March, 2017

• 28 March

  Modi’s power grab in unleashing ‘tax terror’

  

    Relatively quietly, India’s government has just undertaken an unprecedented power grab—one that should worry not just citizens and taxpayers but also foreign investors. And it comes in the most unlikely of places: the annual Union budget. The presentation of the budget is a fairly splashy event; it’s announced by the finance minister in a speech to Parliament that usually ...

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• 28 March

  Grocery giant is about to write off its darkest chapter

  

    Tesco Plc is close to settling with prosecutors over its 2014 profit overstatement. The retailer could within weeks strike a deal with Britain’s Serious Fraud Office, according to Sky News, including a fine of more than 100 million pounds ($126 million). That’s not insignificant. Tesco’s operating profit is expected to be about 1.2 billion pounds in this financial year, ...

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• 28 March

  China’s great firewall is yet another trade barrier

  

    The San Francisco-based photo-sharing site Pinterest would seem to rank low on the list of potential threats to China. Beloved by fashion designers, photographers, cooks and hobbyists, the seven-year-old website is a global hub for the sharing of images, trends and ideas on topics ranging from living-room design to what to cook at your Saturday barbecue. Unfortunately, Pinterest Inc.’s ...

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• 28 March

  Lufthansa warns Brexit to hit UK airlines as EU gets tough

  

    Bloomberg Deutsche Lufthansa AG Chief Executive Officer Carsten Spohr expects France and Germany to take a hard line against the UK aviation industry in Brexit negotiations, threatening to disrupt flight connections across Europe. “Brexit means Brexit – our industry won’t be exempt,” said Spohr, who has accompanied Chancellor Angela Merkel on state visits and discussed the matter with German, ...

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• 28 March

  Amazon wins battle to buy Souq.com

  

    Bloomberg Amazon.com Inc. has won the battle to acquire Dubai-based online retailer Souq.com, after walking away from a deal earlier this year. The US e-commerce giant trumped an offer from Emaar Malls PJSC, operator of the world’s biggest shopping center, which bid $800 million for Souq.com. Terms of the agreement were not disclosed in a joint statement from Amazon ...

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• 28 March

  Tesco to pay £214 million fine in UK accounting scandal

  

    Bloomberg Tesco Plc agreed to pay 214 million pounds ($269 million) to resolve regulatory probes into a 2014 accounting scandal that prompted a boardroom house-cleaning and an overhaul of the UK grocer’s supplier relations. Tesco said its UK unit will pay 129 million pounds under a deferred prosecution agreement with the Serious Fraud Office, subject to court approval, and ...

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• 28 March

  Laptop ban may boost Air India’s traffic, finance head says

  

    Bloomberg Air India Ltd., the country’s national carrier, may see a jump in passengers after the US barred people travelling by some Middle Eastern airlines from carrying large electronic devices on flights bound for the country, its finance head said. Etihad Airways PJSC, Qatar Airways Ltd. and Emirates Airline Ltd, which carry about 19 percent of travellers flying to ...

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• 28 March

  Iran gets third jet under sanctions deal

    Reuters An Airbus A330 airliner arrived in Tehran, the third of 200 Western-built passenger aircraft ordered by IranAir following the lifting of sanctions on Iran last year. The long-haul A330-200 landed at Tehran’s Mehrabad airport, the official news agency IRNA reported, as flag-carrier IranAir tries to renew its decaying fleet. The aircraft joins another A330 and a smaller A321 ...

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• 28 March

  Max Fashion opens store in Al Ain

  

    Emirates Business Max, the largest and most trusted value fashion brand in the Middle East, North Africa and India, has increased its presence in the UAE by opening a second store in Al Ain. With this, Max now has a total of 31 stores in the UAE. Located in Makani Zakher, the community mall in Al Grayyeh, Al Ain, ...

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• 28 March

  Citi applies for capital markets licence in Saudi Arabia

  

    KHOBAR / DUBAI / Reuters Citigroup has formally applied for a licence to conduct capital markets business in Saudi Arabia, two sources familiar with the matter said, in a move to return to the country after an absence of nearly 13 years. The application has been made with Saudi Arabia’s Capital Market Authority (CMA), whose primary role is to ...

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