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The Islamic Republic of Iran has had to deal with financial sanctions imposed by the United States following the revolution in 1979, and then ramped up during the Bill Clinton and George W Bush administrations. But it was the multilateral financial sanctions imposed by United Nations Security Council resolutions (UNSCRs) and the European Union (EU) from 2007 onwards, and particularly in 2011, that hit Iran even harder, further narrowing an already limited window to operate financially in international terms.…

The construction of Istanbul New Airport will create a new hub for key emerging market country Turkeyu, replacing Atatürk Airport, located just outside of Istanbul. It processed 57 million passengers in 2014, according to a report released by the airport in 2014.…

The director of the UK Serious Fraud Office, David Green has defended the decision to prosecute six individuals over the London Interbank Offered Rate (LIBOR) rigging fraud after they were acquitted in Southwark Crown Court last week. The SFO had brought the six to trial alleging that they had conspired with former City of London trader Tom Hayes, who was convicted and sentenced last August (2015) for rigging the LIBOR rate.…

THE BRITISH government is launching a new regulatory, business and law enforcement taskforce to crack down on the more than 5 million frauds that are undertaken annually in the UK. This Joint Fraud Taskforce will bring together the City of London Police, the National Crime Agency, Financial Fraud Action UK, the Bank of England, fraud prevention body Cifas, plus bank and credit card companies.…

Considered a key player within the cosmetics market in north Africa, Morocco’s colour cosmetics sales holds a market estimated between MAD800 million (Moroccan dirhams) and MAD1 billion (between USD81 and USD102 million). This is according to London-based market research firm Euromonitor International’s Moroccan marketing analyst Houda Bennani.…

The Chilean chocolate market grow by almost 11% annually over the last four years to hit 2.4 kilogrammes annually per head during 2014, with Chile’s consumption overtaking Argentina for the first time, according to data from market analysts Nielsen. But while overall consumption is growing, Chileans are also becoming increasingly sophisticated in their tastes, which has given rise to a growing market for gourmet chocolates, both locally produced and imported.…

Changing management styles is key the success of corporate gender diversity initiatives in the Gulf region and elsewhere, participants of a recent networking breakfast hosted by the Association of Chartered Certified Accountants (ACCA) have concurred.

Entitled ‘Lead the Change: increasing gender diversity to boost performance’, the event was held on February 7 at the Shangri-La Dubai hotel and was attended by more than 60 CFOs and senior finance professionals.…

The Hong Kong government has announced its 2016 budget which includes a salaries tax reduction of up to HKD20,000 (USD2,574), increasing personal allowances and offering a rates waiver within its 2016-17 budget. The government has also announced a 75% profits tax reduction up to a ceiling of HKD20,000; waived business registration fees; and released a technology voucher programme assisting small-and-medium sized businesses.…

A COMPREHENSIVE legislative initiative launched by the European Commission on January 28, designed to restrict tax avoidance – especially by multinationals within the European Union (EU) – is likely to be influenced by the raw politics of the upcoming UK in-out referendum on EU membership.…

Automotive industry experts seem to agree – past concerns that tough environmental laws could force auto-manufacturing from a green jurisdiction to a country or region with laxer controls, no longer see to apply.

In doing so, industry specialists are backing the conclusions of a new report from the world’s largest think-tank, the Paris-based Organisation for Economic Co-operation & Development (OECD), which said following tighter environmental rules can be good business.…