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World Business

A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers.

Turkey lifts customs duty on onions

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A Turkish presidential decree has completely lifted the customs duty on onions, temporarily. The zero-tariff will remain in effect until Feb. 28. According to the decree, the purpose of the move is to curb the rise in the price of onions and to keep the domestic market price of the vegetable at a reasonable level and to prevent any speculative ... Read More »

Australia cheers trade with China, Korea

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Sydney : Here’s cheers to China with more of the county’s population expected to sip on some Aussie wine in 2019 as the latest round of tariff cuts kicks in. Bottled wine is among 1500 products included in Australia’s free trade agreement with China and the republic of Korea which had export tariffs removed or reduced on New Year’s Day. ... Read More »

Turkey continues cooperation with EU on visa liberalization, refugee deal

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Turkey will continue to cooperate with EU institutions on visa liberalization, updating the customs union and the refugee deal, Foreign Minister Mevlüt Çavuşoğlu told Parliament’s Foreign Affairs Committee yesterday. Recalling the two Reform Action Group (RAG) meetings held last year, Çavuşoğlu said the justice ministry continues to work on the judicial reform strategy. He added that the process is being ... Read More »

China donates four X-ray scanners to Customs

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ISLAMABAD: Chinese Embassy in Pakistan has donated four X-Ray scanners to the Custom Wing of Federal Board of Revenue here on Friday. According to the statement issued by the FBR, the scanners were handed over by Mr. Chen Wei, Counsellor of the Embassy of the People’s Republic of China in Islamabad to Dr Jawwad Uwais Agha, Member Customs (Operations), Federal ... Read More »

Sri Lanka sets US $ 20bn export target for 2019

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Colombo : The Export Development Board (EDB) has set an ambitious target of fetching US$ 20 billion through merchandise and services exports in 2019, a goal that has been set following the export revenue moving towards a positive growth trajectory in the last couple of years. The set target is expected to be achieved with the EDB shifting its focus ... Read More »

Overstock Becomes the First Major US Company to Pay Business Tax in Bitcoin

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US : The cryptocurrency-friendly company Overstock.com announced on Thursday that company will be paying part of its business taxes to the state of Ohio using bitcoin. Overstock will use the state’s Ohiocrypto.com website to pay for the corporation’s commercial activities tax this year. Last November, the U.S. state of Ohio launched a payment portal that allows businesses to pay taxes ... Read More »

ComBank issues UnionPay cards for first time in Sri Lanka

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Colombo :The Commercial Bank of Ceylon has become the first Bank in Sri Lanka to issue UnionPay Credit and Debit Cards, the card brand with the largest customer base in the world, making Sri Lanka the 51st market in the world to issue UnionPay cards. Sri Lanka’s fastest-growing credit card issuer, the Bank said it will offer UnionPay Gold, Platinum ... Read More »

Australia’s new laws taking effect on 1 January: from axed tampon tax to credit card changes

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Sydney : The end of the tampon tax, restrictions on foreign political donations and crackdowns on predatory lending practices are among changes to Australian law coming into effect on Tuesday. On Monday the federal government signed a determination to remove the GST from sanitary products, following unanimous state and federal agreement three months ago. It will take effect on 1 ... Read More »

Saudi Arabia reports 18% drop in expat remittances

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Saudi arabia : Expat remittances fell by 18% in November, according to Saudi Arabian Monetary Authority (SAMA). The banking authority said $2.6 billion (SAR9.9bn) was transferred by expats in November, compaired to $3.2bn (SAR12bn) in the same month last year, SAMA said remittances by Saudis also dropped by 39.5% – $1.2bn (SAR4.8bn) in November, compared to $2.1bn (SAR7.9bn) in 2017. ... Read More »

Saudi Arabia sets up $2.9bn program to increase home ownership

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Saudi Real Estate Refinance Co, a unit of the kingdom’s sovereign wealth fund, set up an SR11 billion ($2.93 billion) Islamic bond program to increase liquidity in the country’s mortgage market. HSBC Saudi Arabia has been appointed as the sole arranger and bookrunner for the riyal-denominated program, the company said in a statement. Sukuk will be issued through multiple tranches. ... Read More »

