World Bulletin/News Desk
Egypt has annulled the maritime border-defining Exclusive Economic Zone (EEZ) agreement with Southern Cyprus. Therefore the balance in exclusive economic zone to the south of Cyprus in which natural gas and oil reserves are found has been altered.
According to the Greek press, the Egyptian Shura Council (Upper House of Egypt) approved the legislation which MP Khaled Abdel Qader Ouda proposed on the grounds that renegotiation of delineating their respective boundaries “could mean billions of dollars for Egypt.”
In indicating that Egypt’s new law annuls this agreement, Abdel Qader stated that under international agreements, Egypt has the right to withdraw its signature from this agreement. Abdel Qader argued that the agreement had been signed by Cyprus and Israel in February 2003, annulling it since Egypt had the right to be present at the signing.
The new law approved by the Egyptian Shura Council necessitates that new borders for the economic zone be delineated with Turkey joining as a third party.
The Republic of Cyprus had one-sidedly declared the professed economic zone in 2003. Israel, Egypt and Lebanon had been included in the agreement against which Turkey reacted by indicating, on the basis of international law, that it too had a right to the natural gas and oil reserves in the region.
Observers are interpreting Egypt’s withdrawal of Egypt from the agreement as evidence of Turkey’s strengthening presence in the region.
Overnight lending rate gets cut by 25 points to 8.50 percent; overnight borrowing rate remains unchanged at 7.25 percent
"It appears that a programme of public spending in Germany would not be the most appropriate tool to help give a strong stimulus to the international economy," the central bank said following a study into the issue.
The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.
Qatari Ambassador to Ankara says bi-lateral trade could double through committment to undertake further investments in Turkey
Radical cleansing will start a new era in Turkey, says the head of the Turkish Cooperation and Development Agency (TIKA)
EU Commissioner for Jobs, Growth and Investment and Competitiveness Jryki Katainen told reporters "we should forget this phrase" when asked if that meant granting market economy status to China.
Militancy has reduced revenue from oil industry by half, senior official says
The grant was signed Monday in Nairobi to mitigate impact of forced displacements on refugee hosting communities in East Africa
The EU Trade Commissioner Malmstrom made the comment while speaking to Chinese students in Beijing ahead of a China-EU summit.
Trade Ministers Meeting in Shanghai concludes with pledge to push efforts toward trade liberalization and facilitation
Brexit raises uncertainty for consumer, investor confidence, ratings agency says
Bank of England Governor Mark Carney eases lending rules after vote for Brexit
Banca Monte dei Paschi di Siena, or BMPS, is among the banks at the forefront of those concerns with gross bad loans amounting to 46.9 billion euros ($52 billion).
Fund to be used in support of education, health, municipal, socio-economic support for refugees in Turkey