07262016Tue
Last update: Tue, 26 Jul 2016 07pm

Global Business & Economy

World - Global Business & Economy

Greece says raid on ex-UBS man part of tax clampdown ATHENS: A police raid on the home of a former UBS banker earlier this month was part of a campaign to bring those accused of tax fraud to "justice", Athens said Tuesday."This is one more case where Greek authorities acted methodically and efficiently to hand out justice," government spokeswoman Olga Gerovassili said in a statement.The Financial Times revealed Tuesday that on July 4 authorities raided the home of former UBS head of investment banking in Greece, Christos Sclavounis, removing computers, documents and disks.Greek police were not immediately available for comment.Sclavounis in 2013 was appointed to head Greece's bank rescue fund, but resigned in 2015, two months after left-wing Prime Minister Alexis Tsipras came to power.Tsipras' government has pledged to crack down on endemic tax evasion in Greece."The country and its citizens cannot perpetually be held hostage by corruption," Gerovassili said.In December, financial prosecutors had also raided the investment bank's headquarters ...

World - Global Business & Economy

Ex-Yukos shareholders appeal quashing of $50 bn award THE HAGUE: Former shareholders of the now-dismantled Russian oil giant Yukos on Monday appealed a Dutch court's decision to overturn a ruling that ordered Moscow to pay them a record $50 billion in damages.Main ex-shareholder GML and Veteran Petroleum Limited "filed an appeal against the judgement... which challenged the July 2014 award against the Russian Federation," they said in a statement.Yukos was once Russia's biggest oil company but was broken up after its former owner, ...

World - Global Business & Economy

South Korea June producer prices fall at slowest pace in 1-1/2 years SEOUL: South Korea's producer prices in June fell at their slowest annual pace in 1-1/2 years, central bank data showed on Tuesday, helped mainly by a slower decline in prices for industrial goods.The producer price index in June dropped 2.7 percent from a year earlier, extending a falling streak that started in August 2014, the Bank of Korea said. It was the slowest decline since December 2014 and compared with a revised 3.0 fall in ...

World - Global Business & Economy

Ghana slashes 2016 GDP growth forecast to 4.1pc ACCRA: Ghana has cut its 2016 economic growth forecast sharply to 4.1 percent from 5.4 percent due to lower export prices and irregular oil production, Finance Minister Seth Terkper told Reuters on Monday.Oil output was halted between March and May at the offshore Jubilee field due to a breakdown on a production ship, and the country lost millions of dollars in revenue. It has since restarted at a lower rate. "These developments have taken into ...

World - Global Business & Economy

Russian Finance Ministry sees dividend proceeds at $3bn in 2016 MOSCOW: Russia's Finance Ministry expects the proceeds from state-owned companies' dividends to be 190 billion roubles ($3 billion) in 2016 and 250 billion roubles in 2017, a ministry official told the official Rossiyskaya Gazeta on Monday. Deputy Finance Minister Alexei Moiseev told the newspaper this year's proceeds would exceed the initial target by 50 billion roubles. The government, desperate to tackle the budget deficit, had ordered a 50 percent payout threshold for state companies based ...

World - Global Business & Economy

Nigerian official inflation rises to near 11-year high ABUJA: Inflation surged to 16.5 percent in Nigeria last month -- its highest level in more than decade -- as prices of imported food and energy jumped after the government stopped propping up the currency, the National Bureau of Statistics said Monday. The rate rose from 15.6 percent in May, the fifth increase in as many months, the NBS said in an emailed statement. The new rate is the highest since October 2005, according to ...

World - Global Business & Economy

Joint Saudi fund launched to buy oil tankers RIYADH: Saudi Arabia's national shipping company and the Arab Petroleum Investments Corp. (APICORP) have launched a joint fund to purchase large oil tankers for the kingdom, an official statement said Monday.The $1.5-billion fund aims to purchase 15 Very Large Crude Carriers (VLCCs) for the kingdom's state-owned shipping firm in three phases, the statement said.The agreement signed between the two companies Sunday night in Riyadh said the fund's duration is for 10 years.APICORP, the development bank ...