Business

Turkey to Tighten Belt, Offer Easier Credit as Growth Stalls

By Ercan Gurses and Nevzat Devranoglu ANKARA, Dec 8  – Turkey’s prime minister said on Thursday the government would make no unnecessary spending next year but would offer easier credit for the private sector as he announced measures to boost a stalling economy and shore up the lira. The steps outlined by Binali Yildirim include

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Egypt Inflation Hits Eight-Year Highs After Currency Float

By Lin Noueihed and Ehab Farouk CAIRO, Dec 8 – Egypt‘s headline inflation surged to an eight-year high of 19.4 percent in November, propelled by a steep currency depreciation since the central bank dramatically floated the pound and hiked fuel prices last month. Prices in the most populous Arab country were likely to keep rising

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Investors See Cause for Worry in Turkey’s Divided Economy Team

By Orhan Coskun and Nevzat Devranoglu ANKARA, Dec 7 – The Turkish government’s eleventh-hour rescheduling of a meeting of its economic team to include the president last month was another stark reminder for investors: when it comes to policy, Tayyip Erdogan likes to call the shots. Erdogan’s drive for lower interest rates has rattled financial

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Patriotic Turks Offering Free Fish, Tombstones and Haircuts to Prop Up Lira

By Humeyra Pamuk ISTANBUL, Dec 6 – Free haircuts, scientific funding, fish and tombstones are among the incentives being offered to Turks who answer President Tayyip Erdogan’s call to convert their dollars to lira. Casting recent weakness in the Turkish currency as a plot by outside powers to destroy the economy, Erdogan has urged Turks

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Nigeria and Morocco Sign Gas Pipeline Deal to Link Africa to Europe

ABUJA, Dec 4 – Nigeria and Morocco have signed a joint venture to construct a gas pipeline that will connect the two nations as well as some other African countries to Europe, Nigeria’s minister of foreign affairs said on Saturday. The agreement was reached during a visit by the Morocco’s King Mohammed to the Nigerian

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McDonald’s Sells Singapore, Malaysian Franchise to Saudi Group

Dec 2 – McDonald’s Corp said on Friday it had sold the franchise rights for its restaurants in Singapore and Malaysia to Saudi Arabia’s Lionhorn Pte Ltd as part of a plan to move away from direct ownership in Asia. The fast-food chain said it transferred its ownership interest in 390 restaurants, more than 80

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Saudi Aramco Inaugurates $800 mln Cultural Center in Dhahran

By Reem Shamseddine DHAHRAN, Dec 2- Saudi Aramco opened an $800 million cultural center in Dhahran on Thursday, underlining the wide range of commitments the world’s biggest oil company has made as the kingdom tries to transform its economy. Saudi Arabia’s sweeping plans to reduce its dependence on oil revenue involve boosting the private sector

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China Says Total Overseas Development Aid Tops $58 bln

BEIJING, Dec 1  – China has given around 400 billion yuan ($58.01 billion) in development aid to 166 countries and international organisations over the past six decades, the government said on Thursday, less than the European Union and its members gave for just last year. China only began offering details of its foreign aid, which

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