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Jordan: Abbas Rejects Solution To Financial Crisis

Jordan's King Abdullah II (R) welcomes Palestinian president Mahmud Abbas at the Royal Palace in Amman on December 7, 2017. / AFP PHOTO / KHALIL MAZRAAWI

Jordanian officials are reportedly furious at the head of the Palestinian Authority, Mahmoud Abbas, claiming that his conduct regarding the economic crisis facing the PA could result in bankruptcy and violence that threatens to spill over into Jordan, it was reported by the Hebrew daily Israel Hayom. A senior Jordanian source said a proposal to solve the economic crisis was ... Read More »

Jordan issues new tender to buy 120,000 tonnes of wheat

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Jordan’s state grain buyer has issued an international tender to buy 120,000 tonnes of milling wheat which can be sourced from optional origins, European traders said. The tender deadline is June 12. Traders had expected a new tender after Jordan made no purchase in its previous tender on Tuesday, when only two trading companies participated. Jordan has faced difficulties buying ... Read More »

SNB’s Jordan sees room for more intervention if needed

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Swiss monetary policy is appropriate for now, but policymakers still have room to lower already negative interest rates further or use other policies if necessary, Swiss National Bank Chairman Thomas Jordan said. “There is no reason to change monetary policy,” given the bank’s dropping inflation forecasts and no risk of the country’s economy overheating, Jordan told a news conference on ... Read More »

Jordan, Poland to form taskforce to enhance trade, economic exchange

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AMMAN: Foreign Minister Ayman Safadi received his Polish counterpart Jacek Czaputowicz over means of furthering bilateral cooperation and regional developments. On the sidelines of the meeting, the two ministers signed a memorandum of understanding (MoU) exempting Jordanian and Polish holders of diplomatic passports from entry visas to either country, a Foreign Ministry statement said. The two ministers agreed to form ... Read More »

Escape from Rukban: Syria’s deadly, men-only desert smuggling route

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It was just before sunset last month when a dozen or so young men set out from Rukban, a remote, rocky and desolate settlement that straddles the Syrian-Jordanian border. A long and especially bitter winter had just reached its end. Basic food and medical supplies had been in desperately short supply for months and were continuing to diminish by the ... Read More »

Korean, Jordanian businessmen discuss cooperation

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AMMAN: A trade delegation from the Republic of Korea held business meetings with representatives of Jordanian companies during a visit to the Kingdom last week, according to a statement of the Korea Trade-Investment Promotion Agency (KOTRA). Under the theme of “Jordan-Korea Business Partnership”, the two sides discussed business and investment opportunities and ways to develop and enhance cooperation. The meetings ... Read More »

Korean, Jordanian businessmen discuss cooperation

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AMMAN — A trade delegation from the Republic of Korea held business meetings with representatives of Jordanian companies during a visit to the Kingdom last week, according to a statement of the Korea Trade-Investment Promotion Agency (KOTRA). Under the theme of “Jordan-Korea Business Partnership”, the two sides discussed business and investment opportunities and ways to develop and enhance cooperation. The ... Read More »

Jordan Reportedly Seeking Changes to $10 Billion Gas Deal With Israel

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Israeli energy shares fell media reported that Jordan’s King Abdullah II had ordered a review of his country’s $10 billion agreement to import Israeli natural gas. Citing senior Jordanian political sources, the Saudi-owned paper said the king made the decision “in a technical report that examines Jordan’s interests from the continuation or the freezing of the agreement.” The sources told ... Read More »

Housing Bank to distribute 15% of share nominal value in dividend

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AMMAN: The Housing Bank for Trade and Finance (Housing Bank) will distribute cash dividend to shareholders at a rate of 15 per cent of the share nominal value, according to a statement by the bank. The bank’s general assembly on Thursday approved a recommendation by the board of directors in this regard. During the general assembly meeting, which was presided ... Read More »

Jordan, Cyprus and Greece agree to expand cooperation in vital fields

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AMMAN — His Majesty King Abdullah, Cypriot President Nicos Anastasiades and Greek Prime Minister Alexis Tsipras agreed during their trilateral summit on Sunday at Al Husseiniya Palace to expand cooperation between the three countries in vital sectors, including energy, water, agriculture, tourism, healthcare, education, trade, investment and ICT. The three countries also agreed to encourage their respective private sectors to ... Read More »

