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US stocks edge higher ahead of US-North Korea summit

Tuesday, 12 June 2018

Wall Street stocks edged higher Monday, largely shrugging off a contentious G7 weekend meeting while looking ahead to an historic US-North Korea summit.The Dow Jones Industrial Average finished up a hair at 25,322.31.The broad-based S&P 500 rose 0.1 percent to 2,782.00, while the tech-rich Nasdaq Composite Index gained 0.2 percent to 7,659.93.US stocks spent much of the morning under pressure after a messy finale to the G7 meeting when President Donald Trump disavowed a group communique and ...

Updated land application processes in Bahrain cuts approval time to 18 days

Monday, 11 June 2018

Bahrain has reduced the timeframe for land applications in response to growing demand for industrial land across the Kingdom and as part of the government’s ongoing strategic focus on supporting investors in the manufacturing sector. According to a statement released by the country’s Economic Development Board (EDB), the initiative, introduced by the Ministry of Industry, Commerce and Tourism, guarantees that complete applications for industrial land will be assessed within a maximum ...

Saudi government bodies to use new methodology to calculate foreign investment

Monday, 11 June 2018

Three Saudi government bodies will announce results of foreign investments in the kingdom by the end of September based on a new method of calculation practiced by the G20 countries and other international bodies, report in a business news website has revealed. According to Saudi Arabia’s business news website Al-Maal, the spokesman for the Saudi General Authority for Statistics, Tayseer al-Mefrij, told the newspaper that the new methodology will be adopted by the General Authority for ...

Bitcoin at 2-month low after South Korean exchange hacked

Monday, 11 June 2018

A South Korean cryptocurrency exchange said Monday hackers have stolen about one-third of the coins traded on its market, an announcement that sent bitcoin prices tumbling to a two-month low. Coinrail said hackers stole cryptocurrencies over the weekend including Pundi X, Aston and NPER. It did not give a value but Yonhap News agency cited unnamed industry sources saying coins worth about 40 billion won ($37 million) were lost. If true, that would make it the biggest cryptocurrency theft ...

Italy’s new economy minister insists abandoning euro not planned

Sunday, 10 June 2018

Italy’s new populist government isn’t considering leaving the eurozone, the country’s economy minister insisted, dismissing financial markets’ rocky reaction to the euroskeptic coalition now in power as “normal questions that accompany political transition.” Economy Minister Giovanni Tria told Italy’s national Corriere della Sera newspaper in an interview published on Sunday that the “position of the government is clear-cut and unanimous. No plan ...

EU pledges 20 mln euros to ease Jordan’s economic woes

Sunday, 10 June 2018

European Union foreign policy chief Federica Mogherini announced on Sunday 20 million euros ($23.5 million) in aid for Jordan following a wave of anti-austerity protests that led to the prime minister's resignation. The EU will support Jordan “with all possible means at our disposal including economic and financial means,” Mogherini said during a visit to Amman. “This is a country that has a vital role to play in the region,” she told a news conference. “You will ...

White House adviser says Canada’s Trudeau ‘stabbed us in the back’

Sunday, 10 June 2018

White House economic adviser Larry Kudlow accused Canada on Sunday of making “polarizing”statements about the United States’ trade policy, and said President Donald Trump had to pull out of a joint G7 statement because the Canadian president had “stabbed us in the back.” “He held a press conference and he said the US is insulting. He said that Canada has to stand up for itself. He says that we are the problem with tariffs. The non-factual part of this is - ...

Egypt’s annual urban consumer price inflation decreases to 11.4 pct

Sunday, 10 June 2018

Egypt’s annual urban consumer price inflation fell to 11.4 percent in May, down from 13.1 percent in April, the official statistics agency CAPMAS said on Sunday, a bigger fall than the International Monetary Fund (IMF) had predicted. One analyst welcomed the figures as “good news for the markets” and said it could give rise to some speculation of a rate cut by the central bank at the next Monetary Policy Committee meeting, due on June 28. “Assuming that the numbers are ...

Trump demands end to ‘unfair’ trade after G7 summit

Saturday, 9 June 2018

US President Donald Trump told Group of Seven leaders that the United States wanted a quick end to trade practices that he says have led to an exodus of American companies and jobs to other countries. Trump, who angered his G7 partners last week with tariffs on steel and aluminum imports from Canada, the European Union and Mexico as part of his “America First” agenda, vowed to hold firm until US goods had “fair” access to markets. “The United States has been taken ...

UK steps into G7 trade dispute, warns of tit-for-tat dangers

Saturday, 9 June 2018

British Prime Minister Theresa May on Friday warned both US President Donald Trump and the European Union of the dangers of entering a tit-for-tat trade war over tariffs, urging both sides to instead focus on China’s excess steel production. The Trump administration last week imposed tariffs on steel and aluminium imports from Canada, the EU and Mexico, prompting retaliation and casting a shadow over a G7 summit in Canada that appeared likely to end without consensus. A senior UK ...

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