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Kuwait Airways to spend $2.5bn on new aircraft

Kuwait Airways plans to spend about $2.5bn on 28 new aircraft due to be delivered by 2026, Kuwait Airways chairman Yousef A. M. J. Alsaqer said. The planes will be financed with bank debt, the airline’s own capital and through the sale and re-leasing of the carrier’s planes, Alsaqer said, declining to disclose how much it will borrow. “So far ... Read More »

QCB’s total assets grow by 23.7% to QR233bn

The Qatar Central Bank’s (QCB) total assets increased by a significant 23.7 percent to QR233bn at the end of 2018, compared with QR188.4bn in 2017. The year 2018 witnessed considerable shifts in the composition. There was large accumulation of net foreign assets as capital flows normalized during 2018. A major portion of these net foreign assets was developed in the ... Read More »

Contractor Ruling Against Iraq could top $140m

A US military contractor has won a judgment estimated at $140 million against Iraq to reimburse it for unpaid invoices relating to work done for the Iraqi Ministry of Defense. Dale Stoffel, the President of Wye Oak Technology, was killed in mysterious circumstances fifteen years ago while attempting to recover the debt. In its ruling, the District Court of the ... Read More »

Tackling Corruption in Mining: Gov’t Signs Agreement with Afghan-German Cooperation

Acting Minister of Mines and Petroleum, Nargis Nehan, signed the implementation agreement for the next phase of the program for promoting good governance in Afghanistan’s extractive sector. The project aims at increasing state revenues, promoting investment and curbing corruption in the sector. 33 representatives from the German Cooperation and the Ministry of Mines and Petroleum (MoMP) including 7 women attended ... Read More »

Taiwanese firm investment pledges may top NT$600 billion in September

The amount of investment in Taiwan pledged by Taiwanese firms is forecast to surpass the NT$600 billion (US$19.11 billion)-mark in September under a program launched at the beginning of this year to encourage Taiwanese companies operating overseas to invest at home, the Ministry of Economic Affairs (MOEA) said Saturday. The MOEA said the increase in investment by Taiwanese investors is ... Read More »

Indonesia to stop nickel ore exports in January 2020 -official

[JAKARTA] Indonesia will effectively stop nickel ore exports from Jan. 1, 2020, Bambang Gatot Ariyono, the mining ministry’s director general for coal and minerals, said on Monday, as the country moves ahead with efforts to process more of resources at home. The ban will be two years ahead of the initial schedule and will only apply to nickel ore exports, ... Read More »

Entrust to pay $375 to Vector customers

More than 336,000 Vector customers will get a $375 payout this year. Entrust, 75 per cent owner of Vector, today announced its annual dividend will be $360, stemming from its shareholding in the listed energy company. This year in addition to the $360 Entrust dividend payment, a further payment of $15 from Vector which is customers’ share of a credit ... Read More »

Can a tax rebate persuade Japan’s mom-and-pop stores to shift to cashless payments?

When the consumption tax finally hits 10 percent next month, the government plans to seize the opportunity to dramatically accelerate Japan’s shift to cashless payments through a rebate program. But with Japan’s roughly 20 percent rate for cashless payments lagging other countries, is it possible to persuade mom-and-pop shops, backstreet pubs and cozy, decades-old coffee shops to invest in the ... Read More »

5 foreigners trying to smuggle out nearly half-million USD held at Delhi airport

The Directorate of Revenue Intelligence (DRI) has arrested five Hong Kong-bound foreign nationals at the Delhi airport for allegedly trying to smuggle out of India nearly half-a-million US Dollars (USD), officials said. The DRI, the enforcement arm of the Central Board of Indirect Tax and Customs (CBIC), on Wednesday, intercepted the five passengers, all from Taiwan, at the Terminal 3 ... Read More »

PHL, China sign $219-M loan accord for PNR railway project

The Philippines and China signed here Thursday an agreement for a USD219.78-million preferential buyer’s credit facility to fund the project management consultancy for the Philippine National Railways (PNR) South Long-Haul Project. This infrastructure project under the Duterte administration’s “Build, Build, Build” program will link Metro Manila to Legazpi, Albay; Legaspi to Matnog in Sorsogon; and Calamba, Laguna to Batangas City. ... Read More »

