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AMMAN — Jordanians’ remittances went up by 4.4 per cent in the year 2013, according to the Central Bank of Jordan (CBJ) figures.

The remittances totalled around $3.65 billion in 2013 up from around $3.45 billion in 2012, according to the CBJ.

AMMAN — Jordan Chamber of Commerce (JCC) on Wednesday expressed reservations regarding the draft laws on investment and taxes, highlighting the adverse effects they will have in their present blueprint on the private sector and the investment environment in Jordan.

At a press conference, JCC President Nael Kabariti said the two proposed pieces of legislation should be drafted together, and submitted to the Lower House as one, because they are interconnected.

Kabariti said although the government reduced taxes on individuals and companies in 2009, there was an increase in the amount of collected taxes.

This means that reducing taxes did not lower government revenues. Accordingly, the government should not consider raising the income tax as a means to reduce the budget deficit, not taking into account the main economic indicators on economic growth, inflation and unemployment, he noted. 

BAGHDAD — Iraq’s oil exports and revenues declined in 2013 compared to the previous year, official figures showed Wednesday, despite efforts to dramatically ramp up crude sales to fund much-needed reconstruction.

Exports totalled 872.3 million barrels, or 2.39 million barrels per day (bpd), last year compared with 2.42 million bpd in 2012, according to oil ministry figures.

Revenues dipped to $89.22 billion (66.08 billion euros) from $94.02 billion.

Iraq relies on oil exports for nearly all of its government revenue, and crude sales account for most of the gross domestic product (GDP).

The drop in exports was attributed to various periods of bad weather, sabotage against the main northern pipeline and maintenance work at the main export terminal in the south.

But the ministry has trumpeted investment in export and storage infrastructure, which it said would pay off soon.

Additionally, it says new fields are due to begin production, helping the country increase its output and exports in 2014.

Overall production averaged 3.07 million bpd in December, according to the International Energy Agency (IEA).

Officials aim to increase capacity from 3.2 million bpd now to 9 million bpd by 2017, a target the International Monetary Fund and IEA have warned is overly optimistic.

Baghdad is seeking to dramatically ramp up exports to fund desperately needed reconstruction of Iraq’s conflict-battered infrastructure and economy.

Oil ministry spokesman Assem Jihad told AFP that while exports and sales dropped in 2013, investment in pipeline and export infrastructure, as well as major storage facilities, would reap dividends in the coming year.

“All of these will increase the amount we export, and limit the effects of any stoppages,” he said.

He also pointed to expected increases in production from the southern fields of Badra and West Qurna due later in the year.

For December, exports recovered from multi-month lows earlier in the year, but were still below their peak, according to oil ministry data.

Iraq exported 72.6 million barrels in December, an average of 2.34 million bpd, bringing in revenues of $7.47 billion.

The overall monthly figure was higher than in November, and also represented a marked increase on September, when exports averaged just 2.07 million bpd.

“The exports and income in December was an increase... even though there was bad weather and technical repairs in the southern ports,” Jihad said in a statement.

Jihad added that efforts to remove remnants of decades of war from the Shatt Al Arab waterway, through which Iraq ships the lion’s share of its exports, had also held back sales.

ABU DHABI — The United Arab Emirates (UAE) wants to boost its clean energy technologies and investment through cooperation with global leaders in the industry, such as Denmark

On Monday, the two countries signed an agreement to cooperate in nine areas to advance renewable energy and sustainability globally.

The agreement was signed by Sultan Al Jaber, UAE minister of state and chief executive officer of Masdar, and Rasmus Helveg Petersen, Danish minister of development cooperation. The signing ceremony was attended by Danish Crown Prince Frederik.

The two countries will cooperate in the fields of policy exchange to support sustainable development; commercial renewable energy development; advancing carbon, capture, usage and storage technologies, and human capital development through education and job exchanges, among other areas.

Denmark and the UAE are among the world’s leading new-energy, sustainability players.

The UAE, through Masdar, is at the forefront of renewable energy and clean technology investment — delivering nearly 1 gigawatt of clean power globally.

Denmark is widely recognised as one of the world’s leading sustainable societies. Denmark is set to generate 100 per cent of its energy from renewable sources and nearly 11 per cent of the county’s total exports are green technology products, according to official data.

