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Nepal Mulls Credit Assessment for Foreign Investment

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In a move offering an investment-friendly climate to foreign investors, the Government of Nepal is welcoming international credit rating agencies to rate the country’s business environment. The government is keen on engaging globally-renowned agencies to assess the country’s sovereign credit rating so as to determine the risk of doing business in Nepal. In this regard, the Ministry of Finance has ... Read More »

Portugal prime minister reshuffles government

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Portugal’s prime minister has carried out a reshuffle of his cabinet following the resignation of the defence minister and completion of next year’s budget, making changes at four ministries ahead of a general election in 2019. The changes include adding to Cabinet Minister Pedro Siza Vieira’s responsibilities by also putting him in charge of the powerful economy ministry, which has ... Read More »

Industry giants conduct 5G trial in Finland

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Nokia, ABB and Kalmar have conducted industrial trials where 5G supports time-critical applications and enhance protection and efficiency in real-world. The trials, conducted as part of the Wireless for Verticals (WIVE) research project, represent one of the first real-world applications of time-critical 5G applications on electricity grid and harbor automation. Nokia and ABB demonstrated protection applications in medium-voltage distribution networks. ... Read More »

Ukraine reduces oil imports by 28.4 percent in ten months

A worker walks through   pipe infrastructure at Yablunivka Gas production plant of Joint Stock Company UGV ( Naftogas group) on Oct, 26, 2018 in Poltava oblast.

Ukraine in January-October 2018 reduced imports of oil and petroleum products (foreign economic activity code 2709) by 28.4 percent (by 243,287 tonnes) compared to the same period in 2017, to 613,046 tonnes. According to the State Fiscal Service, oil was imported for $346.575 million, which is 4.9 percent less than in January-October 2017 ($364.373 million). In particular, Azerbaijan supplied oil ... Read More »

Japan, VN to deepen cooperation in the new global context

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HÀ NỘI: Japan and Việt Nam should deepen bilateral co-operation, not only in investment and trade but also work to improve relationships in the future, Director of the Central Institute for Economic Management (CIEM) Nguyễn Đình Cung told a forum yesterday. Cung was at the CIEM’s Việt Nam – Japan Policy Research Forum in Hà Nội. He said: “Being the ... Read More »

Six detained after marijuana found in cars brought to Poland from Spain

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Officers have intercepted 12 kilogrammes of the drug, public broadcaster Polish Radio’s IAR news agency. They found 8 kg of marijuana inside an Opel, and a combined 4 kg in a Volvo and a Fiat brought by another truck, the IAR news agency said. The truck drivers hired to transport the passenger cars to Poland probably had no knowledge of ... Read More »

Norway’s cruises to Franz Josef Land to call at Murmansk port

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MURMANSK, Norway’s Hurtigruten tourism operator began offering cruises to Franz Josef Land, which will call at the Murmansk port, the Murmansk Region’s Governor Marina Kovtun told the Murmansk International Business Week on Wednesday. “The Hurtigruten Company is selling 15-day expeditions for 2019,” the governor said. “The cruises will begin from Tromso, and then tourists will travel to Murmansk, Franz Josef ... Read More »

Greece, Turkey snipe over maritime borders

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ISTANBUL/ATHENS: Turkey warned Greece on Tuesday it would not tolerate a shift in Greece’s maritime border, drawing a sharp rebuke from Athens that it would decide when and how it exercises its sovereign rights. The statements from both sides came a few days after Greece’s former foreign minister said Greece planned to extend its territorial waters to 12 miles to ... Read More »

GCC economic growth forecast to strengthen from 2018

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Economic growth in the GCC will strengthen from 2018 onwards, with the UAE and Qatar outperforming the rest of the region. according to new research. Analysts BMI Research said the factors that have weighed on expansion this year – hydrocarbon production cuts and lower-for-longer oil prices – will ease in 2018, boosting government revenues and improving consumer and investor confidence ... Read More »

Spanish police arrest alleged leader of drug-smuggling gang

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Spanish police have arrested a man alleged to be one of the biggest drug-smugglers operating on the violence-ridden stretch of southern coast close to Gibraltar. The man, named in media reports as Antonio Tejón, is one of the two brothers who head the Castañas gang, which allegedly brings huge quantities of hashish over from Morocco on powerful speedboats. He was ... Read More »

