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US plans to plug coal royalty loophole padding export profits WASHINGTON: The US government is drafting rules designed to close an accounting loophole that in recent years has helped coal companies boost export profits and likely cost taxpayers tens of millions of dollars, people familiar with the plan said.American taxpayers by law are due a 12.5 percent royalty on the sales of millions of tons of coal pulled each year from federal land that mining companies lease. But a Reuters investigation found in 2012 that coal companies were using affiliated brokers to settle royalty payments on exports to Asia at much lower domestic prices.By clearing royalties based on domestic sales rather than prices fetched overseas, coal companies stood to pocket an additional $40 million on exports from Wyoming and Montana alone in 2011, according to that investigation. The findings prompted Senator Ron Wyden, a Democrat from Oregon, to call on the US Interior Department early last year to investigate the ...

Drugmakers may need indemnity for fast-tracked Ebola vaccines LONDON/GENEVA: Drugmakers are looking for some kind of indemnity from governments or multilateral agencies against possible losses or claims arising from the widespread emergency use of new Ebola vaccines in Africa. While the issue will not delay the industry's work to accelerate production and clinical testing of three experimental vaccines, it is likely to be discussed at a high-level meeting in Geneva on Thursday. World Health Organization (WHO) Director-General Margaret Chan will chair the meeting, ...

EU leaders seek climate deal, but divided over costs BRUSSELS: European leaders aim to agree a new decade of energy policy to cut climate-warming gas emissions to 2030 at an EU summit on Thursday, but sharp differences over sharing the cost mean a deal will be difficult. The 28 member states want to set the pace for a global pact to be hammered out in Paris next year with industrial powers from Asia, North America and the rest of the world. That pact would ...

Russia's Rosneft CEO sees share price at no less than $8.12 at possible stake sale MOSCOW: Russia's Rosneft Chief Executive Igor Sechin said he sees share price at no less than $8.12 per share at possible stake sale by the state, Russian agencies reported on Thursday. "The shares will be worth as much as other shareholders had paid for them during similar deals - $8.12 (per share)," TASS agency quoted Sechin as saying. Rosneft shares traded at 224.3 roubles ($5.4 dollar) on Thursday. The Russian government owns 69.5 percent in ...

Pakistan fully capable to defend its frontiers: Defence Minister ISLAMABAD: Defence Minister Khawaja Muhammad Asif on Thursday reiterated firm resolve of the government to fully safeguard frontiers of Pakistan against any kind of external aggression.Speaking in National Assembly in response to speech of leader of Opposition Syed Khursheed Shah and an ongoing motion under discussion in the House, the minister said our desire for peace should not taken as our weakness. "We have the capability and capacity to thwart any aggression against our motherland".He ...

IDPs to be sent back soon after completion of Zarb-e-Azb: NA told ISLAMABAD: Minister for States and Frontier Regions Lt Gen (R) Abdul Qadir Baloch on Thursday informed the National Assembly that the Internally Displaced Persons (IDPs) of North Waziristan Agency (NWA) would send back to their respective areas soon after purging of remaining 20 per cent from the terrorists. Replying to a Calling Attention Notice raised by Sahibzada Tariq Ullah and others regarding uncertain time schedule for the return of 10 lac IDPs of FATA living ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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WeeklyOctober 23, 2014
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