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Business Pagenews

Oman untouched by global market turmoil

Arabstoday

The uprisings in the Middle East had created some social and political uncertainty for Oman Oman’s economy has been unaffected by turmoil in global financial markets and the euro-zone debt crisis because its oil exports are mainly to faster-growing Asian countries, the International Monetary Fund said on Tuesday. The IMF said, however, the Arab Spring uprisings in the Middle East

Greek government gets more time to rescue economy

Arabstoday

The banks agreed in principle to a write-down of about 50 % of the value of the Greek bonds Early elections in Greece have been delayed to give the interim government more time to rescue the country\'s crisis-hit economy, but political uncertainty looks set to complicate delicate talks with creditors. Finance Minister Evangelos Venizelos late on Tuesday said ballots

The prioritises spending on education at 24 % total expenditure

Arabstoday

The ministry said Economic growth is forecast at 6.8 % in 2011 Saudi Arabia outlined on Monday a $187 billion budget for next year that projects a cut in both public spending and revenues. It still allows the world's largest oil producer to come away with a surplus forecast roughly at $3 billion. Under the budget announced by the Finance

Saudi Arabia, Turkey to strengthen links in construction sector

Arabstoday

The Saudi-Turkish Joint Commission meeting takes place in Riyadh Saudi Arabia and Turkey signed a memorandum of understanding (MoU) in Riyadh on Sunday for cooperation in the construction sector, said Turkish Economy Minister Zafer Caglayan. The Turkish minister also called on Saudi businessmen to invest more in his country and sought Saudi help to speed up negotiations to endorse a

Egypt\'s budget deficit expected to surge to 11.7 %

$Arab Today, arab today Egypt\'s budget deficit expected to surge to 11.7 %$

Arabstoday

Egypt's Central Bank Egypt's budget deficit is expected to reach LE182 billion ($30 billion) in the current financial year. Al-Ahram daily news reported that a top level ministerial committee concluded on Saturday that this is up from the originally projected LE134 billion. The committee formed of the Central Bank's governor, as well as ministers of finance, planning, industry and supply,

Iran bans trade finance on UAE imports

Arabstoday

Iran has prohibited the opening of letters of credit for importing products from UAE Iran has prohibited the opening of letters of credit for importing products from United Arab Emirates due to the Arab country’s “illogical behavior,” the semi-official Mehr news agency quoted a lawmaker as saying Friday. “Based on the government’s recent decision, opening letters of credit for imports

Federal Bank of Lebanon not facing suit

Arabstoday

Federal bank of Lebanon Federal Bank of Lebanon denied Thursday a media report claiming it is one of the Lebanese financial institutions being sued by the U.S. over money-laundering allegations. “The bank has nothing to do with the civil lawsuit filed by the United States against certain individuals and institutions ... and it is not among the defendants in this

US and Lebanon agree on custom exemption

Arabstoday

The minister of industry Vreij Sabounjian After his meeting with the U.S ambassador in Lebanon Maura Connelly, the minister of industry Vreij Sabounjian revealed the US would now allow Lebanese products to enter the U.S markets without any custom fees till 2013 in accordance with the terms of the preference act. Sabounjian said “We also discussed the product exchanges between

Mercosur signs free trade agreement with Palestinians

Arabstoday

Riyad al-Malki (C) Montevideo - AFP Palestinian foreign affairs minister Riyad Al Maliki on Tuesday signed a free trade agreement with the Mercosur trade group during the organization's presidential summit here. The foreign ministers of each of the core Mercosur nations -- Argentina, Brazil, Paraguay and Uruguay -- signed the agreement along with Maliki in a ceremony broadcast by

Gulf states back Kuwait port project disputed by Iraq

Arabstoday

Kuwait insisting the port will not affect Iraq Kuwait City - Agencies Gulf states on Tuesday expressed support for a Kuwaiti port project disputed by Iraq and urged Baghdad to step up its efforts to normalize ties with its neighbor, 10 years after the Gulf War. Rulers of the Gulf Cooperation Council “support Kuwait concerning the Mubarak al-Kabir port

Libya aims for economic revival by lift on bank sanctions

Arabstoday

Libyan central bank Italian Prime Minister Mario Monti announced that Italy will unfreeze Lybian funds and that it will renew the 2008 “friendship deal” after meeting Libya's Mustafa Abdul Jalil in Rome . Some 600m euros ($780m; £508m) in assets have already been released. Mr Jalil, who also met President Giorgio Napolitano, pledged to use the unfrozen funds to pay

Khartoum holds investment forum

Arabstoday

The forum will discuss Arab investment in Sudan Khartoum is hosting the second investment forum, which will be organised by the Arab Authority for Investment and Agricultural Development on December 19, under the auspices of Sudanese First Vice-President Ali Osman. The forum will discuss the investment opportunities and the achievement of the Arab food security under the motto of: "Meaningful

Egypt\'s Al-Nour aim to revitalise and liberate economy

$Arab Today, arab today Egypt\'s Al-Nour aim to revitalise and liberate economy$

Arabstoday

Egypt's major Salafists advocate a liberal economy with provisions made for social justice Barring a few points, the economic programme of Egypt's premier Salafists scarcely differs from that of any other political party formed in the country since the ouster of President Hosni Mubarak in February . In common with dozens of other parties, the Nour Party's programme talks of

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