DIRS.INFO The most relevant business & tech news

This black market for foreign currencies is among the signs of the economic woes plaguing Algeria. In the oil-rich North African nation, business owners are rumored to be dumping their assets and scrounging up euros on the black market so their wealth isn't stuck. The government estimates roughly $7 billion worth of foreign currency trades hands on the country's black market. Traders are intimately aware that the gap between the official and black market exchange rate can narrow or widen by the day. The growing chasm between the official and black market rates meant fewer euros are getting into the country, he said.

Persons: isn't, Belamane, Nourdine Sadaoui, Hicham Safar, “, ”, Abdelmajid Tebboune, Karim Allam Organizations: Associated Press, Traders, “, Bank of Locations: ALGIERS, Algeria, Algiers, Mecca, Europe's, Lebanon, Nigeria, Bank of Algeria, Ukraine, Europe, Russian

A deal for a temporary cease fire was inching into view in Israel's war against Hamas, but Prime Minister Benjamin Netanyahu tempered expectations by vowing that the war would continue even if a deal is reached. “We are at war, and we will continue the war,” he said. Israel has vowed to continue the war until it destroys Hamas’ military capabilities and returns all hostages. Turkish President Recep Tayyip Erdogan, whose government maintains ties with Hamas officials, said Turkey’s foreign minister and intelligence chief were working with Qatari officials to negotiate releases. Hamas has released four hostages, Israel has rescued one, and the bodies of two were found near Shifa.

Persons: Benjamin Netanyahu, Netanyahu, Israel, Gaza — Israel, NETANYAHU, ”, “, Mostafa Madbouly, ” Madbouly, Israel —, Hadas Kalderon, Kalderon, John Kirby, Kirby, “ We’ve, ” NETANYAHU, ‘, ” Netanhayu, Khalil al, Hayya, Valdis Dombrovskis, ” BIDEN, WASHINGTON, Joe Biden, ” “, ” Biden, Biden's, Recep Tayyip Erdogan, Erdogan, Abdelmadjid Tebboune, Tebboune, ” Tebboune, ” Erdogan, Israel’s, Asad, Assad, Qassim Abdul, Bassem, Tara Copp, Benjamin Netanyahu’s, Sergey Lavrov, Lavrov, ” Lavrov, Ziad Makary, Farah Omar, Rabih Maamari, Kfar Kila, Laiqa Serhan, Reuters videojournalist, Abduallah, Qatar’s Al, Izzat, Ismail Haniyeh, Goren, Tal Chaimi, ” Netanyahu, Mosab Abu Toha, Hamza Abu Toha, Mosab, Hamza, ” Mosab Abu Toha, Abu, Abu Toha Organizations: Hamas, Senior, Palestinian, Troops, Health Ministry, West Bank, WAR, JERUSALEM, CAIRO —, Israel, White, National Security, Israel —, European Union, ” EU, HIT ISRAEL, Algerian, International Criminal, Hezbollah, Cabinet, MUSLIM, Arab League, Organization of Islamic Cooperation, United Nations Security Council, Lebanese, National News Agency, Reuters, Agence France, Jazeera, SEA DUBAI, United Arab Emirates, Galaxy Leader, U.S . Navy, OFFICIAL, PEN, Yorker Locations: Israel, United States, Qatar, Gaza, Gaza City, Gaza —, Iran, Yemen, Egypt, Cyprus, israel, Israeli, EGYPT, CAIRO, TEL AVIV, HAIFA, Beirut, EU, STRASBOURG, France, TURKEY, ALGERIA, GAZA ALGIERS, Algeria, Turkey, Turkish, BAGHDAD, Iraq, U.S, al, Baghdad, Anbar, Syria, Zahra, Bassem Mroue, Washington, JERUSALEM, “, Russian, Moscow, Russia, LEBANON, ISRAEL, BEIRUT, Lebanon, Kibbutz Manara, Kfar, IRAN, YEMEN, United Arab, Tehran, American, Red, Persian, Hormuz, Shifa

ALGIERS, Algeria (AP) — Algerian President Abdelmadjid Tebboune on Saturday dismissed the country's prime minister and replaced him with the head of his cabinet as the country struggles with inflation and next year's national elections approach. Benabderahmne's sacking comes three years into Tebboune's tenure and is the latest upheaval to shape North African politics. In August, Tunisia's president dismissed his prime minister, while the head of Algeria's powerful state-run oil company and eight of his vice presidents were dismissed several weeks ago. For Tebboune, the changing of the guard takes place at a time of economic anxiety and ahead of next year's presidential elections. Larbaoui, the incoming prime minister, rose from being an athlete on Algeria's national handball team to a member of the country's diplomatic corps, having served as Algeria's ambassador to Egypt and the United Nations.

