Business

Afghan Bank Governor Says Migrants Create Strain on Currency

By Robert Birsel and Mirwais Harooni KABUL, Nov 24 (Reuters) – An exodus of people seeking a better life in Europe has put pressure on Afghanistan’s currency, already weakened by a sharp reduction in foreign funds and sliding confidence in the country’s prospects, the central bank governor said on Tuesday. Nearly 150,000 Afghans have left

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U.S. Develops New Tools in Economic War Against Daesh

By Yeganeh Torbati and Brett Wolf WASHINGTON, Nov 24 – Since last month, U.S. warplanes have struck Daesh’s oil infrastructure in Syria in a stepped-up campaign of economic warfare that the United States estimates has cut the group’s black-market earnings from oil by about a third. In finding their targets, U.S. military planners have relied

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Egypt’s GB Auto Urges Support For Industry to Avert Future Crisis

By Lin Noueihed and Ehab Farouk CAIRO, Nov 22 – Egypt’s largest car assembler and distributor GB Auto says it is pushing ahead with its expansion plans despite a dollar shortage that disrupted production this year, and urged the government to support manufacturing to avert future crises. GB Auto was forced to halt production for

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Paris Attacks Reverse Global Market Losses

LONDON, Nov. 16 – European shares reversed early losses on Monday and the safe-haven yen fell against the dollar with no long-term economic impact seen from Friday’s attack in Paris. Asian shares hit six-week lows as investors bought into traditionally safe investments, including gold, the yen and low-risk government debt. However, gold came off session

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How Will Global Markets Respond to Paris Attack?

By Christopher McCall and Hideyuki Sano SYDNEY/TOKYO, Nov 15 – Global stocks are set for a short-term sell-off on Monday after terrorists launched coordinated attacks across Paris that killed 129 people, but analysts said a prolonged economic impact or market reaction was unlikely. President Francois Hollande has declared a state of emergency, ordering police and

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Egypt Stands to Lose $280m per Month From Flight Suspensions

CAIRO, Nov 11 Egypt stands to lose 2.2 billion Egyptian pounds ($280 million) a month from Britain and Russia’s decision to suspend flights after the Russian plane crash in the Sinai Peninsula, Tourism Minister Hesham Zaazou said on Wednesday. Britain stopped flights to Sharm Al Sheikh four days after the passenger plane crashed shortly after

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Rising Food Prices to Hit Rural India Next Year

By Rajendra Jadhav and Suvashree Choudhury MUMBAI, Nov 10 (Reuters) India’s villages face a sharp spike in food prices in 2016, as a second year of drought drives up the cost of ingredients such as sugar and milk, and poor transport infrastructure stops falling global prices from reaching rural areas. India’s first back-to-back drought in

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Oil Price Faces Fresh Downturn as Russia, Saudi Tussle in Europe

By Libby George and Amanda Cooper LONDON, Nov 9 (Reuters) A sales push by Saudi Arabia into north Europe’s refineries, a step into rival Russia’s backyard, piles fresh pressure on oil prices already struggling against oversupply. Stung by Russia’s success in supplanting it in the giant Chinese market, Riyadh has embarked on a charm offensive

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Standard and Poor’s Takes Negative Ratings Action Against 8 Saudi Banks

By Staff Writer Standard & Poor’s Ratings Services took negative rating actions on eight Saudi banks, citing increased economic risks as the main reason. The ratings agency, which has recently lowered the Kingdom’s ratings to ‘A+/A-1’, said the sharp drop in oil prices and the resulting negative swing in Saudi Arabia’s fiscal balance “will weaken

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Gulf’s Private-Sector Growth Slows As Price of Oil Falls

DUBAI, Nov 3 (Reuters)  The private sector in the two biggest Gulf Arab economies grew at the slowest pace in years in October, corporate surveys showed on Tuesday, indicating low oil prices are starting to slow business activity across the region. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index for last month dropped

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