ABU DHABI // Tobacco as well as fizzy and energy drinks are expected to be taxed this year, the Minister of State for Financial Affairs announced. Obaid Al Tayer was speaking on Wednesday as the Federal National Council approved a draft law that paves the way for value-added tax (VAT) and excise duties on selected items, by setting up a legal framework for taxation. While the GCC […]
William “Billy” Walters’ stomach for taking risky bets and reading “tells” of opponents made him one of the most successful sports gamblers of all time. It is the same strategy he used to invest in the stock market, his lawyer told a jury as opening statements began in his $40m insider trading trial. Prosecutors have accused Mr Walters of making over $30m in profits and avoiding $10m […]
Retail stocks were once again heading straight for the discount bin on Wednesday. Struggling department store operator Macy’s was the day’s biggest decliner on the S&P 500, dropping 2 per cent to $30.32 following news that one-time suitor Hudson’s Bay now has its eyes on upmarket retailer Neiman Marcus instead. Shares in Macy’s, which have been languishing at six-year lows amid falling sales and profits, had rallied […]
Underlying net profit up 7.3%, driven by continued margin expansion Aamal Company Board recommends a cash dividend of 6% (QAR 0.60 a share) Doha, 15 March 2017 The Board of Directors of Aamal Company QPSC (“Aamal”), one of the GCC’s fastest growing diversified companies, today announces the financial results for the year ended 31 December 2016 Financial Highlights Group revenue marginally down, by 1.8%, to QAR 2,829.1m […]
Emirates on Tuesday advised passengers travelling to the United States to check the status of their flights before heading to the airport amid widespread cancellations caused by storm Stella. The Dubai-based airline is one of several airlines to be impacted by the storm which brought heavy snow and high winds to the northeastern area of the US. In a tweet, Emirates urged passengers to check on its […]
NEW YORK Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said on Wednesday he expected a short-term rally in U.S. Treasuries and that investors should “use the strength” in U.S. stocks to take profits and diversify in overseas markets. “I am surprised with the relentless nature” of equities after the election of U.S. President Donald Trump, Gundlach said on CNBC. Gundlach, who oversees more than $101 billion […]
ABU DHABI // The introduction of value-added tax in the UAE next year, in tandem with the other five GCC countries, will boost government revenues that took a hit with falling oil prices. VAT could generate Dh12 billion in its first year and Dh20bn in its second year, said Sultan Al Mansouri, Minister of Economy. The international monetary fund (IMF) said introducing VAT at a low rate […]
The White House will propose large spending cuts on Thursday for the state department, public broadcasting and environmental programmes as part of its preliminary budget for the 2018 fiscal year. Administration aides call it an “America First” budget — with greater spending on defence, law enforcement and veteran affairs, as well as new education programmes that emphasise school choice. The last are a pet project of Betsy […]
A Saudi soldier was killed by gunmen late on Tuesday in the Eastern city of Qatif, in an incident the interior ministry said was carried out by “terrorist elements”. The security patrol came under fire upon approaching a suspicious vehicle, the statement carried by state news agency SPA, adding that the gunmen fled the area. Eastern Province is home to much of Saudi Arabia’s oil production as […]
Platform empowers SMEs to launch customizable online stores within 24 hours Chanbar.com leverages Facebook Messenger to place merchants in direct contact with customers Promoting inclusive, sustainable growth and jobs for the Iraqi community Advertisement Baghdad, Iraq – 15 March, 2017 Iraq Wallet, the country’s leading mobile wallet and digital payment company, announces it has expanded its ‘ZainCash’ service by introducing and launching chanbar.com, a multi-channel, cloud-based e-commerce […]
By John Davison | MOSUL AIRPORT, Iraq MOSUL AIRPORT, Iraq Outside a mosque on the edge of Mosul airport’s ripped up runway, Iraqis made homeless by war sit on suitcases, taking a brief rest before beginning their onward journey, on foot or in buses. Men push wheelchairs carrying elderly relatives or carts loaded with small children over dusty and uneven ground, part of an exodus of people […]
By Dustin Volz | WASHINGTON WASHINGTON The U.S. government on Wednesday unsealed charges against two Russian spies and two criminal hackers for allegedly pilfering 500 million Yahoo user accounts in 2014, The indictments, announced at a news conference in Washington, represent the first time the U.S. government has criminally charged Russian officials for cyber offenses. The content of at least 30 million accounts were accessed as part […]
