Wary Turks Aren't Buying Erdogan's Economic Promise Yet

Turkish President Recep Tayyip Erdogan’s promise of a new economic era triggered a foreign-driven rally in the lira, but local investors have yet to be persuaded that policies they say have dragged on economic prospects for years will be reversed. Interviews with local portfolio managers, g

Japan’s capital sees prices fall most in over 8 years as COVID-19 pain persists

TOKYO: Core consumer prices in Tokyo suffered their biggest annual drop in more than eight years, data showed on Friday, an indication the hit to consumption from the coronavirus crisis continued to heap deflationary pressure on the economy.The data, which is considered a leading indicator of nati

Red Sea Development Co. signs $2bn in new contracts, 70% to local companies

The Red Sea Development Co. (TRSDC) signed more than 500 contracts for a total value of $2 blln so far, out of which 70 percent were awarded to local companies, Ahmed Ghazi Darwish, Chief of Staff at TRSDC, told Argaam in an exclusive. He further added that construction of the base camp at t

Iraq seeks $2bn in upfront payment for crude to face financial crisis

Iraq asked oil importers to pay $2 billion upfront payments for crude supplies as part of long-term contracts, as a result of its suffocating financial crisis. Bloomberg reported that Iraq is undergoing a severe financial crisis following the fall in global oil prices, adding that authoritie

Saudi stock market rises as financial shares gain strength

Most major stock markets in the Middle East ended higher on Sunday, with Saudi Arabia leading gains on a rise in financial shares, while Egypt bucked the trend to close lower. By Thursday major Gulf markets had logged weekly gains following positive developments in a COVID-19 vaccine, which boost

China Gears up for World's Largest Online Shopping Festival

Chinese consumers are expected to spend tens of billions on everything from fresh food to luxury goods during this year’s Singles’ Day online shopping festival, as the country recovers from the pandemic. The shopping festival, which is the world’s largest and falls on Nov. 11 ev

Egypt’s GDP grows despite pandemic, but so does poverty

Despite the pandemic and tourism collapse, Egypt is projecting healthy economic growth this year, even as one third of the Arab world’s most populous country remains mired in poverty.Critics question, however, how much of the GDP growth is driven by ostentatious mega-projects, such as a new

Pandemic Puts Indonesia Into Recession; 1st Time in 20 Years

Indonesia´s economy has fallen into recession for the first time since the Asian financial crisis more than two decades ago as the country struggles to control the coronavirus pandemic. Statistics Indonesia, the central statistics agency, said Thursday that Southeast Asia´s larg

China aims for sustained and healthy economic development

China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the Xinhua news agency said on Thursday, citing the ruling Communist Party’s Central Committee. President Xi Jinping and members of the Central Committee,

German Business Sentiment Falls on Coronavirus Angst

German business morale fell for the first time in six months in October, weighed down by companies’ concerns about rising coronavirus infection rates that are making them more cautious about the coming months, a survey showed on Monday. The Ifo institute said its business climate index fell

IMF cuts Asia’s growth forecast, warns of pandemic-driven risks

The International Monetary Fund (IMF) slashed this year’s economic forecast for Asia, reflecting a sharper-than-expected contraction in countries like India, a sign the coronavirus pandemic continues to take a heavy toll on the region.While the IMF upgraded next year’s growth forecast,

China’s economy accelerates as virus recovery gains strength

China’s shaky economic recovery from the coronavirus pandemic is gaining strength as consumers return to shopping malls and auto dealerships while the United States and Europe endure painful contractions. Growth in the world’s second-largest economy accelerated to 4.9 percent over a y

Sales of first big COVID-19 drug, remdesivir, may disappoint

Investors betting on big profits from COVID-19 treatments may get an unwelcome surprise when Gilead Sciences Inc. reports quarterly results this month. Its remdesivir,the first important coronavirus treatment, has not been used as much as first expected and faces complex insurance reimbursement is

Saudi Arabia Seeks to Increase Investment in Iraq to $2.6Bn

A joint coordination council has revealed Saudi Arabia’s aspiration to raise the value of investments in Iraq to SAR10 billion ($2.6 billion). It stressed the necessity to speed up the formation of the joint coordination council to facilitate the work of Saudi companies and private sector i

Lebanon on Edge as Time, Money Run Out

Fouad Khamasi fills his taxi every day with about 40,000 Lebanese pounds' worth of fuel. It could cost at least four times that much if subsidies come to an end. The Beirut cab driver, 53, can just about afford to buy fuel and feed his kids. He worries the price of subsidized foods and key import

US Blacklists All of Iran's Financial Sector

Washington has hit virtually all of Iran’s financial sector with sanctions, dealing another blow to an economy that is already reeling under US sanctions. Thursday's move hits 18 Iranian banks that had thus far escaped the bulk of re-imposed US sanctions and, more importantly, subjects fore

Airline industry to burn $77 billion cash in H2 of 2020, says IATA

Global airlines warned on Tuesday that the coronavirus-stricken industry was on course to burn through another $77 billion in cash in the second half of 2020, calling on governments to renew expiring wage support programmes.“The issue now is that aid, particularly the wage subsidies, is star

Australia to spend more on jobs in budget based on COVID-19 vaccine

: The Australian government said on Sunday it will earmark an additional A$1.2 billion ($859 million) in wage subsidies in the 2020/21 budget and that its frameworks assume that there will be a novel coronavirus vaccine next year.In the run up to the Oct. 6 budget, which is set to forecast a recor