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Lebanese farmland firm to invest up to $800m in Sudan KHARTOUM: Lebanese farmland investor GLB Invest plans to invest up to $800 million in Sudan to produce animal feed to be sold to Saudi Arabia, its president said on Tuesday.Arab investors have launched farmland and livestock projects in the vast African country, prized for its fertile soil and easy access to irrigation water from the Nile, to help arid Gulf oil producers secure food supplies.Firas Badra, president of Beirut-based GLB Invest, said the firm had leased 78,000 hectares of land 130 km north of Khartoum to produce and export 40,000 tonnes annually of animal feed from January to Saudi Arabia."We are starting now with 40,000 tonnes for the time being and the project will have a maximum capacity of 750,000 tonnes by 2019," Badra told Reuters on the sidelines of an Arab food investment conference in the Sudanese capital."Next year we are going to reach 250,000 tonnes," he said. "Saudi ...

British official inflation slows to 2.4pc in April LONDON: British 12-month inflation slowed to 2.4 percent in April, hitting a seven-month low on the back of lower transport costs and oil prices, official data showed on Tuesday."The Consumer Prices Index (CPI) grew by 2.4 percent in the year to April 2013, down from 2.8 percent in March," the Office for National Statistics (ONS) said in a statement.That was the lowest level since September 2012 when it stood at 2.2 percent.Falling transport costs, particularly ...

Venezuela opposition says tape shows ruling party rift CARACAS: The Venezuelan opposition has released what it says is an audio tape revealing intrigue within the ruling socialist party of the late Hugo Chavez and Cuban meddling in the country's affairs.The opposition says the tape is of a conversation between well-known state media presenter Mario Silva and a Colonel Aramis Palacios, identified as a Cuban intelligence agent, about a rift among Venezuela's top leadership.In the tape, Silva accuses Diosdado Cabello, president of the National ...

Obama declares major disaster in Oklahoma after deadly tornadoes WASHINGTON: US President Barack Obama declared a major disaster in Oklahoma after deadly tornadoes struck the state on Sunday and Monday and ordered federal aid to supplement state and local recovery efforts, the White House said on Monday.The White House said aid can include grants for temporary housing, home repairs, uninsured property losses and other recovery efforts.Obama spoke by telephone with Oklahoma Governor Mary Fallin earlier on Monday, the White House said.Copyright Reuters, 2013

Kerry to help ink $2.1bn defence deal in Oman SHANNON: US Secretary of State John Kerry will help ink a major estimated $2.1 billion proposed deal with Oman to supply a US-made air-defense system to the Gulf nation, officials said Tuesday.One of the main focuses of Kerry's trip to Muscat was to applaud the signing of a letter of intent between Oman and US manufacturer Raytheon ahead of talks on the final contract, they told reporters traveling with him to Oman."In January the Omanis ...

Obama speaks to Italian PM WASHINGTON: US President Barack Obama called new Italian Prime Minister Enrico Letta on Monday, to congratulate him after taking office after a prolonged period of political uncertainty."The president expressed support for Prime Minister Letta's focus on reducing youth unemployment and looked forward to further discussions about promoting economic growth at the June G8 Summit," a White House statement said."The two leaders also discussed, as allies and as friends, mutual cooperation on North African security and ...

China PM vows to open up markets to India NEW DELHI: Visiting Chinese Premier Li Keqiang pledged on Tuesday to open up domestic markets to Indian businesses and narrow a gaping trade deficit between the two countries."As for Indian concerns over the trade deficit, the Chinese side is willing to provide facilitations for more Indian products to access the Chinese market," Li said during a speech in New Delhi."I am confident we have the ability to mitigate the trade imbalance between our two countries," ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln