JUST IN: UNITED NATIONS: Warns of higher and more volatile global food prices could knock $161 billion off China’s economy and $49 billion off India’s – @AceFinanceNews

#AceFinanceNews – May.29: Rising food prices could knock $160B off China GDP, says UN

Higher and more volatile global food prices could knock $161 billion off China’s economy and $49 billion off India’s, the United Nations has warned.

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IRAQ: Receives $3 billion in easy loans and grants from IDB after a similar measure was announced by the IMF this month to help cope with a sharp decline in #oil revenue, a central bank spokesman in Baghdad said Thursday in an email – @AceFinanceNews

#AceFinanceNews – May.29: Islamic Development Bank green lights $3B loan to Iraq

The Islamic Development Bank has given its initial agreement to provide $3 billion in easy loans and grants to cash-strapped Iraq after a similar measure was announced by the International Monetary Fund this month.

The Islamic bank’s loan is aimed at helping Iraq cope with a sharp decline in oil revenue, a central bank spokesman in Baghdad said Thursday in an email.

The spokesman did not give further details.

Last year, Iraq secured $1.7 billion in loans from the World Bank and $833 million from the IMF. (YouTube)

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RUSSIA: Two of the largest banks, one of which is Sberbank, will soon incorporate Islamic banking rules into their line of work – @AceFinanceNews

#AceFinanceNews – May.29: Major Russian banks to pilot Islamic banking principles

In a noteworthy transformation, two of the largest Russian banks, one of which is Sberbank, will soon incorporate Islamic banking rules into their line of work, in a quick response to the invitation sent out by President of Tatarstan, a federal subject of Russia, Rustam Minnikhanov. Minnikhanov’s invitation revolved on how Islam-based banking had been normalized in his republic.

Russia's Sberbank has displayed interest in incorporating a specialized sector for Islam-based banking transactions. (Kiev Post)

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CHINA: Leaked minutes from the central bank show they have stepped back from its commitment to liberalize the yuan, the Wall Street Journal has reported – @AceFinanceNews

#AceFinanceNews – May.29: People’s Bank of China loses resolve to liberalise yuan

Leaked minutes from the central bank show China has stepped back from its commitment to liberalize the yuan, the Wall Street Journal has reported.

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QATAR: Launches Middle East’s biggest-ever bond sale after selling $9 billion of Eurobonds in three maturities after it faces a 46.5 billion riyal ($12.8 billion) budget deficit this year because of the continued lower #oil and #gas prices – @AceFinanceNews

#AceFinanceNews – May.29: Qatar’s $9B eurobond sale is largest ever in Middle East

Qatar has launched the Middle East’s biggest-ever bond sale after selling $9 billion of Eurobonds in three maturities.

The world’s top liquefied natural gas exporter is one of the richest countries per capita but it faces a 46.5 billion riyal ($12.8 billion) budget deficit this year because of the continued lower #oil and #gas prices.

Analysts had earlier predicted that Qatar's bond would only be valued at $5 billion. (File photo)

167.png © 2016 ITP DIGITAL

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EGYPT: #EgyptAirFlightMS804 is another blow for their tourism industry, and it comes at a time of heightened security concerns for the travel industry – @AceFinanceNews

#AceFinanceNews – May.29: Shares in UK travel firm Thomas Cook drop as tourists avoid Egypt, Turkey and Tunisia

The loss of EgyptAir flight MS804 is another blow for Egypt’s tourism industry, a cornerstone of the country’s economy, and it comes at a time of heightened security concerns for the travel industry.

Thomas Cook said more holidaymakers are spurning Egypt, Turkey and Tunisia, heading instead for the western Mediterranean, particularly Spain. (File photo)

2168.png Copyright © euronews 2016

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QATAR: Identifies nearly $20bn of investment opportunities in the sports sector ahead of its hosting of the #FIFA World Cup in 2022 – @AceFinanceNews

#AceFinanceNews – May.29: Qatar World Cup 2022: Nearly $20B in sport investments on offer

Qatar has identified nearly $20bn of investment opportunities in the sports sector ahead of its hosting of the #FIFA World Cup in 2022.

The country’s economy and commerce minister confirmed the figure at an event on Sunday, according to reports.

It includes opportunities in sports development, event management and promotion, construction, goods and equipment, marketing, tourism and maintenance, Sheikh Ahmed bin Jassim Al Thani said.

Qatar is spending up to $200B on infrastructure required to host the tournament.(Yaeni)

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EGYPT: Government approved on Thursday a $2.5 billion grant from Saudi Arabia that was agreed upon in April, the cabinet said in a statement – @AceFinanceNews

#AceFinanceNews – May.29: Egyptian cabinet approves $2.5 bln grant from Saudi Arabia -statement

CAIRO: Egypt’s government approved on Thursday a $2.5 billion grant from Saudi Arabia that was agreed upon in April, the cabinet said in a statement.

The cabinet approved a grant agreement between the governments of Egypt and Saudi Arabia in which Saudi Arabia will provide Egypt a sum of $2.5 billion to support the Egyptian economic programme,” the statement said.

The grant was first agreed in April.

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WASHINGTON: The US has imposed duties of more than 500 percent on Chinese cold-rolled steel, used to make cars and washing machines, the FT reports – @AceFinanceNews

#AceFinanceNews – May.29: US slaps a 500% import duty on Chinese steel

The US has imposed duties of more than 500 percent on Chinese cold-rolled steel, used to make cars and washing machines, the FT reports.

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