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Oman’s share index closes higher marginally


Muscat: The MSM30 index ended higher and closed at 3,983.79 points, up by 0.30 per cent. The MSM Sharia Index closed at 547.15 points, up by 0.30 per cent. Galfar Engineering was the most active in terms of volume and in terms of turnover. Dhofar Cattle Feed, up 11.11 per cent, was the top gainer while the top loser was ... Read More »

Kuwait bans import of Indian, British and American food products


The Kuwaiti authorities announced, Tuesday, the banning of imported Indian, British and American food products. The Secretary-General of the Kuwaiti Higher Committee for Food Safety at the Public Authority for Food and Nutrition, Adel Al-Suwait, said in a statement that the Committee recommended banning the importation of the “boneless buffalo meat” of the Indian brand “ALM,” which was produced on ... Read More »

Qatar Chamber promotes local industries across Russian market


DOHA: Qatar Chamber participated in the 12th edition of the Arab-Russian Business Council and its accompanying exhibition “Arabia Moscow 2019” which was held between April 8-10 in the Russian capital, aiming to promote Qatari products and industries in the Russian market. Qatar-Russia relations have seen significant growth in the recent past couple of years, and Qatari investment in Russia was ... Read More »

Textron Wins $15m Iraq Contract


US-based Textron Aviation Defense has been awarded a $15,350,000 contract for continued support for the completion of the reconstitution of 15 T-6A aircraft. This modification provides for a schedule extension to complete the reconstitution of 15 T-6A aircraft and procure cartridge actuated devices and propellant actuated devices. Work will be performed at Imam Ali Air Base, Iraq, and is expected ... Read More »

Corruption costs $1 trillion in tax revenue globally — IMF


NEW YORK: Curbing corruption could generate about $1 trillion in tax revenues annually across the world, according to research from the International Monetary Fund (IMF). In addition to increasing government revenue, fighting corruption can also reduce waste and even help to lift test scores among public school students, the IMF said. It also improves overall public trust in the government. ... Read More »

Minister Vows To Increase Afghanistan’s Exports

Ajmal Ahmadi Minister

As part of the Afghan government’s accountability assessment, some cabinet ministers at a ceremony in Kabul on Wednesday briefed media about their activities of the last year. Acting Minister of Industry and Commerce, Ajmal Ahmadi, said Afghanistan’s exports will exceed $1.5 billion next year while according to him, it was at least $900 million this year. “We have focused our ... Read More »

IMF forecasts Taiwan GDP growth at 2.5% for 2019, 2020


The International Monetary Fund (IMF) forecast that Taiwan’s gross domestic product (GDP) will grow 2.5 percent in 2019 and 2020 in its latest World Economic Outlook report released. The IMF forecast for 2019 represents an increase from the 2 percent made in April 2018 and 2.4 percent in October 2018. According to the IMF, consumer prices in Taiwan will grow ... Read More »

Norway to ban fur farms by 2025

Orylag rabbits are seen in cages on December 19, 2017, in Vandre, western France, at the livestock farm of Jean Boutteaud, also President of the Orylag cooperative. - The association L214, which fights for animal welfare, denounced on December 19, 2017, the treatment allegedly suffered by rabbits used for their fur by luxury brands, in three farms and a slaughterhouse in the south-west of France. (Photo by XAVIER LEOTY / AFP)

A bill presented to parliament would render it illegal after 2025 to possess animals for the purpose of killing them “for the sale or any other use of their fur.” The proposed ban is the result of an agreement reached in January 2018 when the right-wing government expanded to include the small Liberal Party, which insisted on the measure. While ... Read More »

Xiaomi produces 10 million smartphones in Indonesia factory


Xiaomi Indonesia has reached the milestone of producing 10 million smartphones in its factory in Batam, Riau islands. Xiaomi announced the company had achieved the figure since its official compliance with the local content regulation in February 2017 for its first locally-manufactured smartphone, Redmi 4A “We are happy that Xiaomi devices have received a positive response from Indonesia’s customers. Globally, ... Read More »

‘Germany, France back shorter Brexit delay ahead of EU summit’

