DUBAI/DOHA (Reuters) – Even before taking over Qatar’s energy policy in a government reshuffle last month, Qatar Petroleum (QP) CEO Saad al-Kaabi had long wanted the Gulf state to leave OPEC. Qatar’s gas production has been a crucial factor in helping it weather the Gulf Arab boycott and it plans to boost capacity 43 percent by 2023-2024. “We don’t have enough weight in OPEC to have an effect,” he told reporters on the eve of his first and last meeting as the head of Qatar’s OPEC delegation. The plan to withdraw from OPEC likely started in June when Kaabi attended OPEC talks in Vienna with then energy minister, Mohammed al-Sada, according to the sources. Due to the Gulf rift, Qatar could no longer attend a traditional closed-doors meeting of Gulf oil ministers to agree policy before twice-yearly talks with all OPEC members.
December 13, 2018 09:00 UTC
SEOUL/OTTAWA (Reuters) – Canadian Michael Spavor has jet skied with Kim Jong Un, felt the ground shake from a North Korean nuclear test, and now it appears, China has detained him. Spavor, a business consultant with deep ties to North Korea, is being investigated on suspicion of endangering state security, Chinese state media reported. When North Korean leader Kim launched a bid to engage the world and attract international investment this year, Spavor was uniquely positioned to play a role. Now based in the border city of Dandong in China, Spavor has been cultivating ties between potential Chinese investors and North Korean officials. Since then he’s mastered the Korean language – with a distinctly North Korean accent – and maintained regular contact with many people in North Korea, including Kim Jong Un.
December 13, 2018 08:48 UTC
Egyptian Trade and Industry Minister, Amr Nassar, said that Egypt is interested in supporting development efforts in the African continent, and to enhance African integration mechanisms to ensure a new location for the African continent on the map of world economy, which contributes towards ensuring economic and social justice for all the countries and peoples of the continent. Nassar added, “The activation of the African Free Trade Area (AfCFTA) agreement is the key step of desired economic growth among all African countries.”During his speech at Meetings of the AfCFTA Negotiating Institutions held Wednesday, the minister announced that Egypt is close to ratify the agreement, which is currently being submitted to the parliament for ratification, praising the African political will for the success of this great agreement in terms of signing and ratifying it by the member states. So far 49 countries have signed the agreement, and some African countries have ratified it, according to the minister. He pointed out that the implementation of the AfCFTA Agreement will strongly contribute to the development of the intra-African trade movement, achieve higher rates of African economic growth, after the removal of tariff barriers between sister African countries, as well as facilitate the movement of products and raw materials, thus increasing industrial growth rates, and achieving the desired technological development.
December 13, 2018 08:07 UTC
The British Trade Commissioner for Africa, Emma Wade-Smith, concluded a four-day visit to Egypt that focused on expanding the trade and investment links between the UK, Egypt and the whole African continent, as well as supporting young entrepreneurs. It is Wade-Smith’s first visit to Egypt since she took office, which was created in June 2018, to foster the UK’s trade and investment links across Africa. The UK is committed to supporting entrepreneurship in Egypt, through an EGP 47m programme to support social enterprise. Wade-Smith was a keynote speaker at the Africa 2018 Forum and the Intra-African Trade Fair during her stay. “The UK is proud to be working with Egypt and across Africa to invest in strategic and job-creating sectors that will let economies thrive.
December 13, 2018 08:03 UTC
The contract is worth $2.9bn and is financed through the direct funding of the Tanzanian government. The entire project will be executed under one integrated project management organisation with the responsibility of the joint venture, in which Elsewedy Electric holds 45%, and Arab Contractors holds 55%. The power plant will start producing energy by April 2022, with project completion expected within 36 months after a six-month mobilisation period, and it will have an installed capacity of 2,115MW, that is expected to more than double Tanzania’s power generation capacity. In 2017, the Tanzanian ministry of energy issued an international tender for the power plant, which is located approximately 200 km south west of Dar es Salaam, Tanzania’s commercial and administrative centre, where the signing ceremony was held on Wednesday. Ahmed El Sewedy, CEO of Elsewedy Electric said, “The Tanzanian People can count on the Egyptian joint venture.
December 13, 2018 07:04 UTC
WASHINGTON (AP) — The Trump administration wants to see an increase in US investment and trade in Africa as part of a new strategy aimed at countering China’s growing influence on the continent. “We must remain a positive alternative and make clear that engaging with the United States will mean greater prosperity and security for Africa,” Nagy said. Any renewed US effort to counter China in Africa, however, will face some obstacles. Whatever the Trump administration’s new Africa strategy, perceptions are an immediate hurdle. His first tweet as president that mentioned Africa was an inaccurate claim about alleged white-owned farm seizures in South Africa.
December 13, 2018 05:48 UTC
That's why you won't see any scantily clad "walk-on girls" accompanying the players onto the Ally Pally stage at this year's event. Ashton has been drawn against Jan Dekker, a two-time semifinalist in the BDO World Darts Championship in the first round. Dobromyslova isn't in action in the Ally Pally until Monday, when she faces 33-year-old Englishman Ryan Joyce. Whoever wins the final at Ally Pally on January 1 will go home with a handsome £500,000 (€550,000, $633,000) in their pocket. "The men that play the women in the World Championship this year are under the cosh," PDC chairman Hearn said.
