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Tag Archives: Finance Minister

Iraq decides to issue $5b in int’l bonds: FM

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BAGHDAD: Finance Minister Hoshyar Zebari (pictured) said that Iraq has decided to issue $5 billion in international bonds, as it attempts to finance a budget deficit of $25 billion for the current year. He told reporters in Washington that negotiations were in progress with Citibank and Deutsche Bank, but according to Reuters declined to say what maturity and interest rates ... Read More »

Swiss, US row ease up in 2015: Finance Minister

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BERN: The Finance Minister Eveline Widmer-Schlumpf has said on the sidelines of the joint International Monetary Fund and World Bank spring meetings in Washington that the tension over Swiss banks and the United States justice authorities should ease up in 2015. The minister said she had received positive signals that this year would bring solutions to the conflict, a result ... Read More »

Green Climate can help developing countries deal with environmental issues: South Korea

korea's finance

SEOUL: Finance Minister Choi Kyung-hwan urged the Group of 20 major economies to lend support to the Green Climate Fund (GCF), an organization that helps developing countries tackle climate change-related problems, in Washington. In a meeting held immediately after the G-20 financial ministerial gathering, Choi said the GCF can help developing countries deal with environmental issues, adding that climate change ... Read More »

FBR Chairman Bajwa impressed by Turkish tax system

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ISLAMABAD: Being overwhelmingly impressed by the Turkish Tax System, Federal Board of Revenue (FBR) Chairman Tariq Bajwa will brief Finance Minister Ishaq Dar on his recent visit to Turkey. “In the upcoming board and council meeting, members of the delegation will inform the finance minister and other officials concerned about their experiences and what they had learnt during their visit ... Read More »

Netherlands Finance Minister says ABN Amro’s privatisation expected till 2nd half of 2015

netherlands finance minister

AMSTERDAM: The Netherlands’ finance minister said he did not expect nationalized bank ABN Amro to return to private hands until the second half of 2015. Jeroen Dijsselbloem said he would likely send to parliament a letter before the end of March recommending that ABN Amro seek a stock market listing, adding: “It’s too late now for the first half of ... Read More »

India hikes customs duty by 25% on cigarettes under 65mm

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NEW DELHI: Finance Minister, Arun Jaitley, said that government has hiked customs duty by 25 percent on cigarettes under 65 mm and 15 percent on other kinds of cigarettes. Historically, duties on cigarettes tended to move in tandem with wholesale price inflation, but since FY13 this has changed to rates that are closer to nominal GDP growth. This explains why ... Read More »

Indian govt announces to raise 40% customs duty on vehicles

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DELHI: Finance Minister, Arun Jaitely, said that government has announced to increase 40 percent customs duty on commercial vehicles from current 10 percent. However, on the brighter side, to give a boost to the government’s green theme he has waived off duty on electric & hybrid vehicles. Furthermore, Finance Minister has allocated Rs 75 crore for electric vehicles. Auto analysts ... Read More »

Indian stainless steel makers ask govt to raise customs duty to 25%

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NEW DELHI: Indian Stainless Steel Development Association (ISSDA) wrote a letter to Finance Minister, Arun Jaitley, and asked to increase 25 percent customs duty from 10 percent to save the interest of domestic firms. “There is an urgent need to control the growing imports and one way to achieve this is by increasing the customs duty rates. However, this is ... Read More »

Brazil unwinding tax breaks to stop debt: Finance Minister

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BRASILIA:  Brazil’s government is unwinding tax breaks as it strives to boost confidence and stop gross debt from expanding, Finance Minister Joaquim Levy said. “A rolling back of some of these tax breaks is kind of overdue,” he said in a presentation to investors in New York. It’s what we’re working to achieve in the next 10 months. That’s the ... Read More »

Governor of Bangladesh Bank bags Digital World Lifetime achievement award

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DHAKA: Governor of Bangladesh Bank, Atiur Rahman, has got the Digital World Lifetime achievement award for his technology friendly practical polices. Finance Minister, AMA Muhith, handed him over the award at the closing of four day Digital World expo in Dhaka. The declaration form elaborated how Rahman’s timely and positive policies had played a large role in Bangladesh’s economy. Rahman ... Read More »

