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Economy
IMF says exploring ways to aid Lebanon, calls for movement on reforms
The International Monetary Fund (IMF) said on Thursday it was exploring all possible ways to support the Lebanese people following the powerful port warehouse explosion that rocked Beirut, while urging authorities to move on reforms.…
EU Commission ready to help Lebanon with preferential trade
The European Commission is ready to help Lebanon with preferential trade and customs backing, the head of the EU executive said on Thursday after a phone call with Lebanese Prime Minister Hassan Diab.
“The Commission stood ready to…
Abu Dhabi’s Etihad Airways loses $758 million in first half
Abu Dhabi’s Etihad Airways said its core operating loss deepened to $758 million in the first half of the year as passenger traffic fell by nearly 60% due to the coronavirus pandemic.
Total revenue fell 38% to $1.7 billion, though cargo…
Lebanon’s financial capacity ‘very limited’, economy minister says after blast
The Lebanese state and central bank have “very limited” financial capacity to confront the impact of the port warehouse explosion that devastated Beirut without foreign aid, its economy minister Raoul Nehme said on Thursday.
“The…
Oil prices rise to their highest since early March
On Wednesday, oil prices rose to their highest since early March after data showed a big drop in U.S. crude inventories, although concerns that mounting coronavirus infections will lead to reduced fuel demand capped gains.
Brent crude…
Foreign investment in Dubai plummets in first half 2020
Foreign direct investment in Dubai fell by 74% in the first half of the year compared to the same period of 2019, as the coronavirus pandemic stalled parts of the global economy.
The Middle East financial and trade hub drew in 12 billion…
IMF says coronavirus may shrink global imbalances further in 2020
The International Monetary Fund said on Tuesday that global current account imbalances narrowed in 2019 as trade slowed, and the coronavirus could narrow them further in 2020, but some commodity exporters and tourism-dependent countries…
Turkish annual July inflation dips below 12%
Turkey's consumer price inflation fell to a lower-than-expected 11.76% year-on-year in July, official data showed on Tuesday, reversing two months of rising inflation as the economy continued to emerge from lockdown.
The figures boosted…
Oil rises 2% on positive economic data
Oil prices rose more than 2% on Monday on positive economic data from Europe, Asia and the United States, but investors remained concerned about rising COVID-19 cases globally and oversupply as OPEC begins to lift supply cuts.
Brent…
Iraq to increase oil exports in July
Iraq’s crude oil exports have increased so far in July, shipping data showed and industry sources said, suggesting OPEC’s second-largest producer is still undershooting its production cut target under an OPEC-led deal.
Iraq says it is…