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Author Archives: Tahir Iqbal

India soybean area could jump 15% to beat higher costing palm oil

MUMBAI: Indian farmers are likely to expand soybean planting areas by nearly 15 percent after the government raised edible oil import tax to the highest level in more than a decade, lifting domestic oilseed prices to nearly two-year highs, a trade body said. Higher production of the main summer-sown oilseed could help India, the world’s biggest vegetable oil importer, trim ... Read More »

Major Italian sector federations showcase latest trends in healthcare

ROME: Nine major Italian federations representing sectors from fashion to healthcare and technology, arrived in Singapore to promote the “Made In Italy” label.  They shared how they will work with local associations, the latest trends, success stories, future strategies and information about advanced technology with local businesses and entrepreneurs.  The large delegation, led by CONFINDUSTRIA – the Italian Confederation of ... Read More »

NZ dollar falls vs Aussie on stronger than expected china imports

WILLING TON: New Zealand dollar fell against its Australian counterpart as the Aussie benefitted from stronger-than-expected Chinese import data and ahead of domestic data this week which is expected to show inflation remains weak. The kiwi dollar fell to 94.57 Australian cents as at 8am in Wellington from 94.72 cents in New York on Friday. The kiwi traded at 73.53 ... Read More »

US Treasury grants 2-month extension on new transition tax

WASHINGTON: However they said the tax continued to be flawed and potentially damaging to expatriates who owned stakes in overseas businesses, and that they would continue to campaign for it to be eliminated. As a result of the extension, which was announce yesterday, the first payment Transition Tax payment, for those American individuals who will be required to make it, ... Read More »

UK’s chocolate exports up 84 per cent in less than a decade

LONDON: In 2017, more than £680 million of chocolate from the UK was bought by foreign consumers an 84 per cent rise from 2010’s £370 million. After Scotch whisky, which clocks in at over £4 billion, chocolate is the nation’s most valuable food export. There has been a huge growth in the number of independent chocolatiers in the UK and they ... Read More »

Iran’s top 20 non-oil export destinations

TEHRAN: Iran’s traditional trade partner from the sanctions period, maintained its position as the Islamic Republic’s top trade partner in the first 11 months of the last fiscal year(March 20, 2017-Feb. 20, 2018). Over 19.7 percent of Iran’s non-oil exports went to China in the 11-month period. During the period, Iran exported $8.229 billion worth of goods to China, 11 ... Read More »

42 calves rescued from being smuggled to Nepal

KATHMANDU:  42 calves from being smuggled to Nepal through Lakhimpur forest areas and arrested two people while six others managed to escape. Police suspected that the calves were being smuggled to Nepal either for sacrifice or slaughter.Nighasan police station SHO Ajay Yadav said acting on a tip-off on Sunday night, he raided a mango orchard where calves were assembled, and ... Read More »

Hong Kong and India enter into tax pact

The Financial Secretary Mr Paul Chan, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong today (March 19) a comprehensive agreement for the avoidance of double taxation (CDTA) with the Ambassador of India to China, Mr Gautam Bambawale, signifying the Government’s sustained efforts in expanding Hong Kong’s tax treaty network. The CDTA sets ... Read More »

Malaysia’s business performance hints promising outlook

KUALA LUMPUR: Overall Malaysia’s business performance is expected to continue at strong pace given that overall business confidence registered double digit growth for three consecutive quarters, according to the Business Tendency Survey. MIDF Research said business confidence in the first-quarter of 2018 was at 12.3 per cent, slightly lower than seven-year high of 14 per cent recorded in the previous ... Read More »

Singapore’s manufacturing sector expands for 18th month in Feb despite slower growth

SINGAPORE: Growth in Singapore’s manufacturing sector moderated in February following an eight-year-high reading the previous month, largely due to a pullback in new orders and output, particularly in the electronics segment. The Purchasing Managers’ Index (PMI) – an early indicator of manufacturing activity – came in at 52.7 points in February, a dip of 0.4 point from January, according to data released ... Read More »

