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MIDDLE EASTERN (B)

MIDDLE EASTERN (B)

Iran, Oman to Boost Energy Ties

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Iran and Oman have started new talks on energy cooperation during a visit by the head of North Drilling Company, a subsidiary of the National Iranian Oil Company, to Muscat on Monday.

During his visit, Hamidreza Golpayegani, the head of NDC, met with Ali Abdullah Al-Riyami, the director general of Oil and Gas Marketing in the Omani Ministry of Oil and Gas, and discussed enhancing cooperation in drilling-related operations and services.

The two sides stressed cooperation in technology transfer and exchanging the know-how in the field, as well as the possibility of investment by Omani companies in the Islamic Republic’s upstream oil and gas sector. (Shutterstock)

© 2003-2018 Mehr News Agency

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MIDDLE EASTERN (B)

India Confirms 9 Million Oil Barrels Shipment of Iranian Oil in November

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India’s Oil Minister Dharmendra Pradhan said on Monday that two Indian companies have placed orders to buy Iranian oil in November, Reuters reported.

“India does not yet know if it will be granted a waiver from U.S. sanctions on Iran”, the official added.

India, the world’s third-biggest oil importer, will buy nine million barrels of Iranian oil in November, Reuters reported on Friday, citing two industry sources.

India, the world’s third-biggest oil importer, will buy nine million barrels of Iranian oil in November. (Shutterstock)

© 2018 TehranTimes. All Rights Reserved.

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MIDDLE EASTERN (B)

US Contemplates Waivers on Iran Crude Sanctions, but There Is a Catch

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According to Reuters, international benchmark Brent crude oil futures LCOc1 fell to $83.26 per barrel in early trades, down 90 cents, or 1.1%, from their last close.

US West Texas Intermediate (WTI) crude futures CLc1 were down 54 cents, or 0.7%, at $73.80 a barrel.

A US government official said on Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.

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The US oil drilling rig count fell for a third consecutive week, as rising costs and pipeline bottlenecks have hindered new drilling since June. (Shutterstock)

© 2003-2018 Mehr News Agency

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Turkey Rules out Any Assistance From IMF

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Turkish President Recep Tayyip Erdogan has ruled out any assistance from the International Monetary Fund (IMF) on Sunday.

“Turkey closed the IMF chapter not to open it again,” Erdogan said during his closing speech of the ruling Justice and Development (AK) Party’s consultation meeting in the capital Ankara.  

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Erdogan added Turkey is “far from needing” a loan or technical assistance from the IMF. (Shutterstock)

© Copyright Andolu Ajansi

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40 Dubai Public Departments Go Exclusively Digital in Bid to Promote Smart Government

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Over 1,000 Dubai government services will be available only online for a whole working week later this month, it was announced on Sunday. According to a tweet by the Dubai Media Office, 40 public departments will be part of the initiative led by the Department of Finance from October 21 to 25 to boost the use of government apps and e-services.

Cementing its commitment to becoming one of the smartest cities in the world, the digital initiative has gone one step further following 2017's debut launch of 'A Day Without Service Centres', by extending it to run for a full week. (Shutterstock)

Copyright © 2018 Khaleej Times. All Rights Reserved.

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France Wants to Have a Space Odyssey With the UAE

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Jean-Yves Le Gall, President of CNES, the French space agency, said that the UAE has become “one of the major actors in the space scene,” as he witnessed today the opening of the agency’s representative office in Abu Dhabi.

CNES, one of the oldest institutional space agencies in the world, has become the first foreign space agency to have its office in the UAE, and it will be represented by Donato Giorgi.

"It is important for us to present here in Abu Dhabi, because many important things are happening, and the opening of a representative office in the UAE, is the result of the long strategic partnership with the UAE Space Agency, and Mohammed bin Rashid Space Centre, MBRSC," (AFP)

Copyright © 2018 Khaleej Times. All Rights Reserved.

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ADX Welcomes Historic Aldar Investments Debut With $500 Million Sukuk Listing

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The Abu Dhabi Securities Exchange (ADX) on Sunday announced the listing of Aldar Investments’ $500 million sukuk, marking the first corporate sukuk ever to be listed on the exchange.

The sukuk, which was raised at a profit rate of 4.75 per cent with a seven-year tenor, started trading on Sunday under the code ‘Aldarsukuk2025′. There was strong investor demand for the issue, reflecting Aldar Investments’ status as the region’s highest rated non-government related corporate.

ADX CEO Rashid Al Blooshi, and Aldar CEO Talal Al Dhiyebi rang the bell to mark the dual listing of the sukuk. (Shutterstock)

Copyright © 2018 Khaleej Times. All Rights Reserved.

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Amidst Soaring Food Prices, Sudan's Currency Rate Slashed at 47.5 Against the Dollar

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Sudan slashed the official value of its currency by more than half against the dollar on Sunday, the third devaluation this year in the face of a mounting economic crisis.

The move came just weeks after President Omar Al Bashir replaced the government over its failure to curb economic woes including soaring food prices.

The central bank pegged the Sudanese pound at 47.5 against the dollar. Previously the official rate was 28 to the dollar, while the currency had fallen to 45.50 on the black market last week.

It was unclear whether the latest devaluation was part of a move to float the pound as recommended by the International Monetary Fund (IMF) to curb the wide disparity between the official and unofficial rates that had severely impacted the African country's economy. (Shutterstock)

Copyright © 2018 Khaleej Times. All Rights Reserved.

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Bin Salman's Aramco IPO Confirmation Falls Deaf on Saudi and GCC Stocks

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Saudi Arabian equities retreated the most in the Middle East, even after Crown Prince Mohammed bin Salman said the kingdom’s plan to overhaul its oil-dependent economy is on track. All other major stock gauges in the region also fell.

The Tadawul All Share Index rose briefly before slipping more than one percent, led by a decline in Saudi Basic Industries Corporation. The gauge’s 120-day correlation with Brent crude, which fell for a second day on Friday, is the highest since July 2017.

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The crown prince, facing US pressure to tame surging oil prices, also said that the Kingdom is fulfilling promises to make up for Iranian crude supplies lost to American sanctions. (Shutterstock)

© 2018 CPI Financial. All rights reserved.

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With Volatility at 17-Month Low, Has Bitcoin Reached a Tulip Fever Moment?

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That seems to be the question being pondered by both proponents and sceptics with volatility lingering at the lowest level since before the epic surge and collapse of the peer-to-peer electronic alternative to cash.

Those looking for some guidance from historical pricing patterns are out of luck. Neither a strong positive or negative divergence has formed over the past month, technical analysis measures show. Bitcoin traded in a similar pattern only one other time this year—in June, when its price jumped from around $5,900 to around $8,200.

Bitcoin’s potential to replace fiat currencies as a way of doing business brought about a wave of excitement in 2013 and 2014, leading to a rally in its price that hit $19,511 in mid-December. (Shutterstock)

© 2018 CPI Financial. All rights reserved.

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