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Evergrande isn’t Lehman but could still cause a credit crunch in China
Evergrande Group is a massive Chinese property developer with debts of $300 billion it is struggling to pay.
A major default by the Fortune Global 500 firm would send shockwaves through the Chinese economy and may cause foreign investors…
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El-Sisi inaugurates world’s largest wastewater treatment plant
Egyptian President Abdel Fattah El-Sisi has inaugurated the Bahr El-Baqar water treatment plant, the largest wastewater treatment plant in the world.
The plant, which costs 20 billion Egyptian pounds ($1.27 billion), has a production…
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CFO of Russia’s Novatek arrested in US on tax charges of over $93 million
The US government has arrested Mark Gyetvay, the deputy chairman of the management board of Novatek, Russia’s second-largest natural gas producer, on federal tax charges for more than $93 million hidden in offshore accounts, according to…
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Bahrain’s Investcorp set to be a $100bn company in 7 years
Bahrani investment company Investcorp has ambitious plans to be a 100-billion-dollar company in seven years, its chief Mohammed Al-Ardhi said, saying the company is currently valued at nearly $40 billion.
“We believe in about seven years…
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Saudi mining portal received 4,073 license applications since launch
Saudi Arabia’s Ministry of Industry and Mineral Resources has received 4,073 applications through its online portal since it was launched earlier this year, it said in a statement on Saturday.
The ministry has issued 1,092 licenses to…
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Egypt extends natural gas exploration auctions to end of September
Nine international natural gas exploration auctions that were announced in March have been extended until the end of September, said the Magdy Galal, chairman of the Egyptian Natural Gas Holding Company.
Galal also announced that nine…
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China crypto crackdown reveals scale of digital yuan ambitions
If there’s one thing the Chinese Communist Party likes it is control.
A raft of edicts from President Xi Jinping this year have asserted the government’s control over ever larger swathes of the Chinese economy and the everyday life of…
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China’s central bank rules all crypto transactions are illegal
China’s central bank on Friday said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for the digital trade in China after a crackdown on the volatile currencies.
The global values of…
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Fed policy tightening not all bad for Gulf economies — Jefferies
The impending end of super-loose monetary policy from the Federal Reserve will have both positive and negative effects on the economies of the Arabian Gulf, according to Alia Moubayed, a managing director at investment bank Jefferies…
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China preparing for Evergrande’s downfall
Chinese authorities are asking local governments to prepare for the potential downfall of debt-ridden China Evergrande Group, the Wall Street Journal reported on Thursday, citing officials familiar with the discussion.
The move has been…
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