Half of GCC-based companies have not started to prepare for the launch of 5 percent value added tax in the region next year, according to a survey conducted by global consultants EY. Only 11 percent of businesses said they have evaluated the changes that are needed to their financial, operational and information technology processes ahead of the introduction of VAT in January 2018. The survey revealed that […]
The Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) within the EU Parliament will be heading to the USA next week to hold a series of meetings. AD Chairperson Arnold Cassola posted this information on his Facebook page. “After having investigated the London, Malta and Luxembourg financial systems, the PANA delegation will next week visit the USA, including Delaware, which is renowned […]
LONDON Unilever (ULVR.L) (UNc.AS) is preparing a 6 billion pound ($7.44 billion) sale of some of its food brands, British newspapers reported on Saturday, without citing sources. The Anglo-Dutch company is planning to sell Flora margarine and Stork butter brands, the Sunday Times said. The Sunday Telegraph, which also cited a 6 billion pounds figure, said unnamed parties were preparing to buy the brands. The maker of […]
Jumeirah Central, Dubai’s upcoming new urban mixed-use district, is already attracting “significant interest” from international investors, according to a senior executive. The mega project, which has no deadline for completion yet, will make its international debut at MIPIM 2017, the annual gathering of the world’s most influential international property players being held in Paris. Master planned by Dubai Holding, Jumeirah Central is already attracting significant interest from […]
Forced applause usually follows a regulator’s remarks to the regulated. Not so inside the pink stucco walls of the Boca Raton Resort and Club in Florida this week. Chris Giancarlo of the Commodity Futures Trading Commission received a standing ovation when he spoke to hundreds of traders, brokers and exchange executives. The enthusiastic response reflects hopes in the derivatives industry for a better relationship with the CFTC, its principal […]
Via Stratfor, In his joint address to Congress, U.S. President Donald Trump touted a $1 trillion infrastructure investment plan as a means to stimulate the economy while constructing, if not rebuilding outright, crucial projects around the country. Trump later met with U.S. business leaders on March 8 seeking support from the private sector for the plan. It is key to implementing the administration’s infrastructure goals, primarily as a way […]
Written by Ritu Sarin | New Delhi | Updated: March 16, 2017 10:32 am Image for representational purposes. Nearly a year after The Indian Express published the Panama Papers, tax authorities have succeeded in obtaining 165 replies — partial or complete — from among 13 jurisdictions where Indian nationals had incorporated offshore companies through the Panamanian law firm Mossack Fonseca. According to data made available at the latest […]
● Areas along the Green Line provide residents with the most affordable one-bedroom options, starting at an average of AED 55,000 a year in Hor El Anz ● Al Barsha and Karama receive a large volume of searches last year, with 49 million and 22 million searches respectively, highlighting demand for properties in close proximity to the popular public transport means 18 March 2017 Dubai – […]
Real growth in the non-oil sector of Bahrain’s economy reached an annual rate of 4.7 percent in the third quarter of 2016, according to new official figures. This marked a clear acceleration from the 3.6 percent pace seen during Q2, said the country’s Economic Development Board in its latest research note. Overall, during the first three quarters of 2016 the Bahraini economy expanded by a real 3.6 […]
By Andrea Shalal | BERLIN BERLIN The German government plans to buy six Lockheed Martin (LMT.N) C-130J military transport planes for around 900 million euros ($966 million) starting in 2019 under a joint operating agreement with France, German government documents show. Germany and France first began working on the deal in October and announced broad outlines of their plans in February at a meeting of the NATO […]
Brazil’s economy will emerge this quarter from its deepest recession on record and reach a growth rate of up to 3 per cent by the final three months of the year, central bank chief Ilan Goldfajn has said. The recovery would be driven by a combination of easier monetary policy as inflation falls to levels not seen since January 2010, economic reforms that are boosting investor confidence […]
18 March 2017 Manama, Bahrain – GFH Financial Group (“GFH” or “the Group”) announced today that it has convened its first meeting in Abu Dhabi last Thursday for its new Board of Directors, whose appointment was recently confirmed for the 2017-2019. Upon its first meeting the 10 member Board have indorsed the appointment of his Excellency Shaikh Ahmed Bin Khalifa Al-Khalifa as GFH’s new Chairman and Dr. […]
