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Oman’s share index closes lower marginally

Muscat: MSM30 index closed at 3,793.90 points, down 0.38 per cent. The Sharia Index also closed down by 0.44 per cent at 531.24 points. Ahli Bank Perpetual Bonds, up 2.80 per cent, was the top gainer while Muscat Finance, down 4.69 per cent was the top loser. Bank Dhofar was the most active in terms of volume as well as ... Read More »

World Bank Extends USD 11 Billion in Financial Aid to Nepal

The World Bank (WB) has lifted its hand to support Nepal again. This time, it has renewed its support to Nepal under the Second Programmatic Fiscal and Public Financial Management Development Policy Credit Project. In a move supporting Nepal’s efforts towards fiscal federalism and developing public financial management, WB offered the country a grant of NPR USD 100 million for ... Read More »

Kuwaiti stocks end longest rising run in three years

Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East. The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. While a favourable deposit shift for lenders in the country may boost second quarter margins from lows in the previous quarter, they ... Read More »

Iraq, Lebanon, keen to Cooperate in Banking

The Lebanese President, General Michel Aoun, welcomed the Vice President of Iraq, former Iraqi Prime Minister, Dr. Iyad Allawi, with whom he discussed the bolstering of Lebanese-Iraqi relations in all areas, especially on economic matters. Following his meeting with President Aoun, Xinhua quotes Vice President Allawi as saying: “We have discussed with Lebanese President Michel Aoun the possibility of creating ... Read More »

Jordanian company refuses to sell sand after discovering it is for gas pipeline with Israel

A Jordanian construction company has refused to sell its sand after discovering the material was to be used in building a gas pipeline linking the country with Israel. Video footage shows workers delivering the sand, realising what it is to be used for, and then loading it back onto their own vehicles again before driving off. “The sand delivery that ... Read More »

Vietnam and EU sign free trade agreement

HANOI: The European Union and Vietnam on Sunday signed a long-awaited free trade deal that will slash duties on almost all goods, an agreement that pushes back against a rising tide of global protectionism and hailed as a “milestone” by Brussels. The signing comes amid worldwide trade turmoil, with a dragging US-China row and Britain’s impending exit from the European ... Read More »

Tokyo shares soar on US-China trade détente

TOKYO — Tokyo shares soared on Monday after the United States and China agreed a ceasefire in their trade war that has damaged the global economy. The benchmark Nikkei 225 index rose 2.13 per cent, or 454.05 points, to 21,729.97, while the broader Topix index ended up 2.17 per cent, or 33.71 points, at 1,584.85. “The market enjoyed a major ... Read More »

Samsung Electronics flags 56% fall in Q2 operating profit

SEOUL: Samsung Electronics said on Friday it expects operating profit to tumble 56 per cent for the second quarter of this year in the face of a weakening chip market. The world’s largest maker of smartphones and memory chips has enjoyed record profit in recent years despite a series of setbacks, but is now struggling, with chip prices falling as ... Read More »

Qatar, US agree major deals

DOHA: The US and Qatar have agreed a raft of contracts worth billions of dollars during a visit to Washington by the Gulf state’s emir, including an $8 billion deal on a petrochemical project. Qatar Petroleum and US energy giant Chevron Phillips Chemical inked the deal to develop a “world class” petrochemical plant in the US Gulf Coast region, Doha’s ... Read More »

Afghan Returnees Face Economic Difficulties, Unemployment: Report

Afghan refugees who returned to Afghanistan between 2014 and 2017 tend to be worse off financially and face multiple economic difficulties compared to refugees who stayed in Pakistan, the World Bank and UNHCR in Afghanistan said in a new report released on Sunday. The report entitled “Living Conditions and Settlement Decisions of Recent Afghan Returnees” is the first joint report ... Read More »

