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KB Kookmin Bank Sets up IB Unit in New York

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KB Kookmin Bank announced on that it has opened an investment banking (IB) unit in New York local time. The New York unit is the bank’s third IB unit following those in Hong Kong and London. Based on the three regional hubs which are set up in the global centers of IB deals, KB Kookmin Bank is planning to strengthen ... Read More »

Charges Against GST, Customs Officials For Helping In Smuggling Gold

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NEW DELHI: The Central Bureau of Investigation has charged three Customs and GST officials based in Bengaluru for allegedly helping smugglers bring gold from Dubai in the form of paste, officials said on Tuesday. The agency had received information that Directorate of Revenue Intelligence officials had intercepted six international passengers who were handing over smuggled gold to some receivers. During ... Read More »

Philippine GDP growth drops to 4-year low in Q1 2019

Construction workers carry on with their work on the eve of the Labor day celebrations as different labor groups around the country push for an increase in the minimun wage to 750 pesos. The government has yet to decide on the proposal by labor groups. April 30, 2019

MANILA, Philippines: Analysts and experts expected economic growth to slow down, but not as slow as this. The Philippines’ gross domestic product (GDP) growth for the 1st quarter of 2019 plunged to a 4-year low of 5.6%, said the Philippine Statistics Authority (PSA) on Thursday, May 9. The 1st quarter growth is the lowest since the 5% recorded in the ... Read More »

Thai banks on 156 billion baht spending spree for recovery

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Thai Airways International is seeking cabinet approval to buy or lease 38 new planes at an estimated cost of 156 billion baht. In the proposal 31 planes will be acquired over the next five years. Thai Airways president Sumeth Damrongchaitham says the proposal would reach Deputy PM Somkid Jatusripitak this week and be put to the cabinet later this month. ... Read More »

Samsung South Africa launches R280m EEIP programme

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Samsung announced its R280 million Equity Equivalent Investment Programme (EEIP), projected to have a measurable impact on job creation and a contribution of nearly R1 billion to the South African economy at large. EEIP is an initiative of the Department of Trade and Industry (the dti) where multinational companies that are unable to sell equity in South Africa are invited ... Read More »

Better Managers Make Companies More Productive

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Industrial companies with a higher quality of management perform better – they have higher productivity and more international activities than companies with lower quality management, according to a study done by the University of Groningen and Statistics Netherlands at the request of the Ministry of Economic Affairs and Climate. The University of Groningen and Rabobank measured the quality of management ... Read More »

In numbers: The impact of the seven-day SAS strike

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Tavla med avgångar på Arlanda flygplats visar
inställda flyg på grund av SAS-piloternas strejk
De skandinaviska SAS-piloternas strejk är inne på fjärde dagen. Ett tusental flyg ställs in under måndagen och tisdagen.
Och någon lösning är fortfarande inte i sikte.
Foto: Tove Eriksson / TT / kod 10510

A Scandinavia-wide strike by SAS airline pilots ended after seven days having disrupted the travel plans of hundreds of thousands of passengers. The Local takes a look at the key facts and figures to know. Read More »

Tuesday May 07 — Monday May 13, 2019

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Norway’s US$1t fund told to sell emerging market bonds

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Norway’s $1 trillion sovereign wealth fund got the go-ahead to cut emerging market government and corporate bonds as part of an overhaul of its US$310 billion fixed-income holdings. The decision, announced on Friday by the Finance Ministry, comes after more than a year of deliberation. Bonds from Mexico, South Korea, Chile, the Czech Republic, Hungary, Israel, Malaysia, Poland, Russia and ... Read More »

Economic risks pose biggest threat to Italian banks – central bank

Banca D'Italia (Bank of Italy) sign is seen in downtown Rome, Italy, October 19, 2018.   REUTERS/Alessandro Bianchi

MILAN: A worsening economic outlook poses the biggest risk to Italian banks because it dampens earnings expectations and makes it more difficult for them to access the capital market, the central bank said. In its twice-yearly Financial Stability Report, the Bank of Italy flagged a weakening of the credit cycle with bank lending to families rising only slightly and the ... Read More »

