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‘Cars don’t sell’: How a shadow banking crisis is hurting autos sector

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Sudhir Gharpure and his sales team sat chatting at a big Maruti Suzuki dealership on the outskirts of Mumbai some two hours after its doors were opened on a recent Saturday morning – not a single customer was in sight. “There used to be close to 15-20 bookings each day, but now we’re down to 3-5 on good days,” said ... Read More »

Pag-IBIG Fund collects record-high P30 billion in home loan payments in H1, PLR climbs to 90.6%

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Pag-IBIG Fund reached record-high performing loans ratio as top executives report double digit growth in its housing loan payment collections in the first half of the year. From January to June 2019, home loan payments amounted to P30.44 billion, an increase of 12 percent compared to the P27.22 billion collected in the same period last year. “We were able to ... Read More »

Weekend RCEP meeting move closer to the world’s biggest trading bloc

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Whilst the UK looks to walk away from the EU trade bloc and the US continues to ramp up the trade war with China, the formation of the Regional Comprehensive Economic Partnership (RCEP), which would be the largest trade bloc in the world, continues to gather pace. The RCEP, initiated by ASEAN in 2012, is a proposed free trade agreement ... Read More »

Agliotti denies Mauritius political, drugs scandal

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Glenn Agliotti says newspaper reports in Mauritius linking him to drug busts in that country are “bull****” and he’s going to sue for defamation. An article in the Mauritian drew a connection between Agliotti and the owner of a boat that was to be used in transporting 140kg of cannabis from Reunion Island. In June, the boat was recovered at ... Read More »

Dutch athlete arrested in Germany with 13 kilos meth, 43 kilos ecstasy

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A Dutch athlete is currently in custody in Germany after she was caught with a very large amount of drugs and cash on her. Madiea G. was arrested with dozens of kilograms of ecstasy and crystal meth and 12 thousand euros in cash in her car, AD reports. The German court announced on Wednesday that the athlete had 13.19 kilograms ... Read More »

Norway says Venezuela opposition and government talks to continue

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CARACAS: Talks between Venezuela’s government and the opposition will continue, the Norwegian and Venezuelan governments said on Thursday, after a Socialist Party leader announced the end of a round of Oslo-backed talks to end a political crisis. Representatives of the ruling Socialist Party met with adversaries of President Nicolas Maduro this week in Barbados as part of talks that began ... Read More »

Google increases presence and investments in Finland

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Google is deepening its commitment to Finland through a strategy that is being supported by national and local state industrial development agencies. Firstly, the web giant is investing €600m to build a next-generation datacentre at Hamina, a coastal town 145km (90 miles) east of Finnish capital Helsinki and close to the border with Russia. In a second major capital commitment, ... Read More »

Polish lawmaker Swiecicki to become Ukraine’s Business Ombudsman

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Polish lawmaker Marcin Swiecicki will replace Lithuanian economist Algirdas Semeta as the head of the Ukrainian Business Ombudsman Council, the country’s watchdog that monitors state activity in relation to business. Swiecicki will begin work after Semeta’s contract expires in October. “At yesterday’s meeting, the council approved the candidacy of the future Business Ombudsman Marcin Swiecicki,” Semeta said at a quarterly ... Read More »

Greece secures EU okay to roll out 300 mln-euro broadband network

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Greece secured EU regulatory approval on Wednesday for a 300-million-euro ($334.4 million) scheme to roll out an ultrafast broadband network across the country. The project is funded by the European Regional Development Fund, the European Agricultural Fund for Rural Development and private investors. The network will offer full access to all operators on a non-discriminatory basis while the country’s telecoms ... Read More »

Portugal seizes art from businessman who owes almost £1bn

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Portugal has seized a trove of contemporary artwork, including paintings by Joan Miró and Piet Mondrian, from its debt-riddled owner, the government has confirmed. For months, three Portuguese banks had tried but failed to seize the art collection from Portuguese businessman José Berardo. The 75-year-old had offered the works as collateral for his debt which totalled nearly €1bn (£920m). The ... Read More »