Danish Ambassador to the United Arab Emirates Poul Hoiness told The Jordan Times on the sidelines of the agreement that in December of last year nearly 75 per cent of Denmark’s electricity generation was from produced from the wind energy.

“The world must diversify its energy sources and accelerate cutting-edge technologies that enable societies to be more resource efficient,” Jaber said during the signing ceremony, adding that more international cooperation is needed to meet rising global energy demands.

Under the agreement, one of the areas of collaboration is establishing a Danish Incubator at Masdar City — Abu Dhabi’s low-carbon, sustainable city — to serve as a hub for Danish companies and to accelerate the adoption of sustainability technologies in the MENA region.

Executives from some of Denmark’s leading multinational companies are taking part in the World Future Energy Summit, being held as part of the Abu Dhabi Sustainability Week.

ABU DHABI — Thousands of energy experts, environmentalists, industry leaders and government delegates from over 150 countries are in the United Arab Emirates (UAE) to attend the Abu Dhabi Sustainability Week (ADSW), which officially started Monday.

The opening ceremony of the event was attended by Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohammed Bin Zayed Al Nahyan in the presence of heads of states from various countries, particularly from Africa.

This year’s ADSW featured three major events, the 7th edition of the 2014 World Future Energy Summit (WFES), the EcoWASTE summit — a conference and an exhibition on sustainable waste management that was held for the first time — and the International Water Summit.

The event is being held at the prestigious Abu Dhabi National Exhibition Centre.

The ADSW is hosted by Masdar, which is a commercially driven energy company based in Abu Dhabi and is a subsidiary of the government-owned Mubadala Development Company.

Masdar’s core mission is to invest in clean energy industry in the UAE and around the world.

The opening ceremony’s theme focused on Africa’s energy challenges and how they impede the region’s economic development.

The topic of Africa was highlighted during a panel discussion that brought together Senegal President Macky Sall, Sierra Leone President Ernest Bai Koroma, and Ethiopian Prime Minister Hailemariam Desalegn. It was moderated by Adnan Amin, the director general of International Renewable Energy Agency (IRENA).  

In his speech at the opening ceremony, Sultan Al Jaber, the UAE minister of state and the chief executive officer of Masdar, indicated that with six of the 10 fastest growing economies of the past decade located in sub-Saharan Africa “the development opportunities in this region are tremendous”.

“But these economies are also hampered by energy industries beset by high costs, poor reliability and often limited or no access to the grid,” Al Jaber said, stressing that access to clean technologies will enable developing economies to obtain efficient technologies and will allow them to adopt and scale the advanced technologies emerging on the market today.

“Providing safe, reliable and sustainable energy in sub-Saharan Africa, and in developing countries across the world, relies on our ability to rethink the energy sector,” he added, emphasising the importance of meeting the increasing energy demand worldwide through green technologies and sustainable solutions.

Amin noted that Africa is seeing a sustained growth rates as it has been one of the fastest growing regions in the past decade with an expected economic growth rate of 5 - 6 per cent annually in the coming years.

Sall described Africa as the “continent of future” as it holds large opportunities for renewable energy including his country.

He called on rich countries and private sector to consider Africa as an important partner in the global sustainable economic development.

“Africa is now prepared to move forward,” said Koroma. “Africa should not be defined by what has happened in the past.”

“The issues that are…sadly happening in South Sudan should not be used to define what is Africa. We now have countries with governments committed to transparency and good governance,” he added.

“There is much potential in hydro, geothermal and wind energy — resources that must be harvested not only for Ethiopia, but for all of Africa,” said the Ethiopian premier.

According to IRENA, despite the continent’s growing stability, impressive macroeconomic statistics and growing middle class, more than 600 million Africans still lack safe and reliable access to electricity.

A recent report by the international agency, pointed out that sub-Saharan Africa will need an additional 250 gigawatts of power by 2030 in order to meet the demands of future population and economic growth. Currently electricity blackouts and dependence on pricey diesel fuel generation costs many African economies from 1 - 5 per cent of annual gross domestic product.

The report said that solar energy, however, has huge renewable energy potential throughout the continent, and wind power is virtually untapped.

More than 30,000 people are taking part in ADSW, which is the Middle East’s largest gathering focused on addressing the challenges affecting energy, water and sustainable development.

A total of 800 companies from 40 countries are exhibiting their technologies in the event. 

