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Author Archives: ghadia

India to reduce penalty on customs duty by 10%

NEW DELHI: Indian government proposed to reduce penalty on customs duty by 10 percent in cases involving fraud and other means to evade. Section 28 of the Customs Act, 1962, is being amended to provide that in cases involving fraud, collusion, wilful mis-statement or suppression of facts with the intent to evade payment of duty. The amount of penalty payable ... Read More »

Dubai Investments to float shares with 35 subsidiaries

DUBAI: Chief Executive, Khalid bin Kalban, said that Dubai investments to float shares with 35 subsidiaries from next year 2016. He said the group planned to go public with the businesses in financial services, district cooling and real estate from next year onwards if sentiments are positive. “In an ideal scenario, we could have at least one IPO each year ... Read More »

India’s Sensex loses 65pts to 28,437.7 points

NEW DELHI: Indian benchmark Sensex had lost 65.59 points to end at 28,437.71 points and Nifty index shedding 14.60 points to close at 8,633.15 points. The 30-share Sensex after hitting a session high of 28,581.82 in early trade subsequently succumbed to selling in blue chips and slipped into red as it hit a low of 28,384.09. After cutting some losses, ... Read More »

Bangladesh next budget likely to face 26.74% deficit: Finance division

DHAKA: Bangladesh Finance Division said that country’s next fiscal budget is likely to face 26.74 percent deficit higher than the current fiscal budget. If political unrest is extended, it will prevent investment and widen the budget deficit, he added. The government plans over 75% of that deficit will be met by the bank borrowing and saving instruments as there could ... Read More »

Dubai investments to start industrial cluster with SR1.2b 

DUBAI: Chief Executive Officer and Managing Director of Dubai Investments PJSC, Khalid bin Kalban, said that Dubai investment plans to develop industrial cluster costing SR1.2 billion (Dh1.2 billion) in which Dubai Investments will have 20 percent stake. Modelled on the company’s successful Dubai Investment Park (DIP), the Riyadh project will encompass 11,000 square metres of land. There are also plans ... Read More »

World’s biggest freight liner stops at Saudi port

JEDDAH: The world’s biggest freight liner stopped at Jeddah Islamic Port in Saudi Arabia. Chairman of Saudi Ports Authority, Dr. Nabil Muhammad Al-Amoodi, received the freight liner. ‘The CSCL GLOBE,’ which belongs to the Chinese Shipping Lines Company Ltd., has the capacity to accommodate 19,000 containers each measuring 20 feet. Read More »

Poland selling TVN for $613m to Scripps Networks

WARSAW: Poland to sell TVN (a Polish commercial television network) for about $613 million to US media group, Scripps Network Interactive. TVN, which operates lifestyle and style channels as well as a 24-hour news channel, claimed a 22 percent share of the Polish market in 2014. Scripps is acquiring a 52.7 percent stake from ITI and Canal+ Group for 584 ... Read More »

China’s fiscal revenue slows in first two months

BEIJING: China’s fiscal revenue grew at its slowest speed in first two months of 2015 due to slowing economy and cut in tax collection. Fiscal revenue rose 3.2 percent year on year to 2.57 trillion yuan (US$410 million) in the first two months, compared with an 11.1 percent increase a year earlier and an average gain of 8.6 percent in ... Read More »

UAE RAK Ceramics’ profit hits Dh281.7m with $1b turnover

DUBAI: UAE RAK Ceramics reported that its net profit reached Dh281.7 million with $1 billion turnover in 2014. RAK Ceramics continued momentum in its performance with net profits reaching Dh281.7 million, an increase of 3.5 per cent over 2013, despite booking losses of Dh56.5 million arising from hyperinflation and currency fluctuations in Sudan and Iran. However, adjusted net profit (excluding impact ... Read More »

 ‘China to continue careful monetary policy’

BEIJING: Governor of Central Bank of China, Zhou Xiaochuan, said at a news conference during annual meeting of country’s top legislature said that China will not change its careful monetary policy stance, but would consider adopting a more flexible approach toward either a tighter or more easing direction. “The Chinese economy is facing a ‘new normal’, or a new stage ... Read More »

