Business

Home >> Business

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...

Iran woos local investors as US sanctions loom, currency falls

Iran plans to offer price and tax incentives to private investors to take over idle state projects and help boost the economy, state media reported on Saturday, as the country faces likely U.S. sanctions and the exit of many foreign companies. In May the United States pulled out of a...

US-Europe trade tensions ease, questions remain on soy: Germany

The trade relationship between the United States and Europe is improving, German Agriculture Minister Julia Kloeckner said Saturday, but there is no guarantee the bloc will buy the quantity of soybeans that Washington expects. U.S. President Donald Trump and Jean-Claude Juncker,...

Egypt hikes gas prices by up to 75 pct in IMF-backed austerity plan

Egypt said on Saturday it was raising the price of natural gas for home and commercial use by up to 75 percent, the latest move in an IMF-backed austerity program that has left many Egyptians struggling to make ends meet. The increases follow hikes to fuel, electricity and public...