Theme

Economy

Stories related to finance and economics.

Scroll down to see all articles
EU provisionally agrees on mechanism against economic coercion

Early on Tuesday (28 March) it was announced that representatives of the European Parliament and the Council reached a provisional deal on a mechanism to allow member states to retaliate against countries that pressure them to change their economic policies.

patrickn97 Wed, 03/29/2023 - 09:53
Kazakhstan and China sign commercial agreements worth $565m
On Tuesday (28 March) it was announced that Kazakh and Chinese business leaders signed 16 different documents strengthening bilateral relations. The agreements were signed on the sidelines of the "Second friendly dialogue of cross-border cooperation between the Republic of Kazakhstan and the Xinjiang Uygur Autonomous Region (XUAR) of the People's Republic of China". The documents included six interregional agreements, five memoranda of understanding, and five commercial agreements totalling a value of $565m. The agreements cover the sectors of construction, energy, mining, agriculture, food industry, engineering, tourism, investment, and others. The forum was held alongside a visit of the Political Bureau of the Central Committee of the Chinese Communist Party and Communist Party Secretary of XUAR, Ma Xingrui, to Kazakhstan. At the meeting, Chinese and Kazakh officials and entrepreneurs discussed ways to improve the efficiency of checkpoints, logistics centers, and transport infrastructure along the almost 1,800km-long border. Speaking at the event, the Kazakh Deputy Prime Minister and Minister of Trade and Integration Serik Zhumangarin said Kazakhstan is ready to export some 135 industrial and agricultural products worth over $1 billion to China.
patrickn97 Wed, 03/29/2023 - 09:12

Filter archive

EU provisionally agrees on mechanism against economic coercion

Early on Tuesday (28 March) it was announced that representatives of the European Parliament and the Council reached a provisional deal on a mechanism to allow member states to retaliate against countries that pressure them to change their economic policies.

patrickn97 Wed, 03/29/2023 - 09:53
Kazakhstan and China sign commercial agreements worth $565m
On Tuesday (28 March) it was announced that Kazakh and Chinese business leaders signed 16 different documents strengthening bilateral relations. The agreements were signed on the sidelines of the "Second friendly dialogue of cross-border cooperation between the Republic of Kazakhstan and the Xinjiang Uygur Autonomous Region (XUAR) of the People's Republic of China". The documents included six interregional agreements, five memoranda of understanding, and five commercial agreements totalling a value of $565m. The agreements cover the sectors of construction, energy, mining, agriculture, food industry, engineering, tourism, investment, and others. The forum was held alongside a visit of the Political Bureau of the Central Committee of the Chinese Communist Party and Communist Party Secretary of XUAR, Ma Xingrui, to Kazakhstan. At the meeting, Chinese and Kazakh officials and entrepreneurs discussed ways to improve the efficiency of checkpoints, logistics centers, and transport infrastructure along the almost 1,800km-long border. Speaking at the event, the Kazakh Deputy Prime Minister and Minister of Trade and Integration Serik Zhumangarin said Kazakhstan is ready to export some 135 industrial and agricultural products worth over $1 billion to China.
patrickn97 Wed, 03/29/2023 - 09:12
Kazakhstan to launch customs monitoring to avoid circumventing Russia sanctions

Kazakhstan has announced that it will launch an online system that will track all goods crossing its borders from 1 April in an attempt to demonstrate that it is complying with Western sanctions on Russia.

patrickn97 Fri, 03/24/2023 - 11:15
IMF reach staff-level agreement to give Ukraine $15.6bn loan
On Tuesday (21 March) the International Monetary Fund (IMF) located in Washington D.C. announced that it had reached a staff-level agreement with Ukraine for a 48-month financing package worth about $15.6 billion. The BBC also reports that it is the first loan that the organisation has granted to a country at war. In a statement, the IMF announced that the Extended Fund Facility (EFF) "aims to support the Ukrainian authorities anchor policies that sustain fiscal, external, price and financial stability, and support the ongoing gradual economic recovery, while promoting long-term growth in the context of post-war reconstruction and Ukraine’s path to EU accession". The agreement must however still be ratified by the IMF's board, and follows months of negotiations between IMF staff and Ukrainian authorities. The executive board of the IMF is expected to discuss approval in the coming weeks.
patrickn97 Wed, 03/22/2023 - 07:18
Saudi Arabia could invest "very quickly" in Iran after landmark deal struck

Saudi Arabia's Finance Minister Mohammed Al Jadaan has said that his country's investments in Iran could happen “very quickly” following an agreement to restore diplomatic ties was struck on Friday (10 March) in Beijing.

patrickn97 Fri, 03/17/2023 - 09:32
EU extends sanctions on Russia for another six months
The European Council has announced that it will extend sanctions on Russia for another six months, until 15 September 2023. In a statement released on Monday (13 March), the Council announced: "The existing restrictive measures provide for travel restrictions for natural persons, the freezing of assets, and a ban on making funds or other economic resources available to the listed individuals and entities. Sanctions will continue to apply to 1,473 individuals and 205 entities, many of which are targeted in response to Russia’s ongoing unjustified and unprovoked military aggression against Ukraine."The statement continued: "After 24 February 2022, in response to Russia’s military aggression against Ukraine, the EU massively expanded sanctions against Russia with the aim of significantly weakening Russia's economic base, depriving it of critical technologies and markets, and significantly curtailing its ability to wage war."
patrickn97 Tue, 03/14/2023 - 09:34
Turkish opposition nominate Kemal Kilicdaroglu to challenge Erdogan
After weeks of fierce negotiations between an alliance of six opposition parties from across the political spectrum, the so-called "Table of Six" officially nominated Kemal Kilicdaroglu on Monday (6 March) as their candidate to challenge incumbent Recep Tayyip Erdogan in May's presidential elections. Kilicdaroglu, who has led the center-left Republican People's Party for over a decade, is an understated 74-year-old former bureaucrat from the country's social security authority. There has been some criticism that he lacks the flair and charisma needed to topple Erdogan's populism after 20 years of rule. In speech in Ankara announcing his nomination, Kilicdaroglu said that the opposition coalition would "run the country in consultation and agreement with one another". The group has pledged to reverse many of the changes that Erdogan has brought about since becoming prime minister in 2003, including returning the country to a parliamentary system.
patrickn97 Tue, 03/07/2023 - 09:19
EU unveils 10th round of sanctions against Russia

The European Union has announced a 10th round of sanctions to be placed on Russia as a result of its continuing full-scale invasion and occupation of Ukraine.

patrickn97 Wed, 02/15/2023 - 15:34
Tourism in the Gulf is a game changer
The process of opening-up Saudi Arabia to the world is going on in earnest. As a part of the Vision 2030 blueprint, masterminded by Crown Prince Mohammed bin Salman, the Saudi government is implementing a plan, which, amongst many other things, aims to turn the Kingdom into a popular tourist destination by the end of the decade. Other GCC countries, but particularly UAE, Qatar and Oman, also seek a growth in tourism, and see the industry as one of the potential pillars for their post oil economies. In many countries, tourism is a major economic activity that contributes to economic prosperity. It is also an industry which generates revenues that quickly seep downwards to the very grassroots of society, and so everyone benefits from it. But apart from the economic and financial gains, tourism can also be an instrument of change within societies, opening up conservative, inward looking communities to the outside world. Several Arab Gulf countries have the ambition of turning themselves into major tourist destinations, and some have already considerable success. The potential is great, but there are also some risks.
patrickn97 Tue, 02/14/2023 - 12:14
Subscribe to Economy