Persons: Abdelmadjid Tebboune, Aimene, Mohamed Labaoui, Benabderahmne's, Tebboune's, Abdelaziz Bouteflika, Tebboune, ”, Larbaoui Organizations: Saturday, handball team, United Nations Locations: ALGIERS, Algeria, Tebboune, Ukraine, Europe, East, North Africa, Gaza, Israel, Egypt

☆ Algeria proposes transition to resolve Niger crisis
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Francis Kokoroko/File Photo Acquire Licensing RightsAug 29 (Reuters) - Algeria is proposing an initiative to resolve the political crisis in neighbouring Niger with a six-month transition period led by a civilian, Foreign Minister Ahmed Attaf said on Tuesday. Attaf, who recently toured West African states, said "most of the countries we have talked to are against military intervention to end the crisis". Algeria has repeatedly said it was against military intervention, pointing to the chaos that followed NATO action in Libya in 2011 during its uprising against longtime leader Muammar Gaddafi. Algerian officials have spoken three times since the coup to the Niger military leader, who wants a transitional period of up to three years, Attaf said. Last week Algerian state television said President Abdelmadjid Tebboune had denied permission to France for a possible military operation in Niger, but France denied it had sought any such permission.

Persons: Francis Kokoroko, Ahmed Attaf, Attaf, Muammar Gaddafi, Abdelmadjid Tebboune, Lamine Chikhi, Angus McDowall, Andrew Cawthorne, Alex Richardson Organizations: Defense, REUTERS, West, ECOWAS, NATO, United Nations, Thomson Locations: Republic of Niger, Accra, Ghana, Algeria, Niger, West African, Libya, Sahel, Algerian, France

☆ Fact Check-Video shows military vehicles in Algeria, not Niger
▼ + stars: | 2023-08-18 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A video of a military parade in Algeria is being falsely claimed online to show the Algerian army arriving in Niger. Reuters verified the exact location of the video using satellite imagery to be in Algeria, not Niger. The column of military vehicles in the clip is travelling on the eastbound carriageway of Rocade Nord d’Alger, opposite a service point for logistics giant DHL. The military vehicles in the video also have posters with "60" stuck on them. The video shows military vehicles in Algeria, not Niger.

Persons: ”, Algeria’s, Abdelmadjid Tebboune, Read Organizations: Economic, West, Reuters, Rocade Nord d’Alger, DHL, Google, Vehicles, Algerian Locations: Algeria, Algerian, Niger, States, Rocade Nord

☆ Morocco wants normal ties with Algeria, king says
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +1 min

RABAT, July 29 (Reuters) - King Mohammed VI said on Saturday Morocco hopes for a return to normality and open borders with Algeria amid severed diplomatic ties. Algeria unilaterally cut ties with Morocco in 2021 and halted the flow of a gas pipeline to Spain via Morocco. The Western Sahara dispute has been at the heart of worsening ties between the two countries. Morocco considers the territory its own, but the Algerian-backed Polisario front wants to establish an independent state there. "I should like to tell the leaders and people of our sister nation, Algeria, that no evil will ever be done to them, nor will any harm ever come to them from Morocco," king Mohammed said.

Persons: King Mohammed VI, Mohammed said, Abdelmedjid Tebboune, Ahmed Eljechtimi, Alistair Bell Organizations: Morocco, Moroccan, Polisario, Thomson Locations: RABAT, Algeria, Maghreb, Morocco, Spain, Algerian, Western Sahara, Rabat, Tel Aviv

☆ Algeria applies to join BRICS, would contribute $1.5 billion to group bank
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

TUNIS, July 21 (Reuters) - Algeria has applied to join the BRICS group and submitted a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion, Ennahar TV quoted Algerian President Abdelmadjid Tebboune as saying. It added that Tebboune said at the end of his visit to China that Algeria had sought to join the BRICS to open new economic opportunities. The BRICS group of nations comprises Brazil, Russia, India, China, and South Africa. "We officially applied to join the BRICS group, we sent a letter asking to be shareholder members in the bank ... Algeria's first contribution in the bank will be $1.5 billion," Ennahar quoted Tebboune as saying. China will invest $36 billion in Algeria across sectors including manufacturing, new technology, the knowledge economy, transport, and agriculture, local media quoted Tebboune as saying this week.