VN poised to become manufacturer of established global brands

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Việt Nam’s garment and textile sector is set to expand its market share globally, taking advantage of free trade agreements (FTAs) to become “a manufacturer of the world’s established brands”, a trade and investment official has said. Phạm Thiết Hòa, director of the HCM City Investment and Trade Promotion Centre (ITPC), told Việt Nam News that an increasing number of ... Read More »

Yaroslavsky to invest USD 200 million in Dnipro metallurgy plant and Sukha Balka mine

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Oleksandr Yaroslavsky has announced plans to create DCH Steel as part of efforts to bolster the efficiency of the mining and metallurgical interests within his DCH Group. The company will manage two of his recent acquisitions, the Dnipropetrovsk Metallurgical Plant (DMZ) and Suhka Balka mine in Kryviy Rih. This reorganization of Yaroslavsky’s business empire aims to improve asset management while ... Read More »

Greece unveils bill to help millions who owe tax and pension arrears

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Greece unveiled draft legislation on Sunday intended to provide relief to millions of Greeks with tax and pension contribution arrears, offering discounts to amounts owed and stretching out payment plans by up to 120 monthly installments. The country’s leftist government, trailing the conservative opposition in opinion polls before national elections due in the autumn, is keen to show its social ... Read More »

Portugal PM to address nation on teachers’ pay

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Portugal’s Prime Minister Antonio Costa will address the nation later on Friday after parliament voted in favour of granting teachers salary increases held back over several years since 2005, a government spokesman said. Costa was due to meet President Marcelo Rebelo de Sousa at 1400 GMT and would then deliver a televised address from his residence, the spokesman said, without ... Read More »

Business flourishes as Angola revitalises historic railroad

In the heart of mineral rich southern Africa, mining companies have several options to get their cargo to port – traditionally they would look eastwards to Dar es Salaam, Beira or Durban on the Indian Ocean, a journey that can take up to three weeks. Now though, some are looking west: through Angola to the Atlantic port of Lobito. A ... Read More »

Airbus considers legal action against Germany over Saudi ban: sources

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Airbus is considering suing the German government as its freeze on arms exports to Saudi Arabia means the company is unable to complete a border security system for the Gulf state, two people familiar with the matter said. In October, Germany decided to reject future arms exports licenses to Saudi Arabia over the killing of journalist Jamal Khashoggi, and to ... Read More »

Shocking statistics on tax evasion in Hungary

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Based on the latest calculations of Hungary’s EU Convergence Programme, households are hiding about 20% of their wealth. People in the highest and lowest income brackets are the most likely to underreport their wealth, as reported by portfolio.hu. In a move to evade taxes, employees try to conceal a significant fraction of their income. The extent to which people are ... Read More »

Asia’s economies can fight off trade war

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The economies of Southeast Asia, China, Japan and South Korea are expected to remain “resilient” in the face of heightened trade tension and stronger global headwinds, a regional body said. While growth in the region should ease to 5.1 per cent this year from 5.3 per cent in 2018, robust consumption and trade between the economies will be supportive, the ... Read More »

KIB reports KD 6.2 million in net profits for Q1 2019

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KUWAIT: Sheikh Mohammed Jarrah Al-Sabah, Chairman of Kuwait International Bank (KIB) announced that the Bank recorded a net profit attributable to shareholders of KD 6.2 million at the end of the first quarter of 2019, mainly contributed by increase in financing income accompanied by an effective cost optimization. The financing income increased by 20 percent, or by KD 4 million, ... Read More »

Oman Cables unveils new logo; seminar focuses on fire survival cables

Image processed by CodeCarvings Piczard ### FREE Community Edition ### on 2019-05-05 16:59:59Z |  |

Oman Cables Industry (OCI), a Prysmian Group company and Electro Trade Company (ETC), its strategic distributor in the region, recently held a customer meet and technical seminar on fire survival cables and wires. ETC has a “long-term relationship and is a key and strategic distributor” for Oman Cables in Qatar. The seminar was held to introduce OCI’s new logo and ... Read More »