Residents and office workers were evacuated from a high-rise building in Dubai Media City on Wednesday after a fire broke out. Reports on social media said that the fire, which started on the ninth floor of the Business Central Tower A in Dubai Media City, was minor and was put out by Dubai Civil Defence. A Dubai Civil Defence spokesperson was quoted by local media as saying […]
By Philip Pullella | VATICAN CITY VATICAN CITY Managers who close businesses, shut factories or restructure firms without fully considering the impact on workers and their families are committing a “very grave sin”, Pope Francis said on Wednesday. Addressing tens of thousands of people in St Peter’s Square for his weekly audience, Francis strayed from his text after mentioning he was worried about how families might be […]
The men who fed a cat to dogs has been ordered to clean Dubai Zoo by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Sheikh Mohammed said the culprits will clean the zoo for four hours a day for three months as punishment for the act. In a series of tweets, the crime was described as “brutal and […]
Most of the South African taxpayers cited in the Panama Papers and identified as risky by the South African Revenue Service (SARS) had used a very similar offshore structure, which was facilitated by a single domestic intermediary, SARS disclosed on Wednesday. The information emerged during an engagement by three parliamentary committees with a range of government departments and agencies involved in the fight against illicit financial flows, […]
BERLIN German Finance Minister Wolfgang Schaeuble said on Wednesday he was looking forward to the first meeting with his U.S. counterpart Steven Mnuchin on Thursday, adding he did not expect him to come to Germany with a closed mind on all matters. Asked about proposals to introduce a U.S. border tax on imports, Schaeuble said that he did not view the new U.S. administration as being close […]
Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. Nate Silver’s “March Madness” analysis is out and, knock on hardwood, he’s not picking Hillary Clinton. I know, I know. Cheap (jump) shot. It’s that time of year when FiveThirtyEight, the ESPN-owned politics and sports data site founded by Silver, […]
Eon, the German utility, recorded a net loss of €16bn for 2016 — the largest in his history — and unveiled ambitious measures to reduce debt by €7bn through asset sales and cutting 1,300 jobs. The loss reflected impairments on Uniper, the new fossil fuel power company spun out of Eon last year, as well as payments Eon is having to make into a new state fund to cover the […]
It is fitting that just a few hours until the Fed’s second rate hike in two quarters, and one day after Goldman downgraded global stocks to Neutral for the next 3 months, not to mention with the results of the anticipated Dutch election due shortly, that global stocks as well as S&P futures are higher, while crude oil has finally managed to stage a rebound as the […]
SEOUL Chinese authorities have arrested two South Korean Christian pastors, accusing them of helping to smuggle North Korean defectors out of China, the Yonhap news agency said on Wednesday. The arrests come amid tension between South Korea and China over the latter’s vociferous objections to the deployment in South Korea of a U.S. missile defense system that China says will destabilise the balance of security in the […]
Saudi Arabia’s Capital Market Authority (CMA) has received enquiries from companies from the Gulf Cooperation Council considering listing on its new parallel market, Nomu, a senior executive said on Tuesday. The companies were in the process of appointing advisers to support their potential listings, said Yarub Awadh Albadi, head of CMA’s initial public offering unit. The Nomu market, which launched on Feb. 26, is designed for small […]
By Kevin Yao and Ryan Woo | BEIJING BEIJING China’s Premier Li Keqiang reassured investors on Wednesday that the world’s second-largest economy is strong and not at risk of a hard landing, while stressing Beijing’s support for globalization and free trade at a time of rising protectionism. Li also reiterated that China does not want a trade war with the United States, and urged talks with Washington […]
15 March 2017 Dubai, UAE – Al Shafar General Contracting Company (ASGC), a leading and award-winning UAE construction group, was the recipient of the Roads and Transport Authority’s Best Mega Construction Projects Contractor Award. The award was presented by Mohammed Obaid Al Mulla, Board Member of the RTA’s Board of Directors, and received by Abdul Aziz Mohamed Bin Shafar, Vice President and Executive Director of ASGC, during […]
