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Tashkent holds the first meeting of members of Working Group on formation of a Multimodal Transport Corridor for “Asian-Pacific Region – China – Kyrgyzstan – Uzbekistan – Turkmenistan – Azerbaijan – Georgia – Europe” and back.

By Damir Nazarov   U.Ibragimov, Director of the “Research Information Centre”, a non­governmental and non-profit organization On December 19-20, 2019, Tashkent held the first meeting of members of Working Group on Formation of a Multimodal Transport Corridor for “Asian- Pacific Region – China – Kyrgyzstan – Uzbekistan – Turkmenistan – …

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US attacks more companies trading with Iran

The United States on Wednesday identified seven companies that it has blacklisted for trade in Iranian petrochemicals – three based in mainland China, three in Hong Kong and one in South Africa – the State Department said in a statement. Separately, the department also named five Iranian nuclear scientists who …

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Hezbollah okay with IMF loan, but with conditions

Hezbollah does not oppose foreign aid to Lebanon, even from the International Monetary Fund, as long as the help does not impose conditions that harm the national interest, its leader said on Friday. In a televised speech, Sayyed Hassan Nasrallah said his Shi’ite movement, which backs the government, refused conditions …

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Lebanon formally declares its readiness for default

Lebanon announced it cannot meet its debt payments and halted a March 9 bond payment of $1.2 billion on Saturday, setting the heavily indebted state on course for a sovereign default as it grapples with a major financial crisis. In a televised address to the nation, Prime Minister Hassan Diab …

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Bond holders try to rescue Lebanon

A set of Lebanon’s bond holders are to step up efforts to form a creditor group in the coming days after the country’s presidency signaled on Saturday it would default, one of the members of the group said. The move from Lebanon will come just two days before a $1.2 …

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Lebanese prosecutor refuses to freeze assets

Lebanon’s state prosecutor suspended an order on Thursday to freeze the assets of 20 local banks, warning it would plunge the country and its financial sector into chaos, according to a copy of the decision seen by Reuters. Local lenders are at the heart of a financial crisis crippling Lebanon …

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Hezbollah warns about IMF bailout package

Hezbollah believes that terms required by any IMF bailout package for Lebanon would spark “a popular revolution”, a senior official said on Tuesday, rejecting such a step and calling instead for a “national solution” to a deep economic crisis. Lebanon is in the throes of an unprecedented economic crisis, the …

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G7 to develop coronavirus economic package

G7 finance officials will on Tuesday discuss ways to bolster their economies against the impact of the spreading coronavirus outbreak, but are not expected to specifically call for new spending or coordinated interest rate cuts, a G7 official said. Finance ministers and central bank governors from the group will hold …

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Saudi Aramco shares nosedive

Shares of Saudi Aramco 2222.SE hit 32.50 riyals ($8.66) in intraday trade on Sunday, the lowest since it began trading in December following a record initial public offering, as oil prices plunged amid worries about the global spread of the coronavirus. Aramco shares broke past their previous low of 32.60 …

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Trump envoy making money from Israeli crowdfunding, designer of deal of century

Crowdfunding venture investing platform OurCrowd, one of Israel’s largest investors, said on Wednesday that President Donald Trump’s former special envoy for the Middle East Jason Greenblatt has joined the company as a partner. Greenblatt, who resigned in September, is an architect of Trump’s “deal of the century” plan that seeks …

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Jeff Bezo hails from Cuban descent

Today, Mike Bezos is the father of the richest man in the world, Jeff Bezos. But in 1962, Mike Bezos came to America from Cuba wearing a jacket his mother had hand-stitched from cleaning rags. He was a teenager traveling by himself and he spoke almost no English. “When he …

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IMF warns coronavirus will retard world economic growth

The fast-spreading coronavirus outbreak will likely lower China’s economic growth this year to 5.6%, down 0.4 percentage points from its January outlook, and shave 0.1 percentage points from global growth, the IMF said on Saturday. International Monetary Fund Managing Director Kristalina Georgieva presented the outlook to central bankers and finance …

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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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