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Iran eases currency rules, hoping to buoy rial ahead of sanctions

Monday, 6 August 2018

Iran will ease foreign exchange rules, state TV reported on Sunday, in a bid to halt a collapse of the rial currency that has lost half its value since April due to fears about US sanctions likely to be imposed this week. President Donald Trump's decision to pull out of an agreement to lift sanctions in return for Iran limiting its nuclear program caused a run on the rial as companies and savers bought hard currency to protect themselves from the economic sanctions that could be imposed from ...

Egyptian company to start gas imports from Israel next year, sources say

Sunday, 5 August 2018

An Egyptian company plans to start importing gas from Israel for re-export in the first quarter of 2019, sources in the country’s energy sector said on Sunday, under agreements signed in February to buy $15 billion worth of gas over 10 years. “Imports will start in small quantities first and will gradually increase to reach their climax in September 2019,” one source told Reuters. The source gave no details on prices or quantities. Partners in Israel’s Tamar and ...

Trump says tariffs ‘working far better’ than anticipated

Sunday, 5 August 2018

US President Donald Trump on Saturday defended his controversial use of tariffs against China and other countries, saying the trade measures are “working far better than anyone ever anticipated.” “Tariffs have had a tremendous positive impact on our Steel Industry,” he said in one tweet. “Plants are opening all over the US, Steelworkers are working again, and big dollars are flowing into our Treasury.” “Tariffs will make our country much richer than it ...

DP World: Djibouti not recognizing ‘international rule of law’

Sunday, 5 August 2018

DP World issued a response on Saturday saying Djibouti’s refusal to acknowledge a London Court of International Arbitration ruling demonstrates that the government did not “recognize the international rule of law.” “The Court’s decision upholding the continuing validity of the Concession is based on recognized principles of international law and is internationally binding both on the Djibouti government and so far as third parties are concerned,” the statement ...

Saudi Arabia to resume oil exports through Bab al-Mandeb Strait

Saturday, 4 August 2018

Saudi Energy Minister Khalid al-Falih said on Saturday oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb would resume on Saturday, the Saudi Press Agency reported. Falih said the decision was made after the Arab coalition had completed all necessary security procedures. Falih said the move would be in coordination with the international community and in accord with international law and related United Nations Security Council resolutions. Saudi Arabia had announced on ...

Iran Air to receive five ATR planes before US sanctions

Saturday, 4 August 2018

Iran Air said Saturday it was set to take delivery of five new planes from Franco-Italian firm ATR just before renewed US sanctions go into effect. “Based on existing agreements, five new ATR aircraft will land at Mehrabad Airport at 9 am (0430 GMT) tomorrow (Sunday),” the national carrier said on its Telegram channel. The new ATR-72600 planes are part of a deal for 20 new aircraft that Iran Air agreed to buy in April 2017, of which eight have been delivered so far. The deal was ...

Lebanon transferred Saddam’s billions to US, clarifies top banker

Friday, 3 August 2018

The head of Lebanon’s Association of Banks, Joseph Torbey, revealed in a press conference on Thursday, that the Lebanese Authority transferred to the United States in the wake of its occupation of Iraq in 2003, the money deposited in Lebanese banks under the name of late Iraqi president Saddam Hussein or that under his regime. Torbey’s revelation came in reply to a question regarding rumors about “very huge deposits” by Saddam Hussein’s regime in some of the ...

London Arbitration Court finds Djibouti’s seizure of Doraleh terminal illegal

Thursday, 2 August 2018

An Arbitral Tribunal of the London Court of International Arbitration (LCIA) on Thursday confirmed the illegitimacy of the Government of Djibouti’s action of seizing control of the Doraleh Container Terminal from DP World. The LCIA Tribunal has ruled that Doraleh Container Terminal’s Concession Agreement “remains valid and binding notwithstanding Law 202 and the 2018 Decrees”. Law 202 and the referenced decrees were devices enacted by Djibouti to seek to evade ...

Burger on wheels: The cook behind the sizzling hot grill is a Saudi

Thursday, 2 August 2018

Dishing out burgers and fries slathered with melted cheese, “One Way Burger” is like any other trendy food truck in Riyadh. But it offers something rare -- the cook behind the sizzling hot grill is a Saudi. Saudis are now increasingly taking on such jobs. “When I started this food truck two years ago many people said: ‘What? You will sell burgers and sandwiches in the street? You come from a big family and big tribe’,” said Bader Al-Ajmi, the 38-year-old owner ...

Pakistan hits back at ‘inappropriate’ US fears over IMF bailout

Thursday, 2 August 2018

Pakistan hit back on Wednesday at US fears that any IMF bailout its new government might have to seek would be used to repay Chinese loans, stating that it was “totally wrong” to link the two.Abdullah Hussain Haroon, the caretaker foreign minister, said that a new government led by Imran Khan, who won the country’s general election last week, would have to decide whether to approach the International Monetary Fund (IMF) amid fears of a balance of payments crisis.However he also ...

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