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Four golfers drop out of LIV lawsuit against PGA Tour

Hall of Famer Phil Mickelson and three other golfers dropped out of a lawsuit on Tuesday which was filed against the PGA Tour last month over its decision to suspend players who participated on the new LIV Golf circuit. Mickelson, who counts six major championships among his 45 career PGA Tour wins, asked to be […]

Saudi Arabia to boost spending in 2023, GDP growth to slow down

Saudi Arabia expects to post a surplus of 0.2 percent of GDP in 2023, a drop from an expected surplus of 2.3 percent this year, which was revised downwards slightly, a preliminary budget statement showed on Friday, as it boosts spending amid a windfall from oil revenues. Saudi Arabia expects total revenues at 1.123 trillion […]

Coin, Money, Nickel

Tunisia’s dinar hits record low, may erode forex reserves

Tunisia’s dinar currency has fallen to a record low versus the dollar, central bank data showed on Thursday, a decline that threatens to erode Tunisia’s foreign currency reserves and will increase inflationary pressures. Tunisia’s annual inflation rate rose to 8.6 percent in August, the highest level in nearly three decades. The dinar traded at 3.309 […]

Turkey’s state banks suspend use of Russian Mir payment system

Turkey’s three state banks have suspended the use of the Russian Mir payment system, Finance Minister Nureddin Nebati told Reuters on Thursday. The suspension comes as the United States cracks down on those accused of helping Moscow skirt sanctions and as Western nations grow concerned over increased economic ties between NATO-member Turkey and Russia. Turkish […]

Medication, Pill, Capsule

Europe’s generic drugmakers may cut output due to high energy bills

Europe’s drugmakers have warned they may stop making some cheap generic medicines because of surging electricity costs and are calling for an overhaul of the way they are priced, the latest industry to seek help as the energy crisis deepens. The generic drug industry lobby group Medicines for Europe, which represents companies including Teva, Novartis’s […]

Israel-South Korea free trade deal to take effect December 1

A free trade agreement between Israel and South Korea will go into effect on December 1, Israel’s economy ministry said on Wednesday, in a move expected to lower the prices of Korean-made cars, toys, video game consoles and soy sauce. The agreement was ratified by Korea’s parliament on Tuesday. The ministry estimated that it would […]

Erdogan hopes policy rate will fall to single digits by year-end

Turkish president Tayyip Erdogan on Wednesday said he hopes the central bank’s monetary policy committee will deliver another cut to its policy rate next month and bring it down to single digits by year-end. Erdogan, speaking in a televised interview with broadcaster CNN Turk, said Turkey aims to strengthen the lira by reducing interest rates. […]

Tie, Accessories, Accessory

Egypt wants to discuss climate change compensation at COP27

Egypt, which is hosting the upcoming COP27 climate negotiations, is working on how to include compensation for economic losses due to climate catastrophes on the formal agenda of the November summit, as pressure grows from vulnerable countries to prioritise the issue, the country’s special representative of the summit said on Wednesday. Wael Aboulmagd, Egypt’s special […]

WTO chief expects downside revisions in global trade forecast

The head of the World Trade Organization (WTO) told Reuters on Tuesday that she expects that global trade forecasts will be revised lower from the current three percent for 2022, citing the ongoing Russia-Ukraine war and related food and energy crises. “We are in the middle of revising our forecasts now but it’s not looking […]

Egypt’s import squeeze hobbles economy as US dollars run short

Christeen Aiad from eastern Cairo had been hoping to buy a small automatic car this year, but rules preventing importers trading in scarce dollars put paid to that and she is having to get around on her bicycle instead. The war in Ukraine has deepened Egypt’s economic woes. It sent the import-reliant nation’s bill for […]

Qatar launches new initiative to boost stock market liquidity

The Qatar Investment Authority (QIA) tweeted on Tuesday that it launched a new market making initiative to boost liquidity at the Qatar Stock Exchange as part of a wider raft of reforms to attract foreign investors. The $445 billion sovereign wealth fund said that licensed market markets would be able to access some of QIA’s […]

Interior Design, Indoors, Auditorium

With flowers and a gun salute, Japan bids farewell to Shinzo Abe

With flowers, prayers and a 19-gun salute, Japan honoured slain former Prime Minister Shinzo Abe on Tuesday at the first state funeral for a former premier in 55 years – a ceremony that has become as divisive as he was in life. The ceremony started at 2:00 p.m. (0500 GMT), with Abe’s ashes carried into […]

Malaysia and Indonesia interested in buying Turkish armed drones

Malaysia and Indonesia have expressed keen interest in buying armed drones from Turkish defence firm Baykar, according to Ankara’s foreign minister. “Many Asian countries, especially Malaysia and Indonesia, show great interest in our defence industry products. Agreements are being signed,” Mevlut Cavusoglu told a press conference in Tokyo on Monday. Cavusoglu, who was in Japan […]

Lebanon passes 2022 budget that falls short of IMF demands

Lebanon’s parliament passed its 2022 budget on Monday using an exchange rate for customs tax revenues that lies far below the market value of the Lebanese pound, falling short of economic reform measures that would pave the way for an IMF deal. An agreement with the lender of last resort is seen as a first […]

McDonald’s hikes prices in Japan on higher input costs, weaker yen

Japan’s McDonald’s fast food restaurants will raise prices on about 60 percent of its offerings to customers, fuelled by rising input costs and exchange-rate fluctuations, the company said on Monday. It marks the company’s second set of price increases this year as Japan grapples with inflationary pressures and a slide in the yen to a […]

Fears mount over Iran’s inaction on climate change

In just over a year, Iran has endured deadly flash floods, crop-ruining drought, punishing dust storms and heatwaves that have pushed temperatures as high as 48 degrees Celsius – all crises likely fuelled by climate change. But for the people affected, finding help is proving very difficult. Iran is one of just four countries that have […]

A closed Credit Libanais branch in Sidon, southern Lebanon,

Lebanon’s banks to reopen after wave of holdups

Lebanon’s banks will reopen on Monday, the country’s banking association said, after five days of closures that followed a wave of holdups by savers seeking access to their frozen funds. The association said in a statement on Sunday that the decision to reopen “was taken after consideration of the current difficult security conditions and the […]

Elon Musk says activating Starlink for Iranians after Blinken’s tweet

SpaceX CEO Elon Musk said on Friday that he would activate the firm’s satellite internet service, Starlink, in response to US Secretary of State Antony Blinken’s tweet that the United States took action “to advance internet freedom and the free flow of information” to Iranians. The US Treasury Department on Friday issued guidance expanding internet […]

Uzbekistan halts use of Russia’s Mir payment cards

Uzbekistan’s UZCARD system has suspended the processing of payments via Mir cards issued by Bank of Russia’s National Card Payment System (NSPK), the chief executive of which has been targeted by US sanctions. The move by UZCARD was warranted by the need “to carry out the necessary technical procedures”, it said in a statement on […]

Lebanese banker says capital control law ‘solution’ for holdups

A top Lebanese banker on Friday criticised politicians for failing to enact a capital control law, saying this was the way to avoid bank raids by savers demanding funds from frozen accounts and to stop banks’ “discretionary practices”. BLOM Bank Chairman Saad Azhari – whose bank has been one of several held up this month […]