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Kuwait inflation eases to 3.0% in December

KUWAIT: Inflation in consumer prices eased for the third consecutive month in December as price growth in most major components was steady. Headline inflation slowed to 3.0 percent year-on-year (y/y) from 3.1 percent in November; core inflation (which excludes food items) also eased in December, slowing to 2.6 percent y/y from 2.8 percent y/y in November. Annual inflation averaged at ... Read More »

HK Customs seizes drugs worth HK$10m in New Year haul

HONG KONG: Nearly HK$10 million-worth of illegal drugs have been seized in a Lunar New Year crackdown by Hong Kong customs officials. Cocaine, cannabis and ketamine were among the narcotics discovered between February 5 and February 7 as more than 850,000 people poured into the city for the Lunar New Year holiday. Some HK$ 9.4 million-worth of drugs were seized ... Read More »

Azerbaijan bans import of livestock from Georgia

BAKU: Azerbaijan has temporarily banned imports of livestock and animal products from several regions of Georgia due to the fact that a plague disease was recorded in Varketili area near the city of Tbilisi according to the World Organization for Animal Health. In connection with foot and mouth disease outbreak plague disease, import of livestock and animal products from Varketili ... Read More »

South Korea’s exports to Iran rise to $4.14 bln in 2014

SEOUL: The South Korean government has promised to provide financial support to companies willing to invest in Iran which is emerging from isolation. “Government-wide assistance will be offered so businesses can gain access to the resource-rich country,” Minister of Trade, Industry and Energy Joo Hyung-hwan said. He was speaking to a group of senior executives from Hyundai Motor Co., LG Electronics ... Read More »

PM announces zero-rated tax regime for export sector from July 1

ISLAMABAD: Prime Minister Nawaz Sharif has accepted the business leaders’ proposal of zero-rated sales tax regime for export sector and directed the authorities concerned for introducing the regime from July 1, 2016. The prime minister accepted the proposal during a meeting with a group of leading businessmen at PM’s House. The meeting was also attended by CM Shahbaz Sharif, Finance ... Read More »

Germany posts ‘solid’ growth at 2015 end

FRANKFURT: Robust domestic demand enabled the German economy, Europe’s biggest, to shrug off external headwinds and notch up “solid and continuous growth” at the end of last year, official data showed yesterday. It was a rare piece of good news in a week when global markets had been hammered over fears about the health of the world economy. The federal ... Read More »

CEO loses $33m claim against UBS

GENEVA: A private wealth client has failed in his $33 million High Court claim against Swiss banking giant UBS for losses he suffered during the 2008 global meltdown. Justice Belinda Ang, in judgment grounds released yesterday, found that Mr Stanley Tan had agreed to the “unwinding” of his investment in accumulators in an effort to cut his losses. Mr Tan ... Read More »

Indian Railway Finance Corporation gets Rs 3,500 crore more tax free bond limit

NEW DELHI: Indian Railway Finance Corporation (IRFC) — the finance arm of Indian Railways — has been allocated an additional tax-free bond limit of Rs 3,500 crore for the current fiscal, sources aware of the development told FE. “We have been given an allocation of Rs 3,500 crore of tax-free bonds for this fiscal year. We have received a communication ... Read More »

Courts Asia net profit holds steady at $4m

SINGAPORE: Earnings at electronics retailer Courts Asia Limited grew 0.3 per cent in the third quarter compared with the same period a year ago amid a weak retail market. Net profit for the three months ended Dec 31 was $4 million. Revenue grew 6.1 per cent to $204.7 million. “In Singapore, the macro environment is very much against the consumer ... Read More »

India’s Department of Commerce prepares strategy to boost shipments to Africa

NEW DELHI: India’s Department of Commerce has prepared a strategy to boost shipments to Africa amid concerns over declining exports, whilst engineering will be a major sector focused on, there are also plans to increase exports of agricultural and farm equipment. The Department of Commerce will now hold consultations with Ambassadors and High Commissioners of major African nations and industry ... Read More »