Brain drain claimed 1.7 million youths. So this country is scrapping its income tax

BEELITZ, GERMANY - APRIL 08: In this aerial view seasonal workers from Poland harvest white asparagus at an asparagus field on April 08, 2019 near Beelitz, Germany. The Beelitz region, southwest of Berlin, is known for its asparagus. The white variety, which is considered in Germany a delicacy, is grown on fields under tarps and pulled before the sun's rays turn it purple.  (Photo by Sean Gallup/Getty Images)

Being young and Polish has never been this lucrative. A new law that comes into effect in Poland this week will scrap income tax for roughly 2 million young workers. It’s an attempt by the government to stop the dramatic brain drain Poland has experienced since it joined the European Union 15 years ago. Prime Minister Mateusz Morawiecki said the ... Read More »

Hungary PMI falls to 51.3 in July

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Hungary PMI falls to 51.3 in July

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Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) fell to 51.3 points in July from 54.1 in June, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Thursday. The employment index dropped, but was over 50 for the second month in a row. Delivery times were longer than in June. Purchased inventories fell for the ... Read More »

Oman oil price rises $1.50 for September delivery

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Muscat: Oman oil price for September delivery has reached $65.28, a hike of $1.50, according to the Dubai Mercantile Exchange (DME). In a statement, the DME said that the price of oil rose by $1.50 on Wednesday price which was $63.78. The average price of Omani oil for August delivery stabilised at $61.72, which is $8.27 (per barrel) lower than ... Read More »

Silver Heritage gets US$34mln offer for Nepal ops

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Boutique Asian casino operator Silver Heritage Group Ltd says it has received a US$33.9 million offer to buy its Nepal casino “operations”. The firm operates the purpose-built Tiger Palace Resort Bhairahawa (pictured), and also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal. The offer, from an individual called Indra Bahadur Thapa, placed a US$33.9-million ... Read More »

Iraq, Kuwait to appoint British firm for joint oilfield development study

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Iraq has agreed with Kuwait to appoint British energy advisory firm ERC Equipoise to prepare a study for the development of joint border oilfields, the Iraqi oil ministry said. A contract is expected to be signed with the company in coming days, a statement from the ministry said. Under the contract, ERC Equipoise will conduct technical studies, such as examining ... Read More »

Qatar implements IMF’s e-GDDS to support data transparency

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Qatar has launched a National Summary Data Page (NSDP) in implementing the recommendations of the IMF’s Enhanced General Data Dissemination System (e-GDDS). The e GDDS was established by the IMF’s Executive Board in May 2015 to support improved data transparency, encourage statistical development, and help create synergies between data dissemination and surveillance. The NSDP is hosted by the Planning and ... Read More »

Zain Iraq Revenues up 14%

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Zain Iraq‘s revenues for the first half of 2019 were up 14 percent on the same period last year. In its results for first six months of 2019, the company said: “Zain Iraq performed exceptionally well in H1 2019 when compared to H1 2018 with revenue reaching USD 522 million and EBITDA reached USD 220 million, up 14% reflecting an ... Read More »

Jordan Silos company bought 25,000 tonnes wheat in tender-trade

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HAMBURG: Jordan’s state-owned Silos and Supply General Company is believed to have purchased about 25,000 tonnes of wheat in an international tender for the same volume which closed European traders said. The price was believed to be around $234 a tonne c&f. The wheat had been sought for shipment in the first half of September. The state-owned company issues tenders ... Read More »

Afghanistan Government Reduces Internet Prices By 37%

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Minister of Telecommunication and Information Technology, Mohammad Fahim Hashemi, stated that all internet service providers purchasing internet by the national internet provider Afghan-Telecom will be receiving 1MB of internet for $60, while it was close to $100 in the past. The Ministry has announced a 37.5% reduction in internet costs across the country. Ajmal Ayan, head of Afghan Telecom, promised ... Read More »