World Bulletin / News Desk
Sudan told the United Nations General Assembly on Saturday that its debts must be canceled and its economy supported as it struggles to recover from losing three-quarters of its critical oil revenue to South Sudan when it seceded a year ago.
The International Monetary Fund this week urged Sudan to meet donors to discuss debt relief and some IMF board members called for "exceptional efforts" from the IMF and the global community to help Sudan reduce its debt of about $40 billion.
"Sudan requires assistance to go through this very sensitive stage towards better horizons. For that we believe that debts must be canceled and its economy supported," Sudanese Foreign Minister Ali Ahmed Karti said.
South Sudan seceded in July 2011. Leaders from both states finally reached a border security deal on Wednesday to restart badly needed oil exports, but failed to solve the other key conflicts left over from when they split.
The pair failed to settle the fate of at least five disputed oil-producing regions along the border. Tensions over the unmarked 1,200-mile (1930-km) common border spilled over into fighting in April, when South Sudan's army briefly occupied the Heglig oilfield, vital to Sudan's economy.
They were also unable to reach a solution for the border region of Abyei, which has symbolic significance to both and is rich in grazing lands. Plans for a referendum have failed over the question of who should participate.
"We have been determined to tackle the reasons for war and strife despite the strong economic and political pressures being brought to bear against my country and unfair sanctions imposed by the United States," Karti said.
Washington still maintains its 1997 embargo on the country. The sanctions restrict U.S. trade and investment with Sudan and block the assets of the Sudanese government.
Analysts said that while the downturn in the headline readings was disappointing, the economy continued to put in a strong performance.
Crude prices stabilised after diving more than two percent on Tuesday on increasing fears of a global supply glut, as continued production in the US and elsewhere offsets an OPEC output cut deal.
Move estimated to save company $1B in investment costs
However, most other regional markets struggled after Monday's healthy gains, despite being given a positive lead from Wall Street where the Dow and S&P 500 closed at fresh record highs.
The purchase in one fell swoop gives Amazon, which until now has operated almost entirely on the internet, a big presence in the brick-and-mortar world on Main Street, with more than 450 stores in the US, Canada and Britain.
"The Bank of Russia Board of Directors decided to cut the key rate to 9.00 percent per annum," the bank said in a statement. The cut follows a half-point decrease in late April.
Equity traders have suffered a fraught week as the crisis engulfing Donald Trump picks up pace, technology firms tumbled from recent highs and energy plays were hammered by plunging oil prices.
"In May 2017, passenger car registrations across the EU increased by 7.6 percent to 1.387 million units," ACEA said in a statement.
In the eurozone, Frankfurt's DAX 30 index climbed 0.4 percent to 12,746.05 points, and the Paris CAC 40 gained 0.5 percent to 5,243.53 compared with the close on Thursday.
Eastern Mediterranean gas deposits discussed at high-level meeting in Thessaloniki
While a "rebalancing of the market" was "underway," it was "at a slower pace than originally anticipated," the Organization of Petroleum Exporting Countries wrote in its latest monthly oil market report.