Business

Eleven Big Banks Test Blockchain-Based Trading System

By Jemima Kelly LONDON, Jan 20 – Eleven major banks, including Barclays, UBS and HSBC, said on Wednesday they had tested a system that could make trading much faster and cheaper, using the technology that underpins crypto-currency bitcoin. The banks are part of a consortium of 42 major lenders, brought together last year by New

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Erdogan Calls for Nationalisation of Turkey’s Isbank

ISTANBUL, Jan 20 – An aide to Turkish President Tayyip Erdogan has called for the nationalisation of the country’s biggest private bank, Isbank, in which the main opposition Republican People’s Party (CHP) has a 28 percent stake. The aide, Yigit Bulut, made the comments after lawyers for Erdogan this week filed a lawsuit against CHP

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Iran’s Revolutionary Guards to Gain Power in Post-Sanctions Era

By Parisa Hafezi ANKARA, Jan 19 – Iran’s Revolutionary Guards did well under international sanctions, and the elite military force is destined to become still richer now they’ve been lifted. Iran’s clerical rulers have supported economic growth of the Guards, rewarding the group for sanctions-busting as well as suppressing dissent at home and helping Tehran’s

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EU Loses WTO Case, China Could Seek Trade Sanctions

By Tom Miles GENEVA, Jan 19 – China could demand trade sanctions against the European Union after winning an appeal on Monday in a dispute at the World Trade Organization over EU tariffs imposed on Chinese imports of screws, nuts and bolts made of iron or steel. China has never before asked the WTO to

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Iran-Venezuela Oil Tanker Deal Hit by Sanctions Snags

By Jonathan Saul and Marianna Parraga LONDON/HOUSTON, Jan 18 – An agreement to build oil tankers in Iran for Venezuela has been left in limbo years after it was announced as Western sanctions plus disagreements over payments and delivery terms took their toll, sources familiar with the matter say. The deal was heralded in 2006

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Iran Set to Boost Oil Production by 500,000 BPD

DUBAI, Jan 18 – Iran has issued an order to increase crude oil production by 500,000 barrels a day, the deputy oil minister was quoted as saying on Monday, implementing its policy to boost production as soon as sanctions were lifted. Oil prices hit their lowest since 2003 on Monday as the market braced for

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Get Uber, FIFA and Rich Muslims to Help Plug Aid Gap – Experts

By Tom Esslemont LONDON, Jan 17 – A $15 billion shortfall in global humanitarian aid could be addressed by tapping into innovative sources of finance, such as smartphone apps, the football industry and wealthy Islamic donors, a United Nations panel of experts said on Sunday. Despite rising global wealth, the ‘outdated’ aid system has been

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UAE Billionaire Says Gulf Money Would Quit U.S. if Trump Wins

By Hadeel Al Sayegh DUBAI, Jan 14 – Gulf Arabs could pull billions in investment money from the United States if Donald Trump wins the presidency later this year, billionaire UAE businessman Khalaf Al Habtoor told Reuters. Trump, front-runner to be the Republican presidential candidate, triggered outrage around the world when he advocated a temporary

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Hong Kong Leader Pushes Integration with China in Policy peech

By Clare Baldwin and Donny Kwok HONG KONG, Jan 13 – Hong Kong’s leader announced steps on Wednesday to boost integration with China, pinning the city’s future on the success of Beijing’s international “One Belt, One Road” concept. Leung Chun-ying, who started a five-year term as chief executive in 2012, said during his annual policy

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North Korea Overcomes Poverty, Sanctions with Cut-price Nukes

By James Pearson and Ju-min Park SEOUL, Jan 11 – North Korea has developed a nuclear weapons program despite poverty and international sanctions, using home-grown technology and virtually free labor to cut costs, experts said. South Korean government analysis has put North Korea’s nuclear spending at $1.1 billion to $3.2 billion overall, although experts say

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