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UAE stocks drop despite deals with Israel

The UAE has incurred losses of about 20.5 billion dirhams ($5.6 billion) during last week’s stock transactions, despite the deals signed with Israel. Major shares declined due to the negative impact of selling operations conducted by investors, while the overall Dubai Financial Market Gener


Qatar Airways announces that it has registered heavy losses

Qatar Airways announced today, Sunday, that it recorded huge losses of about two billion dollars for the fiscal year ending March 31. On Sunday, Qatar Airways reported losses of 7 billion riyals, equivalent to 1.92 billion dollars, for the fiscal year ending March 31, according to Reuters. The c


Saudi Arabia to host ‘virtual’ G20 meeting on oil markets

 Energy ministers from the G20 countries under the presidency of Saudi Arabia will meet virtually on Sunday to discuss volatile oil markets and plans for a “green” recovery from the economic shock of the COVID-19 pandemic. The Kingdom is strongly backing a “circular carbon


Morocco Issues €1 Bn Int’l Bonds in Two Tranches

Morocco successfully issued €1 billion bonds on the international financial market, two tranches of €500 million each, announced the Ministry of Economy, Finance, and Administration Reform. The first tranche with a maturity of five and a half years has a price of 99.374 percent and an i


Iraq’s Ministry of Electricity to Add 3,000 MW to National Grid

Iraq’s Ministry of Electricity announced Friday that 3,000 megawatts will be added to the national grid, after the US has renewed a waiver for Baghdad to continue importing Iranian electricity for 60 days. The Ministry spokesman, Ahmed Moussa, said that the new megawatts will be added throu


New man is the richest person in China

Bloomberg said, Thursday, September 24, 2020, that the emperor of bottled water and vaccines, Zhong Shanshan, has become the richest person in China, on a day that also saw heavy losses in the fortunes of the world's tech elite. Shanshan’s net worth Wednesday was $ 58.7 billion, $ 2 billion


Cineworld may need more money if doors close again

Cineworld said on Thursday it might need to raise more money if it is required to shut its theaters again following fresh pandemic curbs, as the world’s second-biggest cinema operator swung to a first-half loss, sending its shares down 17 percent. The British company, for which the US is th


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




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