FBR, traders, tax bars announce to make tax amnesty scheme a success

LAHORE: Federal Board of Revenue (FBR), tax bars and traders bodies have announced make the Voluntary Tax Compliance Scheme a success with joint efforts. This was announced by FBR Inland Revenue Member Dr Irshad at a press conference here at Lahore Press Club. Chief Commissioner (RTO I) Tasnim Rehman, Chief Commissioner (RTO II) Khawaja Adnan, All Pakistan Anjuman-e-Tajran General Secretary ... Read More »

OPEC producer Iran cut heavy crude price for export

TEHRAN: OPEC producer Iran has cut its Heavy crude price for export to the Mediterranean by a larger extent compared with top exporter Saudi Arabia as Tehran seeks to attract more buyers after sanctions were lifted. The region is one of the battlegrounds for Iran as it tries to reclaim market share lost in the last few years when western ... Read More »

EU hits China with new steel anti-dumping probes

COPENHAGEN: The European Union yesterday began new investigations into imports of Chinese steel, warning that it would not allow “unfair competition” to threaten Europe’s industry which is crumbling under a flood of cheap imports. European steelmakers are reeling from a global glut and last week, Luxembourg-based world leader ArcelorMittal blamed China for its US$8 billion loss last year, while thousands ... Read More »

IMF chief Lagarde set for second term

WASHINGTON: International Monetary Fund (IMF) Managing Director Christine Lagarde is poised to win a second term as the leader of the Washington-based institution as no challenger emerged for the position. “The period for submitting nominations for the position of the next Managing Director closed on Wednesday, February 10. One candidate, current Managing Director Christine Lagarde, has been nominated,” Aleksei Mozhin, ... Read More »

Loans to industrial, service sectors grow at slower pace

BEIJING: Medium and long-term loans to the industrial and service sectors grew at slower pace in 2015, the central bank said on Friday. By the end of last year, outstanding medium and long-term loans to the industrial sector grew 5 percent year on year to 7.49 trillion yuan (1.15 trillion U.S. dollars), down 3 percentage points from the rate seen ... Read More »

Cyprus’s economy grew by 1.6% in 2015: Finance Minister

NICOSIA: The economy of Cyprus grew by 1.6 percent in 2015 as the eastern Mediterranean island is preparing to exit a three-year austerity program next month, Finance Minister Harris Georgiades said on Friday. He said in a statement after meetings of the Eurogroup and the Economic and Financial Affairs Council in Brussels that the growth rate announced earlier on Friday ... Read More »

Hungarian GDP records a growth of 2.9% in 2015

BUDAPEST: The Hungarian economy exceeded expectations in the fourth quarter of 2015, growing by 3.2 percent compared to the fourth quarter of 2014 in calendar-adjusted figures, while improving by 2.9 percent for the year, the Central Statistical Office and the National Economy Ministry reported on Friday. National Economy Minister Mihaly Varga, commenting the figures, called the growth balanced and stable. ... Read More »

Thai Govt regularizes 70,000 foreign workers in fishing industry

BANGKOK: Thai authorities have registered more than 70,000 undocumented foreign workers in the fishing industry, from an estimated overall of 200,000. This measure is part of government efforts to avoid the serious consequences of an European ban on Thailand’s exports of fish products. Of registered migrant workers, some 50,000 work in fish processing plants, and the rest in fishing boats. ... Read More »

South Africa’s motor industry faces tough 2016

CAPE TOWN: South Africa’s motor industry faces a third successive year of declining sales as a weak economy and rising interest rates hit demand for vehicles, Naamsa said on Thursday. After four successive years of growth in new vehicle sales from 2010 to 2013, total sales in 2014 fell 0.7 percent, followed by a 4.1 percent drop last year. The ... Read More »

Spain’s consumer prices fall by 0.3% in Jan

MADRID: Spain’s consumer prices fell by 0.3 percent in January when compared with the same month of a year earlier, according to data of the Consumer Price Index (CPI) confirmed on Friday by Spain’s statistical office (INE). The figure corresponds with the advanced data published on Jan. 29 by the INE. Prices of items related to housing fell by 6.0 ... Read More »