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‘Noon’ brings a new era for e-commerce to Saudi Arabia

Tuesday, 12 December 2017

Noon, the region’s new e-commerce shopping experience, went live today at mid-day in Saudi Arabia. Noon.com opened the door to a new era for e-commerce in the Kingdom of Saudi Arabia. The mega e-commerce site launches with a broad range of exciting products and offers designed to meet the lifestyle aspirations of the Saudi people. Mohamed Alabbar, Founder of Noon, said, “Saudi Arabia is entering a new era of economic and digital transformation led by the Saudi Vision 2030. Noon ...

Oil tops $65, first time since 2015, on UK pipeline outage

Tuesday, 12 December 2017

Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday after a shutdown of the UK’s biggest North Sea oil pipeline, which helps set the benchmark for global prices. The Forties pipeline, which was scheduled to pump 406,000 barrels per day in December, was shut down on Monday after cracks were found in what traders believe is the first unplanned outage for some years. Brent crude, the global benchmark, was up by 92 cents at $65.61, after breaking ...

Saudi Arabia announces new electricity tariffs

Tuesday, 12 December 2017

Saudi Electricity and Cogeneration Regulatory Authority (ECRA) has announced that the Council of Ministers has approved gradual revision of energy prices in the Kingdom including changes to electricity tariffs that will take effect on January 1st, 2018. The lower consumption will be charged at 18 halala per kilowatt. It should be noted that there has been no change in tariffs for the industrial and government consumption. ECRA said: “This step will raise our economic efficiency, will ...

HSBC avoids prosecution as US deal lapses

Tuesday, 12 December 2017

US authorities are lifting the threat of prosecution against the British banking giant HSBC, five years after it admitted to widespread money laundering and sanctions violations, the bank said Monday.In a landmark case, the bank agreed to pay a $1.9 billion in fines in 2012, after admitting it knowingly moved hundreds of millions for Mexican drug cartels and illegally served clients in Iran, Myanmar, Libya, Sudan and Cuba in violation of US sanctions.Under the terms of the settlement, federal ...

Swedish think tank: Global arms sales rise for first time in five years

Monday, 11 December 2017

Military arms sales by the world's top 100 producers rose 1.9 percent in 2016, the first year of growth in five years, a Swedish think tank said Monday.The Stockholm International Peace Research Institute, or SIPRI, reported that sales of arms and military services totaled $374.8 billion last year, excluding China. SIPRI counts China as a top arms manufacturer, too, but it's excluded in the statistics as no reliable data is available.SIPRI’s annual report said that American and Western ...

Dubai 2018 budget balloons as infrastructure spending rises

Sunday, 10 December 2017

Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum approved a record $15.4 billion (56.6 billion dirham) budget for next year, an increase of 19.5 percent from the original budget plan for 2017 because of a leap in spending on infrastructure. The emirate expects to spend 46.5 percent more on infrastructure in 2018, accounting for 21 percent of its total spending, as it prepares to host the Expo 2020 world’s fair, expands its metro rail system and builds other projects, ...

Egypt’s inflation falls to lowest this year

Sunday, 10 December 2017

Egypt’s inflation fell to a 2017 low in November, a year after the country floated its pound currency as part of a $12 billion International Monetary Fund deal to boost the economy. Inflation shot up after the pound’s flotation last November, reaching a record high in July following cuts to energy subsidies, but has gradually eased since. Annual urban consumer price inflation eased to 26 percent in November from 30.8 percent the previous month, official data showed on Sunday. Core ...

Sudan imposes temporary ban on 19 imports to support currency

Sunday, 10 December 2017

Sudan has imposed a temporary import ban on selected foods and other items in an effort to protect its currency and narrow its budget deficit after the end of US trade sanctions in October, the government said. The Sudanese pound has been weakening against the dollar since Washington lifted 20-year-old economic embargo, paving the way for traders to step up import volumes and putting pressure on already scarce hard currency. The central bank holds the official exchange ...

Dubai threatens price gougers with fines before VAT introduction

Sunday, 10 December 2017

Dubai warned retailers on Sunday that they would face fines if they tried to use next month’s introduction of value-added tax in the UAE to manipulate prices, a sign of official concern about the economic impact of the tax. Dubai Economy, a government body which oversees business in the emirate, said it would conduct field inspections and act on consumers' complaints to prevent price gouging before or during the transition. Retailers will have to display VAT separately on their bills. ...

Tunisian parliament approves 2018 budget including fiscal reforms

Sunday, 10 December 2017

Tunisia’s parliament on Saturday approved a 36 billion dinar ($14.55 billion) budget for next year which included a package of fiscal measures to cut the budget deficit. From a total of 217 lawmakers in parliament, 134 voted in favor of the finance bill. The North African country is under pressure from the International Monetary Fund to speed up policy changes and help its economy recover from militant attacks in 2015 that hurt its vital tourism industry.

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