Economy

Lebanon would lose loans provided by the World Bank

Finance Minister Ali Hasan Khalil warned Monday that Lebanon would lose the $600 million soft loan provided by the World Bank if Parliament fails to meet and approve the draft budget soon. “We should put Parliament back to work, and we in the Finance Ministry are especially aware of the harm that comes from the absence of legislation,” Khalil said ...

9 areas in budget 2015 are expected to see significant changes

On May 12 the Federal Government will unveil its second budget — one that is expected to be far different from last year’s “budget repair job”. While Prime Minister Tony Abbott and Treasurer Joe Hockey have stressed the new budget will be “dull and routine”, there are several areas which are expected to see significant changes. Below are nine things ...

Big hole in the Australian government’s budget

China’s slowdown has gouged a big hole in the Australian government’s budget, a new report said. Slower wages growth in Australia has also hit government revenues hard, said Deloitte Access Economics. It has forecast massive budget blowouts for both the 2014-15 and 2015-16 financial years. The budget looks like it was “written by Stephen King and painted by Edvard Munch”, thanks ...

Dubai builder Arabtec lifted the mood of investors in UAE stock markets

A rebound by Dubai builder Arabtec lifted the mood of investors in United Arab Emirates stock markets Monday, while other bourses in the Middle East moved very little as oil once again halted its advance. Brent oil slipped 0.2 percent and traded near $55 per barrel after Saudi Arabia indicated it was pumping near a record high of 10 million barrels per day, adding to concerns about global ...

UAE is unlikely to be affected from the oil prices plunge because of the benefit of US dollar

The UAE’s Gross Domestic Product is unlikely to be affected from the drop in oil prices since the country is currently benefiting from a strong US dollar, according to Mubarak Al Mansoori, Governor of the Central Bank of the UAE, who spoke at a conference in Abu Dhabi on Monday. The UAE’s dirham is pegged to the dollar. “It will ...

World Bank urges haste on dam approval

The World Bank’s country director for the Middle East has urged the Lebanese Parliament to speed up the approval of the construction of the Bisri dam, a $612 million project financed by the World Bankand the Islamic Bank. “Lebanese officials have already expressed a great interest and willingness in the implementation of this project,” Ferid Belhaj said. “But what we ...

The Australian dollar hit a fresh six-month low

The Australian dollar hit a fresh six-month low on Monday morning sparked by Chinese industrial production slowing to its lowest level since the global financial crisis. The data release from China on Saturday was well below economist expectations of an 8.8 per cent year-on-year rise in industrial production, instead coming in at 6.9 per cent year-on-year. Early on Monday, the ...

Australia’s central bank: it was likely to keep interest rates at record lows for some time yet

Australia’s central bank said it was likely to keep interest rates at record lows for some time yet, citing uncertainty about whether policy stimulus alone would be enough to offset a cooling mining sector and government cutbacks. In minutes of its July 1 meeting, where the central bank kept its cash rate at 2.5 percent for an eleventh month, the ...

Obama spoke on economy is not on the list of priorities for Texans

On Thursday, President Obama spoke to members of the Austin community on everything from Congressional gridlock to his love of good ole’ Texas barbecue — even making a headline-garnering trip to Franklin’s. There was one thing, however, that he seemed a bit hesitant to address: the refugee crisis currently being faced by the state at the border. Like any good ...

Turkey driven by ‘greed’ in Kurd oil row: Iraq deputy PM

Turkey has been “driven by greed” in an escalating row over oil pumped from Iraq’s autonomous Kurdish region and shipped overseas, Baghdad’s top politician responsible for energy told AFP Sunday. “We believe Turkey has been driven by greed to try to lay (its) hands on cheap Iraqi oil,” Hussein al-Shahristani, deputy prime minister responsible for energy affairs, said in an ...

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