Business

16 Sep 2020; MEMO: Amazon started initial negotiations to acquire 100 acres in Egypt’s western city of Sohag to establish warehouses to serve the Upper Egypt region, SeeEgy reported on Monday.

London, Sep 15 (PTI) UK Prime Minister Boris Johnson's controversial bill that aims to override parts of the Brexit divorce agreement struck with the European Union (EU) cleared its first parliamentary hurdle by winning the first House of Commons vote by 340 to 263 votes.

The Internal Market Bill, which has faced strong criticism from the Opposition parties and senior members of Johnson's own Conservative Party, is set for rebellions as it progresses through further stages in its parliamentary process despite Johnson's 80-seat majority in the Commons.

Bengaluru, Sept 15 (PTI) The Karnataka government on Tuesday decided to borrow Rs 33,000 crore to cope with the revenue loss owing to COVID-19 pandemic situation and take up development works, Law and Parliamentary Affairs Minister J C Madhuswamy said.

The state cabinet meeting decided to amend the Fiscal Responsibility Act to increase its borrowing limit from three per cent to the five per cent of the GSDP, utilising the provision proposed by the Centre, he said.

GENEVA (AP) — A World Trade Organization panel ruled Tuesday that Trump administration tariffs on $200 billion worth of Chinese goods are illegal, vindicating Beijing even if the United States has all but incapacitated the WTO’s ability to hand down a final, binding verdict.

The decision marks the first time that the Geneva-based trade body has ruled against a series of high-profile tariffs that President Donald Trump’s government has imposed on a number of countries — allies and rivals alike. Trump has repeatedly claimed that the WTO treats the U.S. unfairly.

15 Sep 2020; MEMO: Israeli Prime Minister Benjamin Netanyahu said yesterday that peace deals with the UAE and Bahrain would pump millions of dollars into Israel’s treasury, local media reported.

Prior to leaving for Washington to sign and celebrate the two peace deals with the two Gulf states, Netanyahu addressed Israelis saying that it is a “historic” trip.

“Two peace deals in one month,” the Times of Israel reported him saying.

Washington, Sep 15 (PTI) The US has banned the import of five goods from China, including computer-parts, cotton and hair products, alleging that they are produced in forced labour camps in the restive Muslim-majority Xinjiang province.

The US-China relations have deteriorated after the COVID-19 outbreak, with President Donald Trump squarely blaming Beijing for allowing the disease to spread across the world.

Taipei, Sep 15 (AP/PTI) China warned the United States on Monday of potential serious damage to their relations if it does not withdraw from an upcoming economic meeting with Taiwan that is expected to be attended by a senior American official.

Chinese foreign ministry spokesman Wang Wenbin urged the US at a daily briefing to "stop all forms of official exchanges with Taiwan, so as to avoid serious damage to China-US relations and peace and stability across the Taiwan Strait.

New Delhi, Sep 14 (PTI) The government on Monday banned the export of all varieties of onions with immediate effect, a move aimed at increasing availability and curbing prices of the commodity in the domestic market.

"The export of all varieties of onions... is prohibited with immediate effect," the Directorate General of Foreign Trade (DGFT) said in a notification.

The DGFT, an arm of the commerce ministry, deals with exports and imports-related issues.

14 Sep 2020; MEMO: Iranian President Hassan Rouhani said his country’s oil revenues have decreased from $120 billion to $20 billion over the last eight years, Anadolu reported.

Rouhani pointed out that his country has been subjected to “rare” economic sanctions, adding that Iran’s oil revenues have fallen from $120 billion in 2011 to $20 billion in 2019.

14 Sep 2020; MEMO: The Egyptian Minister of Finance, Mohamed Maait on Saturday denied plans to increase taxes, saying the government is keen on stabilising its tax policies in a way that contributes to attracting new investments and providing job opportunities.