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Author Archives: M Akram

Swiss banks to pay $4.4m fine to comply with US tax regulations

BERN: Two Swiss banks have agreed to disclose the details of US citizens hiding nearly $150 million in assets to evade taxes, the US Justice Department said in a press release on Thursday. “According to the terms of the non-prosecution agreements signed today, each bank agrees to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls ... Read More »

Hanugarian deficit reaches HUF 894.1b in July

BUDAPEST: Hungaryʼs cashflow-based general government deficit, excluding local councils, reached HUF 894.1 bln at the end of July, a second reading of data released by the National Economy Ministry today reveals, according to Hungarian news agency MTI. The deficit reached 100.2% of the HUF 892.4 bln full-year target. The ministry noted that the deficit had reached HUF 851.4 bln at ... Read More »

Hungarian investment fund assets edge down to HUF 5.646 trillion in July

BUDAPEST: Assets in investment funds managed by the Association of Hungarian Investment Fund and Asset Management Companies (BAMOSZ) edged down 0.28% to HUF 5.646 trillion in July, a release of monthly data shows, according to Hungarian news agency MTI. Assets in money market funds fell 1.5% on withdrawals worth HUF 19.5 bln. Assets in bond funds declined by 1% as ... Read More »

Isoplus wins €1m tender in Bosnia-Herzegovina

BUDAPEST: Hungarian and German-owned Isoplus won a two-year contract worth €1 mln to supply pipes for the heating network of the city of Banja Luka in Bosnia-Herzegovina, Hungary’s Ministry of Foreign Affairs and Trade told national news agency MTI late yesterday. Budapest-based piping system manufacturer Isoplus has successfully participated in several tenders in Bosnia-Herzegovina and other countries in southern Europe ... Read More »

Hungarian Duna house profits up almost 50% in 2014

BUDAPEST: Real estate agent franchise Duna House had after-tax profits of HUF 735 mln in 2014, up almost 50% from a year earlier, the group told Hungarian news agency MTI today. Net sales revenue rose nearly 40% to HUF 2.28 bln.Duna House plans to become a regional operator on the market for real estate brokerage services in the long term, ... Read More »

Swiss property market soars dangerously high

BERN: The property market in Switzerland, which is moving ahead while the economy shrinks, is facing the greatest threat of an economic bubble since 1991, according to UBS. The regions of Zurich, Lucerne and Lake Geneva are most at risk, the Swiss bank said in a quarterly study on Tuesday. Negative interest rates had created excess demand for property as an ... Read More »

NeNevada City Chamber to pay council members $15,000 debt in 2015

CALIFORNIA: The NeNevada City Chamber of Commerce its goal of paying council member Duane Strawser back for a more than $15,000 debt he took on in his efforts to bring the 2015 Amgen Tour of California cycling race to Nevada City. The chamber has already raised around $14,000, most of which came from donations made prior to the Aug. 3 ... Read More »

Jordan’s expatriate remittances increase in H1-2015

AMMAN: Remittances of Jordanian expatriates rose by $27 million or 1.5 per cent during the first half of this year compared with the same period of 2014, the Central Bank of Jordan ( CBJ ) announced Tuesday. According to CBJ figures, the transfers during the January-June period reached $1.877 billion compared with $1.850 billion. “Usually remittances by expatriates surge in ... Read More »

Greece stocks plunge most in decades as market reopens to crisis

ATHENS: Greece’s stock market reopened after five weeks to the most savage wave of selling in decades, underlining a crisis that’s crippled the economy and pushed the country’s euro membership to the brink. Banks led the plunge following the shutdown, which was due to capital controls to prevent the lenders from bleeding more deposits. Piraeus Bank SA and National Bank ... Read More »

Greece creditors reach Athens to discuss 3rd euro bailout deal

ATHENS: Greece News International Business News Breaking International News Athens News Europe News Europe Business News Negotiators from Greek creditors have started arriving in Athens to begin discussions on a third euro bailout deal. According to the BBC, the European Commission said that the talks had begun while a Greek government spokeswoman Olga Gerovasili said that high-level talks will only ... Read More »

