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Man Group to fight $156m Kuwaiti lawsuit

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A Kuwaiti state pension fund is suing Man Group, the UK alternative investment manager, in a UK court for $156m. The Gulf country’s Public Institution for Social Security filed the lawsuit in November, the government-run agency told Reuters in a statement.  It claimed that Man entered into “secret contracts with a former PIFSS executive between 1996 to 2013.” Its press statement ... Read More »

Qatar Airways announces global sales promotion

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Doha: Qatar Airways announced yesterday its latest global sales promotion designed to inspire passengers to explore new and exciting destinations in 2019. Qatar Airways’ passengers can enjoy exclusive discounts during this special promotion, where every journey to a destination becomes an unforgettable chapter, an experience that will create exciting stories to tell. The promotion is valid on all Qatar Airways ... Read More »

$2m to Launch of Mosul Heritage Stabilization Program

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Cultural Property Consultants (CPC) and the University of Pennsylvania Department of Near Eastern Languages and Civilizations (NELC) have been awarded a $2 million grant to launch the Mosul Heritage Stabilization Program (MHSP). MHSP seeks to assist Iraqis in the preservation and protection of cultural heritage by contributing to the maintenance and promotion of cultural memory, identity, diversity, and freedom of ... Read More »

Jordan’s economy forecast to grow by 2.3% this year

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AMMAN: Jordan’s economy is expected to grow by 2.3 per cent in 2019 and witness a slight increase in 2020 and 2021, according to a World Bank report. In its “2019 Global Economic Prospects” report, the World Bank indicated that Jordan’s economy is expected to achieve a growth rate of 2.4 per cent in 2020 and 2.7 per cent in ... Read More »

Taliban tax collectors help tighten insurgents’ grip in Afghanistan

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KABUL: Every two months, Mohammaddin visits a tax collector in Chardara district, in northern Afghanistan, and is given receipts to show he has paid his tax and utility bills. The service is professional, he says, though the paperwork he receives does not bear the name of state-owned power company Da Afghanistan Breshna Sherkat, which provides the electricity, but instead carries ... Read More »

Over 80% reject ‘two systems,’ poll finds

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More than 80 percent of Taiwanese do not accept the “one country, two systems” formula and a majority reject the existence of the so-called “1992 consensus,” a survey published yesterday by the Cross-Strait Policy Association found. Asked whether they supported Chinese President Xi Jinping’s (習近平) proposal of a “one country, two systems” model for unification, which would make Taiwan a ... Read More »

Energy prices go up in Q3

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Prices of energy went up in nearly all energy types in the third quarter, according to Statistics Finland. Prices of only energy peat and forest chippings fell from one year ago. The growth in prices was partly due to the tightening of taxation on fossil fuels at the turn of the year. The rise in the world market price of ... Read More »

Tuesday Jan 08 — Monday Jan 14, 2019

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Norwegian Air shores up its balance sheet

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OSLO: Norwegian Air (NWC.OL) announced a $230 million cost savings program on Monday along with steps including the refinancing of one Boeing (BA.N) 787 Dreamliner that the budget airline said would generate more than $30 million in liquidity. It also said it was making several changes to its route portfolio as well as to its capacity. “Combined these measures should ... Read More »

Indonesia targets 7 percent growth in agroindustry

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The Industry Ministry has targeted an increase of 7.1 percent in the agroindustry in 2019, higher than last year’s 6.93 percent, following a surge in domestic demand. “In this political year, there are several sectors that will enjoy great opportunities, including the food and beverage industry,” the Industry Ministry’s acting director general of agroindustry, Achmad Sigit Dwiwahjono, said in a ... Read More »

Business News in Brief: Tax authority writes off billions, benefiting half a million in the process