Kurdish Companies “moving South” to Avoid Tax

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Companies are reportedly relocating from the Kurdistan Region to rest of Iraq in an effort to avoid taxes and customs duties which the Iraqi government charges on goods exported to southern Iraq. According to Kurdish media network Rudaw, the Baghdad government considers goods produced in Iraqi Kurdistan to be foreign, and subject to import duties. Mustafah Zubeir, of the KRG ... Read More »

HUF 80 bln of EU JEREMIE funds to be distributed in Hungary

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Eight new risk capital funds began their operation in Hungary at the end of August, with all of them handling the distribution of the European Unionʼs so called JEREMIE funds, providing more than HUF 80 billion of resources for innovation projects, according to a press release sent to the Budapest Business Journal. Hungarian micro enterprises and SMEs will be eligible ... Read More »

Jordan says Israel wants to discuss border land deals

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AMMAN: Jordan said Israel had asked for consultations on a special land deal agreed upon in their peace treaty that the Jordanian government wants to end. Under the peace treaty, two border areas were recognized to be under Jordanian sovereignty but gave Israel special provisions to use the land and allow Israelis free access. Jordan formally notified Israel two weeks ... Read More »

Afghanistan as Partner Country at India International Trade Fair

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Afghanistan seeks unique opportunity in the India International Trade fair as a partner country that begins in New Delhi from 14 November, 2018 supported by India Trade Promotion Organisation (ITPO), Government of India. IITF is essentially an important pathway for Afghanistan to showcase their products, explore business relationships and to establish competitive edge in the growing markets across the region. ... Read More »

Drug related arrests drop in Oman, as smugglers avoid Sultanate route: ROP

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Muscat: Drug cartels and organised traffickers avoid Oman as a smuggling route, according to Royal Oman Police (ROP), thanks to the force’s efforts to keep the Sultanate safe. Fewer arrests occurred due to a drop in drug-related crimes in 2017, according to data exclusively shared with the Times of Oman. The number of drug crimes, those arrested and the quantities ... Read More »

Italy central bank chief warns on rising borrowing costs

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Bank of Italy Governor Ignazio Visco said on Wednesday that families and firms would suffer if borrowing costs stayed high, and called on the government to ensure fiscal stability. In a keynote speech in Rome, Visco said rising government bonds yields in recent months would cost the state some 5 billion euros next year if they did not retrace, with ... Read More »

Kuwait Airways signs agreement to buy eight Airbus A330-800neo planes

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Kuwait Airways said on Monday it has signed an agreement with European planemaker Airbus to buy eight A330-800neo airliners following five months of negotiations. The airline expects the deliveries to take place between March 2019 and the end of 2026, the Gulf carrier said on its Twitter account. Read More »

Xi woos Pacific islands to curb Taiwan’s influence

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Chinese leader Xi Jinping will sit down with seven Pacific island allies Friday, doling out attention and perhaps some largesse in the hope of convincing more nations to drop recognition of Taiwan. While countries have vied for resource contracts and influence along vital Pacific shipping routes, the region has also become a frontline in the diplomatic war between Beijing and ... Read More »

Indonesia records US$1.82 billion trade deficit in October

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Indonesia has booked another monthly deficit in October after it enjoyed a $230 million surplus in the previous month, Statistics Indonesia (BPS) announced on Thursday. The October deficit was recorded at US$1.82 billion, the second-highest deficit this year after a five-year high deficit of $2.03 billion in July. BPS head Suhariyanto said global price fluctuations in several commodities had affected ... Read More »

Denmark to consider curbs on convicted investors after tax fraud

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COPENHAGEN: Denmark will consider new rules to restrict ownership of the country’s companies by investors involved in wrongdoing, a government minister said on Wednesday, responding to lawmakers’ questions about a tax fraud involving international banks. Business Minister Rasmus Jarlov made the remarks at a parliamentary hearing on the government’s response to a stock trading scam which Danish authorities say tricked ... Read More »