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British regulators will give banks, asset managers, insurers and brokers until mid-2020 to fully comply with rules that replace European Union law in the event of a no-deal Brexit.

The Bank of England and Britain’s Financial Conduct Authority (FCA) on Thursday published a “near final”version of the rulebook that would come into effect if Britain leaves the EU without a transition deal.

Britain has already turned EU laws into UK statutes, but this “onshoring”entailed some changes to function properly and financial firms have said they would have limited time to comply if there is a no-deal Brexit, meaning they would be in breach of regulation and face possible sanction.

“In most cases, we plan to allow firms a period of 15 months to adapt,”the FCA and BoE said in separate statements.

Financial firms have been planning for all forms of Brexit since Britain voted in June 2016 to leave the EU, with the bloc as well as the UK putting in place measures to avoid markets falling off a “cliff edge”if there is a no-deal Brexit.

But FCA chief Andrew Bailey told UK lawmakers on Wednesday that despite the preparations, he could give no assurance that a no-deal Brexit would not disrupt finance.

“This grace period will offer relief and a degree of regulatory predictability,”Jonathan Herbst, global head of financial services at Norton Rose Fulbright law firm, said.

The final version of the rulebook would be published on 28 March, a day before Brexit is officially due to take place on March 29, if there is no deal.

If there is a transition deal, financial firms would continue under EU rules until the end of 2020 when the UK wants new, long-term trading terms with the bloc to start.

FCA executive director international, Nausicaa Delfas, said Thursday’s announcement was a significant milestone in the financial sector’s preparations for a no-deal Brexit.

“They ensure that there is a functioning regulatory regime from day one, and that firms are clear as to the requirements they need to meet by end March 2019 and beyond, so they can continue to meet the needs of their customers,”Delfas said.

Source:https://www.mmbiztoday.com/articles/finance-firms-given-15-month-regulatory-grace-period-if-no-deal-brexit

The Ministry of Commerce together with the Directorate of Investment Administration (DICA) and the International Trade Center (ITC) launched the Trade and Investment Project (TIP) on Monday with the aim of boosting Myanmar’s business ecosystem by improving trade and investments.

The TIP, which would run from 2019-21, is funded by a US$5.28 million grant from the UK’s Department for International Development (DFID) with technical assistance from the ITC, a multilateral agency based in Geneva.

The project’s strategic focus include improving trade competitiveness and business environment through updating National Export Strategy (NES), supporting investments in building productive capacities as well as expanding public and private trade and investment support services to micro, small and medium enterprises.

The TIP will also improve the investment promotion through the Myanmar Investment Promotion Plan (MIPP), and enable priority sectors growth through specialized support for the private sector.

The current NES, which runs from 2015-19, has a list of 11 prioritized sectors, which includes rice; beans pulses and oilseeds; fisheries; forestry products; textiles and garment; rubber; tourism; information and promotion; trade facilitation and logistics; access to finance; and quality management as supporting services to improve export.

The Ministry of Commerce will be adding fruits and vegetables, gems and jewelry, handicrafts, processed food products and digital business as the potential export sectors for the updated NES (2020-25).

The Ministry of Commerce’s permanent secretary U Aung Soe said the states and divisions of the country will then develop the prioritized sectors assigned to them following the NES’s updating of these sectors.

He said the NES will need to address how the country can leverage new opportunities through the creation of sustainable agro-processing, manufacturing and services jobs.

U Aung Soe added that it would also be important for trade to be inclusive and reach all the states and divisions, as well as promote the building of productive capacities.

Meanwhile, DICA Director General U Aung Naing Oo said seven states and divisions will be chosen for the TIP implementation, which will also support the MIPP.

ITC Executive Director Arancha Gonzalez said Myanmar has great growth potential as the TIP will work with private and public sector partners to capitalize on these opportunities and help the country to position itself for greater investment and deeper regional integration.

The DFID’s senior economist and inclusive-growth team leader Tom Coward said the TIP will support economic development in the states and divisions as well as generate jobs and improve incomes.

The launch of TIP comes at a time when exports appear to be gaining on imports. Data from the Ministry of Commerce showed the trade deficit for the first four months of the 2018-19 fiscal year, which starts in October and ends in September, has declined with imports increasing at a slower pace compared to the same period of last fiscal year.

