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ADB raises $4.25 billion from US dollar bond market to boost OCR for 2020

The Asian Development Bank (ADB) raised a total of $4.25 billion from the US dollar bond market on Wednesday. The Manila-based multilateral development bank returned to the capital markets with a $2.25 billion worth three-year bond issuance and a $2 billion worth 10-year bond issuance. The amount raised is part of ADB’s efforts to raise $25 billion from the capital ... Read More »

SAA may get just R44m of R877m Zimbabwe owes in ticket sales

SAA, the national airline that has entered business rescue, may only be offered 5% of the $60m (R877.2m) that its owed by neighbouring Zimbabwe in funds from ticket sales and hasn’t been able to extract from the country. The Reserve Bank of Zimbabwe’s monetary policy committee plans to “reject the majority of debts” owed to institutions, a move it hopes ... Read More »

Netflix Accused Of Using Netherlands To Avoid Its Tax Bill

Streaming media giant Netflix was accused of using the Netherlands as a major part of a tax haven scheme to reduce its income tax liabilities globally. A report released this week by Tax Watch UK said Netflix moved between $327 and $430 million into tax havens in 2018, out of its total global profits that year of $1.2 billion. About ... Read More »

Bank of Italy warns a number of the country’s smaller banks are at risk

ROME: A senior Bank of Italy official warned that a number of smaller banks, especially in the country’s disadvantaged south, were at risk of going out of business in a fast-changing industry and stressed the importance of government help. Speaking at a parliamentary hearing on the rescue of unlisted cooperative bank Popolare di Bari, Bank of Italy Deputy Governor Alessandra ... Read More »

Danske Bank to cut up to 108 jobs in Finland

COPENHAGEN: Denmark’s biggest lender Danske Bank plans to cut up to 108 jobs in Finland due to a reorganization of its unit there which employs around 2,000 people, it said. Danske Bank, which employs more than 20,000 in total, is cutting costs to cope with rising compliance costs and a tough business environment. Read More »

Customs Today Issue 21 Jan to 27 Jan 2020

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After Tesla’s record year in Norway, rivals gear up for 2020

OSLO: New electric car sales in Norway rose by a third last year amid soaring demand for Tesla Inc’s (TSLA.O) vehicles, but the pioneering US company will face a more competitive market in 2020 as rivals prepare to launch new electric models. Fully electric cars made up 42.4% of sales in the Nordic country last year, a global record, rising ... Read More »

BOI steps up investment promotion measures in the EEC

BANGKOK: The Board of Investment of Thailand (BOI) has approved measures to promote investment in the Eastern Economic Corridor (EEC) by expanding the number of target industries and increasing corporate income tax benefits. A meeting of the BOI, chaired by Prime Minister and Defense Minister, Gen. Prayut Chan-o-cha, approved the measures to attract more investors to the EEC. The first ... Read More »

Best investments to look at for 2020

Ashburton Investments, the asset management arm of the FirstRand Group, says it is looking to government bonds and listed property to provide the best risk-adjusted returns on the local front for South African investors in 2020. And the asset manager remains constructive on global equities, particularly in emerging markets. Nico Els, multi asset strategist at Ashburton Investments, said South African ... Read More »

Over 80 Kilos Cocaine Found On Dutch Plane In Argentina; Three Dutch Arrested

More than 80 kilograms of cocaine was found on a Martinair Cargo plane in Argentina. Seven men, three of whom are Dutch, were arrested, including the plane’s pilot and some crew members, RTL Nieuws reports. The plane was at the Ezeiza International Airport near Buenos Aires when the drugs were discovered. Local media report that the discovery was made shortly ... Read More »

Taiwan’s Investor Relations platform promotes ethical investing

TAIPEI: 2019 was the year when ESG metrics gained significant attention in Taiwan, culminating with the launch of the world’s first ever, government-sponsored, investor relations platform. To promote a sustainable capital market in Taiwan, Taiwan Depository & Clearing Corporation (TDCC) launched a bilingual IR platform in March 2019 that mainly features ESG evaluations. This provides a new assessment of how ... Read More »