December 12, 2018 23:48 UTC
Ajax enjoyed more of the ball in the early stages, but it was Bayern who struck first. 2-2 Bayern (Lewandowski) The Pole hesitates, but then sends Onana the wrong way to stun the crowd. 2-1 Ajax (Tadic) Neuer stands still, Tadic goes top right and Ajax go top of the group. 1-1 Ajax (Tadic) And now Bayern have been burned! A really good game here.
December 12, 2018 23:15 UTC
The Egyptian armed forces announced its recent results of the comprehensive military operation ‘Sinai 2018’ on Wednesday. The operation aims to combat terrorism and confront militants in central and north Sinai, the Nile Delta region, and the Western Desert. In statement No 30, the military said that three “very dangerous militants” were killed in the Western Desert, adding that another 24 “extremist militants” were also killed in a fire exchange with security forces. The armed forces pointed out that the military’s engineers succeeded in discovering and disarming 344 explosive devices, which were planted to target the security forces on the roads where the operations were carried out. Since October 2014, a state of emergency has been declared in north Sinai.
December 12, 2018 22:18 UTC
After a decades-long dispute, an EU advocate general has said that sampling is only permissible when the author approves. "Sampling" is a technique that extracts bits of another work, such as a rhythmic sequence, and incorporates them into a new composition. Striking a balanceFirst going through the rounds of German courts, in 2016, Germany's Federal Court of Justice referred the lawsuit to the ECJ. Szpunar's conclusion that copyright holders must grant approval for sampling is in line with the European Union's fundamental rights, even though copyright and related rights "are likely to restrict the exercise of certain fundamental rights, in particular, the freedom of expression and the freedom of the arts," he said in a press release. "Intellectual property is itself protected as a fundamental right to property," he pointed out.
December 12, 2018 22:18 UTC
Trump has denied the affairs and any involvement in the payments.Pauley sentenced Cohen to 36 months for the payments and to two months for Cohen's lies to Congress about a proposed Trump Tower project in Russia. After being sentenced, Cohen walked over to his daughter and kissed her head.Cohen's father, Maurice Cohen, who showed little emotion during the hearing, later told reporters: "My heart is ripped. "Cohen is a former member of Trump's inner circle who in the past called himself the president's "fixer." After Cohen pleaded guilty to the Mueller charges on Nov. 29, Trump called his former lawyer a liar, "a weak person and not a very smart person. ... Michael Cohen was sentenced today, President Trump is next.
December 12, 2018 19:18 UTC
A second trader with direct knowledge of the deals said Chinese state-owned firms bought at least 12 cargoes for shipment between January and March. "China was buying right out of the gate this morning. The most actively traded January contract climbed as high as $9.28 per bushel as traders cautiously cheered the purchases. But this year, it has relied on Argentina and top exporter Brazil for most of its soybeans used to feed the world's largest pig herd. "The Chinese evidently want the beans quickly as they have not been able to cover all their needs in South America," the European trader said.
December 12, 2018 18:33 UTC
FILE- Egypt’s President Abdel Fatah al-SisiCAIRO – 12 December 2018: President Abdel Fattah El Sisi stressed on Wednesday that the government is determined to go ahead with the state-building process.During a meeting with heads and representatives of several regional and international investment funds in Cairo, the president said that development projects in Egypt are now in the construction process.He thanked the Egyptian people for the awareness of the necessity of the serious economic reform decisions taken in the past period, presidential spokesman Bassam Rady said.The president spoke of the various investment opportunities currently available in Egypt and measures taken by the government to attract new investors into the country.He further talked about the State's efforts to develop infrastructure and establish mega projects.Governor of the Central Bank of Egypt Tareq Amer, as well as Minister of Investment and International Cooperation Sahar Nasr and Minister of Finance Mohamed Maait attended the meeting.
December 12, 2018 18:00 UTC
A delegation from the Engineering Export Promotion Council of India (EEPC India), comprising of around 10 Indian automobile components’ companies, is participating in the Autotech 2018 exhibition, which will be held at Cairo International Convention Centre from 14-16 December 2018, according to a Wednesday statement. The Indian companies will showcase India’s original equipment manufacturers’ (OEM) capabilities at the ‘Autotech 2018’ exposition, explore Egyptian and North African markets, and identify areas of mutual cooperation, said the statement. The Indian auto-components industry is set to become the third largest in the world by 2025, noted the statement, adding that the exports from this sector grew by 23% in the fiscal year (FY) 2017/18. Exports of these products are likely to range between from $80bn to $100 bn by 2026. India is Egypt’s 10th largest trading partner, 7th largest importer of Egyptian goods and the 11th largest exporter to Egypt, affirmed the statement.
December 12, 2018 17:15 UTC
Al Ahly Capital Holding, the investment arm of the National Bank of Egypt, successfully completed a $1bn deal with Al Ghurair Group and the UAE’s Murban, to reclaim and cultivate 180,000 feddan in south Minya, in order to establish the world’s largest beet sugar factory. The project is an integrated agricultural and industrial project, which includes the reclamation of 180,000 feddan to cultivate beet, wheat, and maize. The project will also establish the world’s largest beet sugar factory, with a capacity of 1m tonnes per year, significantly contributing to bridging the consumption and production gap, which amounted to 1m tonnes in 2018. According to Al Ghurair, the project will provide 2,500 direct and indirect jobs during the construction period, as well as 1,500 permanent jobs, and 50,000 indirect jobs through contractual agriculture. Al Ahly Capital Holding is the financial advisor to the project.
December 12, 2018 16:30 UTC