Tax refund scheme for tourists received 2.38m applications in its first year

Abu Dhabi: The Federal Tax Authority (FTA) on Tuesday announced that it had processed a total of 2.83 million applications through its electronic system for the tax refunds for tourists scheme. According to the FTA, the average daily number of applications doubled to 7,730 requests per day in only its second month. The FTA also […]

China’s CCCC, Philippines’ Macroasia win $10b airport project

MANILA: China Communications Construction Co Ltd (CCCC) and its local partner have won an auction for a $10 billion (Dh37 million) airport on the outskirts of Manila, the latest move by Chinese state firms to gain a foothold in the Philippines. CCCC joined airline service company Macroasia Corporation in a consortium with the Cavite provincial […]

Turkish lira falls after Erdogan threat to shut Nato bases

Ankara: The Turkish lira slid to its weakest level in almost two months on speculation Turkey was headed for a fresh spat with the US. The currency depreciated 0.7 per cent to 5.85 per dollar by 5.25pm in Istanbul after President Recep Tayyip Erdogan threatened to close two critical Nato bases. He said on Sunday […]

What’s in the US-China phase-one deal and what’s still missing

The US and China announced on Friday that they reached a phase-one trade deal but provided little detail on what exactly will be part of the agreement. US Trade Representative Robert Lighthizer brought a print-out of the 86-page agreement to a briefing with reporters on Friday afternoon as a “show-and-tell” to prove that it’s all […]