US Senate Okays $631 bn Defense Budget

US Senate Okays $631 bn Defense Budget

, ,
(Washington) - The US Senate has unanimously passed the Pentagon's 2013 budget, despite a political impasse over debt reduction that could see huge cuts to military spending next year. After months of negotiations, lawmakers voted 98-0 to approve…
UAE is World’s 20 Biggest Exporter

UAE is World’s 20 Biggest Exporter

,
(Dubai) - The UAE has been classified as the world’s 20th biggest exporter in merchandise trade surpassing countries such as Australia, Brazil, Switzerland and Sweden, according to the World Trade Organisation secretariat for 2011. The UAE…
France urges Creation of Minister for Eurozone

France urges Creation of Minister for Eurozone

,
French Finance Minister, Pierre Moscovici has called on for the creation of a “minister” who would “embody” the Eurozone and would be accountable to citizens. Speaking at a high-level symposium at the finance ministry, Moscovici said:…
Eurozone,IMF Agree on New Deal

Eurozone,IMF Agree on New Deal

,
(Brussels) - Eurozone finance ministers struck a new deal with the IMF to slice more than 40 billion euros ($52 billion) off Greece's massive debt burden by 2020; in turn freeing up long-blocked loans. "The decision will certainly reduce the…
UAE, Portugal Sign Economic Cooperation Agreement

UAE, Portugal Sign Economic Cooperation Agreement

, ,
(Abu Dhabi) - Foreign Minister H.H. Sheikh Abdullah Bin Zayed Al Nahyan and Portuguese Foreign Minister, Paulo Portas have signed an agreement for economic cooperation between two countries and a memorandum of understanding for bilateral cooperation…
US to Become Biggest Oil Producer by 2020

US to Become Biggest Oil Producer by 2020

,
The United States will become the world's largest oil producer by around 2020, temporarily overtaking Saudi Arabia, as new exploration technologies help find more resources, the International Energy Agency (IEA) has revealed. In its World Energy…
Lubna Receives Houston Mayor and US Trade Delegation

Sheikha Lubna Receives Houston Mayor and US Trade Delegation

,
(Abu Dhabi) - H.E. Sheikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade during her meeting with Houston Mayor, Annise Parker and a U.S trade delegation, said that UAE has always welcomed U.S companies and investments, referring to…
Greece Passes 2013 Budget

Greece Passes 2013 Budget

,
(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

,
(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

, ,
(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'

,
(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

,
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

,
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…