According to the data, trade volumes for the period up to the second week of February reached US$12.65 billion, a gain of US$634 million compared to the same period of last fiscal year. Exports stood at US$5.9 billion while imports dropped by US$280 million to US$6.8 billion.

The government is targeting a total trade of US$31 billion for the current fiscal year, with US$15.3 billion for exports and US$15.8 billion for imports. This would reduce the trade deficit to US$500 million.

Myanmar exports items from seven major commodity groups. These include manufactured goods consisting mainly of garments, as well as agriculture produce, minerals, cattle, fisheries and forestry products.

In comparison, Myanmar’s major import items are divided into four groups — capital goods, intermediate goods, consumer goods and cut-make-pack garment products.

Source:https://www.mmtimes.com/news/myanmar-launches-trade-investment-project-uk-support.html

Oman’s first outlet mall and largest retailtainment destination – Al Araimi Walk in Barka – is set to open in September 2020, Al Raid Group has announced.

The 240,000 sq m development project will feature 164 retail outlets, 42 food and beverage outlets, seven entertainment hubs, a hypermarket, and IMAX cinema.

It will also include an indoor waterpark, trampoline park, snow village, ice-skating rink, virtual reality zone, and cliff climbing adventure facility, the company said in a statement.

Construction on Al Araimi Walk is scheduled to begin this month and the property will open its doors by September 2020, it added.

Raid Abdullah Al Araimi, vice chairman, Al Raid Group said: “Having a sprawling tree-lined promenade, a high-tech digital park, gourmet restaurants, world-class designer brands and a lot more; each and every aspect of Al Araimi Walk will exemplify and reflect the essence of refined taste, and the innovative spirit of the Al Raid Group.”

He added: “Through the launch of Al Araimi Walk it is our endeavour to become the nation’s number one destination for families, tourists and shoppers.”

Last month, Al Raid Group said its Al Araimi Boulevard project is set to open later this year. The mall in Seeb is “well underway” and will be completed in time for a September opening.

With 70,500 sq m of space to be leased out, Al Araimi Boulevard will accommodate the “finest collection of labels from around the world”.

Source:https://www.arabianbusiness.com/retail/400025-new-oman-retail-destination-set-for-sept-2020-opening

Oman Air has announced it will stick to expansion plans laid before the departure of its CEO earlier in the year, as it inducts a new Boeing 787-9 Dreamliner into its fleet.

The Dreamliner, delivered to the carrier yesterday, is the largest variant of the aircraft, and is configured with 30 business class suites, and 258 economy class seats.

The new aircraft will allow Oman Air to bring its full service experience on high yielding long-haul routes, “in Europe and the Far East,” the carrier said in a statement.

“The delivery of new aircraft is part of Oman Air’s fleet and network expansion,” acting CEO, Eng. Abdulaziz Al Raisi said. “We’re adding new aircraft to keep up with the expansion programme.”

Raisi was named acting chief after Paul Gregorowitsch stepped down as CEO in October.

Before his departure, Gregorowtisch had said the airline was looking to grow its network in Europe as well as expand to destinations in the Far East including Hong Kong.

The carrier expects to receive three more 787-9 Dreamliners in 2018, two of which will be equipped with first class cabins.

Oman Air also has 30 Boeing 737 MAX on order, as part of plans to increase its fleet from 48 to around 70, which will see the carrier operate around 75 destinations by 2023.

Source:https://www.arabianbusiness.com/industries/transport/385142-oman-air-targets-europe-far-east-with-new-dreamliner

Deutsche Post DHL Group, the world’s leading logistics company, today announced its collaboration with Magento, the worldwide leader in cloud digital commerce innovation, as Premier Partner for Shipping. The partnership enables DHL and Magento to offer a broad range of shipping services to e-commerce merchants, small and medium enterprises (SMEs), start-ups and online entrepreneurs in the Middle East and North Africa (MENA) region.

A study by Gartner reports that only 15 per cent of businesses in region have an online presence and 90 per cent of online shopping involves product imports from outside the region.

The study findings illustrate the immense growth potential for e-commerce merchants and online retailers in the region. The study further identifies reliable delivery system as one of the key areas e-commerce players should focus on to drive business growth in MENA.

With the shift in trend towards consumer markets and growing use of e-commerce channels by SMEs in the MENA region, we see a tremendous potential in our partnership with Magento. We look forward to providing online merchants on Magento platform with reliable and flexible shipping options to help them deliver exceptional customer experiences,” said Nour Suliman, CEO, DHL Express Middle East and North Africa.