Warren Buffett’s compensation for running Berkshire Hathaway Inc (BRKa.N) edged up 4.0 percent last year to $487,881 reflecting the higher cost of keeping the world’s second-richest person safe. Buffett’s pay was disclosed in a Friday regulatory filing, in which Berkshire also recommended the rejection of three shareholder proposals at its May 6 annual meeting, including that it disclose its political contributions twice a year. Berkshire said Buffett’s […]
Democrats on a congressional committee have accused Wells Fargo of stonewalling them as they investigate the US bank over sham customer accounts, hinting they may intensify their probe as a result. In a letter on Friday to Wells’ chief executive Tim Sloan, the party’s most senior member of the House financial services committee complained the bank had yet to agree to put forward executives for interviews despite […]
Foreign investment capital has surged into Chinese domestic bonds over the past year, intensifying pressure for the inclusion of China’s $9.3tn bond market in dominant market indices that direct some of the world’s biggest fund flows, fund managers and analysts said. A year since China took meaningful steps to further open its bond market to international capital, inflows from foreign institutions rose 53 per cent to Rmb732bn […]
AIG’s outgoing chief executive Peter Hancock is in line for a $5m payment on top of his regular pay deal, part of an exit package that the insurer said was “consistent with a termination without cause”. The disclosure comes a week after AIG rocked the insurance sector when the company said its chief was leaving after less than three years at the helm following a series of […]
BEIJING China will begin preparatory work this year for an environmental monitoring station on Scarborough Shoal in the South China Sea, an official said, as two U.S. senators introduced a bill to impose sanctions on its activities in the disputed waterway. China seized the strategic shoal, which is also claimed by the Philippines, in 2012 and the United States has warned Beijing against carrying out the same […]
Havas, the French media agency, has joined the British government in pulling all of its digital ad spending from Google and YouTube in the UK, after it was revealed that government and corporate advertisements were being displayed alongside videos that advocate extremism. Havas, one of the world’s largest marketing groups, spends about £175m on digital advertising in the UK annually. It said it was also considering a […]
Mulesoft, a software “unicorn”, gained 46 per cent in its trading debut in New York on Friday, the latest in a number of hot listings that are reviving the US market for initial public offerings. Mulesoft rose to $24.75 after pricing at $17, giving the IPO the best first-day “pop” this year, according to Dealogic. The performance follows recent first-day gains from Canada Goose, the maker of […]
Modcloth was founded in 2002 in Pittsburgh by Susan Koger. Walmart is buying Modcloth, an online retailer known for its vintage and geek-chic fashion designed to a range of female body types. Financial terms were not disclosed, but Walmart said it acquired Modcloth’s assets and operations and that the deal has already closed. Modcloth was founded in 2002 in Pittsburgh by Susan Koger, then a student at […]
Markets do not have a clue how to handle political populism. They are still frightened of it, even though last year’s populist earthquakes in the UK and US are yet to have the drastic consequences that had been feared, and they cannot gauge its chances of success. This might yet create opportunities for those who can stomach some risk. This was a great week for European stocks, […]
STOCKHOLM, March 17 Swedish lenders Nordea and Handelsbanken will face no further sanctions for their involvement in the Panama Papers scandal as they had already been fined and acted to remedy the shortcomings, the country’s financial watchdog said on Friday. The financial watchdog opened investigations into all four major Swedish banks after they appeared in a leak of more than 11.5 million documents last year from the […]
The White House has assured the UK government it will not repeat allegations that President Donald Trump was placed under surveillance by GCHQ, Britain’s electronic eavesdropping agency, after London protested over the “nonsense” claims. The allegations, made on Thursday by White House press secretary Sean Spicer, triggered an angry response from Downing Street, an extraordinary high-level spat between two allies with possibly the closest intelligence-sharing relationship in […]
Secretary of State Rex Tillerson, the former Exxon CEO, is undoubtedly familiar with “tone at the top,” a term coined by audit firms and drilled home by business ethicists in the wake of financial scandals at Xerox, Enron and Arthur Andersen. When corporate leaders fail to model tone at the top by upholding principles, corners are cut and lapses trickle down and poison institutional culture. And yet […]
