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SA gold slump continues as annual production falls by 19.5%

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South Africa’s embattled gold sector faced more bad news on Thursday. According to Stats SA, annual gold production shrank by 19.5% in April, its 19th straight monthly decrease. Annual production fell by 18.3% in March and 21.1% in February. According to Stats SA, annual iron ore production was down 11.9%, while chromium ore fell by 7.2%. Total mining production decreased ... Read More »

Trade disputes lead Dutch central bank to revise down growth forecasts

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The pace of economic growth in the Netherlands is set to slow down slightly and is now projected to reach 1.6% in 2019 and 1.5% next year, the Dutch central bank said on Tuesday in its new half-yearly forecast. Last December the bank put growth at 1.7% this year and in 2020, down from earlier forecasts of 2.2% and 1.9%. ... Read More »

Tuesday June 04 — Monday June 17, 2019

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Switzerland, Kenya take their ties to new heights

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Kenya Airways will launch direct flights from Nairobi to Geneva and I will be on that inaugural flight. And although I have flown between Kenya and Switzerland many times over the four years that I have served as the ambassador of Switzerland to Kenya, this will be a uniquely satisfying trip for me. This is because for the first time ... Read More »

Ukrainian banks report 69.2% increase in profits during the first four months of 2019

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Ukraine’s banking sector remains on a strong growth trajectory as the far-reaching reforms of the past five years continue to bear fruit. According to figures released in late May by the National Bank of Ukraine (NBU), Ukrainian banks posted a 69.2% year-on-year increase in profits during the January-April 2019 period to reach a new total of UAH 18.1 billion. This ... Read More »

Government to crack down on trade fraud

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The Government will adopt stricter penalties to prevent foreign goods being exported to the other markets under Vietnamese labels to avoid tariffs. Experts forecast that firms exporting goods from countries subject to high tax rates would find ways to illegally transfer the goods to Việt Nam and then export them to the US, Europe and Japan to circumvent the ongoing ... Read More »

UBS switches stance with plan to offer $113 million tax settlement in Italy

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ZURICH/MILAN: UBS looks set to agree a 100 million euro ($113 million) settlement of a money laundering and tax case in Italy within the next few weeks, according to people familiar with the matter, in contrast to a similar case in France. Switzerland’s biggest bank is battling a number of court cases in Europe over claims it enabled cross-border tax ... Read More »

Norway central bank survey sees stronger growth

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OSLO: Norwegian companies in the last three months increased their output at the fastest pace since 2012 and production is set for further strong growth in the time ahead, a central bank business survey showed on Tuesday. “Enterprises expect output growth to remain firm ahead and are planning for solid investment growth,” Norges Bank said. The poll will be among ... Read More »

Jokowi puts economy at heart of re-election pitch

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INDONESIAN President Joko Widodo has put the economy at the centre of his pitch to voters, pointing to job creation and boosting purchasing power as key to alleviating poverty for scores of Indonesians. In a speech Mr Joko – popularly known as Jokowi – underscored progress made in infrastructure during his first term as he sought to build momentum ahead ... Read More »

Apple Axes $921m Data Centre Project In Denmark For ‘Business’ Reasons

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The company’s European data centre expansion plan is certainly not going to plan after the axing of its €850m data centre in Ireland as a result of planning delays. Apple has axed plans to build a second $921m data centre in Denmark after buying the land for it back in 2017. Construction had already started at the 285-hectare site in ... Read More »

State now drafts law to unlock funding to bankrupt companies

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New loans advanced to firms in distress will be cleared ahead of other obligations, new Bill proposes, as the State moves to encourage lending to insolvent firms. The Statute Law (Miscellaneous Amendment) Bill 2019 wants debts contracted during the time a troubled company is under administration to be treated as priority payment ahead of pre-existing liabilities. It seeks to include ... Read More »

New car registration slides by 13% in May

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A total of 19,376 new motor vehicles were registered in May, 2019, of which 12,661 were automobiles, according to Statistics Finland. First registrations decreased by 9.2 per cent from the corresponding month of the previous year. In May the number of new private cars registered was 10,884, which was 12.8 per cent down from the year before. The share of ... Read More »

Greece scraps bailout commitment to lower tax-free threshold

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Greece scrapped plans to force people to pay more tax on their incomes from next year, less than a month before a parliamentary election. The outgoing Parliament passed a measure proposed by the leftist SYRIZA government, revoking an income tax credit package due to come into effect in January. That measure, among the commitments demanded by international lenders in return ... Read More »

Belarus partially resumes oil transit towards Poland

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MINSK: Belarus state energy company Belneftekhim said on Sunday it had partially resumed oil transit towards Poland and that its daily Western-bound transit plan for June was 65,000 tonnes. Belarus has so far returned 450,000 tonnes of contaminated oil to Russia, Belneftekhim said in a statement, adding it expected to complete the clean-up of a pipeline between the Mozyr refinery ... Read More »

Bank of Spain improves economic growth outlook for 2019

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The reason for this uptick is the fact that the economy has demonstrated “greater strength than anticipated,” said Óscar Arce, the Bank of Spain’s head of research, at a news conference. From now on the pace of growth will gradually slow down, according to the supervisor, which also warned about the risks to the job market from the minimum wage ... Read More »

Hungary in talks for cooperation with Trieste port

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Hungary is in talks for cooperation with Trieste port as the project for the participation of the country in the construction of a second track of the railway line linking the Divaca hub in Slovenia to Koper port may fail, foreign minister Peter Szijjarto said. “We are in serious negotiations with Trieste, since we have heard that certain political forces ... Read More »

Oman’s share index closes higher marginally

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Muscat: The MSM30 Index ended higher at 3,954.74 points, up by 0.33 per cent. The Sharia Index also followed suit, closing higher by 0.28 per cent at 540.11 points. Galfar Engineering was the most active in terms of traded volume while as well as turnover. Al Anwar Ceramics up 3.96 per cent, was the top gainer during the session while ... Read More »

India, Nepal to amend trade treaty

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The Indo-Nepal Treaty of Trade and Transit will be amended soon to include waterways as a mode of cargo transport to enhance connectivity between the two countries. According to Pravir Pandey, Chairman, Inland Waterways Authority of India, currently the Indo-Nepal treaty of 1991 only allows movement of cargo by road and rail between the two countries. Need for amendment “We ... Read More »

Fire breaks out at kerosene unit in Kuwait port

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Manama: A fire that engulfed a kerosene unit at the Mina Abdullah refinery on Tuesday evening has been put out, the Kuwait Petroleum Corporation (KPC) has said. The fire broke out at 11.30pm local time on Tuesday, and it took firefighters about 75 minutes to extinguish it, KPC chief Hashem Al Hashem said in a statement carried by Kuwait News ... Read More »

How economic blockade on Qatar backfired

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When a small Gulf nation like Qatar is blockaded by four of its powerful neighbours for two consecutive years by land, sea and air, one would expect a crisis of unparalleled proportions. The blockade began on June 5, 2017, when Saudi Arabia, the United Arab Emirates, Egypt, and Bahrain accused Qatar of sponsoring terrorism. It was Qatar’s independent foreign policy, ... Read More »