“Magento connects merchants and shoppers. DHL connects shoppers with their goods,” said John Pearson, CEO Europe and Global Head of Commercial, DHL Express. “Our collaboration will provide Magento merchants with industry-leading international shipping and value-added shipping features from DHL that easily and flexibly connect shoppers with their goods.”

Accepting the Magento partnership emphasizes again Deutsche Post DHL Group’s intention to be the leading global provider in e-commerce logistics. The Group’s divisions together comprise the most international company in the world, present in 220 countries and territories, allowing online merchants to leverage the Group’s unsurpassed global reach to execute their e-commerce strategy.

Online retailers connected with the Magento platform will be able to select from a range of DHL shipping services, with the partnership expected to expand over time to include an increasing portfolio of parcel, express, freight and other logistics services provided by the different DHL divisions.

“Commerce is no longer just about the “buy button” and our merchants are looking to meet their customers when and wherever they want to engage, buy, and receive their purchases,” said Mark Lenhard, Senior Vice President of Strategy and Growth at Magento Commerce. “By partnering with DHL, our joint merchants will be able to offer improved customer experiences and grow their business by providing their customers with the fast, convenient shipping options they expect.”

As a Premier Partner, DHL will connect with merchants through strategic placement on Magento properties and the core product merchant administration panel. In addition, DHL will have the opportunity to educate merchants on shipping integration best practices and how to increase cross-border shipping via the Magento Community online, webinars, thought leadership pieces, events including Imagine and MagentoLive, and in one-to-one meetings. DHL will also have early access to Magento product roadmaps so as to improve integrations and the merchant experience.

“We’re particularly excited about the potential of Magento Shipping, and will integrate our most advanced shipping solutions there,” said John Pearson. “Deutsche Post DHL Group has a history of working with leading technology partners like Magento. We will maintain our global leadership position only by innovating and adopting new technologies. Magento is at the leading edge of e-commerce technology, and DHL is the global logistics leader. Our association is sure to benefit both organizations – most importantly our e-commerce customers.”

Magento’s Premier designation recognizes global leaders and brings close collaboration in key categories of interest to e-commerce merchants to deliver exceptional, end-to-end customer experiences.

Source:https://www.muscatdaily.com/Archive/Business/DHL-and-Magento-partner-to-help-online-merchants-in-Mena-59n0

Enhanced oil recovery (EOR), a process used to extract crude from ageing oil fields, could account for nearly a quarter of the overall production of Petroleum Development Oman (PDO) in next seven years.

EOR currently accounts for around ten per cent of PDO’s total production. Many of Oman’s oil fields are ageing and that could mean decline in production in the coming years, but with the help of EOR, which includes injecting steam, chemicals or other materials in the ground, the company plans to boost production.

‘Despite the challenging economic environment, PDO is continuing its journey in growing the future EOR contribution to oil production. It is anticipated that by 2025 more than 23 per cent of PDO’s production will come from EOR projects’, PDO said in its sustainability report released recently.

PDO is currently operating a range of commercial-scale EOR projects including chemical EOR, miscible gas injection and thermal applications. Concurrently, PDO is continuing to identify novel EOR technologies that have the potential to unlock difficult hydrocarbon resources. This is being done through a series of dedicated laboratory and field testing programmes, the report said.

PDO’s fact file also revealed that the company’s overall production in 2017 stood at 1.13mn barrels of oil equivalents per day, marginally lower than previous year as it cut production to comply with the sultanate’s commitment to OPEC’s agreement.

PDO’s average production of crude oil stood at 582,196 barrels per day (bpd), which is around 14,000bpd above the target for the last year while its gas production stood at 74.64mn cubic meters per day in 2017.

PDO has said that the decline in production was mainly due to Oman’s compliance with the production cut agreement between OPEC and non-OPEC producers.

Besides, PDO has taken various steps to curb expenditure and improve efficiency. These measures have helped it save over around US$390mn in oil and gas capital expenditure in 2017. Moreover, the company also took steps to renegotiate contracts which are likely to result in cost saving of around US$180mn over the next three to four years.

Source:https://www.muscatdaily.com/Archive/Business/EOR-to-contribute-for-23-of-PDO-s-total-oil-output-by-2025-59og