Business & Economy

India: Infrastructure push for Ayodhya in UP budget

Lucknow, Feb 18 (PTI) With an aim to develop Ayodhya as a tourist attraction, the Uttar Pradesh government in its budget for 2020-21 has made a special provision of Rs 500 crore for an airport in the city.

Apart from it, the state government will spend Rs 85 crore on the development of a high-class infrastructure in the pilgrim city.

Malaysia: Stimulus package to mitigate Covid-19 impact, assist industries

CYBERJAYA, Feb 17 (NNN-BERNAMA) — Malaysia’s upcoming economic stimulus package, which would be announced next week, would serve to mitigate the financial impact of Covid-19 and help industries rebound when the outbreak is contained.

Finance Minister Lim Guan Eng said Malaysia is among the earliest to launch the package even though the impact of the outbreak has yet to be ascertained.

“The announcement which would be made by Prime Minister Tun Dr Mahathir Mohamad showed that the government places emphasis and priorities on the challenges posed by the outbreak.

Rio Expects One Billion Reais In Revenue From Carnival Holiday

RIO DE JANEIRO, Feb 18 (NNN-PRENSA LATINA) – Rio de Janeiro will receive one billion reais (232 million U.S. dollars) in revenue, from the upcoming Carnival holiday, the Rio Trade Federation (Fecomercio-RJ) estimated, on Monday.

According to Fecomercio-RJ, Rio is consolidated as a cultural and entertainment destination for the Carnival period, with the local tourism agency, Riotur estimating seven million people to attend Carnival festivities all over the city.

Iranian Parliament Speaker Supports Lebanon In All Fields

BEIRUT, Feb 18 (NNN-XINHUA) – Iran’s Speaker of Parliament, Ali Larijani, said Monday that, his country is ready to help Lebanon in all fields, amid an absence of support by the international community, local Al Manar TV channel reported.

“We discussed today (yesterday), with Lebanese officials, the potential of offering support to Lebanon’s industry, economy and agriculture,” Larijani said, during a press conference held at the Iranian embassy in Lebanon.

Larijani added that, Lebanon can benefit from Iran’s expertise in the power, medical and educational sectors.

Moody's cuts India growth projection to 5.4 pc for 2020

New Delhi, Feb 17 (PTI) Moody's Investors Service on Monday slashed India's growth forecast to 5.4 per cent for 2020 from 6.6 per cent projected earlier on slower than expected economic recovery.

In its update on Global Macro Outlook, Moody's said India's economy has decelerated rapidly over the last two years and expects economic recovery to begin in the current quarter.

Trump threatens intelligence block over Huawei: US diplomat

Washington, Feb 17 (AFP/PTI) The United States' ambassador to Germany said Sunday that President Donald Trump had threatened to cut off intelligence-sharing with countries that dealt with Chinese tech firm Huawei.

Washington has been pressing allies to ban Huawei, one of the world's largest tech firms, from next-generation 5G mobile data networks, saying it is a security risk.

Singapore economy grew 0.7 percent in 2019

SINGAPORE, Feb 17 (NNN-BERNAMA) — Singapore’s economy grew by 0.7 per cent in 2019, slower  than the 3.4 per cent growth recorded in 2018, according to the republic’s Ministry of Trade and Industry (MTI).

For 2020, MTI said, it has downgraded the Gross Domestic Product (GDP) growth forecast to -0.5 to 1.5 per cent, with growth expected to come in at around 0.5 per cent, the mid-point of the forecast range. 

Brexit: France warns UK of bitter trade negotiations

MUNICH (Germany), Feb 17 (NNN-AGENCIES) — France has warned Britain to expect a bruising battle with the EU in post-Brexit trade negotiations.

French foreign minister Jean-Yves Le Drian predicted the two sides would “rip each other apart” as they strove for advantage in the negotiations.

He also said it would be tough for the UK to achieve its aim of agreeing a free trade deal by the end of the year.

The UK government said it wanted a deal based on “friendly co-operation between sovereign equals”.

Turkey looking to re-open northern Cyprus ghost town after 46 years

16 Feb 2020; MEMO: Turkish and northern Cypriot officials met on Saturday in an abandoned town wrecked by war to discuss potentially re-opening the area after 46 years, a move that Ankara said was a “historic” opportunity to bring tourism and economic benefits, reported Reuters.

Maras, previously known as Varosha, a southern suburb of Famagusta, has been fenced off and abandoned since Turkey invaded northern Cyprus after a Greek-inspired coup in 1974.

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