SEOUL — The theft of personal information from more than 100 million South Korean credit cards and accounts, reportedly including those of President Park Geun-hye and UN chief Ban Ki-moon, has ignited a storm of anger and litigation against credit firms.

Worried Koreans on Tuesday packed into branches of one of the banks hit by the theft to ensure their money was safe, while lawyers said 130 people joined a class action suit against their credit card providers in what is expected to be the first of multiple litigations.

“Of course I’m angry. Anyone might know when I pay my credit card bills, let alone my phone number and where I live. I might as well keep all my money in my closet,” said one card user, Lee Young-hye, outside a bank branch.

The biggest breach of personal privacy ever in South Korea has further highlighted the vulnerability of credit card information after tens of millions of US cardholders’ details were stolen from retailer Target Corp during the holiday shopping season.

South Koreans on average have more than four credit cards, something that has contributed to one of the highest levels of personal debt relative to the size of the economy in the developed world.

The data security breach affected around 15 million cardholders, according to official estimates, by far the largest in a series of such scams against financial firms in South Korea going back to 2011. Some previous attacks involved hackers believed to originate from North Korea, but this one seems to have been an inside job.

Financial regulators said a contractor with the Korea Credit Bureau, a private firm that manages the credit information of millions of Koreans for financial services providers, simply loaded details of 105.8 million accounts held by KB Kookmin Card Co. Ltd., Lotte Card Co. Ltd. and NH Nonghyup Card onto a portable hard drive.

The technician was allegedly working on forgery-proofing credit cards when he committed the theft in February, June and December last year, according to regulator Financial Supervisory Service (FSS), citing the prosecutor’s office leading the investigation.

The man then sold the information to at least two people including a loan marketer and a broker, the FSS said. The contractor and at least one other person have been arrested.

Victims sue, demand answers

The first-class action lawsuit was filed against the three credit card companies late on Monday, a day after the FSS revealed the full scale of the theft, according to the law firm representing them.

The victims are each claiming 110 million won ($103,400) in compensation. Lawyers expect more lawsuits to come, as Internet chatrooms and social media seethed with complaints about the security failure.

“We are preparing additional lawsuits regarding the case and are receiving applications from victims,” an official at the law firm leading the litigation said.

Cho Yeon-haeng, president of Korea Finance Consumer Federation, a customer rights group, said: “Proving actual damages will be very difficult, which means at best nominal compensation for emotional injury”.

“What is needed is stopping repercussions by re-issuing all the affected credit cards,” he added.

The stolen information included names, home addresses, and phone numbers, bank account numbers, credit card details, identification numbers, income, marriage and passport numbers.

The FSS noted that credit card passwords were not stolen, although this was cold comfort to South Koreans for whom most credit card transactions simply require a card swipe and signature — without the need for a chip and pin process. Some outlets such as home shopping channels do not even need a signature.

South Korean media reported that President Park and UN Secretary General Ban were among those whose information was stolen, although government officials and the card firms declined to comment. Park’s office declined to comment, while Ban’s office could not be reached to comment.

Executives from KB Kookmin Card, Kookmin Bank, NH Nonghyup Card, Lotte Card and Korea Credit Bureau, which hired the contractor, offered to resign as investigators probed how such a massive data theft could have occurred so easily.

Credit card spending amounted to 451 trillion won ($424.01 billion) in 2012, accounting for 66 per cent of the country’s private consumption, according to data from the Credit Finance Association of Korea.

The Nilson Report, a California trade journal that tracks the payments industry, indicated in its August issue that global card fraud rose to a record $11.3 billion in 2012, from just under $10 billion the year before.

Nearly half the losses occurred in the United States, helped by the lack of the more advanced card readers. (Reuters) — Separately, the US government provided merchants with information gleaned from its confidential investigation into the massive data breach at Target Corp., in a move aimed at identifying and thwarting similar attacks that may be ongoing.

The report titled “Indicators for Network Defenders” brings to light some of the first information gleaned from the government’s highly secretive probes into the Target breach and other retail hacks, including details useful for detecting malicious programmes that elude anti-virus software.

“It’s a shame this report wasn’t released a month ago,” said Dmitri Alperovitch, chief technology officer of the cybersecurity firm CrowdStrike. “It has been frustrating for some retailers because it has been incredibly difficult for most firms to get information. It has not been forthcoming.”