Iran exports $9B worth of goods through Bushehr customs

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In the first eight months of the current Iranian year (started March 21), Iran exported 19 million tons of goods, worth $9 billion, through its customs in Bushehr province, Seyyed Hossein Hosseini Mohammadi, the head of Bushehr Province Industry, Mine and Trade Organization, said, Trend reports via Iranian media. Mohammadi noted that various economic programs are implemented in the province. ... Read More »

Ten companies pay 45% of all corporate tax in Australia

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Sydney : Ten companies are paying 45% of all corporate tax in Australia, demonstrating how reliant the federal government is on the fortunes of the big banks, miners and supermarket giants. The tax office has released its fourth tax transparency report, revealing key details of 2,109 of the largest companies with operations in Australia for the 2016-17 financial year. Corporate ... Read More »

Britain’s goods exports ‘collapse’ to three-year low amid Brexit unease

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Britain’s goods exports have “collapsed” to levels not seen for three years in response to growing Brexit uncertainty and slowdowns in the Chinese and the US economies, according to a quarterly trade monitor. Business consultants BDO found that the UK’s goods exports, which have suffered a slowdown in growth since the beginning of 2017, contracted in the last three months ... Read More »

Indigenous Business Australia Invests $34 Million in Property

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Sydney : Indigenous Business Australia, an organisation focused on economic independence for Aboriginal and Torres Strait Islander peoples, has acquired two service centres for $34 million. Perth-based property investment group Security Capital Australia listed the assets, located 80 kilometres south of Perth on the Forrest Highway at West Pinjarra. The properties, which were completed in 2017, sold on a combined ... Read More »

Allocation of idle LNG capacity to private sector can save $100m

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Karachi : Pakistan, which is considering renegotiating liquefied natural gas (LNG) import tariffs and terminal charges to make them cost-effective, can immediately cut the cost by over $100 million per annum by allocating idle import capacity to the private sector. The country can save the cost much before renegotiating LNG agreements with suppliers and domestic import terminal operators. “Pakistan can ... Read More »

Brazil denies Total license to drill near Amazon Mouth

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Brazil’s environmental regulator on Friday denied French oil giant Total a license to drill for crude in five blocks near the mouth of the Amazon river. Regulatory agency Ibama said the license was denied “due to a set of technical problems” identified during the application process. It explained that the decision was based “on the deep uncertainties” detected in an ... Read More »

UK business confidence hit by cluster of Brexit uncertainties

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London : Chief Financial Officers (CFOs) at UK companies remain wary ahead of the finalisation of Brexit in 2019. As the end-game approached, a new survey of British CFOs shows their confidence in business outcomes is languishing at a net of -30%, the lowest level since the aftermath of the initial referendum result. The effect of Brexit negotiations – which ... Read More »

Central Bank of Sri Lanka hosts 54th SEACEN Governors’ Conference

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Colombo : The Central Bank of Sri Lanka hosted the 54th SEACEN Governors’ Conference / High-Level Seminar and the 38th Meeting of the SEACEN Board of Governors in Colombo from 29 November to 02 December 2018. These events were attended by Governors and delegates of SEACEN member Central Banks and Monetary Authorities. The Deputy Managing Director of the International Monetary ... Read More »

Malaysia’s e-commerce on a growth trajectory

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KUALA LUMPUR: Malaysia’s e-commerce is on a growth trajectory and has already started benefiting the country following the full implementation of 13 key programmes under the National eCommerce Strategic Roadmap’s (NeSR) six thrust areas. International Trade and Industry Minister Darrell Leiking said e-commerce value added and contribution to the gross domestic product in Malaysia continuously improved over a period of ... Read More »

Mick McCarthy recalls unfinished business with Switzerland

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Switzerland : Mick McCarthy appeared to be joking in the post-European Championship draw mixed zone about getting revenge on the Swiss for that 2-1 home defeat they inflicted on him 16 years ago in his last game in charge of Ireland first time around. Then somebody followed up with: “Joking aside, though . . .” and he cut back in ... Read More »