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BRUSSELS: Germany, France, Luxembourg and the EU’s Brexit negotiator Michel Barnier favored a shorter delay to Britain’s departure from the bloc in talks on the eve of a summit of EU leaders in Brussels, a document seen. EU leaders meeting on Wednesday are set to grant Britain a second delay to Brexit but have not yet decided how long this ... Read More »

LNG tankers heading to Britain, Belgium and the Netherlands


The following liquefied natural gas (LNG) tankers are expected to arrive in Britain, Belgium and the Netherlands in the coming weeks. Estimated arrival dates, often revised by port authorities and AIS Live ship-tracking data on Refinitiv Eikon, are updated below. Some tankers heading for Belgium and Britain may be loading at the terminal. Those expected to load are indicated with ... Read More »

Hong Kong’s equity market surpasses Japan as world’s third largest in value

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HONG KONG: Bragging rights to Hong Kong, for now. The city’s equity market overtook Japan earlier this week to be the world’s third largest in value, behind only the U.S. and mainland China, courtesy of a rebound in Hong Kong stocks after their worst year since 2011. Hong Kong’s market cap was $5.78 trillion as of Tuesday, compared with $5.76 ... Read More »

SK Innovation in talks to set up EV battery JVs with Volkswagen, China partners


SEOUL: SK Innovation Co Ltd is in talks to set up separate battery-making joint ventures with Volkswagen AG and Chinese partners, as the South Korean petrochemicals producer aggressively expands its involvement in electric vehicles (EVs). The company confirmed talks with Germany’s Volkswagen for the first time, telling Reuters the pair were discussing building a factory together. It also said it ... Read More »

India has scope for reducing untargeted food, fertiliser subsidies: IMF Deputy Director Paolo Mauro

Washington: There is a lot of scope in India for reducing untargeted food and fertiliser subsidies and enhancing revenue administration, the IMF has said. “When one looks at some of the populist proposals announced by political parties during this election season, the important thing is to look at the benefits but also look at the costs and to look at ... Read More »

Exports down, imports up in February


MANILA, Philippines: Merchandise exports declined for the third straight month while imports posted growth for two consecutive months in February, further widening the trade-in-goods deficit to $6.708 billion at the end of the first two months. Preliminary Philippine Statistics Authority (PSA) data released Thursday showed that sales of Philippine-made goods overseas fell 3.9 percent year-on-year to $10.456 billion as of ... Read More »

Forecasts for Thai export growth revised upwards


The meeting of the Joint Standing Committee on Commerce, Industry and Banking has revised upwards its forecast of export growth in 2019 to between 6.5 – 7.5% from the previous forecast of between 3.5 – 4.5%. The revision is in line with export growth in the past eight months, the committee said. Growth momentum is expected to continue during the ... Read More »

Rand trades stronger despite business sentiment slump

stock exchange

The South African currency continued to strengthen during the European session on Wednesday, dropping just below the R14/$ threshold according to NKC Research. This is despite the South African Chamber of Commerce and Industry reporting that business sentiment slumped to the lowest level in seven months in March. However, the local unit was buoyed by a further easing in US-China ... Read More »

Dutch firms agree to create 3,500 jobs for refugees in two years


Fifteen large Dutch employers, including Shell, ING, Philips and construction company Dura Vermeer have agreed to create 3,500 permanent jobs for refugees in the Netherlands and abroad over the next two years, the Financieele Dagblad said on Tuesday. In addition, the firms are starting a string of initiatives to help a further 10,000 refugees improve their prospects to get a ... Read More »

Brazil’s Port of Natal New Link in Netherlands Cocaine Chain


Authorities have revealed a new cocaine trafficking route from a Brazil shipping port to the Netherlands, confirming that the small European country is now a preferred receiving destination for the drug from across Latin America. In February, Brazilian authorities seized 3.3 tons of cocaine in two separate shipments of tropical fruits at the port of Natal, the first seizures of ... Read More »

Macquarie agrees US$1.3b sale of Poland’s Gdansk port terminal


A consortium of investors including Poland’s sovereign wealth fund PFR has agreed to buy the country’s largest container terminal in Gdansk from the infrastructure fund of Australia’s Macquarie in a deal worth more than US$1.3 billion, the companies said. Poland’s ruling Law and Justice (PiS) party has said the country was too dependent on foreign investors, who bought into the ... Read More »