Friday 22 June 2018 \

 

Economy

KazanSummit main platform for cooperation with OIC countries

The 10th International economic summit "Russia - Islamic World: KazanSummit" held in Kazan from 10-12 May was attended by about three thousand delegates and guests from all over the world.
 
Among them are the Secretary General of the Organization of Islamic Cooperation, Youssef bin Ahmad Al-Osemin, the Minister of Economy of the United Arab Emirates Sultan Bin Saeed Al-Mansouri, the Minister of Investment and Trade of the Kingdom of Saudi Arabia Majed Al-Kassabi.
 
 

9th Sarajevo Business Forum begins in Bosnia

The ninth Sarajevo Business Forum (SBF) began Wednesday in the Bosnian capital with Turkey playing a prominent role.
 
Dubbed the "Balkan Davos", the event will focus on expanding regional economic cooperation and attracting international investment to Southeast Europe.
 
Turkish Deputy Prime Minister Mehmet Simsek features among this year's speakers.
 
 

Ironically, US sanctions are helping the Russian budget

The latest round of US penalties targeting Russian businesses paradoxically helps the country's budget instead of harming it, said Konstantin Korischenko, former deputy chairman of the Central Bank of Russia (CBR).
 
 

Indonesia wins Moody’s rating upgrade

Indonesia won a credit rating upgrade from Moody’s on Friday, with the agency lauding central bank and government policies for boosting confidence in Southeast Asia’s biggest economy.
 
The upgrade — after similar moves by other ratings agencies — comes at a good time for Indonesia’s president Joko Widodo. Boosting growth is at the center of what could be a tough re-election bid in next year’s presidential ballot.
 
 

China slaps retaliatory tariffs on 128 US products

China has increased tariffs by up to 25 percent on 128 US products including frozen pork, wine and certain fruits and nuts, escalating a spat between the world’s biggest economies in response to US duties on imports of aluminum and steel.
 
The tariffs, to take effect on Monday, were announced late on Sunday by China’s finance ministry and matched a list of potential tariffs on up to $3 billion in US goods published by China on March 23
 
 

Pakistani expats have contributed to Saudi Arabia’s development, growth and prosperity

Pakistan and Saudi Arabia have strong brotherly relations, deeply ingrained in the hearts of the people of the two countries.
 
The presence of more than 2.7 million Pakistanis in Saudi Arabia is a reflection of the strong bonds between the two nations. These expatriates have contributed to Saudi Arabia’s development, growth and prosperity.
 
 

Russia-China real gold standard means end of US dollar dominance

The BRICS are considering an internal gold trading platform, according to Russian officials. When this happens, the global economy will be significantly reshaped, and the West will lose dominance, predicts a precious metal expert.
 
In 2016, 24,338 tons of physical gold were traded, which was 43 percent more than in 2015, according to Claudio Grass, of Precious Metal Advisory Switzerland. 
 
Gold moving from the West to the East
 
 

Cinema chains, amusement park operators queue up to enter Saudi Arabia market

So far, it has been all about meeting Donald Trump and other political bigwigs. But there is much more on the agenda for Crown Prince Mohammed bin Salman in his first official visit to the US.
 
In his seven-city tour of America, the prince is also meeting corporate CEOs with a view to striking deals with companies dealing in renewable energy, high tech, sport, tourism and, perhaps most importantly, entertainment.
 
 

Putin's landslide victory to attract additional $30bn to Russian economy

Vladimir Putin’s re-election as Russian president will ensure the continuation of an economic policy that has seen a major spike in foreign investment, says head of the Russian Direct Investment Fund.
 
"Since the elections are over, it will allow institutional investors to actively implement projects in Russia in the medium term, which can provide an additional influx of $25-30 billion into the Russian economy," RDIF’s Kirill Dmitriev told reporters.
 
 

Saudi Arabia's Haramain train speeds toward a 2018 opening

The SR60 billion ($16 billion) high-speed Haramain train is on track to be fully operational this year, according to Minister of Transportation and Chairman of the Saudi Railway Organization Nabil Al-Amoudi.
 
He said that the service will be functional for the public in 2018, in conformity with all safety measures and operational readiness for high-speed transportation.
 
 
 

Social Networks