Vietnam lags behind region in economic freedom

HANOI: Vietnam ranks 141st in the 2018 Index, lagging behind all regional countries, though its economic freedom score increased by 0.7 points to 53.1. Vietnam is regarded as a “mostly unfree” economy. Dr Tran Quang Tuyen, Associate Dean of Faculty of Political Economy, VNU University of Economics and Business, and a member of the National Foundation for Science and Technology ... Read More »

Saudi January inflation jumps to 3.0 percent on VAT gasoline price hike

RIYADH: Saudi Arabia’s annual consumer price inflation jumped to 3.0 percent in January after the government introduced a 5 percent value-added tax and hiked domestic gasoline prices at the start of the year, official data showed on Sunday. The figures suggested the new tax and more expensive fuel, part of a government drive to cut a big budget deficit caused ... Read More »

Oil pipeline squeeze to cost Canadian economy $10.7b in 2018 Scotiabank says

OTTAWA:  Delayed oil pipeline construction is causing a steep discount for Canadian crude prices that is costing the economy roughly $15.6 billion a year or about 0.75 per cent of GDP, according to Scotiabank. Pipeline approval delays have imposed clear, demonstrable and substantial economic costs on the Canadian economy,” said bank chief economist Jean-Francois Perrault in a report Tuesday. The ... Read More »

Brussels vows to push ahead with digital tax plans aimed at tech giants like Amazon

BRUSSELS: Corporate tax frameworks were conceived in a pre-internet age and are confounded by today’s globalised and digital companies. That calls for a fundamental overhaul of our corporate tax systems,” he said. Proposals will be made by Moscovici next month. The European Commission last September outlined how it might “ensure that the digital economy is taxed in a fair and ... Read More »

South Korea’s January crude imports from iran fall

SEOUL: South Korea’s crude oil imports from Iran fell 47% in January from a year ago to 950,013 tons, or 224,632 barrels per day, the lowest since October 2016, customs data showed on Thursday.  The fall in South Korea’s Iranian oil intake partly reflects the sinking last month of an Iranian tanker carrying 136,000 tons of condensate after a collision ... Read More »

Australia Institute launches ad campaign against company tax cuts

SYDNEY: First, unlike most nations, Australia has dividend imputation. This means that the financial benefits from cutting company taxes would flow almost exclusively to foreign owners / shareholders, thereby representing a direct fiscal transfer from Australian taxpayers overseas, and reducing national income. Second, the Australian Treasury’s initial modelling, released in early 2016, estimated that the Turnbull Government’s full company tax cut ... Read More »

Qatar Airways alone provided $92bn boost to US economy

DOHA: Some one million American jobs depend on business with Qatar, and Qatar Airways, the country’s fast growing national carrier, alone provided a $92bn boost to the US economy through the purchase of 332 American aircraft (Boeing), a deal which supports more than 5,27,000 jobs in the US, noted  the Minister of Economy and Commerce, H E Sheikh Ahmed bin ... Read More »

Hungarian yields tick higher crown holds onto gains eyeing central bank

BUDAPEST:  The crown held onto its recent gains boosted by expectations for a fresh rate hike by the Czech central bank on Thursday, while the forint was steady after the Hungarian central bank’s comments which confirmed its dovish stance. Hungarian government bond yields, which have been rising over the past week tracking increasing German and core market yields, edged only ... Read More »

Kuwait Rising oil price means economic reforms VAT

KUWAIT CITY: The rise in the price of oil will help to keep Kuwait in the black and balance its budget, but the healthy economic situation means there is little motivation to push through much-needed reforms and long-term diversification of the country’s public finances, according to a report released on Wednesday. The Kuwaiti cabinet released its latest budget this week ... Read More »

Broking stocks slip on LTCG reintroduction

NEW DELHI: Shares of brokerage firms slipped in the trade after Finance Minister Arun Jaitley reintroduced long-term capital gains tax in Budget for 2018-19. The government today introduced long-term capital gains (LTCG) tax of 10 per cent on stock market gains exceeding Rs 1 lakh, sending the market tumbling. Anita Gandhi, Whole Time Director at Arihant Capital MarketsBSE 1.79 % said ... Read More »