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Singapore businesses see sharp downturn on trade war

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SINGAPORE: With no let-up apparent in global and regional trade tensions, Singapore’s business community has slashed its expectations for the near-term economic outlook. “Because we are hugely export-dependent, because of the slowing down in the economy, because of tension, because of loss of business confidence — we need to adjust” growth expectations, Ho Meng Kit, chief executive officer of the ... Read More »

‘SAA must be placed under business rescue to protect taxpayer money’

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An application for the business rescue of South African Airways will be brought by Solidarity, as part of a tax protest campaign it is launching. This protest includes at least six legal actions against state enterprises, the civic group said in a statement on Sunday. “It is time that taxpayers turn to active and lawful tax protest. South Africa must ... Read More »

Drug ring suspected of smuggling 13kg cocaine from Netherlands to Finland

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Police have concluded a pre-trial investigation into a group of smugglers they suspect of importing 13kg of cocaine into Finland from the Netherlands. Police said they seized more than 800g of cocaine during the probe. Police suspect that the cocaine was smuggled from the Netherlands to the southern Finnish city of Tampere. The drug was mainly distributed in Tampere, but ... Read More »

Việt Nam records $700m trade deficit in first half of July

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HÀ NỘI — In the first half of July, Việt Nam’s export revenue exceeded US$10.5 billion and its import value topped $11.18 billion, resulting in a trade deficit of nearly $700 million. However, the country posted a trade surplus of more than $900 million from the beginning of this year to July 15 thanks to a significant trade surplus of ... Read More »

Ukrainian businesses to additionally pay over $792 million in taxes

The State Fiscal Service building in Kyiv, photographed in August, 2018. The service's tax authorities have been trying to crack down on aggressive transfer pricing practices by companies.

Ukraine’s State Fiscal Service (SFS) that is now undergoing the liquidation procedure carried out 10,600 inspections of taxpayers in January-June 2019, as a result of which they were obliged to additionally pay Hr 20.3 billion, or $792 million, in taxes and fees to the national budget. Read More »

Investors are reconsidering Greece

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Greece is back on foreign investors’ radar screens as it is considered an attractive destination for investments. However, the numerous obstacles in place, from high taxation to delays in justice and the low level of research and development, have resulted in this country being chosen mainly by companies already active here, which are aware of local proclivities and the deficiencies ... Read More »

Finnish quantum computing start-up raises €11.2m in seed capital

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ESPOO-BASED IQM has raised raised significant funding for driving disruptive advancements in quantum computing. The Finnish start-up announced yesterday it has raised a total of 11.2 million euros in seed capital from an international group of investors, including Finland’s Maki.vc and Finnish Industry Investment (Tesi), and Germany’s MIG Fonds and Vito Ventures. Mikko Möttönen, the co-founder and chief scientist at ... Read More »

Chinese partnership for Portuguese insurance company

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Fidelidade have established a partnership with China Reinsurance as part of their international expansion strategy. The partnership between the Portuguese insurance company Fidelidade and China Reinsure, the largest insurance provider in China has been created to strengthen institutional and trade relationships as part of the “Belt and Road” initiative. It is hoped by the companies that the partnership will contribute ... Read More »

Poland’s ruling right-wing PiS party tops in EU polls

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Poland’s governing right-wing Law and Justice party (PiS) won European elections, near-complete official results showed on Monday, with its leader Jaroslaw Kaczynski urging a wider victory in the autumn general election. The PiS took 45.56 per cent of the vote to win 27 of Poland’s 51 seats in the European Parliament compared with 38.30 per cent and 22 seats for ... Read More »

Spain’s Podemos demands bigger government role to back Sanchez as PM

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MADRID: Spain’s far-left Podemos on Monday demanded higher profile government posts, upping the ante on the eve of Socialist Pedro Sanchez’s confirmation vote as prime minister after politicians from both sides had said a deal was within reach. Almost three months after an inconclusive national election left the Socialists as the biggest party but short of a majority, parliament began ... Read More »

