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Sunday January 24, 2021 / 11 , Jumada al-akhirah , 1442
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BUSINESS
11 - 20 from 14304 . In "BUSINESS"
A new register to identify foreign owners of UK property will come into effect in 2021 and will expose thousands of overseas investors and homeowners to the UK’s inheritance tax laws.
New UK register will expose British expats, overseas nationals to major inheritance tax hit
LONDON — A new register to identify foreign owners of UK property will come into effect in 2021 and will expose thousands of overseas investors and homeowners to the UK’s inheritance tax laws, according to London-based life insurance specialist adviser John Lamb Hill Oldridge (JLHO).The UK Department for Business, Energy & Industrial Strategy register is designed to ensure that details of buyers, be they British expatriates or overseas nationals, are captured in order to mitigate potential money laundering and tax avoidance activities.The UK residential property market is a magnet for international investors yet many are unaware that the minute they sign the completion papers, they will be required to pay 40% of the value of the property to HMRC (UK tax authority), at the date of...
January 20, 2021

New UK register will expose British expats, overseas nationals to major inheritance tax hit

A survey of senior executives involved in their firms' international trade decisions and transactions has shown widespread optimism for trade bouncing back in the wake of coronavirus.
Study: Trade will recover from coronavirus quicker than 2008 global financial crisis
DUBAI, UAE — A survey of senior executives involved in their firms' international trade decisions and transactions has shown widespread optimism for trade bouncing back in the wake of coronavirus.The study, commissioned by DP World and conducted by The Economist Intelligence Unit, found that 70 percent of businesses predict trade will recover to pre-pandemic levels more quickly than recovery after the financial crisis of 2008, which took two years and two months.Nearly a third thought the recovery would be twice as fast, with trade returned to pre-pandemic levels within a year.The data also showed that the pandemic has brought lasting change to the way companies do business.Eighty-three percent of executives indicated that they are in the process of reconfiguring their supply chains...
January 20, 2021

Study: Trade will recover from coronavirus quicker than 2008 global financial crisis

Women add $5 trillion to global wealth and control 32% of wealth: Experts
DUBAI, UAE — Legal and social barriers that exist for women’s access to jobs is costing the MENA region $575 billion. According to a survey done by global accounting firm PriceWaterhouseCoopers (PwC), only 56 percent of women felt they were treated equally to men when it came to promotions (55 percent in KSA and Egypt and 66 percent in UAE).Women entrepreneurs add $5 trillion to global wealth pool every year and currently control 32 percent of the global wealth, according to a latest research by Boston Consulting Group that reflects a growing influence of the women entrepreneurs in the corporate world.“With a third of the world’s wealth under their control, women have become a sizable economic force. They are increasing their wealth faster than before — adding $5 trillion to the...
January 20, 2021

Women add $5 trillion to global wealth and control 32% of wealth: Experts

Cysiv extends SOC-as-a-Service to MEA
RIYADH — Cysiv, an innovator in the provision of SOC-as-a-Service, Tuesday announced it has extended its business operations into the Middle East and Africa (MEA) and is making significant investments to help fuel its growth in this region. In 2020, Cysiv acquired and re-branded SecureMisr, a Cairo-based provider of managed SOC and related security services, to accelerate its investment in the region. Cysiv, which was incubated within Trend Micro, a global leader in cybersecurity, was spun out as an independent company and publicly launched in 2018.Cysiv MEA has expanded its offerings to include SOC-as-a-Service delivered from its global network of SOC’s, including its newest one in Cairo.Additionally, Cysiv’s global center of excellence for software development has established a...
January 19, 2021

Cysiv extends SOC-as-a-Service to MEA

IMF Managing Director Kristalina Georgieva
IMF chief sees 'high degree of uncertainty' in global outlook
WASHINGTON — The head of the International Monetary Fund said on Monday the global economic outlook remained highly uncertain given the coronavirus pandemic, and a growing divergence between rich and poor countries required the IMF to find more resources.The IMF head stressed the global lender needed more resources to help heavily indebted countries, citing a highly uncertain global economic outlook.IMF Managing Director Kristalina Georgieva told reporters a new allocation of the IMF's own currency, Special Drawing Rights (SDRs), would give countries more fiscal space to address the health crisis and accelerate moves to a digital and green economy.But, the United States, the IMF's largest shareholder, has blocked such a move, arguing it would provide more resources to richer...
January 19, 2021

