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Egypt remittances expected to rise nearly 50 pct to $26 bln

Wednesday, 18 July 2018

Remittances from Egyptians abroad are expected to hit $26 billion for the 2017-18 fiscal year that ended in June, the central bank said late on Tuesday, a nearly 50 percent jump year-on-year but less than an earlier projection. Remittances have surged since Egypt floated its pound currency in late-2016 and drew hard currency back to its official banking system, drying up a then-thriving black market for dollars. The central bank said earlier this month that remittances ...

European Investment Bank casts doubt on EU plan to salvage nuclear deal

Wednesday, 18 July 2018

The European Investment Bank would put its global operations at risk by investing in Iran, its president said on Wednesday, calling into question an EU plan to help save a nuclear deal with Tehran that Washington has abandoned. In a bid to help keep money flowing to Tehran as the United States reimposes sanctions, the European Union has agreed to add Iran to the list of countries with which the Luxembourg-based EIB does business, effective from August. But EIB President Werner Hoyer said that ...

Saudi Arabia to present first national review of Sustainable Development Goals

Wednesday, 18 July 2018

Saudi Arabia will participate in the UN’s High-level Political Forum on Sustainable Development in New York where it will present its first national review.The Saudi delegation comprises of a number of government and private-sector entities and representatives of charitable associations led by the Saudi Ministry of Economy and Planning (MEP).“We look forward to our active participation by presenting Saudi Arabia’s first Voluntary National Review on the progress made towards ...

Qatar airport passenger traffic falls, cargo imports rises

Wednesday, 18 July 2018

Qatar’s Hamad International Airport recorded a sharp decline in passenger traffic in the first half of 2018 amid a protracted dispute with Arab states that severed ties with Doha. The number of passengers using Hamad International fell 13 percent to 16.5 mln in the six months to June 30, 2018 from 19 mln in the same period last year, according to Reuters calculations based on data released by the airport on Wednesday. Meanwhile, cargo volumes rose 7.6 percent to 1.05 mln tones over the ...

Goldman Sachs pressed on strategy as new CEO confirmed

Wednesday, 18 July 2018

Goldman Sachs Group was pressed for details on new businesses after an uneven second-quarter performance, a likely preview of challenges incoming Chief Executive David Solomon will face as he leads the Wall Street bank’s overhaul. The bank on Tuesday confirmed Solomon will take over from Lloyd Blankfein, who has held the position for 12 years, on Oct. 1, ending months of speculation. Solomon is tasked with executing a plan to boost revenue by entering new businesses and ...

Documents raise questions over Qatar’s legal commitments on airspace use

Tuesday, 17 July 2018

Leaked voicemails and messages, as revealed by BBC Tuesday, between Qatari FM and his ambassador in Iraq as part of the negotiations to release 28 abducted Qataris, have raised more questions about Qatar Airways’ legal commitments over using airspaces. BBC has obtained electronic documents that detail the “tortuous story of the negotiations, line by line, in texts and voicemails sent between the (Qatari) foreign minister and the ambassador.” The hostage crisis was brought to an ...

EU, Japan to sign massive trade deal as US puts up barriers

Tuesday, 17 July 2018

The European Union’s top officials arrive in Japan Tuesday to sign the single market’s biggest trade deal ever and present a united front as Washington upends the international trade order. EU Council President Donald Tusk and Commission head Jean-Claude Juncker land in Japan after talks in Beijing, where they urged global trade cooperation and warned against trade wars. “It is the common duty of Europe and China, but also America and Russia, not to destroy (the global trade ...

IMF: World economy likely to grow 3.9 percent this year

Monday, 16 July 2018

The International Monetary Fund is keeping its forecast for global economic growth unchanged at 3.9 percent this year despite worries about rising trade tensions and higher oil prices. But the lending agency is downgrading the outlook for Europe and Japan.The IMF now predicts that the economy of the 19-country Eurozone will grow 2.2 percent in 2018, down from the 2.4 percent it forecast in April. The fund expects the Japanese economy to expand 1 percent this year, downgrading its 1.2 percent ...

Jordan’s state airline suspends flights to Iraqi city of Najaf

Sunday, 15 July 2018

Jordan’s state airline said on Sunday it had suspended four weekly flights to the Iraqi city of Najaf due to the “security situation at its airport,” a company statement said. Royal Jordanian said Najaf is the ninth destination in the region - from Mosul in Iraq to Aden and Sanaa in Yemen - to which it has suspended flights due to turmoil in recent years. Najaf is among the cities in southern Iraq that have witnessed days of protests over poor services and against alleged ...

Court dismisses criminal case against founder of UAE’s Abraaj

Sunday, 15 July 2018

A United Arab Emirates court on Sunday dismissed a criminal case against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, after the claimant dropped the complaint. The dismissal of the case provides breathing room for Naqvi as Dubai-based Abraaj tries to sell its investment management business after filing for provisional liquidation in the Cayman Islands last month. Investor confidence in the ...

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