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Tax incentives lure film and tv production to Ireland

DUBLIN: Changes to Ireland’s film and TV production tax incentive now make the country one of the most generous production environments in the world. On Jan. 1, 2015, Ireland upped its tax incentive, known as Section 481, from 28% to 32% and amended the credit so that non-European Union talent, including Hollywood actors and actresses, will count as part of ... Read More »

CPC pipeline to boost oil exports by 20% in 2016

LONDON: The Caspian Pipeline Consortium (CPC), which brings oil from Kazakhstan to the Black Sea, plans to increase exports of CPC Blend oil by 20 percent year-on-year to 51.2 million tonnes in 2016, its head Nikolai Brunich said in an interview with Reuters. The pipeline connects the giant Tengiz onshore field in Kazakhstan, and a number of other fields, to ... Read More »

Thailand’s trade surplus narrows in Jan

BANGKOK: Thailand’s trade surplus narrowed significantly in January, as import declines outpaced the contraction in exports amid a global slowdown and weak energy prices, the commerce ministry said Thursday. Based on raw customs data, the country’s trade surplus was $238 million in January, plunging from $1.48 billion in December. The lower trade surplus came in the wake of an 8.9% ... Read More »

Thailand’s exports slight more than expected in Jan

BANGKOK: Thailand’s exports contracted more than expected in January, showing the trade-dependent economy is still struggling in the face of sluggish global demand and China’s slowdown. Although a coup in May 2014 ended months of street protests in Bangkok, the governing junta has been unable to overcome stubbornly weak exports and low domestic demand. Thai exports, equal to more than ... Read More »

Dar directs FBR to take action on business community’s tax proposals

ISLAMABAD: With the aim to facilitate traders, Federal Finance Minister Ishaq Dar has directed Federal Board of Revenue (FBR) to seriously consider and take action on tax proposals given by the business community. The minister directed the revenue authority to especially consider six major taxation proposals of the business community covering imposition of the regulatory duty (RD) on the import ... Read More »

Vestas gets biggest order ever for massive Norway project

COPENHAGEN: Norwegian state-owned renewables producer Statkraft and Danish turbine maker Vestas announced here the other day that they will collaborate on Europe’s largest onshore wind farm. Statkraft, TrønderEnergi and Nordic Wind Power will invest 11 billion Norwegian kroner (8.6 billion Danish kroner, $1.3 billion, €1.6 billion) in six wind farms that are expected to produce 1,000 megawatts by 2020. The ... Read More »

Dutch gold to be moved out of Amsterdam

AMSTERDAM: The Dutch central bank is looking into whether its gold and cash reserves can be stored outside Amsterdam. The reserves are currently held in the basement safe at its Frederiksplein headquarters. The reserves need to be moved not for safety reasons but because the building is being renovated and the bank is wondering whether a modern office building in ... Read More »

Mexico’s Pemex says crude exports jump in Jan

LONDON: Crude oil exports from Mexico’s state-owned oil company Pemex jumped 11 percent in January compared to the prior month, while output edged down slightly, the firm said on Wednesday. Pemex data showed average exports rose to 1.12 million barrels per day (bpd) from 1.008 million bpd in December. Exports hit their lowest in at least 25 years that month ... Read More »

Hydro to build technology pilot

OSLO: Norwegian aluminium producer Hydro has made a formal decision to build a full-scale technology pilot at Karmøy, Norway. The aim is to achieve the world’s most climate and energy efficient production of primary aluminium. Total costs are estimated at NOK 4.3 billion, consisting of net project costs of NOK 2.7 billion and around NOK 1.6 billion in support from ... Read More »

DABS incurs $2.5m loss due to power cut: chief

KABUL: Da Afghanistaninfo-icon Bareshna Shirkat (DABS) on Wednesday said it spent two and a half millions US dollars to supply electricity to Kabul residents from diesel-run generators after power supply from Uzbekistan remained disconnected for four weeks due to the sabotage act in northern Baghlan province. DABS chief Qudratullah Dilawari told reporters here that the power utility had been successful ... Read More »