Central Bank of Russia slashes interest rate by 100 basis points to 14%

MOSCOW: Russian Central Bank authority slashed interest rate by 100 basis points to 14 percent from 15 percent which comes as relief in business sector. The Central Bank said Russia’s weak economy is quelling inflation on its own. “The balance of risks is still biased towards a significant slowdown of the economy,” the regulator said after the decision was published ... Read More »

Afghan traders’ complaint police bribery, heavy taxes

KABUL: Afghan Manufacturers and factory owners in Kabul claimed that the Afghan National Police (ANP) paid bribes without this their trucks would not be allowed to enter the city. Meanwhile, the Ministry of Interior (MoI) has rebuffed the accusations and asserted that heavy load trucks have been barred from the city by the National Security Council in light of their ... Read More »

Indian tax commissioner found dead in Bengaluru

BENGALURU: Indian Tax Commissioner in State Commercial Taxes Department, D K Ravikumar, was found mysteriously hanging by a fan in his private apartment’s bedroom in Bengaluru. Bengaluru customs officer, M N Reddi, while stating that it appears to be a suicide, said the dog squad and the forensic science team has been employed to rule out any other cause for ... Read More »

Iran to increase tariffs to enhance production

TEHRAN: Iran’s Minister of Industry, Mine and Trade, Mohammad Reza Nematzadeh, said that country’s import tariffs should be increased to enhance domestic production. Nematzadeh said supporting production units as well as projects which contribute to the expansion of non-oil exports top the agenda of the government. He also called on Iranian consumers to purchase home-grown products to boost the country’s ... Read More »

Indian Customs football team defeats RBI at Chennai

CHENNAI: Indian customs football team defeated RBI 1-0 in the St Joseph’s-CFA senior division at the Jawaharlal Nehru Stadium. Income Tax defeated Vijaya Bank 67-59 in the final to annex the fifth Jeppiaar Trophy held at JIT courts. Vinay Kaushik scored 22 points to help his team to victory, and was adjudged the player of the final. The women’s crown ... Read More »

Russia to finance Ukraine $13.75mn as part of first IMF loan

MOSCOW: Russian Finance Minister, Anton Siluanov, said that Russia will contribute to finance Ukraine $13.75 million as part of first IMF (International Monetary Fund) loan. “The program (IMF $17.5bn package –Ed.) will be financed via the IMF quota resources, and the funding from shareholder countries in the framework of their participation in the so-called New Borrowing arrangements,” Siluanov said. The ... Read More »

Indian customs seizes 472.5 grams of gold at Mangaluru airport

NEW DELHI: Indian customs has seized illegal smuggling of 472.5 grams of gold at Mangaluru international Airport and arrested Thane resident, Deepak Nachalda Wadhwa. A release said customs officers checked Deepak soon after he landed by the Jet Airways flight from Dubai. The officers found Deepak concealing gold bars and rectangular gold objects in his rectum. The officers recovered 10 ... Read More »

China premier vows to meet 7% growth target

BEIJING: China premier, Li Keqiang, said in his annual press conference in Beijing that China will struggle to meet seven percent its growth target. “In recent years, we have not taken any strong, short-term stimulus policies and we still have more tools in the toolbox,” he added. Analysts suggest that China, which saw 7.4% growth last year, will probably miss ... Read More »

Bahrain customs welcomes Palestinian ambassador

MANAMA: Bahrain Customs President, Shaikh Mohammed bin Khalifa Al Khalifa, welcomed Palestinian Ambassador, Taha Mohammed Abdul Qader, in Bahrain. In meeting, bilateral relations between two nations and topics of common interest were discussed. The ambassador conveyed thanks and appreciation of the Palestinian leadership, headed by the President Mahmoud Abbas to Bahrain leadership of His Majesty King Hamad bin Isa Al ... Read More »

Russia to spend $50b from reserve fund in budget plan

MOSCOW: Finance Ministry said that Russia expected to spent $50 billion (3.1 trillion rubles) from reserve fund this year. Government submitted the new budget to the lower house of parliament on Monday, which may make some revisions but is unlikely to substantially alter the plans. Earlier this month the Finance Ministry had said that it expected to use 3.7 trillion ... Read More »