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Suez Canal revenues rise to $503 mln in May

Saturday, 16 June 2018

Egypt’s Suez Canal revenues rose to $503.13 million in May, up from $479.3 million in April, according to figures released by the head of the Suez Canal Authority, Mohab Memish. Memish said revenues rose by $63.33 million last month compared to May 2017, an increase of 14.4 percent. The Suez Canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.

Sudan central bank chief dies of heart attack in Turkey

Saturday, 16 June 2018

Sudan’s central bank governor Hazem Abdelqader has died of a heart attack while on a visit to Turkey, the Sudanese presidency said on Saturday. It was not immediately clear whether Abdelqader was on an official visit to Turkey but the presidency said in a statement that he died of a heart attack on Saturday. It did not offer other details. Born in 1960, Abdeqader was appointed head of Sudan’s Central Bank in December 2016. Since taking over as governor, Abdelqader participated in ...

Egypt announces steep fuel price increase as part of austerity measures

Saturday, 16 June 2018

Egypt's Ministry of Oil has announced steep increases in fuel and cooking gas prices as part of the country's economic reforms and austerity measures. The ministry says the new prices will go into effect starting Saturday morning. Prices for cooking gas increased from 60 to 100 pounds (from $3.3 to $5.6), which is a more than 60 percent increase. Ninety-two octane gasoline increased from 5 pounds to 6.75 pounds per liter, or about a 34 percent increase. Eighty octane gas increased from 3.65 to 5 ...

India’s top bank to stop handling Iran oil payments, imports may be hit

Friday, 15 June 2018

India’s imports of Iranian oil may be hit from the end of August after the State Bank of India informed refiners it would not handle payments for the crude from November, the finance chief of Indian Oil Corp (IOC) said on Friday. The move by the state-controlled bank, India’s biggest, comes after US President Donald Trump pulled out of an international nuclear deal with Iran last month, pledging to reimpose tough sanctions within 180 days. “(Oil) loading will be affected from ...

China announces equal penalties to retaliate for US tariffs

Friday, 15 June 2018

 China’s government responded quickly to US President Donald Trump’s tariff hike on Chinese goods by announcing Friday it will immediately impose penalties of “equal strength” on US products.The Commerce Ministry said it also was scrapping deals to buy more American farm goods and other exports as part of efforts to defuse a sprawling dispute over its trade surplus and technology policy.A ministry statement gave no details, but a $50 bln on list of possible targets ...

Trump expected to take ‘significant action’ against China on trade

Friday, 15 June 2018

US President Donald Trump is expected to direct a “pretty significant action” in trade tariffs against China affecting around $50 billion in Chinese goods, an administration official said on Thursday. US trade officials were meeting at the White House on Thursday afternoon to discuss the issue, with Treasury Secretary Steven Mnuchin arguing against the move, the official said. The official told Reuters that Trump no longer thought of China’s influence over North Korea as a ...

EU approves retaliatory tariffs against US

Thursday, 14 June 2018

EU countries on Thursday approved a raft of retaliatory tariffs, including on alcohol and motorcycles, against painful duties imposed by US President Donald Trump on European metals, sources said. The 28-member bloc agreed to activate the countermeasures after Trump on June 1 followed through on his threat to impose tariffs on European steel and aluminium exports. “Member states have today unanimously supported the commission’s plan for the adoption of rebalancing measures on the US ...

Growing Islamic finance firms lobby Britain for tax relief

Wednesday, 13 June 2018

Firms involved in Islamic finance are lobbying the British government for tax reforms, arguing that the treatment of some sharia-compliant structures is hindering their growth. Britain has actively pursued Islamic finance to become the Western world’s biggest hub for it and banks are now seeking to ensure tax parity in areas such as mortgage refinancing as they compete head-on with their conventional peers. Islamic finance forbids interest payments and ...

Trump aide apologizes for ‘inappropriate’ comments on Trudeau

Wednesday, 13 June 2018

A top aide to US President Donald Trump apologized Tuesday for asserting that a “special place in hell” awaited Canadian Prime Minister Justin Trudeau, following the acrimonious conclusion of a weekend G7 summit.“Let me correct a mistake I made,” White House economic advisor Peter Navarro was quoted as saying by reporters at a Washington event organized by The Wall Street Journal.“I used language that was inappropriate,” he said.Navarro over the weekend had ...

Dubai Crown Prince announces cut to restaurant and hotel fees

Tuesday, 12 June 2018

To enhance the attractiveness of Dubai as an investment destination to potential investors and to reduce the cost of doing business, Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, has ordered the municipality fees for restaurants from 10 percent down to 7 percent. “We continue to work under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to provide more business facilities to enhance Dubai's competitiveness under a policy that ensures the growth of partnership ...

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