ARCHIVE
ECONOMY
ARCHIVE

Iraq parliament approves budget ending weeks of deadlock

Thursday, 24 January 2019

Iraq’s parliament approved the 2019 budget early on Thursday after an hours-long vote, ending weeks of deadlock over allocations to different provinces and privatization of state projects. The parliament did not vote as planned on three cabinet posts that remain empty, however, leaving Iraq with an incomplete government months after a general election. The budget projected oil exports of 3.88 million barrels per day, up from 3.8 million bpd for the previous year, at a price of $56 per ...

New York penthouse sells for $238 million, sets US record

Thursday, 24 January 2019

A billionaire hedge fund founder has purchased a penthouse in New York for roughly $238 million. The Wall Street Journal reported Wednesday that the deal sets a record for the highest-priced home ever sold in the US. Citadel hedge fund founder Ken Griffin purchased the Manhattan penthouse at an under-construction high-rise, 220 Central Park South. Griffin is no stranger to multi-million dollar homes. He bought several floors of a Chicago condominium this year for $58.75 million, setting a record ...

Former Barclays bosses hid £322 mln in Qatar fees in 2008, court told

Thursday, 24 January 2019

Four former Barclays executives conspired to commit fraud by hiding £ 322 million of payments to Qatar in return for cash injections in 2008, a prosecutor alleged at the opening of one of London’s most high-profile criminal trials. Former chief executive John Varley and three former directors are the most senior bankers to be prosecuted in Britain over events during the financial crisis, when Barclays avoided a state bailout by raising more than £11 billion from mainly Gulf ...

EU approves assistance worth 305 mln euros for Tunisia

Wednesday, 23 January 2019

The European Union has approved a 305 million euro ($347 million) financial assistance package for Tunisia to help youth find jobs and boost local development, the bloc said on Wednesday. The EU said in a statement the record financing deal reflected its strong ambition to create better chances for Tunisian youth. “The adopted programs will facilitate access to the job market for young Tunisians, boost entrepreneurial innovation and ensure that local communities are not left ...

Etihad files lawsuit in Britain against Air Berlin administrators

Wednesday, 23 January 2019

Abu Dhabi’s Etihad Airways on Wednesday said it has begun legal proceedings in London, disputing a claim by the administrators of Air Berlin for damages of up to 2 billion euros ($2.26 billion). State-owned Etihad filed its case in the High Court in London on Wednesday, a company spokesman told Reuters, and believes that the case initiated in December by the German airline in Berlin should be determined by the English court. The insolvency administrator’s lawsuit said that Etihad ...

Saudi Arabia’s ‘Red Sea’ project preparing to come to life

Wednesday, 23 January 2019

The Red Sea project: An ultra-luxurious and sustainable touristic destination, planned to be accessible by 80 percent of the world’s population in less than 8 hours, is now one step closer to launching off the coasts of Saudi Arabia and inside the Red Sea. On Tuesday, the developer behind the project, the Red Sea Development Company (TRSDC), received the board of directors’ approval for the project’s master plan, meaning that construction of the project’s first phase can ...

DP World to spend at least $250 mln building stake in Australia unit

Wednesday, 23 January 2019

Dubai’s DP World will spend at least $250 million buying back some shares in its Australian port terminals business which it sold in 2010, a company spokeswoman said on Wednesday. DP World will buy the shares from Corsair Infrastructure Partners’ Gateway Infrastructure Investments and other investors, it said in a bourse statement. The Dubai-government controlled company will at least double its stake to 50 percent, valuing DP World Australia at about $1 billion, the spokeswoman ...

US will seek extradition of Huawei CFO from Canada

Wednesday, 23 January 2019

The US Justice Department said on Tuesday it will pursue the extradition of the chief financial officer of China’s Huawei Technologies Co Ltd’s, arrested in Canada in December. The United States has accused Meng Wanzhou of misrepresenting the company’s links to a firm that tried to sell equipment to Iran despite US sanctions. The arrest soured ties between Canada and China, which subsequently detained two Canadians and sentenced a third to death. The US statement came a day ...

Japan logs first trade deficit since 2015

Wednesday, 23 January 2019

Japan logged a trade deficit last year for the first time since 2015, with export growth slowing amid tensions between the country’s two biggest trading partners -- China and the United States.Japan logged the deficit of 1,203 billion yen ($11 billion) in 2018 after two years of surplus, with annual growth in exports slowing to 4.1 percent from 11.8 percent in 2017, according to finance ministry data released Wednesday.Exports to China increased 6.8 percent, markedly slower than the ...

Gulf gets boost as billions pour in before bond index entry

Wednesday, 23 January 2019

Government bonds issued by Saudi Arabia and four other Gulf states are outperforming debt from other regions, on expectations their inclusion in JPMorgan’s bond indexes will pull in up to $40 billion in foreign investment.JPMorgan told investors in September that Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait – all members of the Gulf Cooperation Council – would join its emerging-market government bond indexes this year, in phases starting Jan. 31 and running ...

Top
BREAKING NEWS
How are we doing?
X

How are we doing?

Name Name *
Email Email *
Country Country
Message Message *
Maximum 550 words allowed