Tag: business

Netanyahu Talks with Morocco’s King and invites him to Israel to further strengthen bilateral ties
Middle East & Africa

Netanyahu Talks with Morocco’s King and invites him to Israel to further strengthen bilateral ties

Netanyahu Talks with Morocco’s King: On Friday, the Israeli Prime Minister Benjamin Netanyahu has a phone conversation with Morocco’s King Mohammed VI to reinforce bilateral relations and also invited him to visit Israel, Netanyahu’s office stated. 

The two chiefs talked about advancing with a US-brokered agreement that was declared recently to normalize diplomatic ties, as per the Israeli statement.

Netanyahu expressed gratitude toward King Mohammed for facilitating an official Israeli delegation this week. 

Morocco joins Bahrain, the United Arab Emirates, and Sudan is starting to manage the deal with Israel, helped by the US to introduce a united front against the Iran regime and move back Tehran’s regional impact.

Palestinians have criticized the US-brokered agreement, witnessing disloyalty of a long-standing demand that Israel must first satisfy their statehood demand.

As the Trump regime seeks to isolate Israel’s main adversary Iran, the agreement has been improved with guarantees of business openings or monetary aid. 

On 23 Dec, Moroccan and Israeli authorities likewise marked agreements on financial systems and aviation, visa waivers for diplomatic passports, and water control.

His Highness King Mohammed highlighted the close ties between the Moroccan Jewish people and the government, the Royal Court stated. 

While welcoming the renewal of relations with Israel, His Highness said Morocco’s position in regards to Palestine stays unaltered. 

Rabat supports the two-state settlement and the exceptional character of Jerusalem as a city of three religions. 

During the meeting, Chief Economist at the Finance Ministry Shira Greenberg consented to a deal for businesses in finance with the Ministry of Economy and Finance in Morocco. 

Some portion of the agreement incorporates the advancement of different monetary joint efforts, reducing investment restrictions, sharing of data in the zones of the monetary regulations.

India loses Cairn Energy arbitration case, courts asks to pay $1.4 billion
Europe

India loses Cairn Energy arbitration case, courts asks to pay $1.4 billion

Cairn Energy arbitration case: On Wednesday, the Permanent Court of Arbitration at The Hague announced the verdict in favour of UK’s Cairn Energy Plc, which not only relieved the British corporation of $2.74-billion 2015 tax claim pressed by Indian government on Cairn Energy, but also ordered India to pay up to $1.4 billion in funds, along with interest and costs.

India raised a claim of ₹10,247 crore in retrospective taxes, over the UK oil company, as part of New Delhi’s 2012 law, which entitled the government to make tax demands over cross-border deals all the way back to 1962, as per ‘underlying Indian assets’.

The three-member tribunal asked Indian government to pay the funds withheld by the government along with its due interest to the Scottish oil company for holding dividend, tax refund, and sale of shares to partly recover the dues. With regard to the court’s verdict, Cairn in a statement said “the tribunal established to rule on its claim against the Government of India has found in Cairn’s favour.” 

Due to the award announcement, the share price of Cairn Energy shot up by 45% in early London trading, company’s biggest intraday jump in last 17 years. Cairn contested that the Indian government was levying extensive taxes over its India-based subsidiary using the 2012 retrospective tax law, as part of the UK-India Bilateral Investment Treaty.

“The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and has awarded to Cairn damages of $1.2 billion-plus interest and costs, which now becomes payable,” it said.

It was the second financial blow to the Indian government in less than three months time for its retrospective tax provisions. In September, the same international arbitration court had passed a ruling against India for levying retrospective taxes on Vodafone Group.

With regard to the Cairn case verdict, Indian government in its statement said,“After such consultations, the government will consider all options and take a decision on further course of action, including legal remedies before appropriate fora”.

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