut

Tuesday, 22 January 2019

Lebanon’s dollar-denominated sovereign bonds came under pressure on Tuesday after Moody’s cut the country’s credit rating to Caa1 on worries about a possible debt default.The country’s 2037 bond fell 0.811 cents to trade at 73.568 cents in the dollar, according to Tradeweb data.The bonds had made healthy gains on Monday when Qatar said it would invest $500 million in the country’s sovereign dollar bonds to support its struggling economy.

Davos kick starts as IMF warns of global economic slowdown

Tuesday, 22 January 2019

The world’s most powerful leaders, thinkers, academics, and businessmen are gathering at the Swiss ski resort Davos this week to attend the yearly World Economic Forum (WEF), which began on Tuesday morning. Titled “Globalization 4.0”, this year features about 350 sessions centered around various issues including climate change, digitalization and technology that affects the world’s economies. Meanwhile the IMF said on Monday that the global economy is weakening faster ...

Israel and Ukraine ink free trade deal

Tuesday, 22 January 2019

Israeli Prime Minister Benjamin Netanyahu and Ukrainian President Petro Poroshenko announced Monday the two countries had signed a free trade agreement.“Today a free trade agreement was signed and we have been working on it for many years,” Netanyahu told a joint news conference in Jerusalem.Poroshenko hailed the signing as a “historic day”.Earlier, the Ukrainian president visited Yad Vachem, the Holocaust memorial in Jerusalem, and met with his Israeli counterpart Reuven ...

Turkey’s Erdogan calls on companies to lower price to help consumers

Monday, 21 January 2019

Turkish President Tayyip Erdogan on Monday called on companies to lower their prices and cut profits if necessary, to help consumers through a difficult economic time. Erdogan also said in a speech in Ankara that US President Donald Trump told him in a call on Sunday, that Washington would take measures on its tariffs on Turkish steel imports. ALSO READ: Turkey hikes gas, power prices by as much as 14 pct as lira crisis deepens Last Thursday, a Reuters poll found thatTurkey’s economy ...

Kuwait to boost spending, eyes oil price at $55-$65/bbl

Monday, 21 January 2019

Kuwait on Monday projected a 4.7 percent rise in spending to 22.5 billion dinars ($74.15 billion) as part of its state budget for the year ending on March 31, 2020, as the major oil producer seeks to spur economic growth. The Kuwaiti Finance Minister Nayef al-Hajraf said he expected the average oil price to range between $55 to $65 per barrel, higher than the projected $50 a barrel in its last budget. Brent crude oil futures traded around $63 on Monday. Kuwait said the new plan aims to drive ...

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