Browsing: Business

The market was awash with predictions predicting new record highs for bitcoin in 2022, from Tim Draper to top crypto executives. Others were less optimistic, and some correctly predicted bitcoin would sink below $20,000, even as low as $10,000. However, the failure of stablecoin terraUSD, liquidity concerns within the crypto industry, and the dramatic collapse of the FTX exchange shocked investors and sent ripples throughout the market. Investors have been faced with rising interest rates, which have put pressure on risk assets such as stocks and cryptocurrencies. Since reaching an all-time high of nearly $69,000 in November 2021, bitcoin has…

Amazon Inc’s cloud computing division was awarded a $723.9 million enterprise software license contract by the United States Navy. With the deal, the Navy will be able to access Amazon Web Services’ (AWS) commercial cloud environment, Professional Services, and training and certification courses. As part of the Joint Warfighting Cloud Capability contract, the Pentagon awarded $9 billion in cloud computing contracts to Alphabet, Google, Amazon Web Services, Microsoft Corp and Oracle Corp. It is expected that the work will be performed for at least five years, beginning in December this year and ending in 2028.

After the Communist Party loosened anti-virus rules as it tried to reverse a deepening economic slump, a surge of COVID-19 cases was reported in schools and businesses across China on Friday. While official data show a decline in new cases, many people no longer have to go through mandatory testing after the government ended it on Wednesday. It was part of a dramatic shift to gradually lift “zero COVID” restrictions that have confined millions to their homes and sparked protests and resignation demands for President Xi Jinping. After promising to reduce their cost and disruption, Xi’s government began loosening controls…

A prominent Turkish businessman has been sanctioned by the Biden administration for violating U.S. restrictions on the sale of Iranian oil, the Associated Press reports. Several companies controlled by Sitki Ayan and his family and associates were penalized by the Treasury Department for facilitating the sale of hundreds of millions of dollars of Iranian oil. Treasury said Ayan’s companies have laundered proceeds for both the Guard and Lebanon’s Hezbollah movement, both of which are designated as “foreign terrorist organizations” by the U.S. In addition, any assets Ayan or the targeted companies might have in U.S. jurisdictions were frozen, and Americans…

As the global energy crisis spurs new policies aimed at cutting reliance on fossil fuels, global government spending on clean energy has risen by more than $500 billion since March, according to the IEA. With this increase, governments have allocated $1 billion to clean energy investment since the COVID-19 pandemic started. IEA’s Government Energy Spending Tracker, which includes 1600 government financial measures passed by 67 countries since March 2020, shows that government energy spending has reached $215 billion. Based on today’s policy settings, this government spending will mobilize substantial flows of private investment that will reach over USD2 trillion by…

The UAE issued Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”). From 1 June 2023, businesses will be subject to UAE Corporate Tax (“Corporate Tax”). The UAE’s corporate tax regime imposes a standard rate of 9 percent on taxable profits exceeding AED375,000. To support small businesses and start-ups, profits up to and including that threshold will be taxed at 0 percent. According to the Ministry of Finance (the “Ministry”), the Federal Decree-Law on Corporations and Businesses is a critical step towards establishing an integrated tax system that supports the UAE’s strategic…

The Jordanian Ministry of Planning and International Cooperation signed a Memorandum of Understanding (MoU) for a 15 billion JPY ($110 million) soft loan provided by the Japanese government to support the general budget of Jordan. As part of Japan’s pledge at the 2019 London Conference, the country will provide Jordan with soft loans worth $300 million during 2021-2023 as part of its total financing commitment. As part of the MoU signing ceremony, Zeina Toukan, Minister of Planning and International Cooperation, Jiro Okuyama, Ambassador of Japan to Jordan, and Ando Naoki, Vice President of the Japan International Cooperation Agency (JICA) signed…

Pakistan has requested Saudi Arabia to urgently provide $3 billion in cash after its foreign exchange reserves fell to a critically low level. During his maiden visit to the country, the country’s army chief is expected to play a role in bagging the bailout. The Express Tribune reported that Pakistan Finance Minister Ishaq Dar made the request to Saudi ambassador Nawaf bin Said Al-Malki. On the second consecutive day, the finance minister met with foreign diplomats in an effort to secure their financial support and influence the International Monetary Fund (IMF) to release its $1.2 billion tranche. Dar’s request for…

In order to achieve its goal of nearly tripling the country’s clean-power capacity by 2030, the Indian government, under Prime Minister Narendra Modi, has unveiled a Rs 2.44 lakh crore ($29.6 billion) plan to build transmission lines for renewable generation in the country. According to a statement from the Ministry of Power, through the project, solar plants in the sun-drenched deserts of Rajasthan and Gujarat, as well as wind farms in Tamil Nadu, will be connected to the national power grid. By the end of the decade, India’s inter-regional transmission capacity will increase from 112 gigawatts to 150 gigawatts. The…

Since last week, Iran has stopped signing any deals to import tea and basmati rice from India. The reason for this sudden stoppage has not been clarified by Iranian buyers, but Indian exporters believe it is due to strong anti-hijab protests across the country which have closed shops, hotels, and markets. The trade believes Iranian importers are delaying purchases because New Delhi and Tehran are negotiating a rupee trade settlement. According to exporters, the development will have an impact on exports of these commodities, particularly tea, since Iran imports around 30-35 million kg of orthodox tea and about 1.5 million…