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Qatar Investment Authority aims to invest $3bn in Pakistan

The Qatar Investment Authority (QIA) aims to invest $3 billion in Pakistan, the Qatari ruler’s office said on Wednesday, lending support to the South Asian nation’s cash-strapped economy. Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8 billion, barely enough for more than […]

Japanese manufacturing grows at slowest pace in 19 months

Japanese manufacturing growth slowed in August after declines in output and new orders, as businesses grapple with persistent rises in raw material and energy costs and weakening global demand. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) recorded its most sluggish performance in 19 months, falling to a seasonally adjusted 51.0 in […]

No flights yet from Israel for West Bank Palestinians

A group of Palestinian passengers flew to Cyprus from an Israeli airport on Monday, but the flight was not organised under a promised arrangement easing travel restrictions for residents of the occupied West Bank, an airports authority spokesperson said. Israeli authorities agreed earlier this month, following pressure from the United States, to ease some of […]

Foreign tourist arrivals to Turkey soar 53% in July

Turkey’s foreign visitors jumped 53 percent in July from a year earlier, exceeding pre-pandemic levels and paving the way for $37 billion in tourism revenues sought by the government in support of President Tayyip Erdogan’s unorthodox economy policy. Foreign visitors to Turkey leapt to 6.67 million in July, mostly on the back of wealthy Russian […]

Money, Passport, Text

Bond yields tumble after Turkey unveils latest credit tweaks

Turkish benchmark bond yields fell by around 300 basis points on Monday after the central bank adopted its latest regulations meant to boost certain types of corporate credit in the face of months of rising lending rates. On Saturday, the central bank unveiled new required bond holdings for lenders, boosting demand on Monday. The measures […]

Cyprus cash-for-passports scheme rife with tax failings

A cash-for-passports scheme discontinued by Cyprus in 2020 after a political furore cost the state hundreds of millions of euros in lost revenues from misdirected tax breaks, an independent watchdog said on Monday. Cyprus’s Auditor-General, which is an independent division of the state, said authorities may also have been duped into issuing passports on investments […]

Britain to recruit health workers from Nepal to offset shortage

Britain will recruit health professionals from Nepal under its first labour agreement with the Himalayan country, officials said on Monday, helping Britain offset a labour gap while Nepal bids to boost remittances from migrant workers. A joint statement by Nepal government and the British Embassy in Kathmandu said they had signed a preliminary agreement to […]

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New Zealand wants rates above ‘neutral’ to tame inflation

Reserve Bank of New Zealand Deputy Governor Christian Hawkesby said on Monday that policymakers want rates to be “comfortably above neutral” to help lower core inflation. Hawkesby told Reuters in a phone interview the RBNZ had “certainly considered 25 or 75” basis point increases last week before ultimately deciding to raise the cash rate by […]

India’s headline inflation may ease below 6% by March

India’s headline retail inflation may ease below six percent by the fourth quarter of this financial year, bringing an end to the current cycle of rate hikes, analysts said over the weekend. Following the release of minutes from the central bank’s monetary policy committee on Friday, analysts said the Reserve Bank of India (RBI) may […]

Tourism rebound to help Thai economy to grow 3-3.5% this year

Thailand’s economy is expected to grow by three to 3.5 percent this year, helped by public investments and a pick-up in the vital tourism sector, the finance minister said on Monday. Southeast Asia’s second-largest economy will continue its post-pandemic recovery as state investment projects are accelerated, Arkhom Termpittayapaisith told a state agency forum. “The economy […]

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Palestinians working in Israel strike over new payment methods

Tens of thousands of Palestinians employed in Israel staged a one-day strike on Sunday in protest at a decision to pay their salaries into bank accounts rather than in cash. The new payment method was agreed between Palestinian and Israeli authorities looking for a more efficient and secure way to pay salaries, but workers fear […]

