Economy

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 ...

Markets view RBA rate cuts as an inevitability

Exclusive to The Middle East Online Edited by Nelly Tawil Global markets are braced for further volatility this week, but the direct impact on Australia of Britain’s decision to exit the European Union should not go too far beyond the hit to investor sentiment for now say economists. The yield on three-year Australian debt slumped to an unprecedented 1.5% as ...

News Corp set to buy APN Queensland newspaper

Exclusive to The Middle East Online Edited by Nelly Tawil APN has found a buyer for its Australian Regional Media (ARM) business , with News Corp agreeing to purchase the newspaper arm of the media company for $36.6 million. ARM includes 12 regional daily newspapers in New South Wales and Queensland, 60 community newspapers and over 30 regional news websites. ...

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