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ABU DHABI / WAM HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and Chairman of the Federal Tax Authority (FTA), has issued FTA Decision No. (1) of 2019, setting a daily maximum of AED7,000 for cash refunds of value added tax (VAT) for tourists applying through the tax refunds for tourists scheme. In ...

Bloomberg India, the world’s biggest consumer of gold after China, increased the import tax on the precious metal for the first time since 2013, spurring domestic prices to a record. Shares of jewellers slumped. The import tax on gold and other precious metals will be raised to 12.5 percent from 10 percent, Finance minister Nirmala Sitharaman said while presenting the ...

Bloomberg Thailand’s struggling tourism industry is finding support with visitors from the population colossus to its west, just as the years of bumper arrivals from the giant to its north are beginning to wane. At a beachfront hotel on the tropical island of Phuket, the occupancy rate from Chinese clientele has stalled, while bookings from India have begun to rise. ...

Bloomberg Trade tensions and uncertainty surrounding Brexit are raising economic risks for the euro area, prompting France to urge Germany to loosen its purse strings to support growth. “It would be irresponsible not to examine the need for new investments in the euro zone,” French Finance Minister Bruno Le Maire said at an annual economic conference in Aix-en-Provence, in southern ...

Bloomberg Orange SA Chief Executive Officer Stephane Richard will have to resign if he’s convicted next week on decade-old allegations of fraud, a top finance ministry official said. A Paris court will decide on July 9 whether Richard helped businessman Bernard Tapie cheat the government out of about 403 million euros ($455 million) in 2008, when he was chief of ...

Bloomberg Apple’s Steve Jobs was singular in his ability to take a company “on a path to die” and turn it into the world’s most valuable — in part by “casting spells,” billionaire Bill Gates said. Gates spoke of Jobs, the Apple Inc co-founder and chief executive officer who died of pancreatic cancer in 2011, in a segment on leadership ...

Bloomberg Iran said it would pursue nuclear talks with European nations in the coming days, while ratcheting up pressure on its partners to salvage the landmark 2015 deal by announcing it had abandoned restrictions on uranium enrichment. Deputy Foreign Minister Abbas Araghchi said his country hasn’t closed the diplomatic pathway with Europe, and that the US could join talks if ...

ABU DHABI / WAM A delegation from the Ministry of Economy, led by Abdullah bin Ahmed Al Saleh, Under-Secretary for Foreign Trade Affairs at the Ministry of Economy (MoE), visited the Innovation Centre of Borouge in Abu Dhabi. The delegation was introduced to the latest practices and technologies used at the Borouge Innovation Centre to produce innovative and value creating ...

MILAN / WAM The Fourth Industrial Revolution (4IR) is knocking at our doors bringing huge potentials, but at the same time, bringing tremendous challenges which require us to update principles of the international law to protect multilateral organisations, said Dr Amal Abdullah Al Qubaisi, Speaker of Federal National Council (FNC), while addressing the plenary opening session of the second meeting ...

ABU DHABI / WAM The UAE has a position as the global capital for the 4th Industrial Revolution (4IR) and is leading the world charge to crystallise a future strategy for manufacturing and industrialisation, said Badr Al-Olama, Head of the Organising Committee for the Global Manufacturing and Industrialisation Summit (GMIS) 2019. ‘‘The UAE is encouraging international efforts towards an industrial ...