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Trump: ‘Much’ in trade talks to wait until after Japan July vote

Sunday, 26 May 2019

The United States and Japan are making “great progress” on trade talks, but “much” of the negotiations will wait until after Japanese elections in July, US President Donald Trump tweeted Sunday. “Great progress being made in our Trade Negotiations with Japan. Agriculture and beef heavily in play. Much will wait until after their July elections where I anticipate big numbers!” Trump wrote, referring to upper house elections in Japan this summer.

Pakistan bracing for austere budget under IMF, finance chief says

Saturday, 25 May 2019

Pakistan is preparing a belt-tightening budget to tame its fiscal deficit, the de facto finance minister said on Saturday, adding that both civilian and military rulers agreed austerity measures were needed to stabilize the economy. But Hafeez Shaikh, Prime Minister Imran Khan’s top finance adviser, declined to say whether the military’s hefty budget would be cut following last week’s agreement in principle with the International Monetary Fund for a $6 billion loan. The IMF ...

Trump urges greater Japanese investment in US, criticizes trade advantage

Saturday, 25 May 2019

US President Donald Trump urged Japanese business leaders on Saturday to increase their investment in the United States while he chided Japan for having a “substantial edge” on trade that negotiators were trying to even out in a bilateral deal. Trump arrived in Japan on Saturday for a largely ceremonial state visit meant to showcase strong ties even though trade relations are problematical. In the evening, the Tokyo Sky Tree tower was lit up red, white and blue in Trump’s honor ...

Maduro invites Huawei to set up 4G network in Venezuela

Saturday, 25 May 2019

Venezuelan President Nicolás Maduro is inviting China’s Huawei to help set up a 4G network in Venezuela, prompting opposition leader Juan Guaidó to accuse him of having an “absolute disconnection with reality.”Guaidó said Friday that telecommunications problems were due to the “poor use of state resources and funds.”Maduro said a day prior that he wants to make a joint investment with Huawei and other Chinese and Russian companies to improve ...

Lebanese cabinet agrees draft budget to cut deficit, hopes to avert crisis

Friday, 24 May 2019

The heavily indebted Lebanese government approved a draft budget to cut its large deficit on Friday, aiming to ward off a financial crisis which top leaders have warned is bearing down on the country unless it carries out reforms. The draft 2019 budget, which will cut the deficit to 7.5% of GDP from 11.5% in 2018, is seen as a critical test of the government’s will to launch reforms that have been put off for years by a state riddled with corruption and waste. Lebanon’s bloated ...

Lebanon budget stabilizes finances, falls short on reform

Thursday, 23 May 2019

The draft budget being finalized by Lebanon’s government stabilizes the financial situation in the heavily indebted state but falls short of the major structural reforms it needs, the deputy prime minister said on Thursday. Ghassan Hasbani, in a telephone interview with Reuters, also said he had “deep concerns” about delays to a final agreement on the budget in cabinet, after the government missed a self-imposed deadline for completing its discussions on Wednesday. ...

Germany’s Bosch fined $100 million over diesel scandal

Thursday, 23 May 2019

German prosecutors have fined auto parts and technology company Bosch 90 million euros over its role in the diesel emissions scandal that erupted at Volkswagen in 2015. Prosecutors in Stuttgart said Wednesday that the company, formally called Robert Bosch GmbH, was fined for a negligent violation of supervisory obligations, and that the company had decided not to appeal. Bosch delivered millions of engine control systems that were installed on various manufacturers’ cars starting in 2008 ...

Saudi court accepts AHAB’s bankruptcy filing, rejects liquidation

Wednesday, 22 May 2019

A Saudi commercial court has accepted a filing by conglomerate AHAB to have its decade-long dispute with creditors resolved under the kingdom’s new bankruptcy law, and rejected a demand to liquidate the company filed by two of its creditors, sources familiar with the matter said.Saudi Arabia’s new law for handling insolvency disputes became effective last year. Following an appeal, the Dammam Commercial Court earlier this week reconsidered its previous rejection of AHAB’s ...

Lebanese government to hold final budget session on Friday

Wednesday, 22 May 2019

The Lebanese government will hold a final session to discuss the draft state budget on Friday, the information minister said. Several government ministers had said Wednesday’s session would be the last. However, Information Minister Jamal Jarrah said new proposals had been tabled that required further study. “The session on Friday, at 1:30 p.m (1030 GMT), will God willing be the final one,” he said.He said the deficit had now been reduced to 7.5% of GDP from 7.6% ...

Britain’s Hinduja brothers consider bid for India’s Jet Airways

Wednesday, 22 May 2019

The billionaire Hinduja brothers -- Britain’s wealthiest people -- are considering a bid for India’s grounded Jet Airways, a spokesperson said Wednesday, sending shares in the firm soaring almost seven percent.Saddled with debts of more than $1 billion, Mumbai-based Jet has been in a tailspin for months, defaulting on loans and failing to pay many staff and aircraft leases, forcing it to suspend operations last month.The firm’s main lender, State Bank of India (SBI), is seeking ...

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