Greek finance minister says euro will collapse if Greece exits

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ATHENS: If Euro zone takes Greece out the other countries will be automatically follow it and the currency would collapse more, says Greek Finance Minister Yanis Varoufakis. Greece’s New Leftist government is trying to re-negotiate its debt repayments and has begun to roll back austerity policies agreed with its international creditors. In an interview with Italian state television network RAI, ... Read More »

New Russian finance minister offers help to Greece

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PATRAS: As Greek government calls for sanctions distancing from EU, the statement from Russian Finance Minister came that ‘Russia can consider helping Greece, if it asks’. The Russian Minister of Finances Anton Siluanov said that the Russian Federation would consider providing financial assistance to Greece, should the new Greek government make the request. Mr. Siluanov was quick to note that ... Read More »

Nepal’s Finance Minister tells pharma industry to focus on exports

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KATHMANDU: Finance Minister Ram Sha-ran Mahat said that the domestic pharmaceutical industry should now focus on exporting their products as the sector was heading towards self-reliance. Medicinal products made in Nepal hold a 40 percent share of the domestic market which is worth estimated Rs 20 billion annually. There are currently 45 medicinal drug manufacturers operating in the country. Speaking ... Read More »

Zimbabwe govt pushes for private sector-driven economy: Finance Minister

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HARARE:  The Zimbabwe government is pushing for a private sector-driven economy and its role would be to provide a conducive environment for business, Finance and Economic Development minister Patrick Chinamasa has said. Speaking at the Confederation for Zimbabwe Industries (CZI) 2015 Economic Outlook symposium yesterday, Chinamasa said currently there were many more managers than entrepreneurs and this was not good ... Read More »

Shahbaz requests Dar to abolish CGT imposed by Federation

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LAHORE: Punjab Chief Minister Shahbaz Sharif has approached the Ministry of Finance to immediately abolish Federal government’s Capital Gain Tax on the disposal of immovable property, empowering the province to levy CGT on immovable property following 18th Constitutional Amendment. Sources told Customs Today that Chief Minister Punjab Shahbaz Sharif has requested Finance Minister Ishaq Dar to abolish CGT imposed by ... Read More »

Dar welcomes Yamaha motor cycle on starting business in Pakistan

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TOKYO: Pakistan Finance Minister Ishaq Dar met with a high level delegation of Yamaha Motor Corporation. The delegation was led by Motorcycle Business Operations, Senior Executive Officer Katsuaki Watanabe. The finance minister welcomed the decision of Yamaha Motors to start business in Pakistan, taking advantage of the new-entrant policy of the government. He informed the delegation that Pakistan offered excellent ... Read More »

LCCI urges Finance Minister to forbade FBR from attaching business accounts

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LAHORE: The Lahore Chamber of Commerce and Industry has urged FBR to stop attaching business accounts in the larger interest of the economy as it should be the last option and not the priority. President LCCI Ijaz A. Mumtaz urged the Federal Finance Minister Ishaq Dar to immediately stop the FBR from this practice which is pushing the taxpayers to ... Read More »

Joaquim Levy nods changes in pricing policy of Petrobras

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BRASILIA: Joaquim Levy, the new finance minister, waved with changes in Petrobras’ pricing policy, Petrobras will make their pricing decisions as a company Levy said. Levy said of course Petrobras is a dominant company and has to take there their proper care. I have no evidence to assess as it was before, but my sensitivity indicates that it will increasingly ... Read More »

Brazil’s finance minister to support budget cuts to improve investors’ confidence

brazil new finince minister

BRASILIA: Brazil’s government must make difficult budget cuts to improve investor confidence and restore economic growth, new Finance Minister Joaquim Levy said. At his swearing-in ceremony in Brasilia, former treasury chief Levy said the fiscal adjustments would require the participation of society as a whole and would involve spending cuts and possible tax hikes. “Fiscal balance is indispensable in order ... Read More »

5600MW of power in 3 yrs: Govt adopts two-pronged policy to address energy crisis: Dar

power

ISLAMABAD: Under a two pronged strategy, the government, in short-term policy, envisages an immediate measure to generate 1,000MW electricity based on well-head gas in areas under Hesco and Sepco. Secondly, there is a plan for another 1,000MW power generation package, also under Hesco and Sepco based on local gas supply and bids for these projects have already been invited till ... Read More »