14 illegal immigrants from Vietnam nabbed off SW Taiwan coast

TAIPEI: Fourteen Vietnamese on a Taiwanese fishing boat trying to enter Taiwan illegally were intercepted by the country’s Coast Guard off the coast of the southwestern city of Tainan in the early hours of Saturday (July 13), Central News Agency (CNA) reported on Sunday. The Coast Guard’s Pingtung Fleet Branch said that it obtained a tip a few days ago ... Read More »

Hong Kong port tug operator invests in new high-spec tugs

Two new tugs are designed to handle the bigger container vessels now increasingly calling the port of Hong Kong. They also have capabilities for handling liquefied natural gas carriers in anticipation of the city’s new LNG plant going into operation Read More »

Russia sovereign fund inks 300 mln euro business package with Italy’s CDP

MILAN:Russia’s RDIF sovereign fund will sign a deal with Italy’s state lender Cassa Depositi e Prestiti (CDP) to jointly invest 300 million euros ($338 million) in Italian firms looking to expand their businesses in Russia, the fund’s head said. “CDP has a large portfolio of companies and we’ll be working closely with them to promote investments in Russia,” Kirill Dmitriev ... Read More »

Electric cars grab almost half of sales in oil-producing Norway

OSLO: Almost half of new cars sold in Norway in the first six months of 2019 were powered by fully electric engines, up from just over a quarter in the same period last year, ensuring the Nordic nation retains its top global ranking in electric vehicle sales. Tesla’s Model 3 was Norway’s top-selling vehicle, the Norwegian Road Federation (NRF) said ... Read More »

Danish Crown Prince Couple to take part in a business visit to France

The Danish Royal Court announced on 1 July that Crown Prince Frederik and Crown Princess Mary will lead a Danish business delegation during an official business visit to Paris, France on 7 and 8 October 2019. The theme of the visit is “Denmark and France – together for a better life and a sustainable future”. The purpose of the visit ... Read More »

‘Germany to take in some Sea-Watch migrants after EU deal struck’

BERLIN: Germany has agreed to take in about a dozen of the 41 migrants who arrived in Italy last month on board German charity rescue ship Sea-Watch, an Italian government source said on Tuesday. The compromise to diffuse tensions with the Italian government, which had ordered the ship not to enter Italian waters, also includes France, Portugal, Finland, and Luxemburg, ... Read More »

City waterfront apartment sells for $20,000 in Auckland

A downtown Auckland apartment with waterfront views has sold for $20,000 – and no, you aren’t reading that wrong. The one-bedroom apartment features a modern kitchen and bathroom, study, open plan lounge and unobscured sea views from its “huge” 13th-floor balcony north to Devonport and Rangitoto beyond. Located in the Scene 1 Building at 2 Beach Rd, it is just ... Read More »

Brazil mining trade group slams Senate royalty proposals

RIO DE JANEIRO, Brazil: An association of Brazilian mining companies on Wednesday criticized some proposals made a day earlier by a Senate committee that spent months investigating the collapse of one of Vale SA’s tailings dams. In a 400-page report, the Senate panel looking into the January disaster proposed a ban on new tailings dams, sought the phase-out of all ... Read More »

US goods trade deficit with Japan shrinks 26.1% in May

The US merchandise trade deficit with Japan shrank 26.1 percent in May from the previous month to $5.35 billion (¥576.8 billion), the Commerce Department said Wednesday. The deficit with China, meanwhile, expanded 12.2 percent to $30.20 billion, the department said. For the reporting month, Japan ranked as having the United States’ fourth-largest trade deficit after China, Mexico and Germany. U.S. ... Read More »

Korea’s Foreign Exchange Reserves Increase Over US$1 Bil. in June

The Bank of Korea announced that South Korea’s foreign exchange reserves totaled US$403.07 billion as of the end of last month, showing a month-on-month increase of US$1.1 billion. Last month, the central banks’ foreign currency-denominated assets rose in value in terms of the U.S. dollar due to its depreciation. In April and May this year, the foreign exchange reserves continued ... Read More »