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Kuwaiti MP seeks to pass draft law imposing taxes on expat remittances

A senior Kuwaiti MP has urged the government to approve a draft law to impose taxes on expat remittances. Kuwaiti MP Safa Al-Hashem, who has been appointed head of the National Assembly’s financial and economic affairs committee, said lawmakers will push to approve the bill, Kuwait Times reported. The bill, first introduced last year, was rejected by the Kuwaiti government, ... Read More »

Qatari startup raises QR9m Series A funding

Qatar-based Meddy, a doctor booking platform, has raised QR 9 Million in a Series A round to scale up its operations and expand into other GCC countries. The Series A funding round was led by New York-based Modus Capital, along with participation from 212 Capital, Qatar Science & Technology Park (QSTP), Kasamar Holdings, Dharmendra Ghai (Health Tech Angel), Innoway and ... Read More »

Iraq Falls in Doing Business Index

Iraq has been ranked 172nd out of 190 countries in the World Bank‘s recent Doing Business 2020 report, down from 171st place the previous year. Top of the list were New Zealand, Singapore and Hong Kong, with last place going to Somalia, just behind Eritrea and Venezuela. Iran ranked 127th, with Libya 186th. Doing Business 2020 is the 17th in ... Read More »

Coffee consumption up but trade prices are low

Despite a steady increase in coffee consumption around the world, trade prices have fallen dramatically in the past three years, hitting producers. At the same time, the cost of an espresso or latte remains as full-fat as ever. What’s going on? Futures on arabica and robusta, the most widespread varieties of coffee, have fallen 40 per cent since the beginning ... Read More »

Flour price down, ghee up in Kabul

KABUL (Pajhwok): The price of flour has dipped while that of ghee increased during the outgoing week in capital Kabul, market source said Saturday. Mohammad Samim, a wholesaler in Kabul’s Mandavi Market, told Pajhwok Afghan News that the price of 49… Read More »

Taiwan targets China’s fake ‘Made in Taiwan’ products

TAIPEI: Taiwan will impose heavier penalties on businesses that fake the origin of their products, after an amendment to the Foreign Trade Act was passed at the first reading in the Legislative Yuan on Monday. The amendment was pushed through to prevent Chinese exporters sidestepping tariffs introduced by the United States by illegally rerouting orders, reported CNA. Goods from China ... Read More »

Air Senegal nears tentative $730 million deal for Airbus A220s

Air Senegal is close to securing a preliminary order for eight Airbus SE A220-300 narrow-body jets, valued at about $732 million at list prices, according to people familiar with the matter. The so-called memorandum of understanding would be subject to a final contract, the people said, asking not to be named discussing non-public negotiations. No agreement has been reached and ... Read More »

President Moon to Meet with Chinese Business Leaders in December

President Moon Jae-in will meet with key business leaders from China at the Blue House on Dec. 4 as part of his efforts to lift China’s prolonged ban on Korean products. The Korea Chamber of Commerce and Industry (KCCI) told officials of major Korean companies such as Hyundai Motor and SK on Nov. 14 that a dialogue between Korean and ... Read More »

Non-oil exports expected to create sustainable economy for Oman

Muscat: Oman’s non-oil exports reached US$9.7 billion in 2018, which is higher from the US$8.2 billion reported in 2017, and have successfully provided employment to over 240,000 people, a senior Ithraa official said. “Oman’s manufacturers play a crucial role in communities right across the Sultanate, creating new and sustainable jobs, which have helped accelerate Oman’s ambitious economic plans,” said Nasima ... Read More »

Lopez Holdings income up 54%

Lopez Holdings reported a 54-percent growth in net income in the first nine months to P6.1 billion, as revenue went up 9 percent to P99.8 billion. It owns about 51 percent of First Philippine Holdings, a listed power and property company, and a 56-percent economic interest in ABS-CBN Corp. The company gained as First Philippine Holdings and ABS-CBN recorded strong ... Read More »

