Business
China exports fall in November, imports recover
BEIJING - China’s exports declined for the fourth consecutive month in November as a trade war with Washington rumbles on, official data showed today, although imports rebounded. Exports were down by 1.1 per cent in the last month of the year, after a drop of 0.9 per cent in October on slowin
World Bank to reduce lending to China
Washington - The World Bank said on Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether. “Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don
Here Come 10 ‘Outrageous’ Predictions for 2020 From Saxo Bank
Want the lowdown on European markets? In your inbox before the open, every day. Sign up here. For those bored by the endless procession of prosaic 2020 outlooks from Wall Street, Saxo Bank has just issued its 10 outrageous predictions for next year. Anticipating 12 months marked by “disrupti
Putin, Xi launch ‘historic’ Russian gas pipeline to China
Russia and China on Monday 12-2-2019 launched a giant gas pipeline linking the countries for the first time, one of three major projects aimed at cementing Moscow’s role as the world’s top gas exporter. Presiding by video link-up over an elaborate televised ceremony, Russian leader Vlad
What’s next for Lebanon’s crisis-hit economy?
By Jacob Boswall Lebanon is facing a combined political and economic crisis that has led to widespread bank closures, and semi-official capital controls limiting the amount of cash that individuals and businesses can access. A sharp rise in demand for cash and a perilous drop in the value of the l
WEEKLY ENERGY RECAP: Spot market tightens
Oil prices were relatively steady with Brent crude holding above $63 per barrel near an eight-week high and WTI finishing above $57 per barrel. The physical spot market is getting tighter and strong demand for Arabian Gulf medium sour crude has reflected that trend. So as yet, there are no signs o
Emirates chairman warns of 'tough' second half
DUBAI - Dubai state-owned airline Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum said on Monday 11-18-2019 the airline will face a tough second half of the company's financial year. "There are headwinds, all the time changing... This year has been tough. It will be tough," he said. The Dubai-
Oil recoups losses as OPEC, US Fed see robust economy
LONDON- Oil prices reversed early losses on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) said it saw no signs of global recession and rival US shale oil production could grow by much less than expected in 2020. Also supporting prices were comments by US Federal Reser
Halkbank Says it Will Seek Dismissal of US Indictment, Judge's Recusal
A lawyer for Turkey’s state-owned Halkbank, which has been criminally charged by US prosecutors with helping Iran evade sanctions, said in a letter on Monday that it would seek to dismiss the case and have the judge assigned to it recuse himself. In a letter to US District Judge Richard Berma
World Bank ready to back new Lebanese government
BEIRUT - The World Bank said on Wednesday it stood ready to back a new Lebanese government and warned that the country had no time to waste to fix economic troubles that were becoming worse by the day. The bank called for the rapid formation of a new cabinet and said it expected a recession in 2019
China: US has agreed to cancel trade tariffs in phases
China and the United States have agreed in the past two weeks to cancel tariffs imposed during their months-long trade war in phases, the Chinese Ministry of Commerce said on Thursday. China and the US must simultaneously cancel some tariffs on each other's goods for both sides to reach a "phase on
MENA non-resident capital flows to rise to $200 bln in 2019 on reforms: IIF
Reem Abdellatif Ongoing economic reforms and incentives in the Middle East and North Africa (MENA) are expected to attract more capital from non-residents to the region, the Institute of International Finance (IIF) said in a recent report. Capital flows from non-residents to MENA are expec
Fiat Chrysler and Peugeot confirm deal to create world's No. 4 car maker
Fiat Chrysler and Peugeot's owner PSA said on Thursday 10-31-2019 they would join forces through a 50-50 share swap to create the world's fourth-largest automaker. The boards of the two groups have mandated their respective teams to finalise discussions and reach a binding memorandum of understandi
Irish Food Companies Face $100 Mln in Extra Taxes After US Slaps Hefty Tariffs on EU Goods – Report
Trade tensions between the EU and the US have been mounting since Washington introduced tariffs on steel and aluminium imported from Europe on May 31, 2018. A month later, the bloc retaliated with 25 percent tariffs on US motorcycles and other items, including whiskey. The US’ new tariffs on
Lebanese banks to resume normal work on Friday
Lebanese banks will resume normal operations and receive customers on Friday, the banking association said, ending a two-week-long closure caused by massive protests against the country’s ruling politicians. “Thursday will be dedicated to internal work to complete (a backlog) of o
Shell exits Caspian Sea oil project
Energy major Royal Dutch Shell said yesterday it has pulled out of a major oil and gas project in Kazakhstan’s waters in the Caspian Sea due to economic factors.Shell’s decision to quit the Khazar offshore project — close to the country’s flagship Kashagan field — is
Theguardian : World economy is sleepwalking into a new financial crisis, warns Mervyn King
Larry Elliott in Washington The world is sleepwalking towards a fresh economic and financial crisis that will have devastating consequences for the democratic market system, according to the former Bank of England governor Mervyn King. Lord King, who was in charge at Threadne
Facebook’s Libra cryptocurrency faces new hurdle from G7 nations
London, Washington - Facebook’s plans to launch its Libra cryptocurrency faced a new hurdle on Thursday, when the Group of Seven wealthy nations said such “stablecoins” should not be allowed to launch until the profound international risks they pose are addressed. When launc
