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Air New Zealand half year profit down 35 per cent on previous six months to $152m

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Air New Zealand has posted a $152 million profit for the second half of 2018, an $80m drop on the previous six months. The after tax profit for the six months to December 31 was a 35 per cent drop from the $232m posted for the first six months of 2018 and the airline is warning of more headwinds in ... Read More »

Brazil’s Petrobras posts first annual profit in five years

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razilian state-run oil firm Petroleo Brasileiro SA reported its first annual profit in five years on Wednesday, as widely expected. In a securities filing, Petrobras, as the company is known, said net income in the fourth quarter totalled 2.102 billion reais (423.37 million pounds), up from a loss of almost 5.5 billion reais in the same period last year. Net ... Read More »

Qatar, China, Japan sought ‘extras’ after Barclays 2008 fundraising – court

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Qatari, Chinese and Japanese investors all sought “extras” from Barclays as the British bank raised billions of pounds at the height of the credit crisis in 2008, a landmark London criminal trial heard on Wednesday. Glenn Leighton, a former Barclays director and a witness for the Serious Fraud Office (SFO) prosecutor, told Southwark Crown Court that these agreements with Qatar, ... Read More »

Korea’s MBI to Establish EV Plant in Vietnam

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MBI, a Korean manufacturer specializing in making transmissions, will build an electric car plant in Hanoi, Vietnam, jointly with local firm N&G Group. The two companies will invest a total of US$1 billion for the next seven years. The companies said on September 21 that the heads of the two companies signed an agreement to establish a joint venture called ... Read More »

Father, Son Arrested With Foreign Currency Worth Rs. 68 Lakh At Delhi Airport

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NEW DELHI: A father and son were arrested by customs officials for allegedly trying to smuggle out foreign currency worth Rs. 68 lakh at Delhi airport, an official statement said on Wednesday. While the father was trying to hide the currency in his hand-baggage, a significant amount of forex was hidden by his son in rectum. The duo, who had ... Read More »

9 reasons why the Philippines is ripe for business in 2019

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MANILA, Philippines – The Philippine government’s economic managers missed their growth targets in 2018. This year, they are confident that they can do better. The country’s top economic experts are banking on legislative developments and several external conditions to spark growth and a better environment for doing business. Finance Secretary Carlos Dominguez III recently told the business community in Japan ... Read More »

Thailand Approves 40 Billion Baht Projects To Promote EEC Development

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The Thailand Board of Investment (BOI) has approved investment incentives for five projects with a total investment of value of over 40,462 million baht ($1.3 bln). The highest investment proposal comes from a Chinese investor, Ju Xunning, who plans to invest 10.06 billion THB (322 million USD) to establish a car tyre production project in Chon Buri province. A project ... Read More »

A first-timer’s guide to investing offshore – tax-free

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Let me start by saying I’m not negative about South Africa’s long-term prospects and I would never encourage disinvestment in this country – quite the opposite. What I do always encourage, though, is portfolio diversification – that old “don’t put all your eggs in one basket” adage. The South African stocks market is quite undiversified compared to others – if ... Read More »

Dutch seize 90,000 bottles of vodka they say were heading for North Korea

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Some 90,000 bottles of vodka found in a container on a Chinese freight ship were destined for North Korean leader Kim Jung-un and his army chiefs, the AD said on Tuesday. The find was made last Thursday and on Friday the Dutch foreign affairs ministry gave officials the green light to seize the shipment, which came from Russia. The official ... Read More »

‘Portuguese bank halted $1.2 billion transfer of Venezuela funds’

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CARACAS: Portugal-based Novo Banco halted a transfer of $1.2 billion by the government of Venezuelan President Nicolas Maduro to banks in Uruguay, a Venezuelan legislator said on Tuesday, a day after the opposition denounced what they called the theft of public funds. Opposition leader Juan Guaido, who most European and Western Hemisphere nations have recognized as the country’s legitimate leader, ... Read More »

