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Month : December 2022

Business

US Treasury has penalized a prominent Turkish executive with Iran oil sanctions

omandailynews.com
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......
Business

Spending by governments on clean energy transitions rises to $1.2 trillion

omandailynews.com
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......
Business

UAE implements federal law to charge nine percent corporate tax on profits

omandailynews.com
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......
Business

Japan provides $110 million soft loan to support the energy sector in Jordan

omandailynews.com
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......
Business

Pakistan urgently seeks $3 billion from KSA after plunge in forex reserves

omandailynews.com
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......
Business

With a $30 billion power grid upgrade, India to triple clean-power capacity by 2030

omandailynews.com
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......
Travel

Air India to spend $400 million on the refurbishment of its Boeing 777s and 787s

omandailynews.com
Air India will undergo a complete overhaul of its aircraft interiors, including installing premium economy seats. The airline has allocated a $400 million budget to fixing its planes’ interiors. This is much to the delight of passengers. Years of neglect as a state carrier under the Congress regime had taken a......