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Foreign investments resume in paniced China

Foreign companies, enterprises above the designated size and export companies have resumed work one after another in the nation, as it fights against the novel coronavirus pneumonia. With sound protective measures, employees of United Initiators, a Germany-headquartered company, have started work at a circular economic demonstration park in Feidong county, …

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China virus threatens to wipe out millions of businesses

Senior Communist Party official warns of the dangers to the country’s economy and the risks to ‘social stability’ By Gordon Watts special to The Levant Millions of small businesses in China could be destroyed by the coronavirus outbreak, which has swept across the country, threatening “social stability.” Painting a picture …

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US now accuses Huawei of aiding Iran

U.S. prosecutors on Thursday accused Huawei of stealing trade secrets and helping Iran track protesters in its latest indictment against the Chinese company, escalating the U.S. battle with the world’s largest telecommunications equipment maker. In the indictment, which supersedes one unsealed last year in federal court in Brooklyn, New York, …

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Algeria dangerously in debt, statistics warn

Algeria’s public debt rose to 45% of gross domestic product at the end of last year from a level of 26% in 2017, and the country’s economic situation is “delicate”, Prime Minister Abdelaziz Djerad said on Tuesday. Addressing lawmakers, Djerad blamed mismanagement and corruption during the past years for worsening …

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Israel closes off Palestinian exports to Jordan

Israel has escalated a trade war with the Palestinians by stopping their agricultural exports through Jordan, Palestinian Agriculture Minister Riyal al-Attari said on Saturday. Israel and the Palestinian Authority (PA) opened a new front in their decades-long conflict with a trade dispute that began in October and has escalated over …

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Saudi Aramco target of cyber attacks

Saudi Aramco has seen an increase in attempted cyber attacks since the final quarter of 2019, which the company has so far successfully countered, the state oil giant’s chief information security officer told Reuters on Thursday. “Overall there is definitely an increase in the attempts of (cyber) attacks, and we …

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Unaoil caught in $6 million Iraqi bribes scandal

Monaco-based oil and gas consultancy Unaoil paid $6 million in bribes to secure Iraqi oil contracts after the fall of Saddam Hussein, a London court heard on Thursday. In the trial, which has just begun, two former Unaoil managers and an ex-sales chief of Dutch-based energy services company SBM are …

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New Lebanese government desperate or Eurobonds

Lebanon’s new government needs foreign support to help it get out of an unprecedented economic and financial crisis, the finance minister said on Wednesday. Hours after he was named, Finance Minister Ghazi Wazni also said the government must decide on its approach to a $1.2 billion Eurobond maturing in March. …

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UN willing to help Lebanese reforms

U.N. Secretary General Antonio Guterres welcomed the formation of a new Lebanese government on Tuesday and will work with the new premier to support reforms in the heavily indebted country grappling with an urgent economic crisis. A statement issued by Guterres’ spokesperson also said the United Nations was committed to …

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Yemeni conflict spreads to national currency

Yemen’s warring sides opened a new front in their five-year conflict on Saturday – a battle over old and new banknotes that threatens to create two economies in the same state. As of midnight, the Houthi movement which controls the capital Sanaa outlawed the use and possession of crisp new …

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UK freezing all assets trusted to Hezbullah

Britain expanded the scope of its asset-freezing measures against Lebanese Islamist movement Hezbollah on Thursday to cover the entire organization as well as its military wing. The finance ministry move follows Britain’s decision last year to classify the whole group a terrorist organization due to its destabilizing influence in the …

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Rising sea levels threaten Moody credit ratings

Economic shocks stemming from rising sea levels pose a long-term risk to the sovereign credit ratings of dozens of countries which have large areas at risk of submersion, including Vietnam, Egypt, Suriname and the Bahamas, Moody’s said on Thursday. Climate science suggests that sea levels will continue to rise for …

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Nissan executive takes refugee in Lebanon

Former Nissan and Renault Chairman Carlos Ghosn, who was barred from leaving Japan whilst awaiting trial on charges of financial misconduct, on Tuesday said he was in Lebanon. “I have not fled justice – I have escaped injustice and political persecution,” Ghosn said in a statement. He said would “no …

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Sudan expects $1.62 billion shortfall in 2020 budget

Sudan has passed its 2020 budget that includes an overall deficit of about 73 billion Sudanese pounds ($1.62 billion), Finance Minister Ibrahim Elbadawi said on Sunday. The country’s ruling sovereign council and Cabinet agreed the budget – the country’s first since the toppling of longtime ruler Omar al-Bashir, whose final …

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