Corruption costs $1 trillion in tax revenue globally — IMF

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NEW YORK: Curbing corruption could generate about $1 trillion in tax revenues annually across the world, according to research from the International Monetary Fund (IMF). In addition to increasing government revenue, fighting corruption can also reduce waste and even help to lift test scores among public school students, the IMF said. It also improves overall public trust in the government. ... Read More »

Egypt on track to end fuel subsidies — IMF

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Egypt is on track to end subsidies on most fuels by June 15 as part of a reform programme led by the International Monetary Fund (IMF), the Washington-based body said. The economy of the Arab world’s most populous country has suffered from political instability and security threats since the 2011 uprising. Cairo secured a $12 billion, three-year loan package from ... Read More »

Non-Jordanian ownership at the ASE reaches 51.6%

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AMMAN: The total value of shares bought by non-Jordanian investors in January was JD26.3 million, representing 29 per cent of the overall trading value, while the value of shares sold by the same bracket amounted to JD 26.1 million, according to the ASE website. Subsequently, net non-Jordanian investment in January reflected an increase by JD0.2 million, compared with a decrease ... Read More »

‘Jordan to explore business prospects in Africa’

Jordan's Minister of Industry Yarub Qudah speaks at a news conference at the European Commission in Brussels, Belgium May 3, 2017. REUTERS/Eric Vidal - RC17C4968130

AMMAN: Yarub Qudah, minister of industry, trade and supply, on Sunday said the country is working to establish stronger trade relations with African countries, especially Nigeria. The minister made the remark during a meeting with a delegation of the Abuja Chamber of Commerce and Industry that is currently visiting the country. Qudah called for more trade and investment cooperation between ... Read More »

Oil producers to decide in June on extending cuts

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Major oil producers led by Saudi Arabia agreed on Monday to keep working together to prop up crude prices, but said they would decide only in June on whether to extend production cuts. Meeting in Azerbaijan’s capital Baku, members of the OPEC+ alliance said they would continue coordinating efforts to “stabilise” the oil market through production cutbacks. But they postponed ... Read More »

Non-Jordanian ownership at the ASE reaches 51.6%

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AMMAN: The total value of shares bought by non-Jordanian investors in January was JD26.3 million, representing 29 per cent of the overall trading value, while the value of shares sold by the same bracket amounted to JD 26.1 million, according to the ASE website. Subsequently, net non-Jordanian investment in January reflected an increase by JD0.2 million, compared with a decrease ... Read More »

Traders say 80 businesses hit in ‘yellow vest’ rampage

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Workers began cleaning up the Champs Elysees in Paris on Sunday after rioters ransacked stores and restaurants in a new flare-up of violence linked to the yellow vest protest movement. Cutting short a weekend ski trip, President Emmanuel Macron returned to Paris late on Saturday for a crisis meeting with ministers at which he ordered decisions to be taken rapidly ... Read More »

Jordanian manufacturer seals first ever deal in Middle East with Siemens

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AMMAN: Jordanian manufacturer Petra Engineering Industries Company on Monday signed the first ever deal in Jordan with international company Siemens to supply smart heating, ventilation and air conditioning (HVAC) systems and equipments. During the signing ceremony at Petra’s industrial facilities, 30km southeast of Amman, the company uncovered that this deal is Siemens’ first ever in the Middle East region. Petra ... Read More »

Jordanian manufacturer seals first ever deal in Middle East with Siemens

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AMMAN — Jordanian manufacturer Petra Engineering Industries Company on Monday signed the first ever deal in Jordan with international company Siemens to supply smart heating, ventilation and air conditioning (HVAC) systems and equipments. During the signing ceremony at Petra’s industrial facilities, 30km southeast of Amman, the company uncovered that this deal is Siemens’ first ever in the Middle East region. ... Read More »

Saudi Arabia ‘has deposited $334m in Jordan’s central bank’

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DUBAI: Saudi Arabia has deposited $334 million in Jordan’s central bank and is working with Kuwait and the UAE for more financial support, Finance Minister Mohammed Al-Jadaan was quoted by broadcaster Al Arabiya as saying. Saudi Arabia alongside Kuwait and the UAE put together a $2.5 billion package in June to help shore up Jordan’s struggling economy. Jordan’s government fell ... Read More »