UAE says envoy to return to Iran in coming days

The United Arab Emirates (UAE) said on Sunday that its ambassador to Iran, Saif Mohammed Al Zaabi, would return to Tehran “in coming days”, more than six years after the Gulf Arab state downgraded ties with the Islamic Republic. The move is in line with UAE efforts to strengthen relations with Iran “to achieve the […]

Airplane, Aircraft, Transportation

Wizz Air suspends relaunch of Russia-UAE flights amid criticism

European budget carrier Wizz Air has suspended plans to resume flights from the Russian capital of Moscow to Abu Dhabi in the United Arab Emirates, amid mounting criticism over the relaunch decision this month. In Friday’s statement deferring the flights until further notice, Wizz Air made no mention of the social media backlash, which included […]

New Zealand aims to attract 12,000 overseas workers

New Zealand will make temporary changes to immigration rules, a minister said on Sunday, aiming to lure 12,000 workers over the next year with a working holiday scheme designed to fill labour gaps as businesses scramble to find staff. The jostling for workers is part of a global trend that has helped push up wages […]

US warns Russia trying to bypass Western sanctions via Turkey

US Deputy Treasury Secretary Wally Adeyemo told Turkish Deputy Finance Minister Yunus Elitas that Russian entities and individuals were attempting to use Turkey to bypass Western sanctions imposed over Moscow’s war in Ukraine, the Treasury Department said. In a phone call, the two also discussed ongoing efforts to implement and enforce the sanctions against Russia, […]

China seeks ‘affectionate’ ties with domestic internet firms

China’s cyberspace watchdog wants to build an “affectionate” relationship between internet enterprises and the government, a senior official said on Friday, the latest verbal assurance to an industry still on edge after a long and bruising regulatory crackdown. Niu Yibing, vice minister of the Cyberspace Administration of China (CAC), told a news conference the agency […]

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Public sector paralysed amid Lebanon’s economic implosion

It’s a weekday, but 50-year-old Lebanese finance ministry employee Walid Chaar is not at work and hasn’t been since June. He rushes to water the garden at his home in the hills south of Beirut, using the single hour of rationed state power to run the sprinkler. He then phones his mother, who is struggling […]

Egypt central bank holds rates steady after change of governor

The Central Bank of Egypt (CBE) kept its overnight interest rates steady on Thursday, hours after a new governor was named to replace Tarek Amer, who quit unexpectedly on Wednesday. President Abdel Fattah Al-Sisi appointed Hassan Abdalla as caretaker CBE governor on Thursday after Amer’s resignation, with Egypt mired in a currency crisis. Analysts said […]

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Turkey shocks markets by cutting interest rate, as inflation soars

Turkey’s central bank shocked markets on Thursday by cutting its main interest rate by 100 basis points to 13 percent, saying it needed to keep driving economic growth despite inflation hitting nearly 80 percent and a monetary tightening trend among its peers worldwide. The lira dropped as much as 1.2 percent to 18.15 per dollar […]

Airplane, Aircraft, Transportation

Emirates to suspend Nigeria flights over trapped funds

Dubai’s Emirates will suspend flights to Nigeria from next month over an inability to repatriate funds from Africa’s most populous nation, the airline said on Thursday. The decision highlights the difficulties faced by international carriers that fly to Nigeria, which is one of the biggest markets in Africa for several of them. The country has […]

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Mubadala-backed AI firm G42 sets up $10bn tech fund

Emirati artificial intelligence firm G42, chaired by the Gulf state’s national security advisor, today launched a $10 billion fund to invest in late-stage technology companies. G42, which also counts Abu Dhabi sovereign wealth fund Mubadala as an investor, said the fund would operate as a private equity investor targeting a broad spectrum of technologies “that […]

Turkey to re-appoint ambassador to Israel

Turkey and Israel will mutually re-appoint ambassadors, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday, marking a milestone in the two countries’ efforts to normalise ties. “Appointment of ambassadors was one of the steps for the normalisation of ties. Such a positive step came from Israel as a result of these efforts, and as Turkey, […]