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Author Archives: Ammad Ahmed

Banks want tax deferred for 20 years

ATHENS: Greek banks are asking for the immediate extension of the deferred tax period for offsetting losses from bad loans to 20 years, in order to deal with the problem without needing extra capital injections. Existing legislation allows for the offsetting of losses for five years, but banks warn that unless this is stretched to many more years they will ... Read More »

India’s soymeal exports to hit 3-year high as soybean output jumps

MUMBAI: India’s soymeal exports in 2016/17 are likely to jump to three-year highs as a sharp price correction due to a rebound in soybean production makes overseas sales competitive, said industry officials. Higher exports from India could trim shipments of South American soymeal into Asia, and also shore up local soybean prices, which fell below a government-fixed support level in ... Read More »

Saudi Arabia warns Trump on blocking oil imports

RIYADH: Saudi Arabia has warned Donald Trump that the incoming US president will risk the health of his country’s economy if he acts on his election promises to block oil imports. Sign up By signing up you confirm that you have read and agree to the terms and conditions, cookie policy and privacy policy. In a sign of the difficulties ... Read More »

Sri Lanka, Indonesia police to combat transnational crimes

JAKARTA: Top police officials of Sri Lanka and Indonesia have held discussions on ways to combat transnational crimes across national borders and mechanisms to effectively exchange intelligence between state agencies. Sri Lanka’s Inspector General of Police Pujith Jayasundara held bilateral talks on 09 November 2016 with senior police officials of Indonesia on the sidelines of 85th International Criminal Police Organization ... Read More »

Halfords’ profits hit as sterling slump

PARIS: Halfords’ success in driving up sales across its car and bicycle business has been scuppered by the slump in sterling, which has driven up the cost of the parts it imports. Over the summer Halfords’ retail division of motoring, cycling and leisure products grew its like-for-like sales by 2.4pc. Meanwhile its garage servicing and auto repairs arm delivered like-for-like ... Read More »

Sri Lanka’s Expolanka net profit decreases 39% in September

COLOMBO: Sri Lanka’s Expolanka Holdings PLC said September 2016 quarter group net profit fell 39 percent to Rs243 million from a year ago largely owing to a write-down in its investment portfolio because of the stock market slump. Sales of the group rose 17 percent to Rs16.2 billion over the period, according to interim results filed with the stock exchange. ... Read More »

Tax reform program to recast Philippine economic policy

MANILA: Despite the perceived misgivings on the capability of the Duterte administration to handle the national economy, an overall economic policy is evolving and getting clearer, as the ongoing consultation process among various sectors intensifies. The team of economic managers, composed of Finance Secretary Carlos Dominguez III, Economic Planning Secretary Ernesto Pernia, Budget Secretary Benjamin Diokno, Trade and Industry Secretary ... Read More »

Customs seizes 14 kg gold at Dhaka airport

DHAKA: The gold was hidden inside a garments shipment that arrived in Dhaka on a Singapore Airlines flight on Tuesday, said Customs Assistant Commissioner HM Ahsanul Kabir. “Gold bars and necklaces were found hidden in the garment shipment at the cargo warehouse,” he said. Customs officials found 13 gold bars, each weighing 1 kg, five more bars, weighing 100 grams ... Read More »

Malone’s Hilton Hotel pre-tax profits rises to €2.3m

DUBLIN: Pre-tax profits at one of the Dublin hotels owned by US billionaire John Malone last year rose 76% to €2.3m. New accounts lodged by Charlemont Leisure Ltd, which operates the Hilton Hotel on the Grand Canal, show that the hotel enjoyed the profit jump after its gross profit increased by 44% from €7.129m to €10.27m last year. The 2015 ... Read More »

Bengaluru sees surge in smuggling of cigarettes from foreign countries

BENGALURU: Smuggling of foreign cigarettes into Bengaluru is on the rise and the demand, going by cases registered with the customs department, is high for products from Malaysia, Sri Lanka and Indonesia. Statistics obtained from the customs department show 80 cases have already been detected at Kempegowda International Airport (KIA) up to September this financial year ending March 31, 2017, ... Read More »