Home building permit issues climb 30% in 2015

BUDAPEST: The number of home building permits issued in Hungary rose by 30 percent to 12,515 last year, data released by the Central Statistical Office (KSH) on Wednesday show. The number of home building permits issued in Budapest jumped 73 percent to 3,170. In cities with county seat rights, the number climbed by 18 percent to 3,145. The number of ... Read More »

Gazprom revives Greek-Italian pipeline plan

ATHENS: The Greek-Italian gas pipeline project, dubbed Poseidon, is returning to the forefront despite having lost to the Trans Adriatic Pipeline (TAP) in the battle for the transmission of Azeri gas. The project by the Greece’s Public Gas Corporation (DEPA) and Italy’s Edison staged a comeback on Wednesday in Milan as Russian company Gazprom’s chief Alexei Miller signed a memorandum ... Read More »

Export orders plunge to 2009 levels

TAIPEI: The nation’s export orders plunged 12.4 percent to US$34.19 billion last month, representing the largest scale of annual decline since June 2009, mainly due to a weak international economy and sluggish demand for handheld devices, the Ministry of Economic Affairs said yesterday. The monthly result also marked the 10th consecutive month of annual decline, ministry data showed. As negative ... Read More »

Oil services company Petrofac to reopen Iran office

TEHRAN: Oil services company Petrofac (PFC.L) will reopen its office in Iran, its chief executive said on Wednesday, as the lifting of Western sanctions allows foreign companies to rekindle business ties with Tehran. “We are keen to go back. We are opening our office in Tehran again,” Petrofac Chief Executive Ayman Asfari told analysts on Wednesday. He said Petrofac was probably ... Read More »

Producer Price Index falls in December

DOHA: The Monthly Producer Price Index (PPI) of the Industrial sector for December, 2015 is estimated at 49.3 points showing a decrease of 6.8 percent compared to November same year. The fall was driven decline in the “Mining (which includes crude oil and natural gas)”, and “Manufacturing” while an increasing in “Electricity and water”. On year on year basis, PPI ... Read More »

Kuwait’s credit growth exceeds expectations – NBK ECONOMIC REPORT

KUWAIT: Credit growth exceeded most expectations as it ended 2015 at 8% thanks to a strong December gain. Total credit was up by KD 632 million during the month on large increases in credit to the industrial sector and for the purchase of securities. Most other sectors were unimpressive including household borrowing, which recorded a weaker month than usual. Private ... Read More »

EU trade in textile, clothing goods rise 3.6% in 2015

BRUSSELS: According to CITH, the Textile and Clothing Information Centre, the EU textile and clothing exporters succeeded in gaining further market shares in Third countries, showing a 3.6% increase in 2015, compared to the previous year. On the imports side, the EU imports picked up by 9.6% in value terms, due to sharp increases from Asian countries. On the contrary, ... Read More »

Hong Kong police seize HK$750,000 worth of drugs

HONG KONG: Four suspected drug traffickers were arrested and more than 4.5kg of illegal drugs with an estimated street value of HK$750,000 confiscated in four separate cases across the city on Wednesday night. The four Hongkongers, aged between 28 and 38, were picked up in Mong Kok, Kwai Chung, Sha Tin and Tseung Kwan O over a period of three ... Read More »

CDL revenue rises by 1% to S$847m in 4Q

SINGAPORE: Property and hotel heavyweight City Developments (CDL) reported record earnings for the fourth quarter ended Dec 31, on gains from monetising three prime office assets. The net profit of S$410.5 million was 6.6 per cent higher than the S$384.9 million recorded in the year-ago quarter. Revenue rose 1 per cent to S$855 million from S$847 million a year ago, ... Read More »

China Customs seizes 80 live tortoises

BEIJING: Customs officers found a male Chinese mainland resident trying to take more than 80 live tortoises totaling 34 kilograms to enter the southern city of Shenzhen from Hong Kong at around 9 pm on Sunday evening, the city’s customs authority said. The man entered the arrival hall of Huanggang Port in Futian district of Shenzhen with three large bags ... Read More »