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BlackRock chief calls on CEOs

New York - Muslimchronicle

The head of the world's largest asset manager, BlackRock, has called on corporate leaders to act for the betterment of society or risk losing the investment giant's support. In a letter to chief executives, BlackRock CEO and co-founder Laurence Fink said companies that failed to set and pursue clear goals on the environment, workforce diversity and training and technological change would "ultimately lose

Banks 'reticent' to work with Sudan

Khartoum - Muslimchronicle

Sudanese Finance Minister Mohammed Osman al-Rikabi said on Tuesday that banks across the world are still wary of working with Khartoum despite the US ending a trade embargo. The United States ditched its 20-year trade embargo against Khartoum in October, citing improvement made by Sudan in its human rights record, but still includes it on a blacklist of "state sponsors of terrorism".

US tax reform to cut earnings by $5 bn

New York - Muslimchronicle

US banking giant Goldman Sachs said Friday the recently-enacted US tax reform will cut its earnings this year by about $5 billion, mainly because of a tax targeting earnings held abroad. The tax reform package is expected to "result in a reduction of approximately $5 billion in earnings for the fourth quarter," the company said in a statement. "Approximately two-thirds of which

Al-Sukait Tackles Investors’ Contribution

Riyadh - Muslimchronicle

Fahd al-Sukait of the Council of Economic and Development Affairs has discussed with officials in the National Logistics Committee at the Council of Saudi Chambers (CSC), on Wednesday, the condition of investors in logistic services and suggestions to boost this sector and its contribution in the public sector. This comes amid expectations that the sector grows in 2018 up

Shaath reveals opening date of Metro third line

Cairo - Seham Abu Zeina

Egypt’s Assistant Minister of Transportation Amro Shaath said that the Egyptian government aims to establish the fourth stage of the Metro project using only Egyptian resources, as soon as possible, saying that the goal is to complete the 14-kilometer project using only Egyptian hands, equipment and companies. He pointed out that previously we used to fund such major projects from

Senate tax plan would boost revenue $1.8 tn

Washington - Muslimchronicle

The US Senate version of the tax overhaul plan would pay for itself over 10 years, boosting growth and generating $1.8 trillion in additional revenues, the Treasury Department said Monday. The Republican plan is expected to generate GDP growth of about 2.9 percent over the next decade, 0.7 percentage points higher than the current forecast, which will bring in more

Post-Brexit London 'won't fall apart'

London - Muslimchronicle

Britain's City of London financial hub centre "will not fall apart" after Brexit even if it loses the right to allow banks to trade freely across the bloc, Eurogroup chief Jeroen Dijsselbloem said Thursday. Dijsselbloem, the Netherlands finance minister who chairs meetings of his counterparts in the 19-country eurozone, said that some businesses would nevertheless have to relocate. "Obviously the

Brexit without EU trade deal 'not end of world'

London - Muslimchronicle

The head of the World Trade Organization (WTO) said Sunday it would not be "the end of the world" if Britain failed to reach a post-Brexit trade deal with the EU, but there would be costs. Roberto Azevedo told the Sunday Telegraph newspaper that although Britain would be better off with an agreement, the impact of falling back on WTO

Nader Mohamed underlines World Bank's support

Riyadh - Muslimchronicle

The investment climate in Saudi Arabia enjoys an advanced position among world economies, said Nader Mohamed, Country Director of the GCC Countries in the MENA region of the World Bank. He said that this climate resulted from the record-breaking number of reforms carried out by the kingdom, as part of its pursuit to enhance business climate for small and medium

Al Walwel says Palestinian people able

Gaza - Moneib Saada

Chairman of the General Federation of Palestinian Industries Bassam Al Walwel said that the latest developments witnessed in the Gaza Strip left increasing positive repercussions on Palestinian Industries and Products Sector. He stressed that there is satisfaction among traders and investors. For the first time, he said, companies from the West Bank governorates participated in the exhibition "Palestinian Industries and

MP criticizes His country’s budget bill

Algeria - Rabia Khreis

Algerian parliamentarian Hisham Shalghoom criticized the budget bill passed by the Algerian government to end the current financial crisis witnessed in the country since the fall of oil prices, saying that the bill contained notable increase in the prices of basic commodities and suspension of employment in a large number of sectors. He stressed that The “work plan” of Prime

Euro parliament chief says UK Brexit budget offer is 'peanuts'

London - Muslimchronicle

European Parliament president Antonio Tajani has described Britain's financial offer on Brexit as "peanuts" ahead of a crunch European Union summit this week. Prime Minister Theresa May has promised to maintain Britain's contributions for two years after Brexit in March 2019 to complete the current EU budget period, totalling around 20 billion euros ($24 billion). But Tajani told the BBC's

Ethiopia devalues currency in competitiveness bid

Addis Ababa - Muslimchronicle

Ethiopia will devalue its currency by 15 percent in a bid to boost demand for its major exports, a state-run media outlet reported Tuesday. Africa's second most-populous country is also one of its best economic performers, with the International Monetary Fund (IMF) estimating in September that the economy had grown by 9 percent since 2016. Fana Broadcasting Corporate reported the

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