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UAE central bank backs anti-money laundering

The UAE central bank has said that banks should increase anti-money laundering efforts to safeguard financial stability in the country. “To mitigate the risk of financial crimes . . . banks are urged to put more efforts towardcombating money laundering and financing of terrorism,” it


Egypt: Cement companies record 60% decline in sales

The cement industry in Egypt will incur heavy losses following a 60 per cent decline in demand for the first time in the sector’s history, a local economist has warned. Mohamed Saleh told the Al-Araby Al-Jadeed news site that as many as 23 companies currently operating in Egypt pr


UAE banks get Dhs44.72 billion liquidity facility under TESS

A total of Dhs44.72 billion of the Dhs50 billion liquidity facility provided by the Central Bank of the United Arab Emirates (CBUAE) to the UAE banking sector as part of the Targeted Economic Support Scheme(TESS) has been drawn down by UAE lenders until the end of July, figures released by the CBU


Libya’s NOC says production to rise as it seeks to revive oil industry

 Libya’s National Oil Company said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January.Oil prices fell around 5 percent on Monday, partly due to the potential return of L


Canada’s Trudeau to unveil plan to address coronavirus outbreak, revive economy

Canadian Prime Minister Justin Trudeau will unveil on Wednesday what he says is a far-reaching plan to help the economy recover from the coronavirus pandemic while ensuring efforts to fight the outbreak do not falter.Trudeau, who has consistently vowed to do more to combat climate change, is parin


Egypt signs lucrative gas deals

The Egyptian Natural Gas Holding Company (EGAS) has signed eight research and exploration agreements with investments of $934 million. Five agreements were signed during the last fiscal year and three others during the first quarter of this fiscal year. Minister of Petroleum and Mineral Resource


Lufthansa to cut more jobs as it loses €500m a month

 Lufthansa said Monday it will slash more jobs on top of 22,000 previously announced cuts and put more planes out of service with current losses running at some €500 million ($590 million) a month. With demand set to be lower than expected through winter as the coronavirus pandemic cont


German economy to shrink by 5.2% this year, grow by 5.1% next year

Germany’s Ifo institute on Tuesday said Europe’s largest economy would likely shrink by 5.2 percent this year, raising its previous estimate for a 6.7 percent drop, in the latest sign the damage caused by the COVID-19 pandemic could be smaller than initially feared.“The decline i


Retailer Superdry Signals Improved Trading after Annual Loss

Superdry on Monday said its trading performance has improved in the months since April despite uncertainty around the COVID-19 pandemic, as the British fashion retailer swung to an annual loss due to lockdown-led store closures.The company said demand was gradually returning, with a major shift of


Lebanon Faces Medicine Shortages, Stocks Won’t Last More than a Month

Since March, the Lebanese have been suffering from the shortage of a number of medicines, especially those for chronic diseases, for intermittent periods that used to reach 15 days. Today, obtaining some medications requires a tour of a number of pharmacies and promises to secure them after perio


Investigation alleges global banks filed $2tn in suspicious activity reports

Several global banks moved large sums of allegedly illicit funds over a period of nearly two decades, despite red flags about the origins of the money, BuzzFeed and other media reported on Sunday, citing confidential documents submitted by banks to the US Government. The reports were partly based


Iran's rial hits record low as tension spikes with the US

The Iranian rial fell to a record low against the US dollar on the unofficial market on Sunday, a day after the US President Donald Trump’s administration declared all United Nations sanctions on Tehran had been restored, Reuters reports. The dollar was offered for as much as 273,


WEEKLY ENERGY RECAP: Oil bounces back amid KSA pledge

Oil prices ended their downward trajectory that started early September and recorded their biggest weekly gain in three months. The rebound came despite plenty of bearishness in the market that was emphasized by the monthly oil reports from both OPEC and the International Energy Agency (IEA). 


6 top tips on how to sell your house fast in winter

Have you been trying to sell your property with no luck? Traditionally, winter can be a difficult time to sell your home. From bad weather discouraging people from going out to view houses, to the gloomy winter atmosphere making prospective homes look less appealing, lots of factors can put potent


Bangladesh economy shows early signs of pandemic recovery

rebound in garment orders after demand crashed during spring shutdowns is helping to revive the Bangladesh economy.Apparel makers, the country’s main export industry, say they are looking ahead to Christmas orders from the US and other major markets.Remittances from Bangladeshi workers emplo


UK retail sales shoot past pre-virus levels as shoppers migrate online

British shoppers continued to increase spending last month, taking sales further above pre-COVID levels, as strong online demand helped much of the sector enjoyed a faster rebound than the rest of the economy.Retail sales volumes rose by 0.8 percent in August, the Office for National Statistics sa


Including 7 Arabs .. List of 15 richest people in Africa

The 15 richest people in Africa have made their fortunes by investing in industries such as diamonds, oil and retail, with a combined net worth of $ 73.3 billion, according to Business Insider citing the Bloomberg Billionaires Index. Patrice Mozebi, a South African with a fortune of $ 2.2 billion


Dollar set for weekly loss; Kiwi dollar hits 18-month high

The dollar was unable to shake off the previous session’s lows on Friday and was set for a weekly fall, losing out to the Japanese yen in particular, which hit a seven-week high as investors sought the safe-haven currency. Data released on Thursday showed that the number of people in the Un



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