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Author Archives: M Akram

Indian govt introduce proposal for income tax benefits to curb black money transactions

INDIA; In an attempt to curb black money transactions, the government has introduced a draft proposal that has provisions for income tax benefits for consumers who make a certain proportion of their expenditures through electronic means. If accepted, the proposal could also penalise cash transactions In his Budget speech, Finance Minister Arun Jaitley had said “one way to curb the ... Read More »

US nation’s casinos industry supports 1.7m jobs in 40 states

WASHINGTON: The nation’s casino industry, which supports more than 1.7 million jobs in 40 states, is betting Iowa’s first-in-the-nation presidential caucuses will provide a good chance to promote its policy agenda .Geoff Freeman, president and chief executive of the American Gaming Association, visited Council Bluffs on Monday for a caucus-related issues meeting at the Ameristar Casino and spent time in ... Read More »

Jordan’s Housing Bank signs $120m loan facility agreement

AMMAN:  The Housing Bank for Trade and Finance (HBTF) along with a number of Jordanian banks and financial institutions on Wednesday, signed a $120 million syndicated term loan facility agreement to “Jordanian Egyptian Fajr for Natural Gas Transmission & Supply Co. Ltd” in order to fulfill its various financing needs. According to a HBTF statement, the syndication was oversubscribed by ... Read More »

Greece Central Bank Warns Against Default

ATHENS: The Greece central bank has warned that failure to reach a bailout deal with its international creditors will result in recession, decline in income levels, and possibly even a withdrawal from the eurozone. The central bank issued its statement Wednesday, a day before eurozone finance ministers meet to discuss how to get more emergency funds to Greece by June ... Read More »

Jordanian MUVF Exporters shows deep concerns about shortage of refrigerated treks

AMMAN: The Merchants Union of Vegetables and Fruits Exporters on Wednesday warned that the shortage in refrigerated trucks will cause a drop in the country’s agricultural exports and result in losses for farmers and producers. Union President Saadi Abu Hammad said demand for local produce is increasing in the Gulf market, which calls for raising the number of trucks. “Due ... Read More »

Navios sells 2 VLCCs to Maritime midstream worth of $100m

ATHENS: Navios Maritime Acquisition is to sell two VLCCs to Navios Maritime Midstream Partners for a combined $100million. The vessels are the C Dream (298,570 dwt, built 2000) and Nave Celeste (298,717 dwt, built 2003). The transaction is expected to close on June 18. “Navios Acquisition intends to use the proceeds from the sale of these vessels for repayment of ... Read More »

US Zebulon Chamber nominates Denise Newell as new executive director

NEW YORK: Zebulon Chamber of Commerce declared Newell as its new executive director. On June 22, she will take over the post formerly retained by Kim Valentine, who resigned in April in a position to be part of the action. “As I researched and learned more about (Zebulon), the opportunities for economic growth and the opportunity for some community growth ... Read More »

Danish Telia buys a piece of Spotify in 760m Kroner

COPENHAGEN: The Swedish-Finnish telecommunication company TeliaSonera has purchased a 1.4 percent stake in Spotify. The deal will cost 760 million kroner. It is not clear whether new shares were issued, or whether the shares were purchased from existing Spotify shareholders. The acquisition follows more than five years of successful partnerships between the companies. Read More »

Finnish Economy to grow slow at 0.2% in 2015

HELSINKI: The Bank of Finland in its latest economic growth outlook has given a bleak assessment of the Finnish economy. According to the Bank of Finland, weaker international economic conditions, population ageing and only modest productivity developments have kept the situation in the Finnish economy unfavorable for many years. Despite the slow growth, the economy will begin to grow gradually ... Read More »

HSBC to cut 8,000 UK jobs in cost-saving exercise

BERN: HSBC announced that will cut up to 25,000 jobs, accounting for 10% of its workforce, in a major attempt to reduce costs by chief executive Stuart Gulliver. The job cuts were announced in the company’s investor update on Tuesday (9 June), and will come on top of job cuts from selling HSBC’s Brazil and Turkey businesses. The redundancies are ... Read More »

