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Amazon Web Services awarded $700 million contract by U.S. Navy
Amazon Inc's cloud computing division was awarded a $723.9 million enterprise software license contract by the United States Navy. With the deal, the Navy will be able to access Amazon…
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Oil producers from OPEC and non-OPEC sign historic declaration
Ten non-OPEC oil-producing countries and OPEC Member Countries signed the Declaration of Cooperation (DoC) on 10 December 2022. At the OPEC Headquarters in Vienna, Austria, OPEC Member…
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COVID infections increase in China after controls are loosened
After the Communist Party loosened anti-virus rules as it tried to reverse a deepening economic slump, a surge of COVID-19 cases was reported in schools and businesses across China on…
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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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