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Customs Today Issue 12 Nov to 18 Nov 2019

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Greece is Open for Business: PM

Greece’s Prime Minister Kyriakos Mitsotakis appeared on the Chinese tv network CGTN on Tuesday, where he declared “Greece is open for business” and noted the country’s major comparative advantages as a trade hub and tourism destination, both through its geostrategic position and through its cultural heritage and natural beauty. “Greece is ‘open for business’. We are attracting Chinese, European, American ... Read More »

Customs to refund €11m after exchange rate goof

Customs authority admitted on Wednesday it had used erroneous exchange rates on foreign currencies for over three years until this past June. Customs had used the rates of a Finnish commercial bank instead of the official rates of the European Central Bank (ECB), Customs explained in a press release. On account of the mistake, the base value, for customs duty ... Read More »

Montepio Bank to appeal €13M fine

Montepio Savings Bank will appeal against the decision of the Competition Authority (PCA) which sentenced it to a fine of €13 million for sharing sensitive information on credit. “Montepio does not comply with the decision and will adopt all the necessary measures to defend its best interests”, reads the information disclosed by the Portuguese Securities Market Commission (CMVM). The PCA ... Read More »

Boom on Poland’s real estate market continues

Statistics and conclusions from numerous analyses of Polish commercial property cannot be wrong. Clearly, over the last decade, we have witnessed a huge transformation of the sector in Poland, creating a mature market which offers competitive investment products, both in all standard sectors (office, warehouse, retail and hotel) and alternative investments such as student residential or apartments for rent. The ... Read More »

Will Spain finally have a government?

MADRID: The main candidates in Spain’s fourth national election in four years have already dismissed several possible scenarios for forming a government by agreement should the result be inconclusive. But all parties are well aware that voters do not want a fifth election, and they might have to strike a deal in the end. Here are possible scenarios: MINORITY SOCIALIST ... Read More »

Hungarian employers press to bring forward timing of payroll tax cuts

Bringing forward the timing of gradual payroll tax cuts to coincide with the calendar year is among issues under discussion at talks between employers, unions and representatives of the government, daily Magyar Nemzet said on Thursday. Employers have long pressed for the payroll tax reductions – outlined in an agreement reached in 2016 – to take effect from the start ... Read More »

CMA concludes workshop on Surveillance and Inspection of Listed Companies

Muscat: The Capital Market Authority (CMA) concluded a training workshop titled ‘Surveillance and Inspection of Listed Companies’ held in collaboration with the Secretariat General of the GCC at the Sundus Rotana Hotel Muscat under the auspices of Mohammed Said Al Abri, Vice President for Capital Market Sector. Representatives of the Central Bank of Bahrain, Securities and Commodities Commission of the ... Read More »

Nepal Jumps 16 Places to Secure 94th Rank in World Business Index

Nepal’s efforts for all-round development is becoming evident with the number of recognitions it has been receiving recently, internationally. The latest achievement is its World Business Index ranking, wherein the World Bank (WB) has ranked Nepal 94th out of the 190 countries, worldwide. As per the Doing Business Report 2020 released by WB, Nepal has scored 63.2 points on the ... Read More »

Kuwait’s stock exchange IPO will be oversubscribed, CEO says

The Kuwait stock exchange’s initial public offering is progressing well and will close next month oversubscribed, the bourse’s chief executive officer said. “I’m 100% sure it will be covered many times,” Mohammad Al Osaimi, the CEO of Boursa Kuwait, said. The sale of half the exchange to local citizens began last month and will end Dec. 1, with the offering ... Read More »

Qatar-Pakistan trade gains momentum

DOHA: H E Ali bin Ahmed Al-Kuwari, Minister of Commerce and Industry, and Omar Ayub Khan, Pakistan’s Federal Minister for Power, Petroleum and Natural Resources, chaired the fifth session of the Qatari-Pakistani Joint Ministerial Committee for Trade and Technical Cooperation, which was held in Doha on November 4-5. Discussions touched on the promotion of bilateral cooperation across various sectors of ... Read More »

