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international economy

Eurozone economy slows in December, recovery still on track

Brussels - AFP

Eurozone private sector business activity slowed slightly in December but still held at a four-and-a-half year high as the recovery remained on track, creating much-needed jobs, a key survey showed Wednesday. Data monitoring company Markit said its closely watched Composite Purchasing Managers Index (PMI) slipped from 54.2 points in November to 54.0 in December, but it was still well above

Dubai Ports signs US$1.9bn agreement in China

Shanghai - Arab Today

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, attended the signing of an agreement by Dubai Ports World (DPW) to invest $1.9 billion in two Chinese port projects. DPW signed a $636 million agreement to build a smart container terminal in Quanzhou port which will be completed

Spain's auto sector helps drive recovery

Vigo - AFP

Spain's automobile sector has emerged a key driver of the country's economic recovery, as investments in research and development combined with labour flexibility boosted its competitiveness. Prime Minister Mariano Rajoy points to the auto revival as proof that his conservative government's reforms are working as he fights to hold onto power in a general election on Sunday. "Even in the

Australia seeks corporate sponsorship of Barrier Reef

Sydney - AFP

The Australian government is seeking corporate sponsorship for the Great Barrier Reef, sparking fears Wednesday that companies could potentially use such investments to hide poor green credentials. The world's biggest coral reef has been under increasing threat from climate change, farming run-off, development and the coral-eating crown-of-thorns starfish. In a brochure entitled 'Partnerships for the Reef', the government-backed Reef Trust

Vatican told to deliver 'real results' on scandal-hit bank

Vatican City - AFP

A European body that combats money laundering and terrorist financing on Tuesday told the Vatican to start prosecuting people found to have used its scandal-hit bank and asset management body for criminal ends. In its latest update on the Holy See's efforts to clean up its murky finances, the Council of Europe's Moneyval committee concludes that the Vatican has, in

Qualcomm opts not to split company

San Francisco - AFP

US chip maker Qualcomm on Tuesday said it will not split in two despite pressure by an activist investment fund. Following a months-long review by a special committee, the Qualcomm board unanimously agreed that keeping its research, intellectual property and chip making divisions under one roof was the best move. "The strategic benefits of the current structure will best fuel

Russia issues first national payment card

Moscow - AFP

Russian banks on Tuesday began to issue the first national payment card as an alternative to Visa and Mastercard, an idea championed after Western sanctions left some consumers unable to make card purchases. The "Mir" card -- a name that could be translated both as "peace" and "world" -- was issued by a string of banks, among them Gazprombank, Rossiya

World watches with US Federal Reserve expected to raise rate

Washington - AFP

The US Federal Reserve is expected Wednesday to increase its base interest rate for the first time since 2006, a momentous step that will have repercussions across the global financial system. With the world's biggest economy now growing steadily -- if not robustly -- the Fed is expected to conclude that it is time to get away from the ultra-low

Russia opens commercial representation office in UAE

Moscow - MENA

Russian Prime Minister Dmitry Medvedev decided on Tuesday to open a commercial representation office in Abu Dhabi, the UAE. The office will be established this year, a statement by issued the Russian government said.

Global trade talks open in Kenya

Nairobi - AFP

War-torn Afghanistan and Ebola-ravaged Liberia are set to join the World Trade Organization (WTO) as it holds its first ministerial conference in Africa, opening Tuesday in the Kenyan capital Nairobi. "This conference will boost trade and investment, create employment and ultimately contribute to poverty eradication," Kenyan President Uhuru Kenyatta said in a welcome message, calling the meeting "historic and crucial."

German investor sentiment robust at year-end

Frankfurt - AFP

Investor sentiment in Germany is still on the increase, amid confidence that Europe's biggest economy is robust enough to withstand the refugee crisis and the economic slowdown in China, a leading survey said Tuesday. The investor confidence index calculated by the ZEW economic institute rose for the second month in a row to 16.1 points in December, after a 10.4

Dubai-China bilateral trade crosses Dh half-trillion threshold in 4 years

Dubai - WAM

The bilateral trade relations between United Arab Emirates and China are seeing more growth and prosperity, as leaders of both countries are paying utmost attention to enhancing economic cooperation and coordination, according to the Dubai Customs. In this context, His Highness Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed

Australia budget deficit blows out on commodity price hit

Sydney - AFPSlumping commodity prices and lower tax receipts will see Australia's budget deficit balloon to Aus$37.4 billion (US$27.2 billion) this year, Treasurer Scott Morrison said Tuesday as he downgraded economic growth forecasts. Australia's resour

Slumping commodity prices and lower tax receipts will see Australia's budget deficit balloon to Aus$37.4 billion (US$27.2 billion) this year, Treasurer Scott Morrison said Tuesday as he downgraded economic growth forecasts. Australia's resources-driven economy has enjoyed more than 20 years of growth but it is now transitioning out of an unprecedented mining investment boom, and the going has been bumpy

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