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Daily brief: G20 urged to ditch fossil fuel subsidies, Egypt nears Iraq deal

Investors and insurers with over $2.8 trillion in assets under management called on the Group of 20 economies to let go of fossil fuel subsidies by 2020. Here are the top seven business stories you need to know today.


South Korea’s January crude imports from Iran more than double on year

South Korea’s January crude imports from Iran more than doubled from a year ago as the Middle Eastern country continues to increase its output to reclaim its market share.


Top gold ETF gets Islamic finance certification to tap new markets

The world’s largest physically-backed gold fund said on Wednesday it has been certified as sharia compliant, the latest effort aimed at spurring demand for bullion from investors across majority-Muslim countries.


(New Islamic finance guidance on gold emphasises real deal)


G20 urged to ditch fossil fuel subsidies by 2020, go green

Investors and insurers with more than $2.8 trillion in assets under management on Wednesday called on the Group of 20 economies to phase out fossil fuel subsidies by 2020 despite U.S. doubts about climate change.


Egypt taps new supply and agriculture ministers in reshuffle

Egypt’s parliament on Tuesday approved a cabinet reshuffle that included new ministers of supply and agriculture, posts dogged by controversy last year over erratic commodities policy that at times shook the global grain markets.

(Egyptian inflation hits highest level in more than a decade)


Challenge to Trump travel ban moves forward in two courts

The most consequential legal challenge to U.S. President Donald Trump’s travel ban will proceed on two tracks in the next few days: in a U.S. appeals court vote in San Francisco and the Seattle courtroom of a federal judge.


(Trump Middle East travel ban deters other travellers too: Study)


Egypt nearing deal with Iraq in search for crude oil imports

Egypt is nearing a deal to import crude oil from Iraq and is looking to other countries to help secure supply, Egyptian General Petroleum Corporation’s chief Tarek al-Hadidi said.


Dana Gas says court rules in its favour in Kurdistan dispute

United Arab Emirates energy firm Dana Gas, one of the largest investors in Iraq’s Kurdistan region, said on Tuesday London’s Court of International Arbitration had ruled in its favour against the Kurdistan Regional Government (KRG).