Business

Turkey Rejigs GDP Calculations as Output Falls for First Time Since 2009

By Daren Butler and Nevzat Devranoglu ISTANBUL/ANKARA, Dec 12 – On paper at least, 79 million Turks got a near 20 percent boost to their average standard of living on Monday when the government rejigged GDP calculations, a change unlikely to stem frustration about an economy now in contraction. Turkey, which restated its gross domestic

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Iran Seals $17 bln Boeing Deal, Close to Airbus Order

By Tim Hepher and Sami Aboudi PARIS/DUBAI, Dec 11 – Iran signed a $16.6 billion deal for 80 Boeing passenger jets on Sunday and was said to be close to another for dozens of Airbus planes to complete what would be the biggest package of firm contracts with Western companies since Iran’s 1979 Islamic revolution.

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OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

By Vladimir Soldatkin, Rania El Gamal and Alex Lawler VIENNA, Dec 10  – OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the

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Saudis Order Oil Cuts to U.S., Europe Before non-OPEC Talks

By Rania El Gamal, Alex Lawler and Vladimir Soldatkin VIENNA, Dec 9 – Saudi Arabia has told its U.S. and European customers it will reduce oil deliveries from January, as Russia said it was confident non-OPEC producers would fully join OPEC’s output limits on Saturday in the first such move since 2001. Saudi Arabia told

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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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