BUSINESS & ECONOMY

ENERGY

G20 Finance Chiefs Make Few Policy Breakthroughs At Indonesia Meeting

PARIS, France – The Group of 20 major economies’ finances chiefs on Saturday pledged to address global food insecurity and rising debt, but made few policy breakthroughs amid divisions over Russia’s war in Ukraine at a two – day meeting in Indonesia. With questions growing about the effectiveness of the G20 in tackling the world’s major problems, U.S. Treasury Secretary Janet Yellen said the differences had prevented the finance ministers and central bankers from issuing a formal communique but that the group had ‘strong consensus’ on the need to address a worsening food security crisis. Host Indonesia will issue a…

Advertisement

Keep reading

EU Formally Accepts Croatia As 20th Euro Zone Member

BRUSSELS – European Union finance ministers on Tuesday formally approved Croatia becoming the 20th member of the euro common currency at the start of 2023. The European Council, the grouping of 27 EU governments, adopted three legal acts required to allow Croatia – an EU member since 2013 – to introduce the euro on Jan.1. One of those acts set the conversion rate for entry at one euro to 7.53450 Croatian Kuna, with Croatia now having a new months to prepare the practicalities for the currency switch. To adopt the euro, Croatia had to fulfil criteria of price and exchange…

Keep reading

Former Formula One Supremo Ecclestone Charged With UK Tax Fraud

LONDON – Former Formula One supremo Bernie Ecclestone has been charged with fraud over a failure to declare more than 400 million pounds ($477 million) of overseas assets to the British tax authority, prosecutors said on Monday. The Crown Prosecution Service said Ecclestone, 91, faced one count of fraud by false representation. ‘This follows a complex and worldwide investigation by HMRC’s Fraud Investigation Service’, said Simon York, Director at the Fraud Investigation Service of Her Majesty’s Revenue and Customs (HMRC). The first hearing in his case is due to be held on Aug.22 at London’s Westminster Magistrates Court. Contacted by…

Keep reading

Romanian Government Plans Tax Hikes To Boost Budget

BUCHAREST, Romania – Romania’s coalition government plans a series of tax rises from the next year, including increasing dividend and property taxes, which are expected to boost budget by 13.4 billion lei ($2.82 billion), a draft bill showed on Tuesday. Some of the changes, including higher excise duties on cigarettes and alcohol, will apply from August of this year and generate 2.2 billion lei in revenues by year – end, according to a draft bill released by the finance ministry. The country collects budget revenue worth around 30% of grass domestic product, significantly below the EU average of roughly 46%…

Keep reading

EU Agrees Rules To Tame ‘Wild West’ Crypto Market

PARIS, France – Cryptocurrency companies will need a licence and customer safeguards to issue and sell digital tokens in the European Union under groundbreaking new rules agreed by the bloc to tame a volatile ‘Wild West’ market. Globally, crypto assets are largely unregulated, with national operators in the EU only required to show controls for combating money laundering. Representatives from the European Parliament and EU states thrashed out a deal late on Thursday on its Markets i n Crypto – assets (MiCA) law. ‘Today we put order in the Wild West of crypto assets and set clear rules for a…

Keep reading

Norway Could Allow Airline SAS To Convert Debt To Equity

PARIS, France – Norway will support a plan by airline SAS to convert debt into equity under certain conditions but does not plan to remain a long – term stakeholder, Industry Minister Jan Christian Vestre said on Tuesday. SAS owes the state about 1.5 billion Norwegian crowns ($153 million) from loans made during the COVID-19 pandemic, he said, adding that these can be converted into equity under certain conditions. Vestre did not elaborate on the conditions that must be met, saying this was market – sensitive information. The airline said it ‘appreciated’ the support from the Norwegian government, describing it…

Keep reading

Biden Urges G7 To Stay Together As Leaders Target Russian Gold, Oil Price

PARIS, France – U.S. President Joe Biden told allies ‘we have to stay together’ against Russian on Sunday as G7 leaders gathered for a summit dominated by war in Ukraine and its impact on food and energy supplies and the global economy. At the start of the meeting in the Bavarian Alps, four of the Group of Seven rich nations moved to ban imports of Russian gold to tighten the sanctions squeeze on Moscow and cut off its means of financing the invasion of Ukraine. But it was not clear whether there was G7 consensus on the plan, with European…

Keep reading

Saudi Arabia To Invest $3.4 Bln In Vaccine,Biomedical Drugs Sector

PARIS, France – Saudi Arabia’s industry and Mineral Resources said on Friday the country would invest $3.4 billion in the vaccine and biomedical drugs sector, according to state news agency SPA. The Minister Bandar Alkhorayef, who heads the newly – established vaccines and biopharmaceutical industry committee, said the move is part of the kingdom’s push towards achieving pharmaceutical security and making Saudi Arabia a more prominent hub for sector. The investments will be implemented in two phases. The first includes techniques for manufacturing basic child vaccines and insulin, while the second aims to localize immunological and cancer drugs industry. Saudi…

Keep reading

UAE – Romania Joint Committee Examines Enhancing Cooperation Between Both Countries

ABU DHABI, UAE – The United Arab Emirates hosted the second UAE – Romania Joint Committee at the Ministry of Foreign Affairs and International Cooperation in Abu Dhabi. The meeting was co – chaired by Ahmed Al Sayegh, Minister of State and Bogdan Aurescu, Minister of Foreign Affairs of Romania. A number of senior officials representing various governmental organisations and private companies from the UAE participating in the meeting, alongside a high – level delegation from Romania. During the meeting, the two sides discussed ways to enhance bilateral relations in the all fields. They also discussed opportunities for cooperation in…

Keep reading

DP World, PCFC To Modernise Romania’s Constanta Port With New RO – RO Terminal

ABU DHABI – The Romanian government has signed an agreement with Dubai’s Ports, Customs and Free Zone Cooperation (PCFC) and DP World to develop new infrastructure at the Port of Constanta. The agreement with the Dubai entities will help modernise and turn the Port of Constanta into one of the Black Sea’s most important cargo and vehicle hubs. The agreement was signed by Sorin Mihai Grindeanu, Romania’s Minister of Transport and Infrastructure, and Abdulla bin Damithan, CEO and Managing Director, DP World UAE, and Vice – Chairman of PCFC’s Board of Directors. Romania’s Ministry of Transport and Infrastructure aims to…

Keep reading

Loading…

Something went wrong. Please refresh the page and/or try again.