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AMMAN — Aqaba Container Terminal (ACT) has welcomed the maiden call of UASC MV UNAYZAH as part of the RES service. Representatives from ACT’s management and UASC Jordan agents arranged for a visit to the vessel. ACT CEO Robert Snow welcomed the vessel to Aqaba and ACT, and presented the captain with a plaque to commemorate the maiden call, according to an ACT statement.

The arrival of 13000+ TEU vessels to Aqaba and ACT is not only a great achievement for ACT, following the recent expansion of the terminal, but also a sign of customer confidence in its operational and performance capabilities, the statement quoted Snow as saying. Despite ongoing regional instability, ACT is proud to be able to welcome and handle such vessel calls, which will further improve supply chain processes and the Jordanian economy, the statement said.

ISTANBUL – The foiled coup attempt seeking to unseat the government of President Recep Tayyip Erdogan has cost the Turkish economy 300 billion lira ($100 billion/90 billion euro), the trade minister was quoted as saying on Tuesday.

Customs and Commerce Minister Bulent Tufenkci was quoted as saying by the Hurriyet newspaper the heavy price tag may even go up but insisted that Turkey's economic fundamentals were solid.

"Warplanes, helicopters, weapons, bombs, buildings: 300 billion lira. Maybe I am underestimating a bit," he said, referring to the heavy destruction on the night of the coup.

"It might go up even more," he said. 

But the minister warned that the entire picture should be seen in a medium-term context even if some investors had been put off in the short term.

"The putschists made Turkey seem like a third world country," he fumed. 

"They [investors] are not coming after the images revealed tanks were deployed on the streets, parliament was bombed," he said, adding that some foreign orders had been cancelled in the wake of the coup. 

But Tufenkci said despite all this Turkey had managed to control the situation. 

"Had the coup taken place in another country, markets would not have opened earlier than in a week," he said. The coup took place on Friday July 15 but financial markets in Turkey opened as normal after the weekend.

"The interest rates didn't rise extraordinarily. The stock exchange's losses have been limited. There's no need to revise growth or export figures. The nation has stood firm."

The government has suspended annual leave of public sector personnel in the wake of the coup attempt, blamed by the government on supporters of US-based Islamic preacher Fethullah Gulen. 

This measure has affected the tourism industry, already hit by foreigners staying away over security fears after a spate of attacks as well as a crisis with Russia.  

"Because of a ban on annual leave, 1 million [tourism] reservations had been cancelled," the minister said.

The number of foreigners visiting Turkey dropped over 40 per cent in June to its lowest level this year but there is optimism the Russians will come back after Ankara mended fences with Moscow.

"From now on tourism will also rally," said Tufenkci.

AMMAN –– The value of Irbid's exports to foreign markets during the first half of 2016 reached $290 million, down by 0.5 per cent of the $292 million in the same period of 2015.

The Jordan News Agency, Petra, said that exports of Al Hassan Industrial Estate in the northern governorate valued around $253 million by the end of June, while in the first half of last year its exports were $255 million.

Cyber City Industrial Estate's exports were around $28.5 million, according to Petra. The industrial exports were from various sectors, Chairman of Irbid Chamber of Industry Hani Abu Hassan said, adding that the value of leather and textile exports were around $246.8 million. 

DUBAI, United Arab Emirates — Qatar Airways says it has boosted its stake in British Airways and Iberia parent IAG, and now owns a little over a fifth of the company.

The Qatari state-backed carrier said on Monday that it raised its stake to 20.01 per cent as of last Thursday, up from 15.67 per cent previously.

It did not say how much it paid, but says IAG's recent market valuation provided "an attractive opportunity". 

IAG shares fell sharply after Britain voted to leave the European Union, and closed last week at 406 pence ($5.36) on the London Stock Exchange, the Associated Press said.

The airline says its interest in IAG is "purely financial" and reflects the strength of commercial and strategic ties between the companies. 

In a statement, Qatar Airways boss Akbar Al Baker said his company had raised its stake because of the current state of the market.

"The recent market valuation of one of the world's leading airline groups has provided what we believe is an attractive opportunity to increase our shareholding in IAG," said Baker.

The move was also announced by Qatar Airways on social media.

"News alert: Qatar Airways now holds a 20% stake in International Airlines Group (IAG)," the Doha-based carrier said on Twitter.

It is the fourth time in just three months Qatar has upped its holding in IAG and comes after shares in the company fell following the Brexit vote by the UK to leave the European Union.

IAG shares have fallen by more than 20 per cent since the vote on June 23.

There is currently a cap on non-EU shareholders of IAG meaning international investors cannot own more than 49 per cent of a European airline.

AMMAN — Regulating directives for trading in unlisted securities as well as those on listing securities for 2016 will come into force as of Thursday, Amman Stock Exchange (ASE) CEO Nader Azar said.

