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Tunis desperate for $4 billion from IMF

Tunisia will seek a $4 billion loan programme from the International Monetary Fund in talks starting next week, Prime Minister Hichem Mechichi told Reuters on Friday, saying politicians faced a “last opportunity” to save the economy. Mechichi said he expected talks to last about two months and had “confidence” Tunisia …

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Robot-advisory application for Dubai commercial banking

Commercial Bank of Dubai (CBD) has launched a robo-advisory investment application, as demand for online trading grows. The bank worked with Belgium-based wealthtech company InvestSuite to develop “CBD Investr,” a mobile application that uses smart algorithms to actively manage investment portfolios. “CBD Investr offers customers convenient access to globally diversified …

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Erdogan makes major cabinet reshuffle in Turkey

President Tayyip Erdogan named a prominent member of Turkey’s ruling AK Party, Mehmet Mus, as trade minister on Wednesday and split another ministry into two, in what officials said was the first move in an expected broader cabinet shuffle. In a presidential decree Ruhsar Pekcan, the cabinet’s highest-profile woman, was …

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Kabul Corridor railway from Termez to the city of Peshawar

The leaders of Pakistan and Uzbekistan held a virtual meeting on Wednesday to discuss ways of enhancing bilateral cooperation, with a particular focus on trade, security, and defense. Prime Minister Imran Khan and Uzbekistan’s President Shavkat Mirziyoyev also underscored the importance of countering a rising wave of Islamophobia and promoting …

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Saudi public debt issuance on the rise

Saudi public debt issuance increased by nearly 50 percent in 2020 to SR163 billion ($43.4 billion), the Capital Market Authority reported. Non-government debt issuance increased by more than 250 percent reaching SR31 billion compared to SR9 billion in 2019. The market value of stocks and debt instruments reached SR9.8 trillion …

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Suez canal damages may amount to $1bn

The head of the Suez Canal Authority on Thursday said that losses and damages resulting from the grounding of the Ever Given container ship could run to more than $1 billion. Osama Rabie told media that investigations into the incident, which resulted in the vital trade waterway being blocked to …

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Iraq and Saudi cooperating against common threats

Saudi Arabia’s Crown Prince Mohammed bin Salman and Iraqi Prime Minister Mustafa Al-Kadhimi agreed Wednesday on the need for their countries to continue coordinating in confronting extremism and terrorism.  Meeting at the Yamamah Palace in Riyadh, the two leaders also agreed to boost economic cooperation, starting with the creation of …

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Sanctions war between West and China over Xinjiang

The United States, the European Union, Britain and Canada imposed sanctions on Chinese officials on Monday for human rights abuses in Xinjiang, the first such coordinated Western action against Beijing under new U.S. President Joe Biden. Chinese territory of Xinjiang, Beijing hit back immediately with punitive measures against the EU …

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Qatar takes up minimum wage wholeheartedly

A minimum wage of $275 a month came into force for all workers in Qatar Saturday, official media reported. The minimum became mandatory for all newly signed contracts from August 30, and will now also be compulsory for existing employment agreements. It requires that all workers, including domestic staff, be …

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Jordan escalates IMF reforms with cabinet reshuffle

Prime Minister Bisher al-Khasawneh reshuffled his cabinet on Sunday in a move meant to accelerate IMF-guided reforms seen as crucial to Jordan’s economic recovery from the blow of the coronavirus pandemic, officials said. Six new ministers were named including interior and justice after Khasawneh fired both incumbents last week for …

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