No. 3 US retailer Target disclosed the theft of some 40 million payment card numbers and the personal data of 70 million customers in a cyber attack that occurred over the holiday shopping season. Neiman Marcus also said that it too was victim of a cyber attack, and sources have told Reuters that at least three other well-known national retailers have been attacked.

The document noted that an underground market for malicious software to attack point-of-sale, or POS, terminals has flourished in recent years. Three of the most popular titles for the malicious software include BlackPOS, Dexter and vSkimmer.

“We believe there is a strong market for the development of POS malware, and evidence suggests there is a growing demand,” the report, obtained by Reuters, warned.

The secret service, which is heading up the investigations into the cyber attacks, has declined to comment on what it has learned or identify victims besides Target and Neiman Marcus.

Armed with information

John Watters, chief executive of the security intelligence firm iSIGHT Partners which helped draft the document, said that the government decided to provide information to retailers so they can determine whether their systems have been compromised by hackers.

“The point of getting the technical artifacts out there is that people can go out there and examine their systems and see if they have been compromised,” said Watters, whose firm has helped the secret service in its investigations of retail breaches.

“Now they are armed with information and they can go do something about it.”

A Department of Homeland Security official said the report was drafted to provide the industry “with relevant and actionable technical indicators for network defence”.

The document said that an advanced piece of software dubbed the POSRAM Trojan, was used in the recent attacks.

POSRAM is a type of RAM scraper, or memory-parsing software, which enables cyber criminals to grab encrypted data by capturing it when it travels through the live memory of a computer, where it appears in plain text.

While the technology has been around for many years, its use has increased in recent years as retailers have improved their security, making it more difficult for hackers to obtain credit card data using other approaches.

POSRAM succeeded in evading detection by anti-virus software when it infected the Windows-based point-of-sales terminals, according to the report.

“This report was generated so that we could get it into the hands of commercial entities so that they had information they needed to protect themselves,” iSIGHT Partners Senior Vice President Tiffany Jones told Reuters.

AMMAN — Jordan Industrial Estates Corporation (JIEC) on Monday approved a new Syrian investment to be set up at Al Muwaqqar Industrial Estate that will specialise in manufacturing chips.

The nearly JD1 million investment will provide around 50 jobs. At present, the industrial estates house 16 Syrian industrial investment projects carrying an investment volume of JD9.65 million. These provided around 500 jobs.

AMMAN — Arab Jordan Investment Bank (AJIB) on Monday signed an agreement to acquire HSBC Bank Middle East Limited banking business in Jordan. According to a statement issued by the AJIB, the bank’s business comprised at the end of September 2013 four branches with gross assets of about $1.2 billion.

The transaction is expected to be completed during the first half of 2014, the statement said.

Noting that the deal won the approval of the regulatory authorities, AJIB General Manager and Chief Executive Officer Hani Al Qadi said the acquisition is part of AJIB’s growth strategy, and the business acquired will complement its share in the Jordanian banking market.

“We look forward to working with HSBC’s local team over the next few months to ensure a smooth transition with minimal impact on clients and employees,” he added.

HSBC Bank Middle East Limited is a principal member of the HSBC Group since 1959, the bank’s unique relationship with the Middle East dates back more than a century.

Founded in London in 1889, it pioneered banking in the region.

ABU DHABI — The Abu Dhabi Fund for Development (ADFD) announced on Sunday it would extend concessional loans worth $41 million to six developing nations to implement renewable energy projects.

The ADFD financial support, in cooperation with the International Renewable Energy Agency (IRENA), will finance clean energy schemes with a total capacity of 35 megawatts to bring sustainable power to rural communities in Ecuador, Sierra Leone, the Maldives, Mauritania, Samoa and Mali, officials from both agencies said at a press conference.

IRENA Director General Adnan Amin indicated that the $41 million represent the first of seven cycles totalling $350 million in soft loans to be given by ADFD over seven years.

He said the clean energy projects will enable some communities to have power for the first time, adding they would also have access to drinking water from desalination plants powered by renewable energy.

“Financing is one of the main issues hindering renewable energy, particularly in developing countries,” Amin indicated, noting that the main objective of the partnership between IRENA and ADFD is to remove the risks of investments in promising energy schemes.

