Zimbabwe central bank tightens rules for currency exchanges

Johannesburg: Zimbabwe’s central bank has tightened the rules governing the trade of foreign currency by money exchange offices with immediate effect. The rates offered by exchange offices must be 7 per cent above or below the interbank mid-rate, the central bank said in an emailed statement. Failure to comply would result in either heavy financial […]

IMF says downside risks to New Zealand economy have increased

Sydney: New Zealand’s government and central bank need to be prepared to further support the country’s slowing economy after downside risks increased, the International Monetary Fund said. The country’s GDP will expand 2.5 per cent this year, on an expenditure basis, slowing from 2.8 per cent last year, before advancing 2.7 per cent in 2020, […]

Austrian lawmakers go on $4.2 billion spending spree before vote

Vienna. Austria’s parliament approved 3.8 billion euros (Dh15.4 billion, $4.2 billion) of tax cuts, pension increases and other measures in a marathon session that ended late on Thursday, with about a week to go before a national election. The conservative and nationalist parties that governed in Sebastian Kurz’s failed coalition until May pushed parts of […]

India: Domestic corporate tax rate slashed to 22%; 15% for new manufacturing units

Panaji, Goa : Bringing in tax cuts and fiscal reliefs through an ordinance, the government on Friday slashed domestic corporate tax to an effective 25.17 per cent, inclusive of all surcharges and cess, in a bid to promote growth and investments amid economic slowdown that would cost the exchequer Rs 1.45 lakh crore. “A new […]

Dubai a top investment destination: Sheikh Hamdan

Dubai: The Dubai FDI results in 2019 have continued to achieve distinct growth rates, making Dubai among the top three investment destinations in the world, said Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. This is was made possible thanks to the vision of His […]

UAE’s basic medical insurance rates need a rise

Dubai: Premiums on basic medical insurance plans — currently at Dh600 — need to be “increased significantly” to ease the pain of healthcare operators in UAE, according to a top industry source. But to make it work, employers will have to do their bit in meeting the increased cost of providing health care, while insurance […]

5 days of deals at Gitex Shopper 2019 in Dubai

Dubai: Have you ever been to Dubai’s fish market (yes, it’s air-conditioned and has a mall-like experience, more aptly called the Deira Waterfront Market)? Gitex Shopper at the Dubai World Trade Centre is a bit like that. Except that, instead of fish, you can grab electronics bargains. If you’ve never been to both, you ain’t seen […]