Australian sentenced to death in Thailand on drug smuggling charges

Perth man and his Thai wife have been sentenced to death in Thailand on drug smuggling charges. The father of two, 35 year old Luke Joshua Cook, and his wife 40 year old Kanyarat Wechapitak, were arrested at Suvarnabhumi Bangkok in December 2017 following a tip-off from local police, according to Sydney’s. The pair were sentenced to death after they ... Read More »

GDP growth slows to 0.1% in Q3

Thailand’s trade-dependent economy grew at its slowest quarterly rate in a year in the third quarter, official data showed on Monday, leading the government to cut this year’s growth estimate once again. Southeast Asia’s second-largest economy expanded 0.1% on a seasonally adjusted basis, the weakest rate since a contraction in the third quarter of 2018, the National Economic and Social ... Read More »

Thousands of kilograms of Zim gold being smuggled into South Africa, says minister

Zimbabwe is losing thousands of kilograms of gold through smuggling into neighbouring South Africa, a senior Zimbabwe government official said this week. The precious metal is one of Zimbabwe’s biggest export earners. But production is being hampered by a lack of capital investment and repeated power cuts. Miners are also not happy with an arrangements that sees them being paid ... Read More »

Ukrainian lawmakers vote to lift ban on sale of farmland by 2020

KIEV: Ukrainian lawmakers voted on Wednesday to remove a ban on the sale of farmland for the first time in nearly two decades, a move supported by the country’s foreign backers that risks a political backlash. The proposal must be voted on a second time to come into force. The ban would be lifted in October 2020 and the government ... Read More »

Over 1,500 Kilos of cocaine destined for vlissingen seized at Rotterdam Port

The authorities seized a total of 1,550 kilograms of cocaine in two shipments destined for Vlissingen at the port of Rotterdam in October. In both cases the drugs were hidden in banana shipments from Ecuador, the Public Prosecution Service said on its website. One shipment containing 750 kilograms of cocaine was seized on October 31st, the Prosecutor announced. The drugs ... Read More »

Police Informer Arrested In Mumbai With Heroin Worth Over Rs. 1 Crore

MUMBAI: A 51-year-old ”police informer” was arrested in Mumbai for allegedly possessing heroin worth Rs. 1.41 crore, police said today. With this, the Anti-Narcotics Cell (ANC) of Mumbai police has claimed to have unearthed an alleged nexus between police informers and drug peddlers, an official said. The ANC arrested Khalid Wasi Khan, a resident of Mumbra in the neighboring Thane ... Read More »

Greece to Cut Taxes and Offer Incentives for Large Investments

The Greek government plans to offer tax relief to households, to cut business taxes and offer incentives to lure wealthy individuals to change their tax residence to the country as part of a new bill which opened for public consultation on Thursday. The proposed legislation provides extensive measures to reduce the burden on households, including the introduction of a basic ... Read More »

India extends $28-mn aid to Nepal for rebuilding earthquake-hit houses

India released the third tranche of financial aid to Nepal to provide help to people in Nuwakot and Gorkha districts rebuild their houses damaged in the devastating earthquake in 2015. India released 3.10 billion Nepali rupees (approx USD 27.9 million) to Nepal government from concessional Line of Credit as a part of reimbursement of housing reconstruction in Nuwakot and Gorkha ... Read More »

Apicorp invests in AKUH, supports development of Kuwait’s oil & gas services sector

Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, announced its first equity investment in Kuwait with the acquisition of a 24 percent equity stake in Al Khorayef United Holding and GC-16 JV (AKUH), a leading Kuwait-based oil and gas services and facilities management company. The investment will see Apicorp partnering with Al Khorayef Petroleum Company (APC), a subsidiary ... Read More »

Qatar Airways to launch direct flights to Botswana

Qatar Airways (QA) will launch its inaugural flight to Gaborone, the capital city of Botswana on December 15, making it the first Middle Eastern airline to fly directly into the country, a QA official announced yesterday. “The launch of this new route will further strengthen the ties between Qatar and Botswana, building on an already existing and flourishing relationship between ... Read More »