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Cracking down on ‘black’ money, India steps up scrutiny of shell firms

Cracking down on ‘black’ money, India steps up scrutiny of shell firms

The owners of these companies create elaborate smokescreens, including naming personal servants and chauffeurs as board directors. NEW DELHI/KOLKATA: When India’s Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned […]

August 17, 2017 | By | Reply More
Cisco’s security business revenue misses estimates, shares drop

Cisco’s security business revenue misses estimates, shares drop

Revenue growth at the business slowed to 3% in the latest fiscal fourth quarter from 16% a year earlier period and 9% in the previous quarter. NEW YORK: Cisco Systems Inc’s quarterly revenue in its closely-watched security business missed analysts’ estimates, raising concerns about the world’s largest networking gear maker’s efforts to transform into a […]

August 17, 2017 | By | Reply More
Pence says NAFTA renegotiation will be a ‘win win win’

Pence says NAFTA renegotiation will be a ‘win win win’

Pence added it was important for Chile to comply with the intellectual property rights section of its free trade agreement with the United States. SANTIAGO: US Vice President Mike Pence said on Wednesday he was confident a renegotiation of the NAFTA trade pact between the United States, Mexico and Canada will be a “win win […]

August 17, 2017 | By | Reply More
US can ‘be patient’ in raising rates, Fed members say

US can ‘be patient’ in raising rates, Fed members say

Amid steady job creation and the falling jobless rate, the Fed has dismissed weak price pressures, blaming them on one-off “transitory” and “idiosyncratic” factors, such as falling mobile phone plan and medication prices. NEW YORK: US central bankers remain divided over inflation risks, and some argue they can afford to “be patient” before raising rates […]

August 17, 2017 | By | Reply More
Petronas 2.0: Tougher on costs and more downstream

Petronas 2.0: Tougher on costs and more downstream

CEO Wan Zulkiflee Wan Ariffin says Petronas is now leaner and better placed to handle a volatile oil market, focusing on costs, high-margin businesses and possibly new growth streams such as renewables. KUALA LUMPUR: When Wan Zulkiflee Wan Ariffin took over as chief executive officer of state energy firm Petronas in April 2015, the price […]

August 16, 2017 | By | Reply More
Petronas eyeing stake in Indian LNG import terminal

Petronas eyeing stake in Indian LNG import terminal

Petronas sees this as having significant growth potential for LNG sales to India, Pakistan, Bangladesh and some parts of Southeast Asia. KUALA LUMPUR: State oil firm Petronas is looking to buy a stake in Indian Oil Corp’s Ennore liquefied natural gas (LNG) import terminal, the Indian firm’s chairman said today. IOC aims to start operating […]

August 16, 2017 | By | Reply More
Warning from history: Could Japan-style crash hit China?

Warning from history: Could Japan-style crash hit China?

Japan was the original Asian tiger, with growth surging at an average 9.0 percent annually between 1955 and 1973 in the long postwar boom, turning it into one of the world’s great economic powers. BEIJING: Sizzling property prices, a groaning debt load, wealthy tourists and tycoons willing to slap down eye-popping sums for art: China […]

August 16, 2017 | By | Reply More
Real thing or just “fantasy”? Britain proposes new EU customs deal

Real thing or just “fantasy”? Britain proposes new EU customs deal

The EU said it would “carefully” study the proposals, including measures for an interim customs agreement and two suggestions for a new trade partnership, but the terms of divorce needed to be settled first. LONDON: Britain outlined plans for a future customs agreement with the European Union on Tuesday and an interim deal to ease […]

August 16, 2017 | By | Reply More
Oil prices edge up on falling U.S. crude stocks, but global glut still weighs

Oil prices edge up on falling U.S. crude stocks, but global glut still weighs

U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday. SINGAPORE: Oil prices edged up on Wednesday on a fall in U.S. crude inventories, although markets were still being weighed down by general oversupply. Brent crude futures LCOc1 were […]

August 16, 2017 | By | Reply More
China’s Belt and Road acquisitions surge despite outbound capital crackdown

China’s Belt and Road acquisitions surge despite outbound capital crackdown

Unveiled in 2013, the Belt and Road project is aimed at building a modern-day “Silk Road”, connecting China by land and sea to Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa. HONG KONG: Mergers and acquisitions by Chinese companies in countries that are part of the Belt and […]

August 16, 2017 | By | Reply More