Business

RIYADH, Nov. 18 (Xinhua) -- Saudi Arabia expects tourism revenues to exceed 56.2 billion U.S dollars by year end, Saudi Press Agency reported Sunday.

According to a report by Tourism Information and Research Center of the Saudi Commission for Tourism and National Heritage, the tourism has grown at a much faster rate than the wider economy in recent years, after a series of government measures to boost the sector.

ISLAMABAD, Nov. 18 (Xinhua) -- Pakistan's Federal Minister for Finance, Revenues, and Economic Affairs Asad Umar said on Sunday that the country is likely to receive the first tranche of aid worth 1 billion U.S. dollars from Saudi Arabia on Monday.

Talking to local media in Islamabad, Asad Umar said that the second and the third tranche of the Saudi money are expected to reach Pakistan over the course of the next two months.

TEHRAN, Nov. 18 (Xinhua) -- Iran and Iraq are in talks to finalize a currency swap agreement in a bid to boost trade ties between the two neighboring countries, a trade official was quoted as saying by Tasnim news agency on Sunday.

Iraq is a lucrative market for Iranian goods, and Iranian exports to the Arab country have increased by 30 percent over the past seven months, Yahya Ale-Eshaq, chairman of Iran-Iraq Chamber of Commerce said.

In the mentioned period, goods worth about 6 billion U.S. dollars have been exported from Iran to Iraq, Ale-Eshaq said.

18 Nov 2018; DW: In a speech to Germany's parliament French President Emmanuel Macron has called for a new Franco-German alliance to equip Europe for future challenges. His visit came on Germany's annual war remembrance day.

French President Emmanuel Macron told German lawmakers on Sunday that it was up to France and Germany to build a modern, efficient, democratic Europe fit for the future.

LONDON (AP) — Britain’s besieged Prime Minister Theresa May warned Sunday that a leadership change wouldn’t make Brexit negotiations easier, as opponents in her Conservative Party threaten to unseat her and the former Brexit secretary suggested she failed to stand up to bullying from European Union officials.

As furious Conservative rebels try to gather the numbers to trigger a no-confidence vote, May insisted she hadn’t considered quitting.

PORT MORESBY, Papua New Guinea (AP) — An acrimonious meeting of world leaders in Papua New Guinea failed to agree Sunday on a final communique, highlighting widening divisions between global powers China and the U.S.

The 21 nations at the Asia-Pacific Economic Cooperation summit in Port Moresby struggled to bridge differences on the role of the World Trade Organization, which governs international trade, officials said. A statement was to be issued instead by the meeting’s chair, Papua New Guinea Prime Minister Peter O’Neill.

17 Nov 2018; AFP: Protectionist actions are short-sighted and doomed to fail, Chinese President Xi Jinping said Saturday ahead of an APEC summit at which US-China trade tensions are likely to take centre stage.

"Attempts to erect barriers and cut close economic ties work against the laws of economics and the trends of history. This is a short-sighted approach and it is doomed to failure," Xi told business leaders on the sidelines of the summit.

17 Nov 2018; AFP: China and the US crossed swords Saturday ahead of an APEC summit, duelling over protectionism, trade tariffs and "chequebook diplomacy" as they laid out sharply contrasting visions for the Pacific Rim region.

In combative back-to-back speeches at a business forum held on a hulking cruise ship moored in Port Moresby, Xi Jinping and US Vice-President Mike Pence pulled few punches.

The feisty exchanges laid the ground for what could be a fiery encounter between the Chinese leader and President Donald Trump at next month's G20 in Argentina.

KANPUR: Ample fund has been allotted for development works in the city that was transferred from the 14th Finance Commission Fund.

Even the Mayor has been provided with a sum of Rs 7 crores for initiating development works.

MILAN (AP) — Chinese consumers will remain the driving force for the luxury goods market, according to a new study by Bain consultancy released Thursday that shows they will fuel nearly half of global high-end sales by 2025.

Chinese shoppers will account for 46 percent of global luxury sales of an estimated 365 billion euros ($412 billion) in just six years, Bain said in the study, which was prepared for Italy’s Altagamma association of high-end producers. That’s up from one third of all sales of luxury apparel, accessories and cosmetics last year.