Wednesday 22 October 2014
 
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Budget

UAE cabinet approves $13.36bn budget for 2015

The UAE Cabinet has adopted the draft union budget for 2015 which envisages an expenditure of Dh49.1 billion ($13.36 billion), an increase of Dh2.9 billion (6.3 per cent) compared to the financial year 2014. UAE Vice President and

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Bahrain to start work on big housing project in 2015

The work on Al Ramli housing project in Bahrain is likely to start early next year on finalising budget procedures, said a report. The massive development project includes more than 3,500 housing units to cater to old applicants f

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Kuwait starting to cut subsidies, says IMF

Kuwait's government has started reducing some state subsidy payments and is in an advanced stage of preparing a plan to cut subsidies for kerosene and electricity, the International Monetary Fund said. Subsidy cuts are an impo

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Budget airline baggage charges cleared by European court

Budget airlines have been cleared by Europe's top court to continue with the business model that has helped the likes of Ryanair and easyJet to flourish by topping up revenue from low headline fares with separate baggage and seating charges.

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EU ministers rap France over broken vow

France yesterday faced harsh criticism for failing to meet a deadline to put its finances in order, as frustrated euro zone ministers struggled to keep alive their post-crisis strategy for the bloc's stagnating economy. Embold

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India taxation move 'to attract GCC investment'

Non-Resident Indians (NRIs) in Bahrain foresee an influx of GCC investment in India in the coming years, with the debut budget of the new Indian government clarifying its stance on retrospective taxation.   Prime

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Modi to target record asset sales in first budget

India's new government will seek to raise up to a record $11.7 billion in asset sales in its maiden budget this week, a senior government source said, bolstering state finances and buying time for structural reforms to revive a weak economy.

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Oman budget surplus hits $1.5bn in Jan-May

Oman's government budget surplus reached 582.9 million rials ($1.5 billion) in January-May compared with a deficit of 110.4 million rials a year ago, provisional government data showed.      Analysts polled by Re

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Egypt eyes 5.8pc economic growth

Egypt is targeting economic growth of between four and 5.8 per cent within the next three years while holding the budget deficit at 10 per cent of economic output, Finance Minister Hany Kadry Dimian told Reuters

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Libya approves overdue budget as oil port reopens

Libya's parliament has approved the overdue 2014 budget worth $47 billion, drawing on reserves to offset a dramatic loss of oil revenue after almost a year of protests at major ports. The North African country is in turmoil as

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