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EU plan to raise taxes for global internet firms hits snag

EU plan to raise taxes for global internet firms hits snag

If the divisions persist, a minimum number of ten EU states may apply the tax on their own under a procedure known as enhanced cooperation. Countries can also charge the tax unilaterally. TALLINN: A European Union plan to raise more tax from digital multinationals faced the first signs of scepticism on Saturday, as smaller members […]

September 17, 2017 | By | Reply More
Dubai awards solar energy contract to Shanghai Electric, ACWA Power

Dubai awards solar energy contract to Shanghai Electric, ACWA Power

The government aims to use the solar park and other energy sources to increase the share of clean energy in Dubai’s power output to 7% by 2020, 25 percent by 2030 and 75% by 2050. DUBAI: Dubai’s state energy utility awarded a US$3.9 billion contract to build and run a 700 megawatt solar power plant […]

September 17, 2017 | By | Reply More
Small creditors use India’s new bankruptcy rules to put the squeeze on big players

Small creditors use India’s new bankruptcy rules to put the squeeze on big players

The new rules give any creditor owed 100,000 rupees (US$1,560) the right to drag a multi-billion dollar company to court. MUMBAI: In late June, one of India’s top wind power equipment makers, Inox Wind Ltd, was dragged into insolvency courts by a logistics handler over unpaid dues of US$88,000. Two weeks on, the matter was […]

September 17, 2017 | By | Reply More
WSJ: Toys ‘R’ Us mulls bankruptcy filing

WSJ: Toys ‘R’ Us mulls bankruptcy filing

The move by Toys “R” Us to potentially file for bankruptcy comes at a time when more and more consumers increasingly make purchases from online retailers like Amazon.com Inc and avoid visiting brick-and-mortar shops. NEW YORK: Toys ‘R’ Us Inc could file for bankruptcy in the coming weeks as pressure from skittish suppliers intensifies, the […]

September 16, 2017 | By | Reply More
Oil holds near five-month high in most bullish week since July

Oil holds near five-month high in most bullish week since July

The Organization of the Petroleum Exporting Countries this week forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its deal with non-OPEC states to cut output is helping tackle a glut. NEW YORK: Brent oil prices held near five-month highs on Friday and were on track […]

September 15, 2017 | By | Reply More
Ahead of Brexit, tax perks tempt Italian bankers back to la dolce vita

Ahead of Brexit, tax perks tempt Italian bankers back to la dolce vita

Investment bankers making the switch include Goldman Sachs’ co-head of Italy Francesco Pascuzzi, who also co-heads the global power and infrastructure team, and is looking to move early next year, the sources told Reuters. MILAN: Italian financiers who handle some of their country’s biggest deals out of London are moving to Milan, lured by bumper […]

September 15, 2017 | By | Reply More
Euro zone enlargement call sparks backlash in Germany

Euro zone enlargement call sparks backlash in Germany

The backlash came after European Commission President Jean-Claude Juncker called on Wednesday for non-euro zone countries to quickly adopt the single currency so that the European Union can find new unity in the euro after Britain leaves in 2019. TALLINN: After years of bailing out Greece, the idea of letting more poorer states into the […]

September 15, 2017 | By | Reply More
Bank of England dove echoes rate hike message, sterling jumps

Bank of England dove echoes rate hike message, sterling jumps

The prospect of British interest rates rising for the first time in 10 years grew on Friday when a Bank of England policymaker who had been its strongest advocate of ultra-low borrowing costs said rates might need to rise in the coming months. LONDON: The prospect of British interest rates rising for the first time […]

September 15, 2017 | By | Reply More
Global stocks set new highs, dollar weakens on data

Global stocks set new highs, dollar weakens on data

New closing highs were set by the Dow and the S&P 500, which closed above the 2,500-mark for the first time. The Nasdaq set an intraday record on a jump in technology shares. NEW YORK: A gauge of global equities rose and shares on Wall Street set new highs on Friday as investors shrugged off […]

September 15, 2017 | By | Reply More
Angry Birds maker Rovio sets price range for US$1 billion IPO

Angry Birds maker Rovio sets price range for US$1 billion IPO

Rovio said it expects to start trading on Helsinki bourse’s pre-list on September 29 and on the main list on October 3. HELSINKI: Finnish mobile games and animation studio Rovio Entertainment Ltd on Friday set the initial price range for its planned IPO which would value the company at around 1 billion dollars. The preliminary […]

September 15, 2017 | By | Reply More