Finland’s ‘free cash’ experiment fails to boost employment

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Europe’s first national government-backed experiment in giving citizens free cash failed to encourage its participants to work more as organisers had hoped – but it did improve their wellbeing. Under Finland’s two-year basic income trial, which ended a month ago, a random sample of 2,000 unemployed people aged 25 to 58 were paid a monthly €560 (£475), with no requirement ... Read More »

Athens Hosts Annual Capital Link Greek Shipping Forum

Container ships wait to be unloaded at the Port of Oakland on Wednesday, March 7, 2018, in Oakland, Calif. The U.S. trade deficit rose in January to the highest level since October 2008, defying President Donald Trump's efforts to bring more balance to America's trade with the rest of the world, the Commerce Department said Wednesday. (AP Photo/Ben Margot)

The 10th Annual Capital Link Greek Shipping Forum opens in Athens on Friday at the Hilton Athens Hotel. The Forum was established in cooperation with the New York Stock Exchange and Nasdaq. It connects 1000 key players in the shipping industry, including influential members of the financial community including commercial and investment banks. This year, the event is focusing on ... Read More »

Nord Stream 2 Russian gas pipeline likely to go ahead after EU deal

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Donald Tusk, the president of the European council, called it a mistake, while the US president, Donald Trump, has branded it very inappropriate and a “very bad thing for Nato”. The Nord Stream 2 pipeline to take Russian gas to Germany is arguably Europe’s most controversial energy project, drawing opposition from Ukraine, which it will bypass, and uniting the US, ... Read More »

Vietnam targets $4.2b shrimp exports

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To achieve this target, the area of tiger shrimp farms this year needed to be maintained at about 620,000 hectares with an output of about 330,000 tonnes. In 2019, the industry would increase the output and export value of white-leg shrimp with farms covering 105,000ha with an output of about 530,000 tonnes. Since January, localities in the Mekong River Delta ... Read More »

Talk of Italy budget correction is ‘folly and speculation’ – economy minister

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ROME: Italian Economy Minister Giovanni Tria on Monday said the economy, the euro zone’s third biggest, is between stagnation and recession as he ruled out a budget correction during the course of 2019. With the economy sputtering, talk about a budget correction is “folly and speculation” and Brussels officials have not indicated they are seeking one, Tria said during recording ... Read More »

Norway plans ocean theme for Expo 2020 pavilion

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Norway has announced that it will participate at Expo 2020 Dubai under the theme “Norway as a world leading ocean nation”. The Norwegian pavilion’s design and content will highlight Norway’s position within ocean issues and will be built by a consortium between Rintala Eggertsson Architects, Expomobilia and Five Currents. The core exhibition will consist of 680 sq m of interactive ... Read More »

Increased tax refunds causes decline in revenue

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The simpler process of claiming tax refunds has caused an increase in claims over the past few months and cut into the tax revenue, the tax office has said. The Finance Ministry’s Taxation Directorate General said that revenue from value-added tax (VAT; PPN in Indonesian) and luxury tax (PPnBM) had fallen as of recently, as it had paid a greater ... Read More »

Denmark’s no-deal Brexit bill: What British residents need to know

Storbritanniens premierminister Theresa May møder statsminister Lars Løkke Rasmussen på Christiansborg i København, mandag den 9. april 2018. Theresa May og Lars Løkke Rasmussen skal blandt andet diskutere Brexit og giftangreb. (Foto: Mads Claus Rasmussen/Scanpix 2018)

The Danish government filed a bill setting out the rights of British citizens living in Denmark in the event of a no-deal Brexit. The 129-page bill provides for temporary continuation of the majority of rights currently enjoyed by British citizens who live in Denmark under European Union free movement rules. Provided it passes parliamentary procedure, the proposed legislation is expected ... Read More »

France calls on Germany to ease arms export rules

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BERLIN: French Economy Minister Bruno Le Maire said that Germany should ease its strict arms export rules for countries outside the European Union to strengthen the defense industry. France has complained that joint arms manufacturing projects are being stalled by Berlin’s refusal to authorize future arms export licenses to Saudi Arabia, a major buyer. Germany said in November it would ... Read More »

Tuesday Feb 26 — Monday Mar 04, 2019

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