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WATCH: Brexit uncertainty worries ‘just-in-time’ businesses

Tuesday, 11 December 2018

Fresh fruit and vegetable entrepreneur Franco Fubini knows all about the importance of goods arriving on time, as Brexit threatens to delay delivery of produce into and out of Britain. Preparing for possible transit chaos at the border following Britain's formal departure from the European Union on March 29, UK companies from supermarkets to carmakers are preparing to stockpile. However for Fubini's company Natoora -- a wholesaler, retailer and food producer -- stockpiling fresh fruits and ...

Macron concessions to cost between 8-10 billion euros - minister

Tuesday, 11 December 2018

Measures announced by President Emmanuel Macron to appease a wave of protests across France will cost between 8-10 billion euros ($9.1-$11.4 billion), a junior minister said on Monday. “It’s between 8 to billion euros,” Olivier Dussopt, junior minister for public accounts, said on BFM TV. “We are in the process of fine-tuning and to see how to finance it.” Macron announced earlier on Monday wage rises for the poorest workers and tax cuts ...

Recent report looks into how Erdogan’s Turkey created its own debt crisis

Monday, 10 December 2018

After 15 years in power as prime minister and president, Recep Tayyip Erdogan’s Turkey finds itself in crisis today, as an indebted country with a growth model that was fueled by “cheap money,” a recent report suggests. An analysis by Bloomberg looking into what fueled Turkey’s debt crisis stated that Turkey’s economy roared into 2018 with growth rates that took the world by storm -- as well as “vulnerabilities that had been building over years.” ...

India’s Central Bank chief quits amid spat with government

Monday, 10 December 2018

The head of India’s central bank announced his resignation on Monday following a public spat with Prime Minister Narendra Modi’s administration about alleged government interference. Reserve Bank of India governor Urjit Patel cited “personal reasons” for his decision but media reports have said that he was annoyed by repeated government efforts to influence central bank policy. His short statement made no mention of the rift, highlighting only what he called the RBI&rsquo ...

Tokyo prosecutors charge Nissan, Ghosn for underreported pay

Monday, 10 December 2018

Tokyo prosecutors indicted Nissan Motor along with its ousted Chairman Carlos Ghosn, domestic media reported on Monday, shifting the focus of the financial misconduct scandal to the Japanese automaker and its CEO’s responsibility. Ghosn was arrested on Nov. 19 on suspicion of conspiring to understate his compensation by about half of the actual 10 billion yen ($88 million) over five years from 2010. Nissan, which fired Ghosn as chairman a few days later, has said ...

Lion Air says Nov passenger numbers fell less than 5 pct after deadly crash

Monday, 10 December 2018

Lion Air said on Monday passenger numbers dropped by less than 5 percent in November compared to a year earlier, after one of its Boeing Co 737 MAX jets crashed in late October killing all 189 people on board. “There was a decline but it wasn’t too significant,” the airline’s CEO Edward Sirait told television network CNN Indonesia. “It was under 5 percent compared to the traffic at the same month last year.” He said Lion Air did not ...

Egypt aims to kickstart African trade as it takes AU chair

Monday, 10 December 2018

Egypt is promoting itself as a linchpin for intra-African trade and a model of economic reform as it prepares to chair the African Union in 2019.The country hosted a high-level business forum on Saturday and Sunday in the Red Sea resort of Sharm el-Sheikh that will be followed by an intra-African trade fair in the coming week in the capital, Cairo.In a speech to the forum, President Abdel Fattah al-Sisi encouraged investors from inside and outside Africa to take advantage of opportunities on the ...

Iran courts jail 30 men for economic crimes after public outcry

Sunday, 9 December 2018

Fast-track courts set up in Iran to fight economic crime have jailed 30 men for up to 20 years each, the judiciary said on Sunday, as the country faces renewed US sanctions and a public outcry against profiteering and corruption.The new Islamic revolutionary courts - whose rulings cannot be appealed, except for death sentences - were set up in August after Supreme Leader Ayatollah Ali Khamenei called for “swift and just” legal action to confront an “economic war” by ...

Iran supreme leader urges currency boost amid months-long rial plunge

Sunday, 9 December 2018

Iran’s Supreme Leader Ayatollah Ali Khamenei has “ordered” the central bank to boost the value of rial, the bank’s governor said on Saturday, after a months-long plunge in the currency due to a faltering economy and US sanctions. The state news agency IRNA quoted Governor Abdolnaser Hemmati as saying Ayatollah Khamenei “ordered the bank at a recent meeting to increasingly strengthen the national currency and called for the observance of the independence of the ...

Japan enacts controversial law to accept foreign workers

Saturday, 8 December 2018

Japanese Prime Minister Shinzo Abe’s ruling coalition early Saturday rammed through legislation to bring more blue-collar foreign workers into the country, in a controversial move to address chronic labor shortages.The bill was enacted after the upper house gave approval despite a raft of criticism by opposition parties following its passage through the lower house in late November. Both chambers are controlled by Abe’s ruling camp.Under the new system, the government plans to bring ...

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