Business in Brief [Archives:2008/1133/Business & Economy]
– Central Banks calls on commercial banks to merge
The governor of the central bank of Yemen called on commercial banks which are unable to raise its capital inline with the demands of the central bank to merge with each other, in order to be able to survive Yemen's accession to the World Trade Organization.
– Customs authority to prosecute businesses
Director of the customs authority Dr. Ali Al-Zubaidi stated that the customs authority has formulated a blacklist for several businesses which avoid paying customs on their imports and importing commercial goods while taking advantage of exemptions provided for personal imports. He also stated that the authority will restructure its activities in order to ensure maximum returns from customs.
– Parliament to approve anti-money laundering law
The parliament is currently holding discussing on a draft law to combat money laundering in the country, in compliance with international treaties which Yemen signed in this regards. The draft law has been developed in cooperation with several donors, mainly the United nations office to combat drugs and crime.
– Parliament allows non-Yemenis to work in trade
The parliament has approved a legislation to allow non-Yemenis to work in domestic and international trade with no restrictions. This applies to persons as well as to international organizations such as Tesco and Walmart.
– National Bank of Yemen announces profits for FY 2007
The National Bank of Yemen has announced that its profits in FY 2007 has reached 2.34 billion Riyals, exceeding the FY 2006 profits by 637 million Riyals. While consumer deposits at the bank increased to 80.9 billion Riyals from 71.6 billion Riyals in the previous year.
– Yemeni Business Women demand positive discrimination
In a conference scheduled to March 6th, the Yemeni Businesswomen Association plans to partner with the government of Yemen represented by the ministry of trade in order to enhance partnership and cooperation towards the empowerment of businesswomen in Yemen through positive discrimination.
– Shabwa local council demands prosecution of smugglers
The Shabwa executive local council has collectively called for immediate and public prosecution of a number of diesel smugglers, who were using the governorate's shores to smuggle subsidies diesel out of the country, the local council also applauded the role of the governorate's security forces who captured the smugglers and the diesel which was about to be smuggled.
– Islah charity launches 'feed the hungry' campaign
Al-Islah charity in Sana'a has started a new campaign to provide food aid to impoverished families which had suffered the crunch of inflation and are living in extreme poverty within the nation's capital. The charity has received sizeable donations from prominent businessmen as well as support from religious clerks and opinion leaders from several communities, and also hired volunteers to help in administering the program.
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