Afghan Government Receives Over $11mn In Revenues from ATRA

The Afghanistan Telecom Regulatory Authority (ATRA) has transferred 878 million Afghanis ($11.3mn) to the special account of the Ministry of Finance to be spent through the national budget. These revenues come from a 2.5% on the net incomes of the telecommunication company sales and will be spent on certain project including ATRA’s development projects. Meanwhile, some lawmakers have expressed concerns ... Read More »

Some banks in northern Lebanon close over angry clients’ demands

Banks in a region of northern Lebanon were closed until further notice the National News Agency (NNA) said, after lenders balked at customer anger over a liquidity crisis. Since September banks have arbitrarily capped the amount of dollars that can be withdrawn or transferred abroad, sparking fury among customers who accuse lenders of holding their money hostage. There is also ... Read More »

Iraq Risks Losing Access to Key Bank Account

The Trump administration has reportedly threatened to block Iraq’s access to its funds in the Federal Reserve Bank of New York if Iraq expels US troops from the country. The Wall Street Journal quoted unnamed Iraqi officials as saying that the US State Department warning came after the Iraqi parliament voted in favor of a resolution demanding the removal of ... Read More »

Qatar-Turkey trade reaches QR5.69bn during first nine months of 2019

The Qatar-Turkey bilateral economic cooperation is expected to continue maintaining robust growth in 2020 and beyond. Bilateral trade volume between the two friendly countries during first nine months of 2019 reached QR5.69bn. The trade exchange between Qatar and Turkey witnessed remarkable jump of 85 percent from QR4.88bn ($1.34bn) in 2017 to QR8.74bn ($2.4bn) in 2018, according to data provided by ... Read More »

Middle East tensions could impact markets after strong end to 2019

KUWAIT: Financial markets enjoyed a strong end to 2019 with the US S&P equity index up 3 percent m/m and 10-year treasury yields edging back above 1.9 percent as optimism grew over the outlook for global growth amid mildly encouraging economic data and the agreement of a ‘phase one’ trade deal between the US and China. Some of this optimism ... Read More »

Scattered production and export makes country’s trade weak

Nepal’s trade deficit, which had been consistently rising, had started narrowing down in recent months especially following a rise in export of refined palm oil lately and fall in import of petroleum products. However, the recent decision of the Indian government to ban import of refined palm oil, Nepal’s top export, has raised many eyebrows. Sujan Dhungana of The Himalayan ... Read More »

Port of Salalah joins blockchain-enabled digital shipping platform

Muscat: As part of its digital initiative to enhance customer experience, Port of Salalah recently joined TradeLens, the blockchain-enabled digital shipping platform. TradeLens, which is one of the leading open and neutral supply chain platforms has been developed in a collaboration between Maersk and IBM. The TradeLens ecosystem presently comprises of over 100 diverse organisations including carriers, ports, terminal operators, ... Read More »

Equilor forecasts 3.8% economic growth for 2020

GDP could grow by 3.8% in 2020 and economic growth could slow to 3.5% in 2021, analysts at Equilor Investment said in a forecast on Monday, state news wire MTI reports. Economic growth this year will continue to be driven by domestic consumption, investments and exports, the forecast said. Both investments and export growth are set to slow, it added. ... Read More »

Airport authority plans €1.5-billion overhaul for Madrid’s Barajas

The Spanish airport authority Aena is planning to invest around €1.5 billion in remodeling its Adolfo Suárez Madrid-Barajas facility as part of its 2022-2026 Strategic Plan. Recently approved by the Aena board of directors, the operation consists of merging Terminals 1, 2 and 3 and expanding Terminal 4 and its satellite 4S to optimize the overall functionality of the airport ... Read More »