Asian stocks mixed after US, Chinese tariff hikes

Asian stocks were mixed Monday after Washington and Beijing escalated their trade war with new tariff hikes. Shanghai advanced while Tokyo and Hong Kong declined. South Korea’s main index was unchanged. The Shanghai Composite Index gained 0.7% to 2,907.51 and Hong Kong’s Hang Seng lost 0.7% to 25,546.70. Tokyo’s Nikkei 225 shed 0.2% to 20.653.99. Seoul’s Kospi was flat at ... Read More »

Man arrested at Thai airport after ‘swallowing 1,200 grams of cocaine’

Glenn Chibasellow Ooko, 43, was arrested at Suvarnabhumi International Airport this week after it was discovered he has 1,200 grams of the drug on him. Nigerian national Joseph Ukpa Osita, 40, who allegedly hired him to bring drugs into Southeast Asian countries was later arrested in Bangkok. Office of the Narcotics Control Board (ONCB) chief Niyom Termsrisuk said airport task ... Read More »

Jordan Police, Protesters Clash Over Anti-Smuggling Efforts

AMMAN, Jordan: Jordan’s official news agency Petra says officials have reached a deal with local representatives to end two days of clashes over government efforts to curb cross-border cigarette smuggling from Syria. The clashes erupted last week between police and protesters in the northern city of Ramtha. Many residents of the impoverished city have made a living selling cigarettes that ... Read More »

Major banking strike planned for South Africa

South Africa’s biggest financial union is planning a major strike at the end of September 2019. Sasbo – which currently has over 73,000 members – will down tools at the end of the month in protest over planned retrenchments in the banking sector. The union wants banks to consider options other than retrenchments and begin a program to re-skill employees ... Read More »

Come get your misplaced cocaine, say Rotterdam police

The Rotterdam police are looking for the person who misplaced a backpack on Witte de Withstraat on Friday night. The backpack contained multiple phones and a “a large amount of cocaine”. The police invite the owner to come pick up his bag. “Come and visit the Doelwater police station”, the Rotterdam police said on Twitter. This was only one of ... Read More »

Brazil had 1.3 Million Companies in the Service Sector Alone in 2017

RIO DE JANEIRO, BRAZIL – The Annual Services Survey (PAS 2017), released yesterday, August 28th, by the Brazilian Institute of Geography and Statistics (IBGE), shows that in 2017 there were 1.3 million companies providing non-financial services in Brazil, with a net operating revenue of R$1.5 trillion (US$375 billion) and a gross added value of R$906.5 billion. These companies employed 12.3 ... Read More »

Malaysian businesses remain upbeat in 3rd quarter: official survey

KUALA LUMPUR: Malaysian businesses remain optimistic on their business performance for the third quarter, according to an official survey disclosed on Thursday. Malaysian Statistics Department said in a statement that the confidence indicator for Malaysian businesses increased slightly in the third quarter to 3.1 percent as against to 2.8 percent recorded in preceding quarter. Within the surveyed sectors, services sector ... Read More »

As stocks teeter, bonds show it pays to be boring

For stock investors, the trade war has been nothing but trouble. For bond investors, it’s been a dream. Unable to stomach turbulence driven by the escalating conflict between China and the United States, and leery of a darkening outlook for the economy, investors have been pulling money out of the stock market and buying bonds, the traditional place to park ... Read More »

Yahoo Japan to end ivory trade on its websites

TOKYO Yahoo Japan said it will end the trade of ivory on all its websites from November, after pressure from conservationists. The decision follows the internet company’s marketplace rivals Rakuten and Mercari adopting a ban in 2017, responding to international concerns that the Japanese domestic market could fuel smuggling through poor law enforcement. A 1989 ban prohibits international ivory trading ... Read More »

South Korea’s top court ruling on Samsung heir and ex-president

SEOUL: Samsung Group will discover the fate of its de facto leader on Thursday as South Korea’s Supreme Court rules whether to uphold the bribery conviction of Jay Y. Lee, in a scandal that unseated the president and trained public ire on corporate untouchables. The ruling will also determine how much Lee, 51, can focus on steering the group’s flagship ... Read More »