Turkey finance minister rolls out economic plan, worrying investors

Saturday, 22 September 2018

Investors had hoped Turkey would announce a sweeping plan to help its banks when Finance Minister Berat Albayrak rolled out a new economic program this week. What they got fell far short of that. Albayrak announced sharply lower growth forecasts for this year and next and promised $12 billion in new savings and revenue for 2019, but failed to mollify investors who wanted to see Ankara move quickly to stem worries about the banking sector. Turkey’s lira has fallen some 40 percent so far ...

UAE airlines Emirates, Etihad deny media report they may merge

Thursday, 20 September 2018

Emirates and Etihad, two state-owned airlines in the United Arab Emirates, denied on Thursday a Bloomberg report which quoted unnamed sources as saying Emirates was seeking to take over Etihad to create the world’s largest airline. “There is no truth to this rumor,” an Emirates spokeswoman told Reuters. Etihad made a similar statement denying the report.

Volkswagen to stop doing business in Iran

Thursday, 20 September 2018

Volkswagen will end almost all business in Iran following the US rejection of the nuclear deal, Bloomberg News reported Wednesday.The accord was reached Tuesday after weeks of talks between the German auto giant and the administration of President Donald Trump, said Richard Grenell, the US Ambassador to Germany, according to Bloomberg.VW will still be able to do some business in Iran under a humanitarian exception, Bloomberg added.In May, Trump pulled the US out of the deal it reached with Iran ...

Egypt to weigh up further state company sales, says finance minister

Wednesday, 19 September 2018

Egypt’s finance minister said on Wednesday the government will weigh up in January how to proceed with further state company sales, with five share offerings planned to take place by the end of this year. Egypt hopes the privatization drive will spur investment and private-sector growth, which has been moribund since an uprising in 2011 that has rocked the economy. “The five companies we decided to work on, we decided to see how it would go,” the minister, Mohamed Maait, said ...

Global goal to end poverty by 2030 unlikely to be met, World Bank says

Wednesday, 19 September 2018

The number of people living on less than $1.90 a day has fallen to record low of about 655 million - or 9 percent of the world’s population - but a global target of ending extreme poverty by 2030 is unlikely to be met, the World Bank said on Wednesday. Without significant shifts in policy, about 480 million people - some 6 percent of the world - will remain in extreme poverty in 2030, the majority in poor African countries which are lagging behind, it said in a forecast document. ...

UAE’s Gulftainer to operate US port of Wilmington

Wednesday, 19 September 2018

Gulftainer, the UAE-based port operator, on Wednesday said it won a 50-year concession to operate and develop the Wilmington port in Delaware, USA, with a $600 million investment. Privately-owned Gulftainer currently operates the Canaveral Cargo Terminal in the Port of Canaveral, Florida and provides services to the US armed forces and the US space industry. The Delaware concession agreement completes a preliminary agreement between Gulftainer and the State of Delaware, as well as the ...

Imran Khan meets Saudi energy minister to discuss boosting ties

Wednesday, 19 September 2018

Pakistani Prime Minister Imran Khan has met on Wednesday the Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih. Khan received the minister at his residence in Jeddah to discuss ways of cooperation between Pakistan and Saudi Arabia. The prime minister also met Consultant at the Secretariat General of the Cabinet Ahmed bin Aqeel Al-Khatib, and Yasir Al-Rumayyan, the managing director and chief executive of the Saudi Public Investment Fund. Khan’s trip to Saudi Arabia ...

WATCH: Why are Spanish farmers going nuts for almonds

Wednesday, 19 September 2018

Surging worldwide demand for almonds is pushing Spanish farmers to replace traditional wheat and sunflower fields with almond orchards, transforming the landscape in the south of the country. Almonds, thanks to their well-advertised health benefits, are enjoying global demand as snacks or in derivative forms like almond milk and almond flour, used as dairy or wheat alternatives. In the Guadalquivir valley in the parched southern region of Andalusia "the landscape has changed so much in ...

China sets regulatory tariffs on $60 bln in US goods

Wednesday, 19 September 2018

China Tuesday announced tariffs on US goods worth $60 billion in retaliation for President Donald Trump’s decision to slap duties on $200 billion in Chinese products next week. Tariffs of between five and 10 percent will take effect on some 5,200 US products on Monday, on the same day as the new US duties, the finance ministry said. The two side already traded tariff salvos on $50 billion in goods from each country in the summer. “If the United States insists on raising tariffs even ...

Riyadh emir says metro project nearing completion

Tuesday, 18 September 2018

About 75 percent of the Riyadh metro project has been completed, Riyadh Emir Prince Faisal Bin Bandar said after chairing the Arriyadh Development Authority meeting on Monday. The meeting approved awarding contracts for several projects which will be carried out soon. Prince Faisal, who is also the chairman of the board of directors of Arriyadh Development Authority and chairman of the supreme committee for supervision of the King Abdul Aziz Public Transport Project in Riyadh, expressed his ...

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