Saudi Arabia collects twice as much VAT as expected in 2018- budget document

DUBAI, Dec 18 (Reuters) – Saudi Arabia collected 45.6 billion riyals ($12.16 billion) from value-added tax (VAT) in 2018, more than double its initial estimate, budget documents showed. The Saudi budget expects total tax revenues of 166 billion riyals this year, up from an initial estimate of 142 billion riyals, the document showed. The Saudi government has said it expects […]

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‘Companies will close’: Watchdog sounds warning on gas prices

High gas prices will drive industry from Australian shores that will never return, the competition watchdog has warned in a new report that finds state bans on exploration are making the situation worse. Releasing the latest in a series of reports on the state of the gas market, Australian Competition and Consumer Commission chairman Rod Sims said persistently high prices […]

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Oman's bonds tumble as Fitch cuts credit rating to junk

LONDON, Dec 18 (Reuters) – Oman’s dollar-denominated government bonds fell on Tuesday after Fitch became the second major rating agency to cut the country to ‘junk’. Fitch’s move leaves Moody’s as the only firm to rate Oman as investment grade, a level key for keeping a country’s debt in the major indexes tracked by fund managers. Oman’s 2023-maturing dollar bond […]

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Goldman Sachs to face criminal charges in multibillion-dollar fraud scheme

KUALA LUMPUR, Malaysia — Malaysia filed criminal charges against Goldman Sachs and two former executives Monday for their role in the alleged multibillion-dollar ransacking of state investment fund 1MDB. Attorney General Tommy Thomas said the government is seeking several billion dollars in fines from Goldman Sachs for breaches of securities laws that involved it making false and misleading statements to […]

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T-Mobile takeover of Sprint wins approval of U.S. national security panel

T-Mobile US Inc. TMUS, -1.28%  won approval from U.S. national-security officials for its planned takeover of Sprint Corp. S, -2.51% , according to people familiar with the matter, bringing the two rivals a step closer to closing their roughly $26 billion combination. The Committee on Foreign Investment in the U.S., or Cfius, told the companies Monday that it had cleared the […]

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RBI ‘action’ spooking even genuine exporters: EEPC

‘Non-realisation of export proceeds being reported to ED’ Reports that the banks and the Reserve Bank of India (RBI) are forwarding cases of non-realisation of export proceeds to the Enforcement Directorate (ED) have created “avoidable panic” among even genuine exporters who have submitted their documents to the banks, according to an apex exporters’ body. “We have received several complaints from […]

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