Special to WorldTribune.com Russia is in the midst of a gold rush. A recent spending spree by Moscow’s central bank has made Russia the world’s top gold buyer. Moscow added 356,000 ounces of the precious metal to its reserves in February, according to data from the International Monetary Fund (IMF). Russia continued to hoard gold […]
Special to WorldTribune.com Sinking oil prices are weighing heavily on Mideast economies. In Saudi Arabia, the construction sector has been hit hard by low oil prices as several firms with government contracts are failing to make payroll. The Riyadh government has significantly cut spending on building projects as it seeks to reduce a budget deficit […]
Special to WorldTribune.com An unprecedented frenzy of bank withdrawals followed the collapse of talks between Greece’s government and its eurozone lenders as officials confirmed the country can’t make a 1.6 billion Euro payment to the International Monetary Fund (IMF) due by June 30 without a re-worked deal. Greece’s top negotiator, Euclid Tsakalotos, told Reuters the […]
Special to WorldTribune.com ABU DHABI — The Gulf Cooperation Council has been flooded by foreigners. A senior GCC official said the six Gulf Arab states were threatened by millions of foreigners. The official said the foreigners, most of them laborers, were establishing private economies. “The growth of such an economy is bound to cause huge […]
Special to WorldTribune.com WASHINGTON — Congress has relayed another warning to Egypt that its policy endangers U.S. military assistance. The Senate has sent a letter to the Egyptian military regime that cited harassment of non-governmental organizations. In a letter to Egyptian Field Marshal Hussein Tantawi, 11 senators raised the prospect of a cutoff of U.S. […]
Special to WorldTribune.com NICOSIA — The Arab world, shaken by major revolts in several countries, has experienced a sharp economic decline. Leading Middle East bankers have warned that Arab League states were plunged into what they termed a “state of emergency.” They said the pro-democracy revolts in such countries as Bahrain, Egypt, Libya, Syria and […]