Persons: Abdelmadjid Tebboune, Tebboune, Algeria's, Ennahar, Tarek Amara, Louise Heavens, Alison Williams Organizations: BRICS Bank, United Arab, Democratic, Thomson Locations: TUNIS, Algeria, China, North Africa, Brazil, Russia, India, South Africa, South, Argentina, Iran, Saudi Arabia, United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, Kazakhstan

☆ Algeria applies to join BRICS, would contribute $1.5 bln to group bank
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

TUNIS, July 21 (Reuters) - Algeria has applied to join the BRICS group and submitted a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion, Ennahar TV quoted Algerian President Abdelmadjid Tebboune as saying. It added that Tebboune said at the end of his visit to China that Algeria had sought to join the BRICS to open new economic opportunities. The BRICS group of nations comprises Brazil, Russia, India, China, and South Africa. "We officially applied to join the BRICS group, we sent a letter asking to be shareholder members in the bank ... Algeria's first contribution in the bank will be $1.5 billion," Ennahar quoted Tebboune as saying. More than 40 countries have expressed interested in joining the BRICS group of nations, South Africa's top diplomat in charge of relations with the bloc said this week.

☆ Putin says Russia would have crushed rebellion, vows 'justice' for mutiny organizers
▼ + stars: | 2023-06-26 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

Russian President Vladimir Putin grimaces during his joint press conference with Algerian President Abdelmajid Tebboune (not pictured) at the Grand Kremlin Palace, June,15,2023, in Moscow, Russia. WASHINGTON — Russian President Vladimir Putin said Monday the organizers of an armed mutiny over the weekend will be "brought to justice" and that his military would have put down the rebellion anyway. In exchange for his turning back, a criminal case against Prigozhin was dropped and he was permitted to leave Russia for Belarus. On Monday, Putin said any "armed rebellion would have been put down anyway." Prigozhin has said his goal was never to seize political control of the Kremlin and overthrow Putin, but rather to protest a planned dissolution of his Wagner Group, his private army.

Persons: Vladimir Putin grimaces, Abdelmajid Tebboune, Vladimir Putin, Wagner, Yevgeny Prigozhin, Putin, Prigozhin, Sen, Mark Warner Organizations: Algerian, WASHINGTON —, Wagner Group, Senate Intelligence Locations: Moscow, Russia, WASHINGTON, WASHINGTON — Russian, Russian, Belarus, Minsk, Rostov

☆ Algerian president says Morocco ties have reached 'point of no return'
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: 1 min

CAIRO, March 21 (Reuters) - Algeria's relations with Morocco have reached the point of no return, Algerian President Abdelmadjid Tebboune told Al Jazeera on Tuesday. Algeria broke off relations with Morocco in 2021 amid growing tensions over issues that included the dispute over the territory of Western Sahara. Reporting by Omar Abdel-Razak in Cairo; writing by Angus McDowall; editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Algeria sets reference price for oil at $60 barrel through 2023/2025 -APS
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: 1 min

Dec 25 (Reuters) - Algeria has set the reference price for crude oil at $60 a barrel through 2023-2025, state news agency (APS) said on Sunday, citing the 2023 budget approved earlier in the day by President Abdelmadjid Tebboune. The budget set the market price for crude oil at $70 a barrel during the same period. The North African country expects inflation to reach 5.1% and sees economic growth at 4.1% in 2023, APS said. The president stressed the importance of raising gas output in order to boost exports, APS added. Reporting by Moaz Abd-Alaziz and Nayera Abdallah; Writing by Moaz Abd-Alaziz; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Algeria businesses hope government will stay the course on reforms
▼ + stars: | 2022-10-23 | by ( Lamine Chikhi | ) www.reuters.com time to read: +5 min

As Algeria's foreign currency reserves fell by two thirds in six years and the long-term risk of unrest grew, President Abdelmadjid Tebboune's government pushed reforms to strengthen the private sector, boosting local businesses. He passed some reforms but now enjoys high demand for Algerian energy and surging revenues. Free zones are going to be set up, customs code has been changed to make it more attractive for foreign investment, we have a new investment code," Agli said. A former government adviser on economic affairs said the authorities understood the need to press ahead with reforms despite the increase in energy revenue this year. We are running short of time because oil prices are so volatile and a global recession is a likely scenario," the former adviser said.

☆ Saudi crown prince not attending Arab summit on doctors' advice, Algerian presidency says
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Oct 23 (Reuters) - Saudi Crown Prince Mohammed bin Salman will not attend the Arab summit to be held on Nov. 1 in Algeria, in compliance with a doctors' recommendation to avoid travel, the Algerian presidency said in a statement late on Saturday. Prince Mohammed, the kingdom's de-facto ruler, "expressed his regret for not attending the Arab summit", in a phone call with Algerian President Abdelmadjid Tebboune, the statement said. The Saudi foreign ministry later issued a statement on the telephone conversation between the two leaders but did not mention that the Crown Prince was not attending the summit. Arab heads of state are expected to convene for their upcoming 31st summit to be held in Algiers on Nov. 1-2. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ahmad Elhamy and Omar Fahmy; Editing by Daniel Wallis and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Tebboune"

13 mentions found