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Goldman Sachs pressed on strategy as new CEO confirmed

Wednesday, 18 July 2018

Goldman Sachs Group was pressed for details on new businesses after an uneven second-quarter performance, a likely preview of challenges incoming Chief Executive David Solomon will face as he leads the Wall Street bank’s overhaul. The bank on Tuesday confirmed Solomon will take over from Lloyd Blankfein, who has held the position for 12 years, on Oct. 1, ending months of speculation. Solomon is tasked with executing a plan to boost revenue by entering new businesses and ...

Documents raise questions over Qatar’s legal commitments on airspace use

Tuesday, 17 July 2018

Leaked voicemails and messages, as revealed by BBC Tuesday, between Qatari FM and his ambassador in Iraq as part of the negotiations to release 28 abducted Qataris, have raised more questions about Qatar Airways’ legal commitments over using airspaces. BBC has obtained electronic documents that detail the “tortuous story of the negotiations, line by line, in texts and voicemails sent between the (Qatari) foreign minister and the ambassador.” The hostage crisis was brought to an ...

EU, Japan to sign massive trade deal as US puts up barriers

Tuesday, 17 July 2018

The European Union’s top officials arrive in Japan Tuesday to sign the single market’s biggest trade deal ever and present a united front as Washington upends the international trade order. EU Council President Donald Tusk and Commission head Jean-Claude Juncker land in Japan after talks in Beijing, where they urged global trade cooperation and warned against trade wars. “It is the common duty of Europe and China, but also America and Russia, not to destroy (the global trade ...

IMF: World economy likely to grow 3.9 percent this year

Monday, 16 July 2018

The International Monetary Fund is keeping its forecast for global economic growth unchanged at 3.9 percent this year despite worries about rising trade tensions and higher oil prices. But the lending agency is downgrading the outlook for Europe and Japan.The IMF now predicts that the economy of the 19-country Eurozone will grow 2.2 percent in 2018, down from the 2.4 percent it forecast in April. The fund expects the Japanese economy to expand 1 percent this year, downgrading its 1.2 percent ...

Jordan’s state airline suspends flights to Iraqi city of Najaf

Sunday, 15 July 2018

Jordan’s state airline said on Sunday it had suspended four weekly flights to the Iraqi city of Najaf due to the “security situation at its airport,” a company statement said. Royal Jordanian said Najaf is the ninth destination in the region - from Mosul in Iraq to Aden and Sanaa in Yemen - to which it has suspended flights due to turmoil in recent years. Najaf is among the cities in southern Iraq that have witnessed days of protests over poor services and against alleged ...

Court dismisses criminal case against founder of UAE’s Abraaj

Sunday, 15 July 2018

A United Arab Emirates court on Sunday dismissed a criminal case against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, after the claimant dropped the complaint. The dismissal of the case provides breathing room for Naqvi as Dubai-based Abraaj tries to sell its investment management business after filing for provisional liquidation in the Cayman Islands last month. Investor confidence in the ...

Saudi Arabia releases draft of Private Sector Participation Law

Saturday, 14 July 2018

In line with the objectives of Saudi Vision 2030 to increase the contribution of the private sector to GDP from 40 percent to 65 percent and as part of the Kingdom’s continuous efforts to diversify the economy, the National Center for Privatization and Public-Private Partnerships announced Sunday the draft of the Private Sector Participation Law. The draft law aims to organize partnerships between the government and the private sector in preparation to launch multi-billion dollar projects, ...

As ‘foreign’ economic advisers leave, a protectionist India returns

Friday, 13 July 2018

When Indian Prime Minister Narendra Modi took power in 2014, he leaned on three Indian academics who had predominantly worked in the United States to drive a liberal, globalized economic policy. Now, as Modi faces a tough general election next year to retain office, the last of them has quit.At least a dozen government officials, policy advisers and members of the ruling Bharatiya Janata Party (BJP) told Reuters that policy making has mostly been handed over to Modi’s own office and to a ...

Saudi Arabia: Bankruptcy law to take effect in August

Thursday, 12 July 2018

The bankruptcy law will come into effect on August 18, said an official in the Saudi Ministry of Commerce and Investment. The Saudi government had endorsed the first comprehensive law on bankruptcy in February. Consisting of 231 clauses distributed over 17 chapters, it aims to organize the procedures of bankruptcy. Majed al-Rasheed, secretary general of the bankruptcy committee at the Ministry of Commerce and Investment, said during a workshop on Wednesday that the law will improve Saudi ...

UAE Cabinet approves VAT refund for tourists

Wednesday, 11 July 2018

The UAE Cabinet has adopted a decision to implement the Value Added Tax refund system for tourists, which will integrate between retail outlets with tax refund points in line with the government’s efforts to achieve the efficient implementation of the tax system in the UAE. According to a press statement, the new tax refund system supports the growth of the tourism sector in the UAE and maintain its position as a global destination for tourists. “The system will be implemented ...

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