Swedish home products retailer, Ikea, said on Monday it has decided to delay its planned entry into India’s market because of concerns about local sourcing requirements, according to an FT report. Chief executive Mikael Ohlsson noted that the country’s rule for single brand retailers was a hindrance and needs to be re-evaluated. He said: “We…
India’s Supreme Court on Friday ruled that telecoms group Vodafone will not be liable to pay more than RS13,500 crore ($2.7bn) in tax related to an acquisition five years ago. Vodafone, which is the world’s largest mobile phone company, won a landmark tax dispute regarding an $11.5bn purchase of a 67 percent stake in mobile…
Israeli hackers on Tuesday claimed to have taken down the Saudi Arabian and UAE stock exchange websites. The group of hackers, who call themselves IDF Team- an acronym for Israeli Defence Forces, was able to temporarily paralyse the two websites. The IDF Team said that the hits came in retaliation for an attack on Monday…
Egypt’s government is in discussions with the International Monetary Fund about the possibility of obtaining a $3.2bn loan package to help support its economic reform. An IMF delegation arrived in Cairo on Monday to discuss the loan package which is to assist Egypt in bridging the gap in its state budget for the fiscal year…
Normal 0 false false false EN-CA X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-style-parent:””; line-height:115%; font-size:11.0pt;”Calibri”,”sans-serif”; mso-bidi-“Times New Roman”;}Many people are aware of the high investment potential to be found in Mexico real estate, whether in buying a home or condo, or investing in land to build on. For some people it is a…
The euro on Monday fell to an 11-year low versus the yen following a mass downgrade that stripped France and Austria of their AAA rating and cut eight further sovereigns. Europe’s currency dropped to its lowest point since 2000 to reach 97.10, compared with 97.59 on Friday. Japan’s Nikkei Stock Average dropped 1.43 percent, South…
China’s vast foreign exchange reserves showed on Friday their first quarterly drop since 1998. The decline was partly attributed to a slowing Chinese economy and capital outflows amid worldwide economic ambiguity. Reserves fell by $20.5bn to $3.18trn in the final quarter of 2011, said the People’s Bank of China.Net quarterly decreases are rare for China,…
Argentina will enforce new restrictions on consumer goods’ imports by February in an effort to remedy its retreating trade surplus, according to a resolution published by the Revenue Office. The new regime will require importers to file a sworn statement of planned imports to the tax agency “prior to the issuing of the request, purchase…
Chinese Premier Wen Jiabao is scheduled to start a six day visit to the UAE, Qatar and Saudi Arabia to discuss the country’s energy policy, China’s foreign ministry said late on Tuesday. During the trip he will meet leaders of the three nations to “promote the development of China-Arab dealings and relations with the Islamic…
Japan’s central bank has announced that it has already done enough to combat deflation, brushing off yet another call for more action from the ranks of the ruling party. Bank of Japan Deputy Governor Hirohide Yamaguchi dismissed a suggestion from a Democratic Party lawmaker that the central bank should consider scrapping a self-imposed cap on…
