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.
Talks are reportedly underway for a number of investment projects, including in pharmaceuticals and automotive assembly, but no final investment agreements are expected this week.
The yuan will be the world's third largest currency after the U.S. dollar and euro, a Chinese report predicts.
Unemployment currently stands at 12.7 percent in Kenya and affects 30 percent of the country's population
GM so far this year has recalled about 14.7 million vehicles worldwide with switch-related issues and has linked at least 16 deaths to those issues.
The deal includes hydropower and nuclear power plants in the South American country.
State-run think tank Korea Institute for Defense Analyses (KIDA) reported earlier this month that a twin-engine version of the fighter jet is expected to cost around 8.5 trillion won
Western officials have repeatedly warned Iranian counterparts over the past six months that more economic pain is a risk for an OPEC member whose oil exports have already shrunk to a fraction of what they could have been
The EU's employment commissioner said he has asked to meet with Microsoft to discuss the social impact of the layoffs.
Although China has promised to invest in Brazil for years and failed to deliver, the pace of deals is picking up with a focus on deficient infrastructure.
The financial aid would be used for rebuilding houses and public buildings, the rapid restoration of water and energy supplies and urgent assistance for those still without proper shelter.
Washington and Brussels say Moscow has been fanning separatist violence in eastern Ukraine and broadened their sanctions, sending Russian shares and the rouble currency down.
Chinese Trade Minister Gao Hucheng said his country would not sit idly by while the United States harmed the rights of Chinese companies.
Beijing claims about 90 percent of the South China Sea, whose estimated energy potential varies widely. Vietnam, the Philippines, Malaysia, Brunei and Taiwan also claim parts of the key waterway.
Trade between China and Brazil soared to $83.3 billion last year from $3.2 billion in 2002, with iron ore, soy and oil making up the bulk of Brazilian exports.
In the latest recall, about 574,000 of the affected cars were sold in the United States, about 450,000 in Germany and about 189,000 in the United Kingdom
The $17 billion dollar Central Asian pipeline project could revive Afghanistan's economy said a state advisor, but security and political issues have deterred investors.