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Lebanon is at risk of losing a large chunk of the $11 billion pledged at this year’s CEDRE conference as politicians jostle over shares in a new Cabinet, a source revealed Wednesday.
“If Lebanon doesn’t do anything about this Cabinet impasse, many other countries are in need of this money,” the source told The Daily Star. World Bank officials have repeatedly suggested Lebanon may be deprived of the pledged soft loans if the government fails to use the allocated funds in a specific deadline.
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Dubai is a melting pot, bringing together varied cultures from every corner of the globe. It may seem cliché to say that, but it is one of the defining aspects of the city and certainly one reason why I love living here. In our office alone, we have a mix of people from three continents and more than half a dozen countries.
Weeks of stormy and wet weather in various agro-producing regions of the Kingdom has affected the yield from farms, which are already suffering due to a shortage of labor. This has resulted in vegetable prices increasing by up to 40 percent.Floods in neighboring Jordan, a major exporter of vegetables to the Kingdom, also had an impact on supplies.Jeddah’s central vegetables market, which is the largest wholesale market in the Kingdom, is witnessing a drop in supplies, pushing up the prices of green leaves.
The US Treasury Department on Tuesday added a network of Russian and Iranian companies to its blacklist for shipping oil to Syria in violation of sanctions.
The network helps fuel the Syrian war effort of regime leader Bashar al Assad while providing revenue for Iran’s Islamic Revolutionary Guard Corps and the militant groups Hamas and Hezbollah, Treasury Secretary Steven Mnuchin said in announcing the sanctions.
The UAE expects to solve its aluminium and steel tariffs issue with the US next year and the country should not be hit with tariffs, a senior government official said on Tuesday.
Speaking to reporters in Abu Dhabi, Sultan bin Saeed Al Mansouri, UAE’s Minister of Economy, said tariffs on aluminium and steel should not be imposed because the balance of trade favours the US.
Iran is stepping up production of precious metals to cushion its economy against the effects of new US sanctions which have triggered a flurry of panic buying of gold by some citizens.
Iran Minerals Production and Supply Company, a subsidiary of state-owned mining group IMIDRO, plans to revitalize six small-scale gold and copper mines in the provinces of West and East Azarbaijan, Isfahan and South Khorasan.
Iran’s Ports and Maritime Organization (PMO) in a statement condemned the U.S.’s sanctions against Iran’s maritime transportation and activities and said such approach is in contravention with the laws and regulations of International Maritime Organization (IMO).
Japan and South Korea will resume imports of Iranian crude oil as of next month or so after halting shipments ahead of new US sanctions on the Islamic Republic.
In Japan, largest refiner JXTG Holdings plans to resume Iranian oil loadings from December, while Fuji Oil Co is set to resume Iran crude and condensate liftings from January.