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Pakistan signs petroleum concession agreement with Kuwait

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Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced on Wednesday that its subsidiary, Kirthar Pakistan, has signed an exploration license and petroleum concession agreement in Makhad sector (3371-19) in Pakistan, covering an area of 1,560 square kilometers. Speaking to KUNA, KUFPEC CEO Sheikh Nawaf Saud Al-Nasser Al Sabah said the concession is located in Mianwali District northwest of Punjab province of ... Read More »

Qatar Chamber discusses issues of private schools

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Qatar Chamber’s (QC) Education Committee held a meeting at the QC headquarters recently to discuss the main obstacles faced by private schools in the country, in addition to the issues related to the Ministry of Administrative Development, Labour and Social Affairs (MADLSA). The meeting was presided over by QC’s First Vice Chairman and Head of QC’s Education Committee Mohamed bin ... Read More »

Rumaila hits 30-yr High in Oil Production

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The Rumaila oilfield produced 1.467 million barrels per day (bpd) in 2018 – the oilfield’s highest annual rate of production for 30 years. 2018 also saw the milestone of four billion barrels of oil produced since the Rumaila Operating Organisation [ROO] began operating in June 2010. The results were reported in the 2018 Rumaila Annual Report, submitted by the Basra ... Read More »

SNB’s Jordan sees room for more intervention if needed

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Swiss monetary policy is appropriate for now, but policymakers still have room to lower already negative interest rates further or use other policies if necessary, Swiss National Bank Chairman Thomas Jordan said. “There is no reason to change monetary policy,” given the bank’s dropping inflation forecasts and no risk of the country’s economy overheating, Jordan told a news conference on ... Read More »

Afghani loses 7pc value against dollar since March

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KABUL: The afghani lost its seven percent value against the US currency since the beginning of the new solar year as a result of the smuggling of dollars to Iran and Pakistan and a number of other reasons. Read More »

Taiwan emerges as the largest beef export market for Japan in 2018

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TAIPEI: Taiwan has emerged as the biggest beef export market for Japan in 2018, less than a year following the island’s resumption of beef imports from the Northeast Asian country. Japan exported a total of 3,799 tons of beef last year, hitting a record high with 28 percent year-on-year growth, the Nikkei reports. Taiwan joined Hong Kong, Singapore, and a ... Read More »

Japan exports fall again as Trump’s trade policy threatens economic outlook

FILE PHOTO: A man repairs a container at an industrial port in Tokyo, Japan, February 22, 2019. REUTERS/Kim Kyung-hoon/File Photo

Japanese exports contracted for the fifth month in April due to a slump in shipments of chip-making equipment to China, underlining the growing threat to the world’s third-biggest economy from a bruising Sino-U.S. trade war. Data also showed Japan’s trade surplus with the United States rose for a second month as auto exports accelerated, which could draw U.S. President Donald ... Read More »

US reportedly urges Korea to reject Huawei products

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U.S. officials have been lobbying South Korea not to use Huawei Technologies Co Ltd products, South Korean newspaper Chosun Ilbo reported. In one incident, a U.S. State Department official told a South Korean counterpart that local telco LG Uplus Corp, which uses Huawei’s equipment, should “not be allowed to serve in sensitive areas in South Korea,” the report said. Washington ... Read More »

Yerawada jail guard held for smuggling bid

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PUNE: Yerawada police arrested a jail guard late on Sunday night for trying to smuggle marijuana inside the Yerawada Central Prison. The jail guard, on night shift, was found carrying the contraband in his lunch box. Jail officials took the guard to the Yerawada Police Station. following which he was arrested. Read More »

Canada hires company for $1.14M to bring trash back home from the Philippines

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Canada is spending more than a million dollars to bring dozens of containers of rotting garbage back to Canada from the Philippines in the coming days. Environment and Climate Change Minister Catherine McKenna announced on Wednesday that her government has awarded a contract to Bolloré Logistics Canada to remove the garbage by the end of June. According to the tender, ... Read More »