‘Hungary rejects tying EU funding to rule of law,

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Hungary will resist any effort by the European Commission to tie European Union funding to observance of the rule of law, the justice minister told the Reuters news agency in an interview on Wednesday. Varga said the definition of “generalised deficiency” regarding the rule of law in the EU’s 2021-27 draft budget was too vague. She said her goal was ... Read More »

Oman’s exports rise to OMR11.9bn

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Muscat: Oman’s exports increased to OMR11.9 billion until the end of September 2018 compared to the same period in 2017, which amounted to OMR9.13 billion, the Ministry of Commerce and Industry (MoCI) said in its latest report. The total exports of Omani origin products increased to about OMR2.95 billion at the end of September 2018 compared to the same period ... Read More »

Nepal-Georgia Ink MoU on Trade Expansion, Diplomat Visa Fee Waiver

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Nepal inks another important bilateral cooperation deal, this time with Georgia. The Nepal Chamber of Commerce and Georgian Chamber of Commerce and Industry signed a MoU on trade expansion and investment promotion. Nepal Chamber of Commerce President Rajesh Kazi Shrestha and Georgian Chamber of Commerce President and Industry signed the bilateral agreement on July 22, 2019 in the presence of ... Read More »

UN compensation panel pays out $270m for Kuwait oil company

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A United Nations panel that oversees compensation claims stemming from Iraq’s 1990-1991 invasion of Kuwait says it has paid out $270 million to Kuwait’s national oil company. The Geneva-based UN Compensation Commission said Tuesday the tranche brings to $48.7 billion the amount it has paid out. Iraq must currently set aside 1.5% of proceeds from oil exports for the compensation ... Read More »

UDC records net profit of QR238m in H1

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United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl-Qatar and Gewan Islands reported a net profit of QR238m on revenues of QR912m for the first half of 2019. The net profit attributable to the equity shareholders was QR225m and basic earnings per share stood at QR0.063. Turki bin Mohammed Al Khater, UDC ... Read More »

Oil Ministry Finalises Export Figures for June

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Iraq’s Ministry of Oil has announced finalised oil exports for June of 105,603,325 barrels, giving an average for the month of 3.520 million barrels per day (bpd), down from the 3.572 million bpd exported in May. These exports from the oilfields in central and southern Iraq amounted to 101,705,000 barrels, while exports from Kirkuk amounted to 3,162,559 barrels, and from ... Read More »

US arms sales to Saudis, UAE, Jordan needed to deter Iran: Pompeo

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WASHINGTON: Secretary of State Mike Pompeo said the Trump administration had decided to proceed with arms sales to Saudi Arabia, the United Arab Emirates and Jordan in a move bypassing Congress because any delay could increase risk for US partners at a time of instability caused by Iran. “These sales will support our allies, enhance Middle East stability, and help ... Read More »

Iran Exports Value To Afghanistan, Pakistan At Over $5b

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Iranian Deputy Foreign Minister for Economic Affairs Gholamreza Ansari put his country’s current exports value to eastern neighboring countries at over five to six billion dollars, Iranian Mehr News Agency reported. He made the remarks on the sidelines of the meeting of Foreign Relations Coordination Headquarters, held in the presence of representatives of the Foreign Ministry and Iranian ambassadors in ... Read More »

Taiwan’s bananas to be served at Japanese schools

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TAIPEI: Taiwan’s bananas will be served at school lunch tables and be available in the supermarkets of eastern Japanese cities starting this November. The Council of Agriculture (COA) signed an agreement on Wednesday (July 24) with the authorities of Kasama, a city northeast of Tokyo, on promoting dining and cultural exchanges between Taiwan and Japan, according to a press statement ... Read More »

Italian PM stands by League over Russia funding scandal

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ROME: Italian Prime Minister Giuseppe Conte said on Wednesday he had continued trust in the League party within his coalition government despite allegations it had sought illicit funds from Russia. “There are no elements at this stage that could reduce the trust I have in all members of the government,” Conte told the upper house Senate, addressing a scandal that ... Read More »