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Arab Bank Group profits grow by 38% to $252 million for the first half of 2022

Arab Bank Group has reported a net income of $252 million for the first half of 2022, recording an increase of 38% from last year.

Chairman of the Board of Directors, Sabih Masri, stated that the performance in the first half of the year reflects the Group’s prudent operating policies and strong financial position, despite challenging economic environment.

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First ship with Ukraine grain cleared to sail on to Lebanon

The first grain ship to depart Ukraine under a wartime deal entered the Bosporus Strait on the way to Lebanon after its cargo was checked and approved Wednesday, Turkish and Ukrainian authorities said.

An inspection team spent about 90 minutes conducting checks aboard the Sierra Leone-flagged Razoni, which was carrying Ukrainian corn and anchored off Istanbul, Turkey's defense ministry said.

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China blocks some Taiwan imports but avoids chip disruption

China blocked imports of citrus and fish from Taiwan in retaliation for a visit by Nancy Pelosi, a top American lawmaker, to the self-ruled island but has avoided disrupting one of the world's most important technology and manufacturing relationships.

The two sides, which split in 1949 after a civil war, have no official relations but multibillion-dollar business ties, especially in the flow of Taiwanese-made processor chips needed by Chinese factories that assemble the world's smartphones and other electronics.

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Oueidat allows flour ship to sail but it remains detained by Tripoli court

Lebanon's prosecutor general decided a Syrian ship allegedly carrying Ukrainian grain stolen by Russia may leave a port in the country's north, officials said Tuesday. The move came after an investigation showed the vessel wasn't carrying stolen goods.

However, the Laodicea cannot immediately leave the port of Tripoli because a judge ordered Monday that it may not sail for 72 hours at the request of Ukrainian authorities. If the judge does not extend the order, the ship could sail in two days, a move likely to anger Ukraine.

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Japan truckmaker Hino says emissions data faked for 20 years

Hino Motors, a truck maker that's part of the Toyota group, systematically falsified emissions data dating back as far as 2003, according to the results of an investigation released Tuesday.

President Satoshi Ogiso bowed deeply at a hastily called news conference and apologized to customers and other stakeholders.

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Sri Lankans bide time as leaders seek fix for economic woes

Sri Lankans who have endured months of fuel and food shortages are bracing for more pain as a newly installed government scrambles to find solutions to the Indian Ocean nation's economic emergency.

Like many others, fish monger Gamini Mallawarachchi says he is pinning his hopes on President Ranil Wickremesinghe 's ability to revive the economy and restore stability after months of turmoil and protests.

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US ambassador to Japan warns of Chinese economic coercion

The United States is working with Japan and other likeminded countries to counter China's efforts to use its economic might to force political change around the world, the U.S. ambassador to Japan said Tuesday in an interview with The Associated Press.

Rahm Emanuel, who was previously mayor of Chicago and chief of staff for President Barack Obama, is pushing what he calls "commercial diplomacy," the idea that the United States and Japan will be more eager to do business with each other and with similar secure and stable countries amid worries caused by the COVID pandemic, the war in Ukraine and Chinese economic coercion.

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Markets drop over China-US tensions

Asian and European stock markets fell Tuesday as investors dumped risky equities on spiking U.S.-China tensions over a possible visit by House Speaker Nancy Pelosi to Taiwan.

"Tensions ramped up on reports that Pelosi is due to visit Taiwan later this evening," noted CMC Markets analyst Michael Hewson.

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Iran slams 'destructive' US sanctions targeting oil trade

Iran on Tuesday slammed as "destructive" new U.S. sanctions targeting its crucial energy sector and vowed a response, at a time when nuclear talks have stalled for months. 

U.S. President Joe Biden's administration "is not stopping this unproductive and destructive action even at a time when efforts are underway to resume negotiations to revive the Iran nuclear deal," said foreign ministry spokesman Nasser Kanani. 

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Bad weather slows Ukrainian grain ship bound for Lebanon

The first cargo ship to leave Ukraine since Russia invaded its neighbor more than five months ago has run into bad weather in the Black Sea and is set to arrive later than scheduled in Istanbul, a Turkish official said Tuesday.

The Sierra Leone-flagged Razoni, which set sail from the Ukrainian port of Odesa on Monday, is now expected to reach Istanbul early Wednesday, according to Rear Admiral Ozcan Altunbulak, a coordinator at the joint center established to oversee the grain shipments.

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