Business

Business & Economy

Turkey interested in producing Russia's Sputnik V vaccine

11 Nov 2020; MEMO: Turkey is interested in producing Russia's first coronavirus vaccine, Sputnik V, at domestic facilities, Russia's health ministry said on Wednesday after a phone call between the countries' health ministers.

Russia is already testing two vaccines against the virus and is on the cusp of registering a third. It is rolling out its Sputnik V vaccine for domestic use despite the fact that late-stage trials have not yet finished.

UAE, Myanmar to establish diplomatic ties

11 Nov 2020; MEMO: The United Arab Emirates (UAE) and the Republic of Myanmar have signed a joint agreement to establish diplomatic relations, WAM reported yesterday.

The agreement was signed by the UAE's permanent representative to the United Nations in New York, Lana Zaki Nusseibeh, and her Burmese counterpart, Kyaw Moi Tun.

Possible changes to OPEC+ pact lead to 6% surge in oil prices

11 Nov 2020; MEMO: Crude oil prices increased by more than six per cent on Monday following statements by Saudi Arabia and the Emirates about the possibility of amending the OPEC+ production cut agreement.

Oil prices have received a secondary boost by the announcement made by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) of a strike to demand three months of unpaid wages owed to its members who work in public facilities.

USA: Refusing to concede, Trump blocks cooperation on transition

Washington, Nov 10 (AP/PTI) The Trump administration threw the presidential transition into tumult on Monday, Attorney General William Barr authorising the Justice Department to probe allegations of voter fraud and President Donald Trump firing the Pentagon chief and blocking government officials from cooperating with President-elect Joe Biden's team.

Despite little evidence of fraud, Barr signed off on investigations into the unsubstantiated claims made repeatedly by Trump.

India: No firecracker ban in MP but avoid Chinese made: Chouhan

Bhopal, Nov 9 (PTI) There is no ban on bursting of firecrackers in Madhya Pradesh during Diwali but those imported from China and crackers with pictures of deities on their packets can not be sold in the state, Chief Minister Shivraj Singh Chouhan said on Monday.

Chouhan's statement came in the backdrop of some states moving to ban or strictly regulate use of firecrackers this Diwali in view of the COVID-19 pandemic and to curb noise and air pollution.

Brexit Britain faces 5 to 10 year COVID recovery, Sorrell says

LONDON (Reuters) - Britain could take five to 10 years to properly recover from the pandemic because the COVID-19 financial hit will sap the economy of the firepower it needs to rebuild for Brexit, advertising supremo Martin Sorrell said on Monday.

Britain has recorded the worst death toll in Europe and the deepest economic contraction of any leading G7 nation from the coronavirus, forcing it to pump more than 200 billion pounds ($263 billion) into the economy to keep it afloat.

China companies helping with port project in Iraq

09 Nov 2020; MEMO: Iraqi Minister of Transport, Nasser Al-Shibli, said yesterday that Chinese companies have been providing services with regards to the implementation of the Al-Faw Grand Port project in the southern governorate of Basra.

“The ministry is continuing to negotiate with the South Korean Daewoo company regarding Al-Faw Grand Port project,” Al-Shibli said in a statement, adding that Daewoo has two contracts with the port which expire in 2021.

First FlyDubai flight lands in Israel

09 Nov 2020; MEMO: The first flight operated by Dubai airline FlyDubai landed in Tel Aviv’s Ben Gurion Airport on Sunday, according to Israeli media, Anadolu reports.

The state-owned Israeli KAN channel released a video of the Emirati flight landing at the airport.

According to FlyDubai, owned by Dubai government, the carrier will operate two flights daily between Dubai and Tel Aviv as of Nov. 26.

India: Vaiko urges PM to get TN boats seized by Sri Lanka released

Chennai, Nov 9 (PTI) MDMK general secretary Vaiko on Monday urged Prime Minister Narendra Modi to take immediate steps for release of over 100 impounded mechanised boats of Tamil Nadu fishermen from Sri Lanka or ensure compensation.

Citing news reports, he said a Sri Lankan court has ordered 121 boats seized from the fishermen to be 'destroyed', adding it was shocking.

Of the over 100 boats, as many as 88 were from Rameswaram, Vaiko, a Rajya Sabha MP, said in a letter to Modi.

Subscribe to Business