Greece Passes 2013 Budget

Greece Passes 2013 Budget

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(Athens) - Greek lawmakers approved the country’s 2013 austerity budget, an essential step in Greece’s efforts to persuade its international creditors to unblock a vital rescue loan installment. The budget passed by a 167-128 vote in the…
EU Budget Talks Collapse

EU Budget Talks Collapse

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(Brussels) - The first round in two weeks of tough talks on the European Union budget collapsed after austerity-minded states refused to plug a 2012 budget shortfall in funds destined for Europe’s needy. It was hoped that the talks will lead…
Obama to Address Looming Fiscal Cliff

Obama to Address Looming Fiscal Cliff

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(Washington) - Re-elected President Barack Obama is due to make a statement on the economy, setting the stage for a political showdown over a looming budget crisis. He is expected to discuss the so-called fiscal cliff, a package of tax rises…
Raja al Gurg named 'Most Influential Arab Woman in Family Business'

Raja al Gurg named 'Most Influential Arab Woman in Family Business'

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(Dubai) - President of Dubai Business Women Council (DBWC), Raja Al Gurg has received the 'Most Influential Arab Woman in Family Business' award during the Forbes Middle East CEOs Forum that was held recently in Dubai. The forum was held under…
Brazil, Gulf states, Malaysia, Russia Lose EU Trade Benefits

Brazil, Gulf states, Malaysia, Russia Lose EU Trade Benefits

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A score of high-income nations such as Brazil, Russia and the Gulf states lost their privileged access to the EU’s 500 million consumers as the bloc handed their benefits to poorer states. Issuing a revised list of countries entitled to zero-import…
Greece Strikes Deal on Austerity Plan

Greece Strikes Deal on Austerity Plan

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Greece has reached agreement with its international creditors on new austerity measures necessary to release fresh bailout funds. If passed, Greece will impose 13.5bn euros of cuts. Prime Minister Antonis Samaras said, "If this deal is approved…
UAE Signs Air Services Agreement with El Salvador

UAE Signs Air Services Agreement with El Salvador

(Dubai) - UAE represented by the General Civil Aviation Authority (GCAA) has signed an air services Memorandum of Understanding (MoU) and an Air Services Agreement (ASA) with the Government of the Republic of El Salvador. The Memorandum was…
UAE, Ireland Discuss Higher Trade Exchange

UAE, Ireland Discuss Higher Trade Exchange

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(Dublin) - Minister of Economy, H.E. Sultan Saeed Al-Mansoori and Chief Executive Officer of Enterprise, Ireland Frank Ryan discussed enhancing the UAE's capabilities in various spheres such as small and medium size enterprises (SMEs), exchanging…
UAE, Japan Sign Treaty on Taxation

UAE, Japan Sign Treaty on Taxation

(Tokyo) - The UAE and Japan have signed an initial agreement to avoid double taxation on income. The agreement was signed at the Japanese Ministry of Finance in Tokyo, on behalf of the UAE, by Khalid Ali Al Bustani, Assistant Undersecretary…
US duo wins Nobel Economics Prize

US duo wins Nobel Economics Prize

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(Stockholm) - US scholars Alvin Roth and Lloyd Shapley won the Nobel Economics Prize for their work on the functioning of markets and how best to match supply and demand.The two were honored for "the theory of stable allocations and the practice…
GCC shielded World Economy from ‘Serious Damage’: Lagarde

GCC shielded World Economy from ‘Serious Damage’: Lagarde

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(Riyadh) - Christine Lagarde, Managing Director of the International Monetary Fund (IMF), has issued a statement lauding the Gulf nations’ pragmatic oil stabilization policies for safeguarding the global economy from falling into an inflationary…
Sheikh Maktoum bin Mohammed opens Cityscape

Sheikh Maktoum bin Mohammed opens Cityscape

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(Dubai) - H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, officially inaugurated the 11th edition of Cityscape Global, the Middle East’s largest and most influential international real estate event. Taking place…
Emirates Becomes World’s Top Airline Brand

Emirates Becomes World’s Top Airline Brand

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(Dubai) - Dubai-based Emirates Airline has become the world’s Most Valuable Airline Brand, according to Brand Finance’s Global 500 brand study which will be unveiled at the Global Travel Marketing Forum in Dubai. Media statement issued by…
Saudis offers extra oil to control prices

Saudis offers extra oil to control prices

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(Riyadh) - As a sign of the world's largest exporter being worried about the impact of rising oil prices on the global economy, Saudi Arabia has offered its main customers in the US, Europe and Asia extra oil supplies. Last month, Group of Seven…