Economy

An Egyptian investment bank, said Egypt is on the verge of devaluing its currency, the Egyptian pound

Egypt says it has found an alternative for fuel imports after Saudi Arabia abruptly decided to halt shipments of fuel as an expression of its displeasure over an Egyptian vote in the UN this week. In that vote, Egypt voted in favor of separate Russian and French draft resolutions on Syria in the UN Security Council. That resolution has led to ...

From Cars to Confectionery: Australia’s Manufacturers Revamp Business

“Optimism in innovation is really gaining momentum,” says National Australia Bank CCO. For autoparts maker Brian Hughes, the shock of Australia’s car industry closing down could have meant the end of his business. Instead, he reconfigured his facility to make machinery for the booming food and building sectors while bolstering exports. He’s not alone. As Toyota Industries Corp, General MotorsCo, ...

Qatar’s New Boeing Jetliner Orders Cap An Incredible Aviation Shopping Spree

Anyone who hangs out on Rodeo Drive or Sloane Square knows that Arab Gulf citizens love to shop in Western luxury retail chains. Apparently, Qataris also like to shop at Boeing.  Friday’s Boeing jetliner orders give the company clear dominance in this dollar-rich aerospace market.   Qatar Airways placed firm orders for 30 787-9s and ten 777-300ERs.  In addition, Qatar signed ...

Asia Soaks Up Iran’s Post-Sanctions Oil

Asian nations are stepping up their purchases of Iranian oil, underscoring Tehran’s deepening energy ties with the region amid a slow rapprochement with European crude buyers. China, India, Japan and South Korea are among big Asian oil consumers that have sharply boosted their imports of Iranian crude this year. China and India are looking to further lock down Iranian supply, ...

As economic hardship bites, firms deduct staff allowances in Oman

Muscat: In addition to short-term contracts, salary cuts, freeze on increments, companies are also forcing their employees to move to cheaper rent apartments as part of the ongoing cost-cutting measures resulting from poor economic conditions.A senior official from an automobile company in Muscat, which employs hundreds of engineers and salesmen, said many mid-level employees are in a fix for the last ...

Ethiopia Could Overtake Kenya This Year As Top East African Economy

Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation on the list of the world’s fastest-growing economies in the past 10 years. The International Monetary Fund’s latest statistical estimates indicate that Ethiopia’s gross domestic product is forecast to grow from $61.62 billion in 2015 to ...

Spain may grow more than 3.1 percent in 2016; will miss 2017 deficit goal

Spain’s economy may grow by more than 3.1 percent in 2016, up from the current official target of 2.9 percent, despite political deadlock, acting Economy Minister Luis de Guindos told reporters in Washington on Saturday. “My understanding is that we will beat this forecast, the accurate (figure) will be better than the forecast from the International Monetary Fund,” De Guindos ...

Egyptian Pound Tumbles to Record Low on Black Market

CAIRO—It has been a bad week for pounds. The Egyptian pound hit a record low against the dollar on the black market Wednesday after the North African country’s central bank failed to devalue the currency despite a floundering economy. The currency was trading Wednesday afternoon at around 14.2 to a U.S. dollar, according to some currency traders in Cairo. That ...

Turnbull’s problems may have just started no matter the election outcome

Whatever the final seat count, the 2016 election has gone badly wrong for Malcolm Turnbull. This was meant to be the election that would award him a resounding mandate and provide sufficient numbers in the combined House of Representatives and Senate to pass key legislation easily. But, at best, Turnbull will be forming a government with only a narrow majority. ...

Obama seeks to reassure Canada, Mexico on Trump, trade

EDITED BY KALAHAN DENG President Barack Obama sought to reassure his counterparts in Canada and Mexico Wednesday that a potential Donald Trump presidency wouldn’t throw cross-border ties into turmoil, even as he pushed back on the GOP candidate’s platform. Expressing confidence that immigration wouldn’t be shut off and trade deals would persist, Obama argued against the type of protectionist policies ...

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