Oman Observer - Business

Adoption of GCC-wide VAT under study: Macki

MUSCAT — Oman is studying the viability of implementing a value-added tax (VAT) in tandem with a GCC plan to jointly introduce a new tax levy to compensate for revenues lost as a result of their customs union and the free trade agreements
under discussion with a number of countries and economic blocs.

Al Rawas Auto, India’s Emrald Tyres join hands

MUSCAT — Al Rawas Auto LLC, a subsidiary of Abdullah Saeed Badar al Rawas Group has joined hands with Emrald
Resilient Tyres Manufacturers Pvt Ltd, India, a leading industrial tyre manufacturer for distributing the tyres across the Sultanate of Oman and other Middle East countries. Official product launch will be held on January 7 in Muscat...

MUSCAT — Ever since the launch of Avalon in Oman, the model has received good response. It would not be an exaggeration to say that the Avalon has been a roaring success! What makes Avalon such a huge hit? The reasons are self-evident, with a bouquet of luxury features and an astonishing array of most modern innovations.

The all-new 2009 Ford Flex has been named one of Automobile magazine’s 2009 All-Stars. Editors of the magazine said they were quite bowled over by the Flex’s exterior design, interior roominess and high-tech features. “We were taken by the Flex’s exterior design, which is thoroughly modern, and a cabin that is a masterpiece of ergonomic engineering...

Private equity group to buy assets of IndyMac

WASHINGTON/NEW YORK — The assets of failed US mortgage lender IndyMac are being bought by a group of private equity and hedge fund firms, including Dune Capital Management and JC Flowers & Co, which are putting up $1.3 billion in cash. The Federal Deposit Insurance Corp, which has run IndyMac since its failure on July 11, valued the sale to the IMB...

US Treasury finalises $4bn loan to Chrysler

NEW YORK — The US Treasury said it has finalised a $4 billion loan to troubled cash-strapped carmaker Chrysler. “Treasury today finalised the loan transaction for Chrysler car company and funded the full amount of $4 billion,” Brookly McLaughlin, a Treasury spokeswoman, said in a statement. Chrysler Chairman and CEO Bob Nardelli said the loan would help the company...