NBK posts KD 219.3m net profits: Al-Sayer

KUWAIT: National Bank of Kuwait (NBK) reported net profits of KD 219.3 million ($728 million) for the first nine months of 2016 compared with KD 227.9 million ($756 million) for the same period in 2015. Adjusting for gains recognized in 9M 2015 from the sale of NBK’s 30 percent stake in International Bank of Qatar (IBQ), net profits recorded a ... Read More »

Singapore’s Scanteak books $3.3m deal at Jakarta trade expo

SINGAPORE: Furniture-maker Scanteak Singapore booked a multi-million dollar deal on the first day of Indonesia’s largest trade fair, which kicked off on Wednesday (Oct 12). The firm, founded by Singapore entrepreneur Lim Pok Chin in 1974, inked a US$2.4 million (S$3.3 million) pact with Java-based firms Jawi Antik Indonesia and CV Roda Jati, said the Indonesian Embassy in Singapore in ... Read More »

Sri Lanka’s economy to grow 5.0% in 2017: WB

COLOMBO: The World Bank in its Fall 2016 South Asia Economic Focus Report projected Sri Lanka’s economy to grow at 5.0 percent in 2017, up from 4.8 percent 2016. The global lender lowered the growth in 2017, driven by increased consumption and postponed investment in 2015, to 5.0 percent from the 5.3 percent projected in its April 2016 report. According ... Read More »

Mandiri Sekuritas to open regional branch in Singapore

SINGAPORE: Mandiri Sekuritas, a brokerage arm of state-owned Bank Mandiri, has opened its first regional branch in Singapore to expand the firm’s portfolio to serve as underwriter for foreign companies, becoming Indonesia’s first securities firm with a full capital market license in a neighboring country. The firm obtained a capital market services license from the Monetary Authority of Singapore in ... Read More »

Japan boosts butter imports

TOKYO: Japanese cake-lovers can breath a sigh of relief: government officials plan to bolster butter imports by 4,000 tonnes in a bid to avert a nationwide shortage in the run-up to Christmas. Butter has become an increasingly precious commodity in Japan in recent years, with the product regularly selling out in supermarkets due to a nationwide production shortfall. Extreme weather ... Read More »

Turkey arrests three foreigners suspected of smuggling 62 migrants into Greece

ANKARA: Three foreigners operating human trafficking activities were arrested in Turkey’s southwestern resort town of Bodrum on Wednesday while they were trying to smuggle 62 migrants into Greece. The Turkish Coast Guard stopped a suspicious boat as it was traveling off the coast of Bodrum and found a total of 62 Pakistani and Afghan nationals, who were trying to reach ... Read More »

Austrian customs officials find human intestines in luggage

VIENNA: Austrian customs officials are used to finding unusual items in travelers’ luggage. But human intestines were not on their list — until now. The Austrian Press Agency reports that the organ parts were found packed tightly in plastic containers and formaldehyde in a Moroccan woman’s baggage during a recent check at the airport of the southern city of Graz. ... Read More »

Indonesia detains ship carrying around 30 tonnes of fertilizer

JAKARTA: Indonesian authorities on the resort island of Bali on Thursday (Sept 22) detained a ship from Malaysia carrying around 30 tonnes of fertiliser which police believe may have been intended for making bombs. Customs and police were questioning the crew and investigating the material for potential links to radical networks as the world’s largest Muslim-majority nation remains on high ... Read More »

Gwadar airport to set one window facilitation desk for OPs by Oct

ISLAMABAD: Gwadar Airport will have `One Window Facilitation Desk’ by October this year to provide all necessary information to Overseas Pakistanis (OPs) before their departure to different countries, ensuring their safe travel. The facilitation desk is being established on the directives of Federal Ombudsman, said Grievance Commissioner for Overseas Pakistanis to Federal Ombudsman, Hafiz Ahsan Ahmad Khokhar on Friday. He ... Read More »

Singapore, Rwanda to boost trade ties

SINGAPORE: Trade between Rwanda and Singapore is set to improve as the two countries move to enhance trade ties. According to Steven Ruzibiza, the Chief Executive Officer, Private Sector Federation (PSF), the move seeks to strengthen investment partnerships between investors from both countries. The development comes after a group of investors from Singapore paid a courtesy visit to Rwanda to ... Read More »