In a statement carried by the ASE website, he said the Over-The-Counter (OTC) Market will be introduced at the ASE accordingly. 

Azar noted that the step comes as a part of efforts to develop a mechanism for trading in unlisted securities through their market, per se. It also provides shareholders of the listed and suspended companies with the opportunity to sell their shares according to supply and demand.

Moreover, it enables investors interested in buying the shares of those companies to do so, he said.

Azar said the ASE had created a special menu on its website, containing all related information about this market.

A brochure was prepared specifically for this purpose. Recent directives, the list of the companies whose shares are allowed to be traded through this market and all information that may be needed by those who are interested in such securities are also available. The OTC Market statistics will also be published after the end of trading hours via this menu, according to the ASE. 

TRIPOLI — Libya's state oil company on Sunday welcomed the "unconditional" reopening of blockaded oil ports, following a controversial deal between the UN-backed government and a force that controls key eastern terminals.

The agreement, signed on Thursday, could be a major step in reviving Libya's crippled oil output.

But it had been questioned by National Oil Corporation (NOC) Chairman Mustafa Sanalla, who had warned against rewarding groups that shut down production and complained that the NOC lacked funds for its own operating budget.

In a statement sent to journalists on Sunday, the NOC said the UN-backed Government of National Accord (GNA) had released money that would allow it to increase production by 150,000 barrels per day (bpd) within two weeks. The NOC said it aims to gradually increase output to 900,000 bpd by the end of the year.

Political disputes, conflict and security threats have slashed Libya's oil production to less than a quarter of the 1.6 million barrels per day the OPEC member was producing in 2011, before the uprising that toppled Muammar Qadhafi and sent the country into political turmoil.

Details of the deal between the GNA and the Petroleum Facilities Guard (PFG) to reopen the ports of Ras Lanuf, Es Sider and Zueitina, have not been made public, but the GNA said they included an unspecified amount for PFG salaries.

Sunday's statement from the NOC said Mousa Al Kouni, a member of the GNA's leadership or presidential council, had assured Sanalla by telephone that the ports would be reopened "without conditions".

"I am pleased the presidential council agrees that we cannot reward individuals who hold Libya's oil hostage," Sanalla said.

"There can be no backroom deals if we are to build trust. Any past salary payments to the Petroleum Facilities Guards need to be transparent, properly authorised and documented."

BENGHAZI, Libya — Libya's UN-brokered presidency council has announced the reopening of the country's vital oil terminals after 18 months of closure despite threats by a rival military commander that his forces could target tankers entering Libya's territorial waters.

The announcement came after the UN envoy to Libya, Martin Kobler, struck a deal more than a week ago with the terminals' militia commander, Ibrahim Jedran, who was behind the December 2014 closure that caused a sharp decline in state revenue.

Libya's crude, known as light, sweet crude, is rare and especially valuable because it is easier for refineries to convert into diesel and gasoline. Revenues have been dealt a major blow and Libyans lost over $100 billion in potential profits over the past three years, according to oil officials. Libya exported a total of 146 million barrels of oil in 2015, compared to 531 million barrels in 2012.

Details of the deal with Jedran, who commands the force known as Petroleum Facilities Guards, were not disclosed, but critics speculated that it involved billions of dollars, sparking accusations that Kobler and the UN are empowering the warlord viewed by many as having held Libya's oil hostage for the past two years.

Moussa Al Kouni, deputy head of Libya's UN-brokered presidency council, announced the terminals reopening late on Thursday at the Ras Lanuf terminal, expressing "hope and optimism" that the step marks the "beginning for our country's recovery". As he spoke, Jedran stood next to him.

Since the ouster of Libya' longtime leader Moammar Qadhafi in 2011, the oil-rich North African country has sunk into turmoil.

The three major oil terminals, Ras Lanuf, Al Sidra and Al Zueitina, operated intermittently under Jedran's control until his troops completely shut them down after an assault on Ras Lanuf by a rival, Tripoli-based militia.

But the anticipated announcement of the terminals' reopening did not pass without threats.

Libya's chief of staff Brig. Gen. Abdel-Razek Al Nadhouri, who answers to the internationally-recognised parliament based in eastern Libya, threatened on Tuesday to target foreign oil tankers if they entered Libyan territorial waters without parliament's approval.

Libya remains split between the UN-brokered presidency council and unity government that are based in the capital, Tripoli, and the parliament in the east. According to the UN deal signed last year, the parliament is supposed to vote to approve the government — something it has still failed to do.

AMMAN — The Housing Bank for Trade and Finance (HBTF) said it boosted its pretax profit by12.4 per cent during the first half of this year.

According to an HBTF press statement issued Wednesday, pretax profit amounted to JD97.1 million during the first six months of 2016 compared to JD 86.4 million during the same period last year.