According to Adel Al Hosani, director of the operations department in the government-owned ADFD, the fund believes that not only developed countries should own renewable energy but also developing nations, noting that clean technology will enable countries facing financial shortages cut their energy bills.

Hosani said the second cycle of the funding will be $59 million, pointing out that over 80 projects valued at $800 million applied to benefit from the second round.

The announcement of the loans came on the second and final day of the IRENA general assembly which, according to officials from the inter-governmental organisation, was attended by representatives from 151 countries.

The general assembly of the Abu Dhabi-headquartered organisation was the first day of Abu Dhabi Sustainability Week (ADSW), which is being attended by more than 30,000 people from across the globe.

Three major ADSW events kicked off on Monday at Abu Dhabi National Exhibition Centre — the World Future Energy Summit, International Water Summit and the EcoWASTE summit — in the presence of several heads of states, prime ministers, ministers and industry experts. 

KUALA LUMPUR — Malaysia announced Monday it would allow foreign automakers to build smaller passenger cars in the country, a liberalising move aimed at repositioning the country as a leader in energy-efficient vehicles.

The changes, effective immediately, will for the first time allow foreign automakers to build cars with engines of 1.8 litres or less if those cars qualify as energy efficient.

Such projects will not need domestic investment partners and will enjoy incentives such as tax breaks, Trade Minister Mustapa Mohamed told reporters.

“The policies used to be there to protect (national car brand) Proton. But we have opened up the market,” he said. “We believe these policies will enable Malaysia to regain our position as one of the most dynamic hubs for Southeast Asia.”

Malaysia, the region’s third largest economy after Thailand and Indonesia, was once Southeast Asia’s automotive hub.

But it has fallen behind its two rivals through decades of industry policies that coddled Proton, which was launched in 1983.

Malaysia now produces far fewer vehicles than Thailand or Indonesia.

The government had previously shielded Proton via excise and import duties of up to 150 per cent on foreign vehicles, and other restrictions.

The policies have been blamed for contributing to sub-standard Proton models. The firm, which was state-owned until 2012, has recorded losses in recent years as its market share sank.

Consumers have also complained the policies made better built foreign cars too expensive for many Malaysian buyers.

Malaysia already allows foreign carmakers to manufacture larger vehicles in the country, after lifting foreign equity caps on such ventures in 2010.

The reforms could be attractive to some foreign manufacturers looking for a regional production base but should not worry Malaysia’s neighbours much, said Affin Investment’s auto sector analyst Chong Lee Len.

“It’s a positive step for the market, but not quite a ‘Big Bang’,” she remarked.

In 2012, Thailand and Indonesia produced 2.4 million and 1.1 million cars under foreign nameplates, respectively, up 67 per cent and 27 per cent from the year earlier, according to the International Organisation of Motor Vehicle Manufacturers.

Neither country has a national car project.

Malaysian factories produced 570,000 cars in 2012, up nearly 7 per cent.

About three quarters of Malaysian production were vehicles with 1.8-litre engines or smaller.

Madani Sahari, head of the trade ministry think tank Malaysia Automotive Institute, said in a briefing last week that Malaysia would focus on being an export hub due to slowing domestic sales.

Chong, however, said most manufacturers “want to build where they can sell”.

Indonesia, with its fast-growing economy of 240 million people and low vehicle ownership rates compared to more affluent Malaysia, is considered by analysts to have greater upside for automakers.

According to Mustapa, the changes would reduce car prices in Malaysia by up to 20-30 per cent over the next four years.

Separately, the head of Toyota’s Thai unit, told a news conference on Monday that Toyota Motor Corp. may reconsider investing up to 20 billion baht ($609 million) in Thailand, and could even cut production, if political unrest drags on.

Toyota is the largest car manufacturer in Thailand, producing 800,000 vehicles a year. Plans to increase its annual capacity by 200,000 vehicles a year over the next three to four years are now uncertain, he said.

“Our new investment in Thailand may not happen if the current political crisis goes on longer,” he added. “For new foreign investors, the political situation may force them to look for opportunity elsewhere. For those that have already invested, like Toyota, we will not go away. But whether we will invest [further] or not, we are unsure.”

Thailand is the biggest auto market in Southeast Asia and a regional vehicle production and export base for the world’s top car manufacturers like Honda Motor Co. and Ford Motor Co.