Conference: Find Out What’s Happening in Iraqi Business

The Iraq Britain Business Council (IBBC) Autumn Conference in Dubai on December 8th is set against a backdrop of relative peace and security in Iraq, and the prospect of oil revenues surging through the economy is driving a wider range of business opportunities and a prospective 8% increase in GDP. Peace is enabling the economy to diversify through the revenues ... Read More »

King urges gov’t to continue holding economy-focused workshops

AMMAN: His Majesty King Abdullah reiterated the need for economic measures that reflect positively on citizens by improving their living standards. Speaking at the sixth workshop at Al Husseiniya Palace held as part of an ongoing series of workshops on the economy, King Abdullah called for the continued participation of all sides in the monitoring and evaluation of the implementation ... Read More »

Germany’s New EUR 72mn Funds to Afghanistan Conditional Upon Good Governance

The State Secretary of the German Federal Ministry for Economic Cooperation and Development (BMZ), Martin Jaeger, together with Dr Mohammad HumayonQayoumi, Afghanistan’s Acting Minister of Finance, affirmed the continued German support to Afghanistan. By the end of 2019, the German government via the BMZ is making an additional AFN 6.2 billion(EUR 72 million) available to Afghan-German Cooperation projects, bringing the ... Read More »

Japan railway company invests in Taiwan five-star hotel

TAIPEI: Japan’s JR-East railway company is planning to invest in the five-star Hotel Metropolitan Premier Taipei, which is expected to open in 2021. To mark and strengthen the friendship between Japan and Taiwan, East Japan Railway Company (東日本旅客鐵道), also known as JR-East, takes over the Westin Taipei Hotel (台北威斯汀六福皇宮). The Westin closed in 2018 and the new owners plan to ... Read More »

Ukraine’s Turkish Business Community Welcomes VIP Guest

Ukraine’s rapidly expanding Turkish business community welcomed the President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) Rifat Hisarciklioglu to a Kyiv dinner in September hosted by the Turkish-Ukrainian Business Association (TUID). The dinner marked an official visit by Mr. Hisarciklioglu that reflected the growing importance of bilateral business ties between the two Black Sea neighbors. TOBB ... Read More »

Techfest Vietnam 2019 welcomes start-ups and investors

HÀ NỘI — Innovative Vietnamese start-ups taking part in Techfest 2019 will have opportunities to connect with potential regional and global investors through a series of exciting events. The national innovative entrepreneurship day, expected to attract more than 5,500 people, 300 start-ups and 250 investors, will take place in Hạ Long City, the home to UNESCO World Heritage Site Ha ... Read More »

Jasa Marga to raise Rp 3 trillion from infrastructure fund, securities

State-owned toll road operator PT Jasa Marga plans to raise up to Rp 3 trillion (US$214 million) through the issuance of two capital market instruments to finance its infrastructure projects in the country. Corporate finance group head Eka Setya Adrianto said in Jakarta that the two instruments – a collective investment contract called infrastructure fund (DINFRA) and sharia-compliant asset-backed securities ... Read More »

Norwegian Air’s shares down 9% after share, bond issue

Norwegian Air’s shares fell by 9% in early trade on Wednesday after the struggling budget carrier conducted its third share issue in less than two years. The cash call was the latest move by acting Chief Executive Geir Karlsen and Chairman Niels Smedegaard, both of whom were appointed earlier this year, to prevent Norwegian from joining the ranks of recently ... Read More »

IMF warns that Europe’s economy is weak, as US productivity slides – business live

European economies are slowing The International Monetary Fund has issued a fresh warning that Europe’s economy has weakened this year. In its new Regional Economic Outlook for Europe, the IMF points out that growth has slowed this year. That’s mainly due to weaker trade (thanks to the US-China tariffs), and a slowdown in factories this year. But there are now ... Read More »