Finland’s Finnvera to finance €1.2b Metsä bio-product mill

HELSINKI: Finnvera on Monday announced that it will take part in the financial arrangements of the bioproduct mill to be constructed by Metsä Group in Äänekoski. In a release, Finnvera said it will guarantee about 400 million euros which is around half of the debt needed for the project. Besides Finnvera, six commercial banks, the Swedish Export Credits Guarantee Board ... Read More »

Hungary’s Vienna Life premiums insurer revenue grows 18% in Q1

BUDAPEST: Insurer Vienna Life Biztositóʼs revenue from premiums saw a rise of 18% in the first quarter of this year in year on year terms, reaching HUF 3.5 billion, CEO Anett Vadas-Földvári said today. The CEO added that the company targets HUF 14.1 billion revenue for the full year, 13% higher than last year, with pre-tax profit possibly reaching at ... Read More »

Jordan imports over 96% of its energy needs says IMF

AMMAN: The International Monetary Fund on Friday said that Jordan’s initiatives to reduce its energy dependency could have substantial macroeconomic implications, but will crucially depend on the level of international oil prices in the next decade. The IMF has published a working paper on Jordan titled: “New Energy Sources for Jordan: Macroeconomic Impact and Policy Considerations”, in which it affirmed ... Read More »

Greece, creditors seek breakthrough to unlock €7.2b bailout program

ATHENS: Greece and its lenders enter a decisive weekend of negotiations in a bid to agree on a package of cuts and reforms that would unlock another 7.2 billion euros and allow Athens to keep meeting its debt repayments. Talks at the Brussels Group level continued Friday as Washington issued a fresh warning to all sides about the dangers of ... Read More »

Jordanian QAIA sees increase in cargo traffic by 4.9% to 31,290 tons YTD

AMMAN: The Queen Alia International Airport’s (QAIA) has seen an increase in cargo traffic by 4.9 percent year-to-date (YTD), totaling at 31,290 tons between January and April 2015. According to a QAIA statement, the Kingdom’s prime gateway witnessed an 8.5-percent YTD decrease in the monthly passenger traffic (PAX) between January and April 2015, reaching 2,089,816 passengers, compared to 2,282,894, during ... Read More »

Swiss Smartphone revenue on the decline 4% to CHF 1.681

BERN: The amount of mobile devices sold in Switzerland grew from 2.94 million in 2006 to 4.77 million in 2014, Cetoday.ch reports citing figures from GfK. Revenue increased from CHF 927 million to CHF 1.757 billion over the same period, which equates to growth of almost 90 percent. The growth is slowing, as sales in 2014 decreased by 3 percent. ... Read More »

Maersk upgrades its financial forecast for 2015

COPENHAGEN: The low price of oil has contributed to the Danish oil and shipping giant Maersk upgrading its financial projection for 2015 after its first quarter results showed profits of over 10 billion kroner. Maersk’s chief executive Nils Smedegaard Andersen called the quarterly result “very satisfactory” and revealed that the company’s annual result would be upgraded to around 26.57 billion ... Read More »

Poland’s gasoline prices rise by PLN 0.02 per liter

WARSAW: Unleaded fuel prices have risen by PLN 0.02 per liter, while diesel prices have grown by PLN 0.01 per liter in the last week, according to BM Reflex, a fuel branch consultancy company. Currently, unleaded 95 fuel sells at PLN 4.79/liter and diesel at PLN 4.69/liter. The analysts expect further fuel price next week. Read More »

Jordan’s domestic debt hikes by JD250m in 2015

AMMAN: The government borrowed JD250.4 million from local banks in the first two months of this year, according to official figures. Data recently released by the Ministry of Finance showed that domestic public debt reached JD12.77 billion by the end of February compared to JD12.52 billion recorded at the end of 2014. The ratio of internal debt to the gross ... Read More »

Portugal’s TAP’s 21 flights not take off during the start of 10 day strike

LISBON: Twenty-one flights have been cancelled during the first eight hours of a ten day strike being held by pilots for Portugal’s national airline TAP, which started Friday, 1 May. A TAP spokesperson at Lisbon airport told the media that at least 21 flights had been cancelled from that airport by 8am Friday morning, with many of them being cancelled ... Read More »