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The Skattemyndighederne tax authorities have written off 5.8 billion kroner from the bills of nearly half a million people in Denmark, reports Politiken. Some 485,000 have benefited from a move that was approved by Parliament. Many are believed to be benefit recipients, early retirement pensioners and people on early retirement, and most were informed in mid-December. Skattemyndighederne initiated the move ... Read More »

Audits reveal Deutsche Bank’s links to tax trade scandal

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There are “lots of indications” that some managers discussed “the reputational risks” of Deutsche Bank’s involvement in a share-trading scheme that is the subject of Germany’s biggest post-war fraud investigation, according to a conclusion in one of five internal audits. The bank issued tax certificates for withholding tax that had never been deducted and made loans to clients to allow ... Read More »

EU Okays Belgian Tax Measures for Maritime Transport

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Various Belgian support measures for maritime transport have been prolonged until the end of 2022 following an approval granted by the European Commission under EU State aid rules. The scheme encourages shipping companies to register their ships in Europe and so ensure higher social, environmental and safety standards. Belgium has also committed to a number of changes to its scheme ... Read More »

How $3.5b will be stripped from from our sharemarket this year

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This year is already shaping up to be a big one for New Zealand mergers and acquisitions, with $3.5 billion in value set to be wiped off the local sharemarket, JBWere said. The investment and brokerage firm said the “disturbing” trend of merger and acquisition activity continued throughout 2018, which was the busiest since 2012. “We estimate about $1.5 billion ... Read More »

Brazil’s Stock Market Surges as Economy Minister Announces Priorities

O ministro da Economia, Paulo Guedes, discursa na solenidade de transmissão de cargo.

BRAZIL: The US dollar closed down by 1.69 percent in relation to the Brazilian real as the country’s stock market registered a record high of 91,012 points. Market are optimistic with as Brazil’s new Economy Minister, Paulo Guedes, revealed that the government’s priorities will be the opening of the economy, privatizations and the reform of the Social Security system. “After ... Read More »

Japan Rebounds, Asia Jumps on US Data as Trade Talks Begin

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SINGAPORE: Asian markets were broadly higher on Monday after strong U.S. jobs data lifted indexes on Wall Street. All eyes are on trade talks in Beijing, where American and Chinese officials are trying to resolve a trade dispute that threatens to worsen an economic slowdown and put a drag on the global economy. KEEPING SCORE: Japan’s benchmark, bouncing back from ... Read More »

Over 70% of East Asian execs say trade war will hurt businesses

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More than 70% of corporate leaders in China, Japan and South Korea expect the trade war to damage their businesses, according to a recent joint newspaper poll of about 100 executives in each country. About 79% of respondents from Japan, 73% from China and 81% from South Korea said the trade war will deal a blow to their operations, according ... Read More »

Air India SATS Staff Among 4 Arrested For Smuggling Gold At Delhi Airport

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NEW DELHI: Four people, including an employee of Air India SATS, have been arrested by customs officials for allegedly trying to smuggle gold worth about Rs. 95 lakh into the country at the Delhi airport, according to an official statement issued today. Air India SATS, which is a 50:50 joint venture between Air India Limited and Singapore-based SATS Limited, offers ... Read More »

Tax increase not yet reflected in Tuesday’s oil price hike

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MANILA: Oil companies announced a hike in fuel prices on Tuesday, January 8, but clarified that this increase is not yet due to the Tax Reform for Acceleration and Inclusion (TRAIN) law’s second tranche. In separate messages, oil firms said they will increase diesel prices by PHP0.70 per liter, PHP0.80 per liter for gasoline, and PHP0.40 per liter for kerosene. ... Read More »

ADB Cuts Thai Growth Outlook To 4.3%

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The Asian Development Bank (ADB) has slashed its economic growth forecasts for Thailand to 4.3% this year and 4.1% next year as the global economy sputters. The growth forecast for 2018 was trimmed from 4.5% predicted in September to 4.3% after the third quarter expansion slowed to 3.3% from 4.6% in the second quarter, according to an update of the ... Read More »