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Kuwait mulls income, sales taxes as oil hits 12-year low

KUWAIT: Kuwait should consider introducing income, corporate and sales taxes to compensate for revenue lost from the plunge in oil prices to their lowest level since 2003, Finance Minister Anas Al-Saleh said here the other day. The oil-exporting state should also ponder raising the cost of public services and cut government spending, Al-Saleh said, according to a statement released by ... Read More »

IDX eyes 200,000 more retail investors this year

JAKARTA: The Indonesia Stock Exchange (IDX) is looking to increase the number of individual investors in local equities by 200,000 this year. The IDX is pursuing a policy of persuading savers to invest in stocks in a country where only a miniscule proportion of the population invests in stocks. “We want to shift the trend in society from a ‘savings ... Read More »

Private investments disappoint

TAIPEI: Taiwan’s private investments grew at a slower-than-expected annual pace of 2.82 percent last year, due to volatility in the global economy and falling prices of crude oil products, the Ministry of Economic Affairs said yesterday. The growth was a significant retreat from 2014’s 6.65 percent annual increase, the ministry said. It was also the first time in the past ... Read More »

Collector Qurban inaugurates WeBOC system at Torkham border

PESHAWAR: Collector Qurban Ali Khan has inaugurated WeBOC (Web Based One Customs) system at Torkham border post. The installation of computerised system at Torkham, for checking imported items including cotton and mineral coal, is a step towards Digitalisation of Customs as envisioned in World Customs Day theme of this year, said Qurban Ali while addressing a ceremony held in connection ... Read More »

Punjab Finance Minister Ayesha lauds LCCI work on ease of doing business

LAHORE: Punjab Finance Minister Dr. Ayesha Ghous Pasha has lauded efforts of the Lahore Chamber of Commerce and Industry (LCCI) for preparing a reform agenda in respect of ease of doing business in Pakistan. While talking to the LCCI Senior Vice President Almas Hyder here at her office, Dr. Ayesha Ghous Pasha said that the LCCI is supplementing the government ... Read More »

Extension in tax returns filing date demanded

LAHORE: The candidate for the president of Lahore Tax Bar Association (LTBA), Amir Qadir said the fruitful results of tax amnesty scheme could not be achieved without extending the tax returns filing date. Amir Qadir added that 50 percent of the taxpayers could not file their returns due to facing the problem while submitting returns online. He asked the government ... Read More »

KCCI purchases land for construction of grand building

KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has achieved a historic milestone by purchasing a 2596 square yard land situated near Do Talwar for the construction of KCCI’s grand building. In this regard, an agreement signing ceremony was held at KCCI for purchase of land which has been purchased by utilizing Chamber’s own resources. The agreement signing ceremony ... Read More »

Port of Savannah handles record shipments in 2015

WASHINGTON: The Georgia Ports Authority achieved record container volumes in 2015 as shipments in the Southeast continued to grow last year. GPA Executive Director Curtis Foltz said today that the Port of Savannah boosted its handling of 20-foot equivalent container units by 11.3 percent to 3.73 million last year. “The expansion was fueled in part by heightened demand in the ... Read More »

Iraq’s oil production 4.130 mln bpd in Dec

BAGHDAD: Iraq’s oil production from its southern region averaged 4.130 million barrels a day in December, according to final figures released by the oil ministry. The region produced more than 128 million barrels during the month, of which 99.7 million barrels were exported, said the statement. The selling price averaged $29.288 cents a barrel, it added. The southern region currently ... Read More »

Bangladeshi customs seizes 33 kg of gold at airport

DHAKA: The Bangladeshi Customs seized 280 gold bars with a total weight of 32,7 kilograms at Hazrat Shahjalal International Airport in this capital, today reported Shahiduzzaman Sarker, Assistant Commissioner of that body. Speaking to the press, Sarker said the batch was seized from a Malindo Air plane, which landed at midnight from Malaysia. Last week the airport authorities confiscated 23,2 kilograms ... Read More »