Trade spat hands Thailand chance to lure more Chinese

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Thailand’s tourism sector is expected to get a windfall from the growing tension between the US and China as tourists from the mainland shorten their long-haul journeys to visit closer destinations instead. Thailand will monitor whether the Chinese government will issue a travel ban to the US for its residents, similar to those issued prohibiting visits to South Korea and ... Read More »

South Africa’s economy may be nearing the end of its slump: economist

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After years of slow grow South Africa may be over the worst, and could start seeing growth by 2021/22 according to leading economist Mike Schüssler. Schüssler, owner of economic consultancy economists.co.za, said the first quarter will likely be a disaster with corruption and SOEs taking some time longer to sort out. In industries such as mining, Schüssler expected a continuing ... Read More »

Shell admits to not paying profit tax in Netherlands

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Shell paid no taxes on the billions of euros in profit it made in the Netherlands over the past years, Marjan van Loon, director of Shell Netherlands, admitted to magazine Elsevier. As Shell’s global headquarters are located in the Netherlands, the company can deduct the costs of that office from the profit made by Shell’s Dutch branch. The Shell branch ... Read More »

Brazil to revamp Amazon Fund after finding irregularities -minister

FILE PHOTO: Amazon.com's logo is seen at Amazon Japan's office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon/File Photo

SAO PAULO: Brazil will overhaul rules for selecting projects to reduce deforestation supported by the Amazon Fund, which is financed by Norway and Germany, after discovering irregularities in spending, Environment Minister Ricardo Salles said. Salles said non-governmental organizations (NGOs) had failed to account for the way they use money disbursed to them from the $1.28 billion fund administered by Brazilian ... Read More »

Tuesday May 21 — Monday May 27, 2019

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Belgium Begins Accepting Personal Income Tax Returns

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Belgium’s finance ministry confirmed that the Tax-on-web portal has been opened for personal and corporate income tax returns for the 2019 fiscal year. Announcing the launch of filing season, the ministry set out all the relevant changes for this year’s returns in a presentation available on its website. The following deadlines apply for resident individuals: Deadline for the return of ... Read More »

Voters say Donald Trump is ‘successful in business’ despite losing billions

President Donald Trump listens during a roundtable on immigration policy in California, in the Cabinet Room of the White House, Wednesday, May 16, 2018, in Washington. (AP Photo/Evan Vucci)

He might have lost a staggering NZ$2.54 billion over just one decade — but diehard supporters of US President Donald Trump are still convinced of his business prowess. That’s according to the shock findings of a new Politico/Morning Consult poll, which revealed a staggering 85 per cent of Republican voters believe he has been successful in business. That flies in ... Read More »

Airbus expects licensing delays to Franco-German warplane project

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Berlin: Rows between France and Germany over the common arms export licensing rules they are trying to develop are likely to delay until after the Paris Air Show the concrete launch of a joint Franco-German warplane program, an Airbus official said. Alexander Reinhardt, Airbus’s representative in Berlin said that it and partner Dassault had hoped to sign contracts at June’s ... Read More »

Eight EU countries call for 25% of budget go towards fighting climate change

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Eight European countries have proposed a quarter of the European Union‘s budget be spent on tackling climate change. Belgium, Denmark, France, Luxembourg, the Netherlands, Portugal, Spain and Sweden also said the EU should cut greenhouse gas emissions to a net-zero level “by 2050 at the latest”. “Climate change is a global challenge with profound implications for the future of humanity ... Read More »

Rupiah continues to weaken, projected to hit Rp 14,570 next week

An illustration picture shows one Iceland banknote of one thousand Krona together with Canadian banknotes of five and ten Dollars in Reykjavik

The rupiah’s depreciation continued on Monday, when it fell to 14,478 to the United States dollar from Rp 14,469 on Friday. The currency started depreciating early May, after it was valued at Rp 14,245 to the dollar on May 2. Analysts believe the escalating trade war between China and the US has made investors shy away from high risk assets. ... Read More »