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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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Saudi deficit to widen for 2020

Saudi Arabia announced a 1.02 trillion riyal ($272.00 billion) budget for 2020 on Monday, a slight fall in spending that reversed three years of expenditure increases intended to spur growth. Revenues in 2020 are forecast at 833 billion riyals, widening the budget deficit to 187 billion riyals, or 6.4% of …

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Non-Saudis to get 23% of Aramco IPO

Non-Saudi investors were allocated 23% of the institutional tranche of Saudi Aramco’s initial public offering (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday. Wassim Al Khatib, head of investment banking at National Commercial Bank (1180.SE) also said the …

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Egypt to get $1.1 billion for petroleum products

The International Islamic Trade Finance Corporation (ITFC) will provide Egypt with $1.1 billion to support the import of petroleum products and basic goods in 2020, Egypt’s petroleum ministry said on Wednesday. The funds are part of a $3 billion agreement between Egypt’s investment ministry and ITFC signed in January 2018. …

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Oman Oil making strides towards IPO

The process of the initial public offering of Oman Oil Co will be completed by the end of next year, Oman’s Oil Minister Mohammed al-Rumhi said on Wednesday at an industry event in Dubai. Rumhi also said the OPEC+ production cuts agreement will hopefully be extended. If the listing goes …

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Turkey GDP growth regains momentum

Turkey’s economy grew 0.9% year-on-year tmsnrt.rs/2P6vV18 in the third quarter, breaking three consecutive quarters of contraction as it shook off a recession which followed last year’s currency crisis. Turkey has a track record of 5% growth, but a 30% slide in the lira last year pushed up inflation and interest …

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Saudi Aramco garners orders worth $38.4 billion

Saudi Aramco has received orders worth 144.1 billion riyals ($38.4 billion) for the institutional tranche of its planned initial public offering (IPO), its financial advisers said in a joint statement on Monday. The institutional bookbuilding began on Nov. 17 and investors have until Dec. 4 to place orders. Aramco plans …

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Turkey preparing for second S-400 purchase

Turkey’s presidential administration has said that the purchase date for more S-400 missile systems from Russia is just a technicality and that it thinks a deal will happen before too long, the RIA news agency reported on Monday. Moscow hopes to seal a deal to supply Turkey with more S-400 …

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Jordan to start talks with IMF

Jordan has begun negotiations over a new three-year funding program with the International Monetary Fund (IMF) to stimulate growth that has been stagnant at about 2% for the last decade, the finance minister said on Thursday. Mohammad Al Ississ however said the country would not accept “dictates” from the international …

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Uzbekistan: new opportunities for integration

Uzbekistan has officially joined the Cooperation Council of Turkic-speaking Countries, also known as the Turkic Council. The decision to admit Uzbekistan to this group was taken on 15 October at the summit of the States Parties in Baku, the capital of Azerbaijan. Uzbekistan is one of the important countries in …

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MBS invites UAE to G-20 summit

Saudi Crown Prince Mohammed bin Salman on Wednesday invited the UAE to attend the G20 summit in Riyadh in November 2020, according to state TV. Saudi Arabia will host the 15th annual G20 Leaders’ Summit on Nov. 21 and 22, 2020 in its capital Riyadh. Representing more than 80% of …

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Lebanese bonds in danger due to missing clauses

As Lebanon’s crisis-hit bonds flash warnings of a sovereign debt distress ahead, any potential restructuring is likely complicated by the absence of widely-used legal clauses barring bondholders from holding up the negotiations in the courts. Lebanon is one of the few countries – alongside the Bahamas, Azerbaijan, Macedonia and Poland …

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Russia says, eager to sell more S-400s to Turkey

Russia plans to sign a new contract with Turkey to supply its S-400 surface-to-air missile systems in the first half of 2020, the head of Russian state arms exporter Rosoboronexport, Alexander Mikheev, said, according to RIA Novosti news agency. “We hope that in the first half of 2020 we will …

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Netanyahu indicted, facing party uster

A watchdog group asked Israel’s top court on Sunday to order Prime Minister Benjamin Netanyahu to step aside after his indictment on corruption charges, adding to pressure he is facing from within his ruling party. Netanyahu, a four-term conservative leader, has denied the charges of bribery, fraud and breach of …

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Saudis reassure investors of banks solvency

Saudi Arabia’s banking sector has a high level of liquidity, its central bank governor said on Sunday, as banks in the Gulf state offer leverage to Saudi investors for shares in Saudi Aramco’s approaching initial public offering. “The Saudi banking sector enjoys very high level of liquidity compared to Basel …

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Rifaat al-Assad in Spanish money laundering case

Spain is heading towards a money laundering trial against an uncle of Syrian president Bashar al-Assad, the High Court said on Friday, after an investigating judge finished his probe. The prosecuting office has ten days to comment on the judge’s recommendation that the case goes ahead, which is considered a …

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Jordan won’t impose new taxes

Jordan will not impose new taxes in its proposed 2010 budget but will seek other means including a crackdown on pervasive tax evasion to help boost revenues crucial to lowering record public debt, the finance minister said on Thursday. Mohammad Al Ississ told parliament’s finance committee that maintaining “fiscal stability” …

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New problems dog Saudi Aramco IPO

The institutional tranche of Saudi Aramco’s initial public offering (IPO) has been oversubscribed while the retail portion has received a little more than 10 billion riyals ($2.67 billion) in orders so far, a banking source told Reuters. Earlier on Thursday, Saudi-owned news channel Al-Arabiya, citing a banking source, said the …

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Lebanon resembles sinking ship, Nabih Birri

Lebanon is like a sinking ship that will go under unless action is taken, Parliament Speaker Nabih Berri was quoted as saying on Monday, referring to the country’s deep economic and political crisis. Newspaper al-Joumhuria cited Berri, an ally of the Shi’ite group Hezbollah, as telling visitors that efforts to …

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Turkish army in talks to take over British Steel

Turkish army pension fund Oyak said on Monday that its subsidiary Ataer Holding had ended talks to buy British Steel after deciding the acquisition was not commercially viable. Turkey’s military pension fund OYAK had reached a provisional agreement to take over British Steel. But the deal was in jeopardy as …

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10 Best Tips for Success in Human Resource Management

By Sandra Azura   Internalize the company’s strategy The HR department must appropriate the company’s organizational strategy to support the other areas of the organization in achieving its objectives. You should be perfectly clear about issues such as business area, objectives, goals and growth expectations, to include them in your …

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End of Jordan land deal hurts Israeli farmers

It has been a bitter harvest for some Israeli farmers on the border with Jordan. On Sunday, a 25-year-old deal between the two countries that has allowed them to cultivate land there formally expires. Under the deal, part of the 1994 Jordan-Israel peace treaty, two territories straddling the border were …

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