Business

CARACAS, Oct 6 (NNN-AGENCIES) — Russian Deputy Prime Minister Yuri Borisov met Venezuela’s President Nicolas Maduro on Saturday to underline Moscow’s support for the leftist leader that has helped him stay in power despite intense Western pressure to quit.

Moscow has acted as a lender of last resort for Venezuela, with the government and oil giant Rosneft providing at least $17 billion in loans and credit lines since 2006.

Tehran, Oct 5, IRNA – Iran and Turkmenistan signed various documents on economic cooperation on the sidelines of Iran-Turkmenistan 15th joint commission convened in Ashgabat, Turkmenistan.

According to Azeri 'Caspian News' website, Iran and Turkmenistan are willing to develop economic cooperation including construction of roads and transport.

During the 15th joint Economic Commission convened in Ashgabat, various topics related to transportation, telecommunications, economic cooperation, trade, fuel, energy, industries and mines, science and culture were discussed.

5 Oct 2019; AA: Turkey targets a growth rate over 5% or more in coming years, President Recep Tayyip Erdogan said on Saturday.

The country also aims to fall the inflation rate below 5% and to lower the unemployment rate under 10% at the end of New Economic Program for 2020-2022, Erdogan told his party members during the ruling Justice and Development (AK) Party's 29th Consultation and Assessment meeting in Kizilcahamam, a retreat town of capital Ankara.

4 Oct 2019; AA: Yavuz, a Turkish drilling vessel, is undertaking a new expedition in Turkey’s continental shelf in northeast of Cyprus, according to an official.  

“Yavuz will launch a new round of offshore drilling operations on 7 October 2019,” Cagatay Erciyes, acting director general at the Turkish Foreign Ministry, said on Twitter.  

“The drilling area lies within the Turkish CS [continental shelf] registered with the UN," he added.

5 Oct 2019; MEMO: Egypt announced on Thursday evening the reduction in local prices of various types of fuel, to 25 piaster per litre.

The Oil Ministry announced in a statement that Egypt had cut fuel prices, in an effort to link energy prices to international markets, under the pricing mechanism supported by the International Monetary Fund.

TRIPOLI, Oct 5 (NNN-Xinhua) — The United Nations Support Mission in Libya (UNSMIL) on Friday warned against the east-based rebel army’s attempts to divide the country’s national oil company.

“The UNSMIL is alarmed by indications that parallel, unrecognized authorities in Libya are threatening the operation and management of Libya’s National Oil Corporation (NOC) and its subsidiary Brega,” the UNSMIL said in a statement.

ANKARA, Oct 5 (NNN-ANADOLU) – Airbus is expected to invest around $2.5 billion in Turkey in 2020, and that figure will jump over $5 billion by 2030, Turkish Transport and Infrastructure Minister, Cahit Turhan, said.

Turkey and Airbus have maintained a strong and successful collaboration in civilian and military aviation for some 30 years, Turhan added.

Washington, Oct 2 (PTI) Trade deals are not simple arithmetic but much more complicated as they involve a number of variables, External Affairs Minister S Jaishankar has said, exuding confidence that India and US will "find a fix" to their trade disputes with intense engagement going on between the two countries.

Trade tensions between India and the US have been rising with American President Donald Trump complaining that tariffs imposed by New Delhi on American products were "no longer acceptable".

Mumbai, Oct 4 (PTI) The Reserve Bank on Friday cut its key rates by 0.25 per cent to boost economy from six-year low saying reduction was necessary to revive growth.

With first quarter GDP growth plunging to 5 per cent, the RBI cut its estimate of economic growth in the current fiscal to 6.1 per cent from its earlier estimate of 6.9 per cent.

The repo rate, at which it lends to the system, has been brought down to 5.15 per cent to help reduce borrowing costs for home and auto loans, which are now directly linked to this benchmark.

Kolkata, Oct 4 (PTI) The economic slowdown has dimmed the lights of Bengal's biggest festival this time, forcing Durga puja organizers to scale down celebrations due to shrinking sponsorship.

Not just small-budget pujas, big-ticket ones have also curtailed their budget by nearly 15% to 30%, mostly compromising on marquee decoration, according to organisers.

On an average, setting up a theme-based marquee for the five-day fiesta, replete with safety arrangements and basic amenities, costs anything between Rs 12 lakh and Rs 30 crore in Bengal.