Business

by Dr Ramzy Baroud

In anticipation of next month's United Nations Security Council talks on reforming the inherently archaic and dysfunctional political body, China's Foreign Policy chief, Yang Yi stated his country's demands.

13 May 2023; MEMO: The Qatari Prime Minister and Minister of Foreign Affairs Mohammed Bin Abdul Rahman Al-Thani met Taliban officials in the Afghan city of Kandahar, in the south of the country on Friday.

Taliban spokesperson Zabihullah Mujahid posted pictures on social media on Friday of a visit by a high-ranking Qatari delegation.

11 May 2023; MEMO: Iran's Minister of Finance and Economic Affairs arrived in Jeddah, a Saudi Arabian port city on the Red Sea, on Thursday, in the first visit to the Kingdom by a senior Iranian official since the restoration of diplomatic relations, Anadolu News Agency reports.

Ehsan Khandouzi is leading a high-level economic delegation to Saudi Arabia, according to state media, as the two countries move to rejuvenate economic ties.

10 May 2023; MEMO: Saudi Arabia is planning to transform Islam's second holiest city of Madinah into a "modern Islamic and cultural destination" according to a report yesterday by Arab News.

11 May 2023; MEMO: Two days after Syria was reinstated to the Arab League at its meeting in Cairo, the Saudi Ministry of Foreign Affairs said, on Tuesday, that the Kingdom will resume the work of its diplomatic mission in Syria.

The Saudi Foreign Ministry added in its statement said that resuming the diplomatic mission's work in Syria is based on the brotherly ties that unite the Saudi and Syrian peoples and reflects keenness to contribute to developing joint Arab action.

10 May 2023; MEMO: A major state-run Israeli defence company has purchased a Greek defence company, expanding Israel's arms sector reach further into Europe.

According to Greece's AMNA news agency, the Greek company, Intracom Defence (IDE) signed a deal with Israel Aerospace Industries (IAI) yesterday for 90.91 per cent of its shares for around €60 million ($65.75 million).

Abu Dhabi oil giant, ADNOC, intends to offer 15 per cent of its shares in unit ADNOC Logistics & Services (ADNOC L&S) through an initial public offering (IPO) on the Abu Dhabi stock exchange, the company said on Wednesday, Reuters reports.

According to the report, ADNOC will offer about 1.1 million shares in its maritime logistics services unit, which is expected to list on 1 June, subject to market conditions, the statement said.

10 May 2023; MEMO: Iran's defence minister said on Monday that his country is ready to provide the Syrian armed forces with the latest defensive weapons. Brigadier General Mohammad Reza Ashtiani made his comment after a meeting last week with his Syrian counterpart, General Ali Abbas, in Damascus.

Islamabad, May 9 (PTI) Pakistan, China and Afghanistan have agreed to forge closer economic ties by extending the Beijing-backed China-Pakistan Economic Corridor (CPEC) to Afghanistan to fully harness the country's potential as a hub for regional connectivity.

Mumbai, May 9 (PTI) The rupee fell 27 paise to close at 82.05 (provisional) against the US currency on Tuesday, weighed down by a strong greenback against major rivals overseas and a muted trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 81.84 against the dollar and slipped below the 82 levels to close at 82.05 (provisional), down 27 paise from its previous close.

During the day, the rupee witnessed a high of 81.83 and a low of 82.15 against the greenback.