Greece creditors reach Athens to discuss 3rd euro bailout deal

ATHENS: Greece News International Business News Breaking International News Athens News Europe News Europe Business News Negotiators from Greek creditors have started arriving in Athens to begin discussions on a third euro bailout deal. According to the BBC, the European Commission said that the talks had begun while a Greek government spokeswoman Olga Gerovasili said that high-level talks will only ... Read More »

EU, Switzerland sign tax transparency deal

BERN: The European Union (EU) and Switzerland will automatically exchange information on the financial accounts of each other’s residents from 2018, under a new tax transparency agreement signed on May 27, 2015. The agreement was signed by EU Tax Commissioner Pierre Moscovici, Latvian Finance Minister Janis Reirs (on behalf of the Latvian Presidency of the EU Council), and Jacques de ... Read More »

Greece, China test investors’ faith

ATHENS: Recent developments in Europe and China pose important questions for investors. They test two widely held faiths: the first is the ‘whatever it takes’ commitment to the euro among Europe’s leaders; the second is the ability of the Chinese authorities to control their economic destiny. Through the crises of recent years, investors have comforted themselves with these two beliefs, ... Read More »

South African Reserve Bank raises repo rate by 25 basis points to 6%

CAPE TOWN: The MPC noted concern over the inflation outlook towards the end of 2015 and into 2016, and a weak rand. The repo rate was last raised by 25 basis points in July 2014 and has remained the same since then. Many economists expected interest rates to rise, as they forecast inflation to be at the upper end of ... Read More »

Swiss Protestors slam controversial trade talks in Geneva

BERN: Some 200 people demonstrated in Geneva on Wednesday against the Trade in Services Agreement (TISA). Since Monday a group of states has been at Australia’s consulate in the Swiss city, discussing the controversial pact to open up services markets. In Geneva members of the STOP TISA movement, unions, left-wing activists and social movements protested in front of the headquarters ... Read More »

Alaska continues to run up deficits of $4b in 2015

ALASKA: State Sen. Bert Stedman speaks at a press conference in 2014. He told Sitka’s Chamber of Commerce, “We don’t want to go to a vote of the people to make payroll. The state’s budget for next year is settled, but Alaska’ budget crisis is far from over. It was the usual legislative post mortem for Bert Stedman, except for ... Read More »

Verginia Loudoun Board of Supervisor declares oppose I-66 Tolls in 2015

VERGINA:Virginia Secretary of Transportation Aubrey Layne on July 17 describes multi modal options that officials are examining to increase capacity and reduce congestion on Interstate The Loudoun Board of Supervisors this week formally declared its opposition to plans to impose tolls on I-66 inside the Capital Beltway. Supervisors on Wednesday adopted a resolution requested by County Chairman Scott K. York ... Read More »

Arizona overtime pays increases, over $23,660 to $50,440 2015

WASHINGTON: The proposed rule would more than double the threshold at which a salaried worker has been ruled ineligible for overtime pay, from the current $23,660 a year to $50,440. The Department of Labor announced plans to expand overtime guarantees to about 5 million salaried workers who are not now covered, including an estimated 100,000 white collar workers in Arizona ... Read More »

Australia based Westfield developer’s releases new renderings for $800m transformation 2017

CALIFORNIA: To the tune of Marlena Shaw’s “California Soul,” Australian mall developer Westfield released new renderings for its $800 million transformation of its Century City shopping center in a fly through video posted to the company’s official website June 15. Touting California modernism and the best of L.A. dining, the new expansion project will make room for more than 70 ... Read More »

Jordanian Customs foil attempt to smuggle 17,320 Captagon pills

AMMAN: Jordan Customs Department (JCD) officers at Al Modawara border crossing Monday thwarted a bid to smuggle 17,320 of the pharmaceutical drug Captagon. JCD said in a statement that the drugs were stashed in a water storage container aboard a passenger bus on the border. The department handed the contraband to the concerned authorities at Al Modawara border crossing for ... Read More »