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US Treasury has penalized a prominent Turkish executive with Iran oil sanctions
A prominent Turkish businessman has been sanctioned by the Biden administration for violating U.S. restrictions on the sale of Iranian oil, the Associated Press reports. Several…
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Spending by governments on clean energy transitions rises to $1.2 trillion
As the global energy crisis spurs new policies aimed at cutting reliance on fossil fuels, global government spending on clean energy has risen by more than $500 billion since March,…
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UAE implements federal law to charge nine percent corporate tax on profits
The UAE issued Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”). From 1 June 2023, businesses will be subject to UAE Corporate…
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Japan provides $110 million soft loan to support the energy sector in Jordan
The Jordanian Ministry of Planning and International Cooperation signed a Memorandum of Understanding (MoU) for a 15 billion JPY ($110 million) soft loan provided by the Japanese…
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Pakistan urgently seeks $3 billion from KSA after plunge in forex reserves
Pakistan has requested Saudi Arabia to urgently provide $3 billion in cash after its foreign exchange reserves fell to a critically low level. During his maiden visit to the country,…
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With a $30 billion power grid upgrade, India to triple clean-power capacity by 2030
In order to achieve its goal of nearly tripling the country's clean-power capacity by 2030, the Indian government, under Prime Minister Narendra Modi, has unveiled a Rs 2.44 lakh crore…
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Growth prospects for the Indian economy are bullish – World Bank
Considering India's increased resilience to global shocks, the World Bank raised its GDP growth forecast for FY23 to 6.9%. In its India Development Update, the World Bank stated that…
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No more Indian basmati rice or tea for Iran as both nations discuss a rupee trade deal
Since last week, Iran has stopped signing any deals to import tea and basmati rice from India. The reason for this sudden stoppage has not been clarified by Iranian buyers, but Indian…
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Northrop Grumman unveils the B-21 nuclear bomber for the US Air Force
As the first of a new fleet of long-range stealth nuclear bombers for the United States Air Force, Northrop Grumman Corp unveiled its next-generation B-21 Raider jet. In Palmdale,…
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Russian oil to be purchased by India despite sanctions
According to an official from the Indian Oil Ministry, the country will continue to purchase Russian crude oil even after the embargo and price cap are implemented on December 5. India…
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