India-Bangladesh ties to improve more

DHAKA: India-Bangladesh relations will further improve as bus services between the two countries improve leading to more trade, Tripura Governor Tathagata Roy said on Tuesday. “Direct bus services between northeastern states and Kolkata via Bangladesh have been spread out and the number of passenger bus trips between Agartala, Kolkata, Shillong and Guwahati and Dhaka have increased,” Roy said after unfurling ... Read More »

Jordan-German agree to boost economic, trade ties

AMMAN: Prime Minister Abdullah Ensour on Tuesday discussed with German Minister of Economic Cooperation and Development Gerd Muller, Jordanian-German ties as well as ways to further boost them in various fields. During the meeting, which was attended Minister of Planning and International Cooperation Imad, Fakhoury, Labour Minister Nidal Qatamin, State Minister for Media Affairs Mohammad Momani and German Ambassador to ... Read More »

Ukraine uses 43% of green house gas emission quota in 2008-2012

KIEV: Ukraine used only 43% of its green house gas emission quota in the amount of 4.6 billion tonnes obtained for the first period of the Kyoto protocol in 2008-2012. This is outlined in cabinet resolution No. 20 of January 20, 2016 posted on the cabinet’s website. “The Ecology and Natural Resources Ministry is ordered to add information on the ... Read More »

China’s coal imports from Australia fall 25% in 2015

BEIJING: China imported 70.86 million tonnes of coal from its top supplier Australia in 2015, down one quarter compared to 2014, customs data showed on Tuesday, with demand in the world’s biggest energy consuming country declining rapidly. Overall imports, excluding lower-grade lignite, declined 31.5 percent to 155.81 million tonnes during the year, figures from China’s General Administration of Customs showed. ... Read More »

Air New Zealand signs deal with STA Travel to boost revenue

WELLINGTON: Air New Zealand has signed a three year partnership with STA Travel to boost revenue and promote inbound tourism to the youth and student market. The deal will focus on generating sales using  STA Travel’s global distribution network in the priority markets of New Zealand, Australia, United Kingdom, North America and Asia. Air New Zealand chief sales and commercial ... Read More »

Japan steel exports fall to 4 year low in 2015

TOKYO: Japan’s steel exports last year fell to their lowest since 2011, dented by a surge in shipments from China. Steelmakers around the world are grappling with the fallout of massive exports of cheap steel from China, with producers there turning overseas as local appetite wavers due to the country’s slowing economy. Steel exports by Japan, the world’s second-biggest steel producer, ... Read More »

French defence groups enjoy exports boom

PARIS: President François Hollande may have had little success reviving France’s sluggish economy, but his socialist government has become an effective lobbyist for French defence companies seeking deals abroad. Last year the state helped the French defence industry win a record €16bn worth of overseas orders, according to the government, including cruise missiles, fighter jets and warships. The exports have ... Read More »

Polish unemployment increases 9.8% in Dec

WARSAW: Registered unemployment in Poland hit 9.8 percent in December, according to the country’s Central Statistical Office (GUS). The figure was 0.2 percentage points up on November, but down from the 11.4 percent in December 2014. According to the Central Statistical Office, 1.56 million people were registered as unemployed in Poland in December. More than 230,000 people looking for work ... Read More »

Swiss watch exports slip on strong franc

ZURICH: Switzerland’s watch-industry exports fell in 2015 for the first time since the global financial crisis, dragging overall exports lower as manufacturers battled a stronger Swiss currency and weak demand in important markets in Europe and Asia. Swiss watch shipments, a proxy for sales, fell 3.3% in 2015 to 21.52 billion francs ($21.26 billion) from the previous year, according to ... Read More »

Polish economy grows 3.6% in last year

WARSAW: The Polish economy grew 3.6 percent last year, up from 3.3 percent in 2014, the country’s Central Statistical Office (GUS) said on Tuesday, giving a preliminary estimate. Analysts told the PAP news agency earlier this month that they expected Polish GDP to grow 3.5 percent in 2015. Domestic demand last year grew 3.4 percent, while investments rose 6.1 percent, ... Read More »