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French oil giant Total officially quits US sanctions-hit Iran

French energy giant Total has officially quit its multi-billion-dollar gas project in Iran, Oil Minister Bijan Namdar Zanganeh said on Monday, following the reimposition of the first phase of US sanctions. "Total has officially left the agreement for the development of phase 11 of South...

Turkish lira firms despite US warning of more sanctions

The Turkish lira strengthened against the dollar Friday as investors weighed up a U.S warning that Turkey should expect more economic sanctions unless it hands over detained American pastor Andrew Brunson. The lira has lost a third of its value against the dollar this year as worsening...

Turkish lira rebounds after central bank measures

The Turkish lira rebounded Tuesday against dollar, a day after the central bank took a raft of measures in a bid to soothe the markets. The lira was at 6.49 to the dollar and 7.41 to the euro, well off the 7.24 to the dollar and 8.12 to the euro seen Monday. The unit has lost...

Turkey central bank ready to take 'all necessary measures' for stability

Turkey's central bank on Monday announced it was ready to take "all necessary measures" to ensure financial stability after the collapse of the lira, promising to provide banks with liquidity. "The central bank will closely monitor the market depth and price formations, and take all...

Turkey taking action to ease market concerns: Albayrak

Turkey has drafted an action plan and its institutions will start taking necessary steps Monday to ease financial markets’ concerns, Finance Minister Berat Albayrak said Sunday, after the lira plunged last week. In an interview with Hurriyet newspaper, Albayrak said a plan has been prepared...

New US tariffs against WTO rules: Turkish ministry

The new U.S. tariffs on Turkey are against the rules set by the World Trade Organization (WTO), the Trade Ministry said on Friday. "Turkey, as it determines and implements its own trade policy in compliance with the World Trade Organization, expects other member countries to comply with...

UAE plans oil pipeline from Ethiopia to Eritrea in latest Horn of Africa move

The United Arab Emirates plans to build an oil pipeline connecting Eritrea and Ethiopia, the latest sign of the Gulf state's increasing involvement in the Horn of Africa. The pipeline will run from Eritrea's port city of Assab to Ethiopia's capital Addis Ababa, an Ethiopian official said....

Iran lifts ban, allows exchange offices to resume working

Iran's Central Bank has allowed money exchange offices to resume work, ending a ban imposed in March amid the country's economic troubles. The bank's governor, Abdolnaser Hemmati, told state TV late Sunday that "money exchangers are allowed to sell and buy foreign currencies" once...

Canada: pro-Assad tycoon charged with violating sanctions continues to conduct business in Syria

(CBC)- A Halifax man who is the first person charged with violating Canada's economic sanctions against Syria is back in Damascus doing business there, CBC News has learned. Nader Kalai — a Syrian national with permanent residency in Canada — is known to be a close associate of...

Surviving Daesh, Iraq is grabbed by debt spiral

Already fragile and is largely dependent on oil revenues, Iraq’s economy has sustained a great damage after the rise of the Daesh terrorist group and simultaneous falling oil prices. As a result, Iraq’s debts have almost doubled for the past four years. With its...

China won't accept U.S. trade "blackmail" - state media

China's state media said on Saturday the government's retaliatory tariffs on $60 billion of U.S. goods showed rational restraint and they accused the United States of blackmail. Late on Friday, China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from...

China restrained in trade tariffs and won't accept US 'blackmail'

China's state media said on Saturday the government's retaliatory tariffs on $60 billion of U.S. goods showed rational restraint and accused the United States of blackmail. Late on Friday, China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the...

Iran Air to receive 5 ATR planes before US sanctions

Iran Air said Saturday it was set to take delivery of five new planes from Franco-Italian firm ATR just before renewed U.S. sanctions go into effect. "Based on existing agreements, five new ATR aircraft will land at Mehrabad Airport at 9 a.m. (0430 GMT) tomorrow (Sunday)," the national...

US sanctions unacceptable, have limited economic impact: Turkey

United States sanctions imposed on Turkey over the trial of an American pastor accused of backing terrorism are unacceptable and will have limited impact on the Turkish economy, Treasury and Finance Minister Berat Albayrak said Thursday. Albayrak said Turkey's priority was to resolve...

Spending on future tech eats into BMW quarterly profit

Net profit at BMW fell 6 percent in the second quarter as it spent more on developing new technologies for electric, autonomous and digitally connected automobiles, the luxury carmaker said Thursday. Profit came in at 2.08 billion euros ($2.42 billion), down from 2.22 billion in the...

Rusal shares slip in early Moscow trade after US Treasury extends deadline

Shares in Russian aluminum producer United Company Rusal slipped 0.7 percent in early trading on the Moscow exchange Wednesday after the U.S. Treasury extended the deadline for divesting from the sanctioned company. The U.S. Treasury in April imposed sanctions against billionaire Oleg...

Turkish steelmakers eye push into West Africa

Turkish steelmakers are looking to expand in West Africa and other emerging markets in response to tariffs and planned quotas which threaten their sales to the United States and the European Union, a senior sector official said. Namik Ekinci, board chair for the Turkish Steel Exporters...

Iran's rial hits record-low 100,000 to the dollar

Iran's currency hit a record low on Sunday of 100,000 rials to the dollar amid a deepening economic crisis and the imminent return of full U.S. sanctions. The unofficial rate stood at 102,000 rials by midday, according to Bonbast, one of the most reliable sites for tracking the Iranian...