Business

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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Tusiad Business Group Calls on Turkey’s Gov’t to Reform

ISTANBUL, Nov 2 (Reuters) Turkey’s largest business group Tusiad said on Monday the ruling AK Party should quickly implement political reforms after it won a strong parliamentary majority in an election on Sunday. The government should also strengthen the European Union accession process, expand freedoms and democracy and end social polarization, Tusiad said in an

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KSA, S&P Spat Continues Over Ratings

By Staff Reporter DUBAI, Oct. 31 Saudi Arabia’s Ministry of Finance accused ratings agency Standard and Poor’s of acting “on an unsolicited basis” few hours after the agency downgraded the Kingdom’s credit ratings to A+ with a negative outlook. The ministry further challenged economic data provided by S&P, saying the Kingdom’s economy had already taken provisional measures to

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Ratings On Saudi Arabia Lowered To ‘A+/A-1’; Outlook Remains Negative

By staff reporter Standard and Poor’s Ratings Services lowered its unsolicited long-and short-term foreign- and local-currency sovereign credit ratings on the Kingdom of Saudi Arabia to ‘A+/A-1’ from ‘AA-/A-1+’. The outlook remains negative. In a report issued late Friday, S&P also revised its transfer and convertibility (T & C) assessment on Saudi Arabia to ‘AA-‘from

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What You Need to Know About President Xi’s Visit to The U.K.

Chinese President Xi Jinping’s state visit to Britain—the first to the U.K. by a Chinese leader in a decade—is set to be marred by controversy, as human rights groups prepare to protest China’s crackdown on human rights. President Xi arrives on Monday morning, although his official tour will begin the next day. The stakes are

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Lloyd’s of London Chief Inga Beale Heads List of Top 100 LGBT Executives

Inga Beale, the chief executive of the Lloyd’s of London insurance market, became the first woman to rank first on a power list of the world’s top 100 LGBT business executives on Monday. Beale is also the first openly bisexual person to top the list, which was compiled by the U.K.-based OUTstanding business network that campaigns

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