Category Archives: Economy

Australia and UAE to explore deeper defense ties, Aus$1 bn in sales

Australia and the United Arab Emirates (UAE) will explore closer defense ties after a meeting on Sunday between a senior Australian government minister and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan. Australia’s Defense Industry Minister Christopher Pyne and

Egyptian pound strengthens on weaker dollar demand from importers

The Egyptian pound strengthened on Sunday, reaching a three month high, as importers’ demand for dollars at banks eased, bankers told Reuters on Sunday. Banks were selling dollars at around 15.8 pounds per dollar on Sunday, stronger than Thursday’s rate

Gold edges higher as global equities lose momentum

Gold crept higher on Friday as investors opted for the safe haven qualities of bullion due to uncertainty about US and European politics as well as the direction of stock markets. Global equity markets lost momentum after setting record highs

Trump trade strategy ‘doomed to failure’: US trade expert

President Donald Trump’s rejection of multilateral trade agreements in the Asia-Pacific in favor of one-on-one deals is “doomed to failure,” a noted US trade expert said Thursday. The Trump complaint that the US gave up too much in the Trans-Pacific

Samsung chief Lee arrested in corruption investigation

Samsung Group chief Jay Y. Lee was arrested early on Friday over his alleged role in a corruption scandal that led parliament to impeach President Park Geun-hye, in a blow to the world’s biggest maker of smartphones. The 48-year-old Lee,

IMF’s Lagarde ‘optimistic’ about US economy

International Monetary Fund chief Christine Lagarde on Sunday voiced optimism for US economic growth under President Donald Trump but warned it could herald trouble for the rest of the world. “From the little we know, and I will insist on

Egypt tycoon says to speak up on political return

Egyptian billionaire Naguib Sawiris said on Tuesday that he is returning to politics to press for more freedoms in the North African country after staying away out of frustration. “To the esteemed people who are listening to us… we have

Brexit, Trump trade moves cloud German economic outlook

Germany expects solid growth at the start of 2017, driven by manufacturing and booming construction, but uncertainties over Brexit and US President Donald Trump’s trade policies clouded the outlook for its export-orientated economy. The Economy Ministry’s monthly report came as

US wholesale inflation sees biggest monthly gain in 4 years

US wholesale inflation continued its upward trend in January, recording its largest monthly gain in more than four years, according to data released Tuesday by the Labor Department. The Producer Price Index (PPI), which measures prices from the seller’s perspective,

UK inflation hits highest since 2014

British consumer prices rose last month at the fastest pace since June 2014 and are set to rise further, propelled by higher global oil prices and the Brexit-fueled fall in the pound, official data showed on Tuesday. Consumer prices increased

China’s credit growth poses challenge

Chinese banks kept up a strong pace of lending at the start of the year, even with signs of tightening by the central bank, highlighting the challenge Beijing faces as it tries to deflate asset bubbles without risking a blow

President of World Bank Group praises Saudi Arabia’s Vision 2030

King Salman bin Abdulaziz Al Saud received President of the World Bank Group, Dr. Jim Kim and his accompanying delegation at Al-Yamamah Palace in Riyadh on Monday. During the meeting, they discussed aspects of cooperation between the Kingdom and the

Made-in-China large passenger plane targets 2017 debut

China’s first homegrown big passenger plane will make its maiden voyage in the first half of this year, state media said Monday, as the country seeks to challenge foreign giants Airbus and Boeing. The C919 narrow-body jet is expected to

Trump blasts Nordstrom, raising new concern on business ties

President Donald Trump blasted department store chain Nordstrom Inc on Wednesday for dropping his daughter Ivanka’s clothing line, prompting critics to accuse him of misusing public office to benefit his family’s sprawling business empire. After Trump’s highly unusual move to

Saudi Citizens Account: No retroactive disbursement for late registration

Majed al-Osaimi

Engineer Majed al-Osaimi, the general supervisor of Saudi Arabia’s Citizen Account said on Wednesday that those who are late to register and enlist in the program will not receive retroactive disbursement. During an interview with the Saudi Alekhbariya television channel,

Erdogan reiterates discontent with Turkish interest rate policy

Turkish President Tayyip Erdogan reiterated his discontent with the country’s interest rate policy on Tuesday, saying it was a means of exploitation and calling on the country’s banks to “be reasonable.” “I am not happy with our country’s interest rate

India to remove cash withdrawal limits

Limits on cash withdrawals will be removed entirely from March 13, India’s central bank said Wednesday, as it left interest rates on hold for the second time since a ban on high-value rupee notes. The Reserve Bank of India capped

Iraq’s Basra oil export terminal to stop loading for 24 hours

Iraq’s main oil export terminal, off the southern city of Basra, will stop loading operations for 24 hours, starting midnight Tuesday, because of work to install a new pipeline feeding the facility, two sources at the state-run South Oil Company

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