Saudi Arabia will not penalize banks that boycotted conference: Central bank chief

Saudi Arabia's Central bank Ahmed al-Kholifey gestures during a news conference in Riyadh, Saudi Arabia. (Reuters)
Updated 24 October 2018
0

Saudi Arabia will not penalize banks that boycotted conference: Central bank chief

  • Institutions that pulled out of the Saudi conference will still be able to apply for and obtain banking licenses to operate in the kingdom
  • The current pressure to the peg was much lower than in the past when oil prices crashed

DUBAI: Saudi Arabia’s central bank governor said the kingdom will not penalize foreign banks that boycotted an investment conference in Riyadh and reiterated the country’s commitment to defend its currency peg to the dollar.
Saudi Arabian Monetary Authority (SAMA) Governor Ahmed Al-Kholifey said in an interview with Al Arabiya TV on Wednesday that institutions that pulled out of the Saudi conference will still be able to apply for and obtain banking licenses to operate in the kingdom.
He also reiterated the country’s commitment to defend the Saudi riyal’s peg to the dollar, adding that the current pressure to the peg was much lower than in the past when oil prices crashed.

"We, at the central bank, deal in complete professional manner whether with local or international banks," al-Kholifey said when asked if the banks that decided not to participate in the event will be penalized.


BHP settles huge Australia tax bill

Updated 35 min 32 sec ago
0

BHP settles huge Australia tax bill

  • The Australian Taxation Office has been investigating multinationals for alleged avoidance
  • Companies including Apple, Google and BHP were grilled on their tax structures at parliamentary hearings in 2015

SYDNEY: Mining giant BHP on Monday settled a long-running tax dispute with Australian authorities for A$529 million ($387 million), as the country pursues global firms shifting profits offshore to minimize liabilities.
The Australian Taxation Office has been investigating multinationals for alleged avoidance, such as through transferring billions of dollars in profits offshore to countries like Singapore.
The world’s biggest miner said it had reached the settlement with the ATO “with no admission of tax avoidance.”
“This is an important agreement and we are pleased to resolve this longstanding matter,” the Anglo-Australian firm’s chief financial officer Peter Beaven said in a statement.
The world’s second-largest miner Rio Tinto is also facing a large bill from the ATO over its tax arrangements, and has said it would challenge the assessment.
Canberra has sought to crack down on tax avoidance by multinationals by introducing new laws, including stronger protection for whistleblowers and harsher penalties for failure to meet compliance or disclosure requirements.
Companies including Apple, Google and BHP were grilled on their tax structures at parliamentary hearings in 2015.