Honda is stepping out of the F1 races, this time for good

Tokyo: Honda Motor Co. will conclude its participation in the Formula One World Championship at the end of the 2021 season as the pandemic dents car sales and the auto industry undergoes a seismic shift toward electric vehicles. The Japanese automaker supplies engines to Red Bull Racing and Scuderia AlphaTauri. It bowed out of world’s most-prestigious […]

Saudi Arabia exempts property deals from 15% VAT, new tax set at 5%

Cairo: Saudi Arabia will exempt real estate transactions from a 15 per cent VAT (value-added tax) and instead impose a new 5 per cent tax on property deals, according to a Royal Order issued Friday. The Saudi finance minister said on Twitter that the order also aimed to support Saudi citizens who want to buy […]

COVID-19: Amazon says 19,000 US workers contract coronavirus this year

Amazon on Thursday said more than 19,000 of its US frontline workers contracted the coronavirus this year, or 1.44 per cent of the total, a disclosure long sought by labour advocates that had criticized its pandemic response. Amazon said the number is far lower than expected, given the infection rate for the general population. The […]