Economy

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. ...

NSW Treasurer Gladys Berejiklian announces $400 million abolished in business tax

Exclusive to The Middle East Online Edited by Nelly Tawil On Monday NSW Treasurer Gladys Berejiklian announced mortgage duty, share transfer duty and non-real transfer duty, worth up to $1.8 billion over the forward estimates, will be scrapped when the budget is delivered on June 21. “This is a decision we’ve been able to take because we’re a responsible government,” she said. ...

RBA rate decision: Volatility all but assured

Exclusive to The Middle East Online Edited by Nelly Tawil Australia’s economy for a majority of the past decade has been subject to a “two-speed: economy. Increasingly that divergence is making it more difficult for the RBA to set policy. Accelerated annual economic growth has shown itself with Dr. Jekyll’s side of the economy, moving towards a 30 year average ...

Shorten says Labor “won’t be dictated to by business”

Exclusive to The Middle East Online Edited by Nelly Tawil Bill Shorten has criticized Labor stalwart Keith DeLacy over his reproach of the opposition’s anti-business agenda, mocking the former state treasurer as a company director who wants a tax cut, as business leaders called for an end to class-war politics. Mr. DeLacy said the opposition’s stance on corporate tax cuts ...

Dying for gold: South Africa’s biggest ever class action lawsuit gets go ahead

EDITED BY KALAHAN DENG The most striking thing about Joseph Mothibedi is his voice — it is raspy, a metallic whisper. It’s the sound of a man slowly dying. His thin fingers trembling, Mothibedi leans over his simple hot plate and puts a tea kettle on the boil. The 58-year-old former gold miner looks reduced in his old blue work ...

CHINA AND AFRICAN POLITICS AND DEVELOPMENTS

WRITTEN BY KALAHAN DENG China is deeply involved in the African politics and developments and it is too late to stop its movement since most Africans leaders are now heading to China for financial and development help. As you can see in this article, China’s President Xi Jinping shakes hands with Zimbabwe’s President Robert Mugabe who keeps reminding Africans leaders ...

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