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Turkish business groups call for Saudi action to resolve trade problems By Reuters

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ISTANBUL (Reuters) – Turkey’s leading business groups urged Saudi Arabia on Saturday to take action to improve trade relations as Turkish firms encounter growing problems in doing business with the Gulf Arab state.

Saudi Arabia and Turkey have been at odds for some years over foreign policy and attitudes towards Islamist political groups. The murder of Saudi journalist Jamal Khashoggi in the Saudi consulate in Istanbul in 2018 sharply escalated tensions.

For more than a year, some Saudi and Turkish traders have speculated that Saudi Arabia was enforcing an informal boycott of imports from Turkey.

“Any official or unofficial initiative to block trade between the two countries will have negative repercussions on our trade relations and be detrimental to the economies of both countries,” eight Turkish business groups, including textile exporters and contractors, said in a statement on Saturday.

Saudi Arabia’s government media office has said authorities have not placed any restrictions on Turkish goods.

Last week, however, Ajlan al-Ajlan, the head of Saudi Arabia’s non-governmental Chambers of Commerce, called for a boycott of Turkish products in response to what he called continued hostility from Turkey.

“We deeply regret the discriminatory treatment that our companies face in Saudi Arabia…We expect Saudi authorities to take concrete initiatives to resolve the problems,” said the business groups, which included the Foreign Economic Relations Board (DEIK), exporters’ assembly TIM and the chambers and commodity exchanges union (TOBB).

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Economy

Zeta regains hurricane strength, set for Louisiana landfall By Reuters

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© Reuters. Residents prepare for the arrival of Hurricane Zeta in New Orleans

(Reuters) – Zeta has strengthened again into a hurricane and is expected to make landfall in southeastern Louisiana on Wednesday afternoon, the U.S. National Hurricane Center (NHC) said.

Hurricane Zeta, located about 365 miles (585 km) south-southwest of the mouth of the Mississippi River, is packing maximum sustained winds of 75 mph (120 kph), the NHC added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Israeli-Japanese VC fund Aristagora raises $60m

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The fund focuses on deep technologies and will invest $500,000 to $1.5 million as an initial investment in each selected initiative.


Israeli-Japanese seed-stage tech investment Aristagora VC has announced its first $60 million fund. The fund focuses on deep technologies and will invest $500,000 to $1.5 million as an initial investment in each selected initiative. As a fund with deep financial capabilities, Aristagora VC will support its portfolio companies’ growth through next-stage funding rounds and will serve as a feeder for later-stage and growth-stage funds and will focus on multi-stage exit strategies.

Aristagora VC will also bring another significant advantage to its portfolio companies. As one of the fund’s active general partners hails from Japan and manages private equity and investment activities in Tokyo, the fund will also provide a foot in the door for its portfolio companies to make connections and secure significant business relationships within the Japanese market, known to be hard for foreigners to penetrate..

The fund’s Israeli managing partners are Anat Tila Cherni and Moshe Sarfaty, both experience venture capital investors, while the chairman of the fund’s Investment Committee is Gideon Ben-Zvi. The fund’s fourth partner, Takeshi Shinoda, operates out of Japan and Singapore.

He said, “From my vantage point in Japan, I know exactly what needs to be done to penetrate the Japanese and Asian markets. My local team and I will ensure that the fund’s portfolio companies are brought to the local market at the right time and in the best possible way. We will help Israeli entrepreneurs with their diverse Israeli mentalities to adapt themselves to the local market while also holding on to the many benefits that led us to focus on the Israeli market in the first place.”

Published by Globes, Israel business news – en.globes.co.il – on October 27, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020



Aristagora VC partners  / Photo: Doron Latzter

Aristagora VC partners / Photo: Doron Latzter



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Australians Favor Clean Energy to Boost Economy Over Gas Plan By Bloomberg

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© Bloomberg. An NSW Rural Fire Service volunteer douses a fire during back-burning operations in bushland in New South Wales, Australia in 2019.

(Bloomberg) — Most Australians would prefer investment in clean energy to help lift the economy out of its Covid-induced recession to the government’s plan for a “gas-fired” recovery.

Just 12% of respondents in a survey commissioned by The Australia Institute supported the emphasis on gas in driving the revival, compared with 59% who said they would prefer renewable power to be central. The findings reflect growing concerns in a country ravaged by one of its worst bushfire seasons on record earlier this year, according to the climate-focused think tank.

“There is one clear message: most Australians want more renewables and less fossil fuels,” said Richie Merzian, AI’s climate and energy director. “That means phase out coal-fired power stations, bypass a gas-fired transition and plug into renewables to power their future.”

Prime Minister Scott Morrison’s government has backed fossil fuels and refused to set any target to reach zero emissions even as key export markets including China and Japan pledge to intensify their efforts. U.K. Prime Minister Boris Johnson urged Morrison to take “bold action” on climate change, including a net-zero goal, in a phone conversation between the two leaders on Tuesday, the Sydney Morning Herald paper reported.

Last month, the government rolled out a suite of energy policy initiatives aimed at helping the economy pull out of its first recession in 30 years. They included incentives to develop new gas resources and pipeline infrastructure and a promise to build a new gas-fired generation plant if private operators didn’t commit to replacing a retiring coal power station.

Around 80% of those surveyed said Australia was already experiencing the impact from climate change, while 82% were concerned that global warming would make bushfires worse in the years ahead.

Opinion polls in Australia often show strong support for tougher action to combat climate change, but the evidence suggests that does not necessarily translate to votes. In the 2019 national election, the opposition Labor Party fought on a strong green platform, including a climate target that went beyond the country’s Paris Agreement commitments, yet the pro fossil fuels center-right Liberal Party still won with a bolstered majority.

The survey, conducted in July by YouGov on behalf of AI, questioned about 2,000 people spread evenly across Australia’s states and territories.

(Updates with U.K. Prime Minister comments in fourth paragraph)

©2020 Bloomberg L.P.

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