IMF chief sees 'high degree of uncertainty' in global outlook

UK offers operators best profit conditions to develop big offshore fields
OSLO — This year marks the beginning of a recovery after a disappointing 2020, when the COVID-19 pandemic caused sanctioning of offshore projects to dip to $44 billion from $99 billion the year before. Rystad Energy projects offshore sanctioning to rebound to at least $56 billion in 2021 and keep rising to as high as $131 billion in 2023. Operators are now even more focused on costs and profit margins, and majors are expected to concentrate their individual activity to fewer countries than before. This means the world’s resource-rich countries will have to compete more than ever to attract investments.Rystad Energy has analyzed how each country’s fiscal regime affects the profitability and breakeven price of developing offshore mega-projects across the world. This has resulted in a...
January 18, 2021

UK offers operators best profit conditions to develop big offshore fields

Shale was the cheapest acreage of 2020 as global M&A deal value plunge
OSLO — The global deal value of upstream M&A activity in 2020 dropped to $87.9 billion, the lowest level in over a decade, largely due to the COVID-19 pandemic, a Rystad Energy report reveals.The shale sector was the worst hit as the acreage that changed hands was sold cheaper than any other resource type, at $1.2 dollars per barrel of oil equivalent (boe)* – a historical low for the modern shale industry.Total M&A deal value more than halved from 2019’s $178.5 billion as the number of deals slumped from 480 in 2019 to 314 in 2020. The market turbulence led to an unfavorable environment for sellers with low valuation of resources, which prompted many sellers to delay sale processes and even cancel some previously eyed transactions.In particular, the number of field acquisitions was...
January 18, 2021

Shale was the cheapest acreage of 2020 as global M&A deal value plunge

The World Economic Forum Davos Agenda, taking place virtually on Jan. 25-29, will bring together the foremost leaders of the world to address the new global situation.
World leaders to meet during Davos Agenda in a crucial year to rebuild trust
GENEVA, Switzerland — The World Economic Forum Davos Agenda, taking place virtually on Jan. 25-29, will bring together the foremost leaders of the world to address the new global situation. Heads of state and government, chief executives and leaders from civil society will convene under the theme: A Crucial Year to Rebuild Trust.The meeting will focus on creating impact, rebuilding trust and shaping the policies and partnerships needed in 2021.“In the context of the COVID-19 pandemic, the need to reset priorities and the urgency to reform systems have been growing stronger around the world,” said Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF).“Rebuilding trust and increasing global cooperation are crucial to fostering innovative and bold solutions to...
January 18, 2021

World leaders to meet during Davos Agenda in a crucial year to rebuild trust

Giovanni Moscatelli
New BCG report highlights the need for mobility challenge solutions for Middle Eastern cites
DUBAI — Global urban transport networks are close to breaking point in megacities, and many new mobility modes designed to fix fundamental issues and improve quality of life are creating new problems, according to a new report by Boston Consulting Group (BCG). The report, titled ‘Solving the Mobility Challenges in Megacities’, reveals that as long as mobility-related issues such as traffic congestion and air pollution persist, urban mobility will continue to deteriorate. Crucially, this applies to many cities around the world — and Riyadh is among those implicated.At present, the population of Riyadh is approximately 4.9 million, which equates to around one million cars on the roads daily. The city presently struggles with congestion and is ranked amongst the most polluted cities...
January 18, 2021

New BCG report highlights the need for mobility challenge solutions for Middle Eastern cites

During the Portuguese Business Council launching ceremony
SCCI launches Emirate’s first Portuguese Business Council
SHARJAH — The Sharjah Chamber of Commerce and Industry (SCCI) Monday launched Sharjah’s first Portuguese Business Council, one of the most prominent outcomes of the chamber’s business council’s initiative earlier announced to set up business councils representing friendly countries and their businessmen in a bid to strengthen joint cooperation and increase the volume of trade and investment exchange. Abdullah Sultan Al Owais, chairman of the Sharjah Chamber of Commerce and Industry, and Dr. Daniel Pereira Pontes, economic counsellor at the Embassy of Portugal and Lourdes Isabello, Chairperson of the Portuguese Labor Council, launched the new council in a ceremony held at the chamber’s headquarters.The event was attended by Mohammed Rashid Al-Dimas, SCCI board member, Mohammed...
January 18, 2021

SCCI launches Emirate’s first Portuguese Business Council

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