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Moody’s: Negative outlook for Turkish firms

Thursday, 13 December 2018

Ratings agency Moody’s said the outlook for Turkish non-financial companies will remain negative for the next 12-18 months, Dünya newspaper reported. Ahvalnews quoted Dünya as saying that Lira volatility was likely to remain high and tight financing conditions will persist. Moody’s said in a report, that there was also limited clarity concerning government policies, it said. The profit margins of Turkish companies are under pressure after a currency crisis ripped through ...

IN PICTURES: Saudi Arabia’s Red Sea Project in progress

Thursday, 13 December 2018

Salman bin Abdulaziz Al Saud, King of Saudi Arabia and Prince Mohammad bin Salman Al Saud, Crown Prince of Saudi Arabia, were on Wednesday briefed by the CEO of the Red Sea Development Company John Pagano, on the progress work on the project. The project is part of Vision 2030. Pagano who met with the Saudi King and the Crown Prince on Wednesday at Arqa palace in Riyadh, did a visual presentation on the master plan of the Red Sea Project and its economic and developmental objectives to become a ...

Japan seeks ten-year-term for ex-MtGox Bitcoin chief

Wednesday, 12 December 2018

Tokyo prosecutors on Wednesday demanded a 10-year jail term for the former head of collapsed bitcoin exchange MtGox, local media reported.France-born Mark Karpeles, 33, faces charges that he fraudulently manipulated data and pocketed millions of dollars’ worth of the virtual currency.The Tokyo-based exchange -- once the world’s biggest bitcoin exchange -- collapsed in 2014 after cryptocurrency worth half a billion dollars disappeared from its virtual vaults, a mystery that remains ...

India’s new central bank chief more dovish, promises to consult

Wednesday, 12 December 2018

New Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday he would adopt a consultative approach and move quickly to meet the heads of state-run banks to tackle issues facing the banking sector. “I propose to undertake consultations with stakeholders wherever necessary,” Das said at his first news conference. Das' more communicative approach is in contrast to his more reticent predecessor, Urjit Patel, who resigned on Monday following a drawn out public dispute ...

Fitch: Khashoggi case will not affect Saudi rating

Wednesday, 12 December 2018

Rating agency Fitch said it is unlikely that its assessment of the kingdom’s credit risk would be affected by recent developments in the region and the killing of journalist Jamal Khashoggi. Yields on Saudi bonds have risen since early October and the cost of insuring Saudi debt against default has increased by around 30 basis points, Reuters said. It quoted Jan Friederich, head of sovereign ratings, Middle East and Africa at Fitch Ratings as saying that the recent events ...

Saudi Arabia aims to enhance logistical services industry

Wednesday, 12 December 2018

The port and naval shipping sectors in the Gulf and the Middle East, whose waters accomodate a huge part of global trade, are witnessing an important milestone. What makes these waters more significant is that they fall on the Silk Road, the massive Chinese project set to redraw the map of global trade with investments worth $50 billion. For instance, merchandise and goods worth around $2.5 trillion, which constitute around 13 percent of global trade, pass in front of Saudi coasts in the Red ...

Senators, airlines say Qatar using proxy flights to access US

Wednesday, 12 December 2018

Three U.S. airlines and 11 Republican senators say Qatar is using an Italian carrier to establish a “fifth freedom” flight to the U.S, according to Fortune. Delta, United Airlines, American Airlines, and their allies in Washington D.C. are accusing Qatar of using Air Italy as a proxy to get into the U.S. in violation of the terms of an Open Skies agreement between the U.S. and Qatar. “Fifth freedoms” flights are named after the “freedoms of the air” principles ...

UAE, Saudi Arabia using digital currency for settlements

Wednesday, 12 December 2018

The United Arab Emirates and Saudi Arabia have started using fintech for cross-border settlements, including a digital currency which they jointly developed for that purpose, the UAE’s central bank governor said on Wednesday.Mubarak Rashed al-Mansouri, speaking at a financial technology conference in Abu Dhabi, also said the UAE central bank was working on a strategic plan to develop fintech which would be supported by a legislative and regulatory framework.

India appoints ex-finance secretary as new central bank head

Tuesday, 11 December 2018

Shaktikanta Das has been appointed the new governor of the Reserve Bank of India (RBI) for three years, a day after Urjit Patel stepped down from the position.Das, 61, is former finance secretary and currently a member of the federal finance commission, and one of India’s serving G20 representatives. He was widely perceived to be a contender for the top job at the RBI after the exit of former governor Raghuram Rajan in 2016. He previously served on the central bank’s ...

VIDEO: Afghan farmers fleeing drought face more hardship in camps

Tuesday, 11 December 2018

Wheat and opium farmer Murad Khan Ishaqzai, 80, has never seen a drought as bad as the one ravaging western Afghanistan where more than 250,000 people have been forced to abandon their homes. After his crops dried up in Gormach district of Badghis province earlier this year, Ishaqzai rented a truck and drove his family hundreds of kilometres through Taliban-infested areas to the neighbouring province of Herat. There, he and his family of seven took refuge in a squalid camp on the rocky outskirts ...

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