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Author Archives: admin

Hong Kong keeps hiring grip on bankers despite rising costs

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Hiring mandates for private equity, property, and venture capital rose 40%. Hong Kong is still considered an attractive destination for portfolio managers and investment bankers despite rising costs and its reputation as being one of the most expensive cities to live in, senior headhunter Abimanu Jeyakumar of Selby Jennings told the South China Morning Post. According to Jeyakumar, the city ... Read More »

European group pays €150m for 600 Irish properties

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The European property firm, LRC Group, has paid around €150 million to acquire 600 residential and commercial assets from Oaktree affiliate, Targeted Investment Opportunities (TIO). The deal, which is understood to have been completed two weeks ago, will see LRC take ownership of hundreds of buy-to-let homes across Dublin, Cork and Galway, as well as a small number of commercial ... Read More »

Bumi Armada refinances corporate debt

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KUALA LUMPUR: Bumi Armada Bhd has refinanced its unsecured term loans of US$380mil (RM1.57bil) and revolving credit facilities of US$280mil (RM1.16bil) into a single facility consisting of Tranche 1 facility of US$260mil, and Tranche 2 facility of US$400mil (the loans). In a statement Wednesday, the offshore energy facilities and service provider said the loans would be repayable over two and ... Read More »

Singapore shares rise 0.3%, tracking optimism in US equities

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THE Straits Times Index reversed losses on Wednesday, rising 0.27 per cent or 8.96 points to finish at 3,362.43. After lunch, it had looked like the swathe of strong US corporate earnings was not enough to stir the market here. However, the bourse recovered in its final hour of trading with 1.17 billion shares worth S$1.08 billion changing hands for ... Read More »

Nearly 6kgs gold seized from Dhaka, Chattogram airports

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Almost six kilogrammes of gold were seized from Dhaka’s Shahjalal International Airport and Chattogram’s Shah Amanat International Airport. Based on a tip, a team of Dhaka Customs House raided a lavatory near the boarding bridge No. 8 of the airport and found four gold bars, weighing one kg each, Othello Chowdhury, deputy commissioner of Dhaka Customs House, told The Daily ... Read More »

China, Switzerland to ink MoU on closer finance, trade ties

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Switzerland is expected to sign a memorandum of understanding with China focusing on finance and trade cooperation in third markets under the Belt and Road Initiative, Swiss President Ueli Maurer said in Shanghai. Maurer, leading a top-level finance and business delegation, will attend the second Belt and Road Forum for International Cooperation in Beijing, which opens. “The MoU will strengthen ... Read More »

France points way for UK shake up of audit market

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Taking on the Big Four accounting firms will remain a lengthy and costly challenge for smaller rivals in Britain despite the regulatory leg-up unveiled, but France has shown it can be done over a decade. The Competition and Markets Authority (CMA) has ordered that Britain’s top 350 listed companies must hire two auditors to loosen the grip of EY, KPMG, ... Read More »

Tuesday April 23 — Monday April 29, 2019

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Man Indicted for Bismarck Bank Robbery, Bulk Cash Smuggling

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A grand jury has indicted a man in connection with the January robbery of a bank in Bismarck. The Bismarck Tribune reports that Robert Wolter was stopped Feb. 5 at Newark Liberty International Airport by U.S. Department of Homeland Security for a routine outbound currency examination. Wolter had declared he was traveling with $6,000 in U.S. currency. He was found ... Read More »

Lack of bank account ‘costs £500 extra a year’ in bills

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People who do not have access to a bank account pay an extra £485 a year for everyday bills and services, research from an account provider suggests. More than 1.2 million Britons do not have a bank account, so miss out on discounts reserved for those who pay bills by direct debit, said Pockit. This ramps up the cost of ... Read More »

Turkey, US establishing trade working group: Minister

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Turkish and US trade ministries are establishing a working group to achieve bilateral trade volume target, the country’s trade minister said. In February, Turkish President Recep Tayyip Erdoğan and U.S. President Donald Trump agreed to further enhance economic relations, setting a goal of $75 billion in bilateral trade. “We are working on […] export booster activities especially in high technology ... Read More »

Iran, Azerbaijan to jointly manufacture trailers

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Iran and Azerbaijan signed a memorandum of understanding (MoU) to open a trailer manufacturing company in Hajigabul Industrial Park, 113 kilometers from Baku. The MoU was signed by the managing director of the Iranian company, ‘Maral Sanat,’ Mohammadreza Rostami and Emin Akhundov, chairman of the board of directors of AzerMash, reported Trend News Agency. According to the MoU, each of ... Read More »

Saudi Arabia, UAE pledge $3 billion to Sudan

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Saudi Arabia and the United Arab Emirates announced financial support of three billion dollars (2.7 billion euros) for Sudan following the overthrow of longtime leader Omar al-Bashir. The oil-rich Gulf states pledged to inject $500 million in the Sudanese central bank and $2.5 billion to help provide food, medicine and petroleum products, the official Saudi Press Agency said without specifying ... Read More »

Russia Moves to Tackle Tax Evasion with New Legislation

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Lawmakers in Russia’s State Duma adopted in three readings a bill allowing for new opportunities for the Federal Tax Service (FTS) to challenge companies using preferential tax rates under international agreements, RBC reports. Companies that enjoy benefits under agreements on avoidance of double taxation will be obliged to explain the economic meaning of the operations. The new mechanism to combat ... Read More »

Why the US-China rivalry will not end with a trade deal

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A US-China trade deal: if it happens – is unlikely to end the rivalry between the two economic giants. Both sides have fought a trade war over the past year with damaging consequences for the global economy. But many say their dispute goes well beyond trade – it represents a power-struggle between two very different world views. Deal or no ... Read More »

Possible Iraq-Iran-Syria Rail Line

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Iraq, Iran and Syria are reportedly planning to build a railway connecting the three countries. According to media reports, Salib al-Hussaini, the head of the Iraqi Railway Company, has announced a tripartite summit to discuss the project. Read More »

Indonesia posts surprise trade surplus in March, analysts doubt sustainability

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Indonesia posted a surprise trade surplus for a second straight month in March, supporting the central bank’s outlook of a narrowing current account deficit, but economists warn a trade deficit could return after Wednesday’s presidential elections. Indonesia had a surplus of $540 million in March, the largest since June 2018 and compared with a forecast of $180 million deficit poll. ... Read More »

Japan exports hit by weak China demand, raising risk of economic contraction

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Japan’s exports fell for a fourth straight month in March as China-bound shipments slumped again, reinforcing growing anxiety that weak external demand may have knocked the economy into contraction in the first quarter. Ministry of Finance data out on Wednesday showed exports fell 2.4 percent in March from a year earlier, compared with a 2.7-percent drop predicted by economists in ... Read More »

Korea requests waiver extension for Iran oil imports

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A business lobby group of South Korea asked the US government to extend Korea’s exemption from sanctions on the purchase of Iranian oil. In a letter sent to Francis Fannon, US assistant secretary of state for energy resources, the Federation of Korean Industries (FKI) argued that the ending of South Korea’s waiver on buying oil from Iran could have a ... Read More »

‘Taiwan March export orders seen dropping for fifth straight month’

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Taiwan’s export orders likely declined for a fifth month in March but at a slower pace than in the previous month, a Reuters poll showed, as a prolonged downturn in global tech demand hurts manufacturers in the trade-reliant economy. The median forecast from the poll of 14 economists was for March export orders to drop 5.45 percent from a year ... Read More »