The press statement showed that the bank’s net after-tax profit also increased by 7.9 per cent to JD 66.4 million compared to JD 61.6 million and that gross income during the first half of this year went up by JD 21.5 million, or 12.5 per cent, reaching JD193.5 million.

HBTF General Manager Ihab Saadi attributed the results to the bank’s successful business strategy, prudent policies and its implementation of developed banking standards.

The press statement said the total assets at the end of June 2016 amounted to JD7.7 billion, and that customer deposits totalled JD5.5 billion, representing a 14.6 per cent market share. 

The portfolio of credit facilities stood at JD4 billion, representing a 13.8 per cent market share.

The capital adequacy ratio was 17.2 per cent and the liquidity ratio was 135 per cent, both higher than the rates required by the Central Bank of Jordan. The return on assets ratio was 1.7 per cent, and the return on equity was 13 per cent, according to the statement.

The Housing Bank tops Jordan’s banking sector in terms of the number of branches and the number of ATMs as it has expanded its internal network in the Kingdom from the beginning of the year to 129 operating branches, and to 216 ATMs.

 “The bank is always seeking to enlarge the customer base, and to meet the needs of individuals and corporations through enhanced relations,” Saadi said.

These results are preliminary and subject to the approval of the Central Bank of Jordan.

WASHINGTON — The International Monetary Fund (IMF) said on Thursday that the size of Egypt's financing programme will be determined by a two-week IMF mission to Cairo starting this weekend.

IMF spokesman William Murray declined to confirm the Egyptian finance ministry's estimate of a $12 billion loan programme spread over three years after it requested IMF support earlier this week.

"The scale of IMF financing will depend on the mission team's assessment during the visit of the financing needs and the strength of the authority's reform programme," Murray told a regular biweekly news briefing.

He noted that Egypt's quota, or shares in the fund, are about 2.08 billion Special Drawing Rights — the IMF's unit of account — or about $2.9 billion at current exchange rates.

Under normal access to IMF programmes, member countries can borrow up to 145 per cent of their quota for any 12-month period. That would be about $4.2 billion based on Egypt's quota level. Countries with normal access can borrow 435 per cent of their quotas over the life of the programme, which would total about $12.6 billion in Egypt's case.

Regarding Ukraine, Murray said the fund's executive board would not vote on a release of the next portion of the country's $17.5 billion until at least mid-August, after the board returns from a two-week break. The fund earlier had said that a review on unlocking the next $1.7 billion tranche was nearing completion and it could be considered in July.

Murray added that there was no change in the IMF's engagement with Zimbabwe that would allow for negotiations on a support programme to begin. Zimbabwe must first clear its arrears with the institution, Murray said, adding that he had no details of any concrete actions by Zimbabwe to do so.

WASHINGTON — The International Monetary Fund (IMF) was unprepared for the debt crisis that hit Europe and was slow to press for debt relief that might have eased Greece's economic pain and allowed it to pay its bills, an IMF watchdog says.

In a report released Thursday, the Independent Evaluation Office declared the IMF's response "uneven". The watchdog also suggested that the fund's decision making was vulnerable to political pressure — a charge that IMF chief Christine Lagarde rejected.

The 2008 financial crisis left European countries with enormous debts and weak banks. As part of a so-called troika with the European Commission and the European Central Bank, the IMF bailed out Greece, Ireland and Portugal in 2010-2011.

Greece has continued to struggle with high debts. To get the bailout money, Greece agreed to budget cuts and tax increases, which drove the economy into a deep recession and made it even harder to pay its debts. The IMF was overly optimistic about Greece's economic prospects, the report said.

IMF policymakers, used to assisting poor, developing world countries, "did not foresee the magnitude of the risks" in wealthy Europe. Their "'Europe is different' mindset" prevented them from realising that investors would react to the debt problems by dumping European bonds, driving up interest rates in troubled countries and making their debt problems worse, the evaluation office said.

The IMF is not supposed to lend to countries whose debts are unsustainable. Analysts at the fund were divided over whether Greece's 2010 deal — trading bailout money for painful reforms — would leave it able to pay its bills. But the IMF went along with the original bailout "even though its sovereign debt was not deemed sustainable with a high probability", the report said.

The watchdog questioned whether IMF analysts buckled to political pressure from their troika partners, who wanted to provide the bailouts without offering Greece any debt relief.

It recommended that the IMF take steps to "minimise the room for political intervention" in the future. But IMF Managing Director Lagarde rejected the idea, saying in a statement that she did "not accept the premise of the recommendation... and thus do not see the need to develop new procedures".

The IMF is now calling for Greece's creditors to restructure the country's debts and has refused so far to go along with additional bailouts unless they include debt relief.

The Independent Evaluation Office is a Washington-based independent agency set up in 2001 to investigate IMF activities.