World stocks drop as worries over Greece intensify

World stocks drop as worries over Greece intensify

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(Milan) - World stock markets dropped as worries intensified over the condition of the eurozone and whether Greece is edging towards leaving the single currency union. In Athens, Greek party leaders were scheduled to resume talks aimed at forming…
UAE Economy Minister addresses ESCWA's 27th session

UAE Economy Minister addresses ESCWA's 27th session

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(Beirut) - Addressing the 27th Ministerial Session of the United Nations Economic and Social Commission for Western Asia (ESCWA) in Beirut, UAE Economy Minister H.E. Sultan bin Saeed Al Mansouri said, "UAE's approach for comprehensive development…
UAE and Algeria discuss trade ties

UAE and Algeria discuss trade ties

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H.E. Sultan Bin Saeed Al Mansoori, UAE Minister of Economy who led UAE delegation to Algeria, signed the joint statement of the 10th Joint Committee Meeting between the two countries with Karim Joudi, Algerian Minister of Finance in the presence…
Sheikha Lubna discuss trade ties with German officials

Sheikha Lubna discuss trade ties with German officials

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(Hanover) - H.E.Sheikha Lubna, Minister of Foreign Trade received Prime Minister of Lower Saxony, David McAllister at UAE Pavilion's headquarter at the Hanover International Industrial Exhibition 2012 in Germany. During the meeting which was…
IMF to secure $400b funding for Europe

IMF to secure $400b funding for Europe

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(Washington) - The Group of 20 nations have stood ready to commit at least $400 billion to bulk up the International Monetary Fund, as IMF has been aiming to raise at least $400 billion; a doubling of its lending capacity, to ensure it has enough…
GCC foreign assets to hit $2.1trillion

GCC foreign assets to hit $2.1trillion

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(Dubai) - GCC countries will experience robust growth in 2012 on the back of high oil revenues that are expected to hit $572 billion this year, while the net foreign assets of the six-member bloc are projected to hit $2.1 trillion by 2013, the…
Kim officially selected as World Bank President

Kim officially selected as World Bank President

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(Washington)- World Bank has named Jim Yong Kim as its next president. Dr. Kim, 52, will take over on July 1 after the current president, Robert B. Zoellick, steps down at the end of his five-year term. For the first time, World Bank's 25-member…
WTO Makes UAE Trade Recommendations

WTO Makes UAE Trade Recommendations

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(Geneva) - The United Arab Emirates (UAE) plays an important role in the multilateral trading system and has taken bold steps to diversify the economy away from oil and gas, according to the World Trade Organisation (WTO). The WTO says that…
GCC urged to free up trade

GCC urged to free up trade

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(Dubai) - Gulf nations will be better able to build a stronger and more competitive bloc once restrictions on cross-border trade are eased, H.H. Sheikh Mohammad, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Sheikh Mohammad…
World Ports and Trade Summit concludes at Abu Dhabi

World Ports and Trade Summit concludes at Abu Dhabi

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(Abu Dhabi) - The World Ports and Trade Summit 2012, held under the patronage of H.H. General Sheikh Mohammed, Crown Prince of Abu Dhabi & Deputy Supreme Commander of the Armed Forces has concluded at Abu Dhabi. The summit asserted the…
Dubai to issue instant trade licences to investors

Dubai to issue instant trade licences to investors

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(Dubai) - The Dubai Department of Economic Development (DED) is planning to issue instant trade licences to investors under a new ‘120 days hassle free licence' initiative that will be launched this year. The move, which will allow investors…
Global economy on recovery path Lagarde

Global economy on recovery path: Lagarde

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(Beijing) - IMF chief, Christine Lagarde has said that measures taken to fight financial woes in Europe and the US have started to pay off, in a cautiously upbeat assessment of the global economy. Lagarde is attending a high profile forum on…
Europe seals $310 billion Greece bailout

Europe seals $310 billion Greece bailout

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(Brussels) - Eurozone finance ministers have agreed a second bailout for Greece after 13 hours of talks. Greece is to receive loans worth more than 130 billion Euros. In return, Greece will undertake to reduce its debts to 120.5% of its GDP…
Greek cabinet approves EU-IMF bailout deal

Greek cabinet approves EU-IMF bailout deal

(Athens) - Greece’s cabinet has approved a draft bill approving reforms demanded by the EU-IMF troika for a new bailout package worth 130 billion Euros to help the country avoid bankruptcy. The demands required by the troika of the European…