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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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Mohammed bin Rashid launches Dubai Future District

Dubai – Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has announced a new district under the name of “Dubai Future District” dedicated to the new economy will take shape in Dubai. According to WAM news agency, Sheikh Mohammed has also announced the launch …

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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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Moody’s declares Lebanon ‘credit positive’

Lebanon’s possible pursuit of assistance from the International Monetary Fund and World Bank is credit positive and reduces the risk of extreme macroeconomic instability, Moody’s said on Monday. “Without technical and financial support from the IMF, World Bank and international donors, a scenario of extreme macroeconomic instability – in which …

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Qatar not keen on Aramco IPO

Why did Qatar pass up the chance to invest in Saudi Aramco? It’s the question on nobody’s lips, at least publicly, at the Doha Forum, the emirate’s annual bash for international politicians and investors taking place in its capital this weekend. That’s a pity. Unpacking why Doha didn’t buy into …

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Slight improvement in Saudi Aramco shares

Saudi Aramco’s 2222.SE shares went up slightly to 37 Saudi riyals ($9.87) in a pre-market auction on Sunday, Refinitiv data showed, putting the company’s market value slightly below $2 trillion. Aramco’s shares closed at 36.8 riyals on Thursday after hitting earlier in the day the $2 trillion price tag long …

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Khiva, Uzbekistan

We can attract more tourists with our history and values Shavkat Mirziyoyev Khiva – The City Museum Khiva is the most peculiar Uzbek city. Its history is inextricably connected with the history of the legendary Khorezmshah’s State with its capital in Urgench before. Khiva is a very ancient city. In the 10th …

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Itchan-Kala: Open-air Museum

What is Itchan-Kala? In ancient Khiva, as well as other eastern cities, was divided into three parts: the fortress – Kunya-Ark, suburb – Dishan-Kala and the city – Itchan-Kala. Today Itchan-Kala (Ichan Kala) is open-air museum. It is the old part of the city, surrounded with wall and turned into the …

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US Senate passes anti-Turkey legislation

A U.S. Senate committee backed legislation on Wednesday to impose sanctions on Turkey after its offensive in Syria and purchase of a Russian S-400 missile system, the latest move in the chamber to push Republican President Donald Trump to take a harder line against Ankara. The Republican-led Senate Foreign Relations …

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Aramco reaches $2 trillion mark

Saudi Aramco’s (2222.SE) share price jumped 10% for the second consecutive day, hitting 38.7 riyals ($10.32) in a pre-market auction, Refinitiv data showed, suggesting the company will hit a $2 trillion market value when it starts trading on Thursday. The state-owned oil giant’s shares surged the maximum permitted 10% above …

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Uzbekistan expands cooperation with EU

On December 10, 2019, Uzbekistan delegation led by Deputy Minister of Foreign Affairs Dilshod Akhatov and representatives of various ministries and agencies of Uzbekistan arrived in Brussels. The purpose of the visit is to conduct the 4th round of negotiations on the draft Enhanced Partnership and Cooperation Agreement between Uzbekistan …

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Uzbekistan – Italy: cooperation and partnership

On December 11-13, 2019, Uzbekistan delegation led by the Minister of Foreign Affairs Abdulaziz Kamilov will visit Italy. The program of the visit includes conduction of meetings with the Minister of Foreign Affairs and International Cooperation Luigi Di Maio and other officials to discuss prospects for further development of bilateral …

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GCC summit calls for financial integration

A summit of the Gulf Cooperation Council (GCC) countries called for finalizing legislation for regional economic integration by 2025, including financial and monetary unity, according to the meeting’s final communique. The statement, read by GCC General Secretary Abdullatif bin Rashid Al Zayani and broadcast live, called also for boosting military …

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