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Author Archives: Sahar

Ulster firms win awards in Northern Ireland competition

DUBLIN: Northern Ireland firms dealing in election technology and water analysis have been honoured at an all-Ireland business competition. Londonderry company Modern Democracy and Belfast firm Photonics Measurements each walked away with a €20,000 (£14,000) cash prize after being named regional winners in the IntertradeIreland Seedcorn contest. Modern Democracy – established by the founders of Opt2Vote, which was sold to ... Read More »

National Australia Bank Ltd. formally decides to spin off UK business

LONDON: Australia–National Australia Bank Ltd. (NAB.AU) will release detailed information on its planned exit from its U.K. banking business early next month after formally deciding to push ahead with plans to spin off and list the CYBG PLC unit. A scheme booklet, including the impact of the exit on the Australian bank and its U.K. business, is expected to be ... Read More »

Slow start at UK stores as sales switch online

LONDON: The Black Friday sales have begun, but early signs are that UK stores have seen smaller crowds than last year. UK stores opened their doors early and cut-price deals were put online overnight, with analysts predicting record sales. Consultants Experian and online retail group IMRG are forecasting online purchases will hit £1.07bn, the first time they have passed £1bn ... Read More »

GDP figures show net trade wiped 1.5% points off UK GDP

LONDON: Britain’s trade gap dragged the economy back in the last quarter, worse than any time in at least the last 18 years. Today’s GDP figures show that net trade wiped 1.5 percentage points off UK GDP. That’s the weakest contribution on record, going back to 1997, following a positive contribution from net trade in the second quarter. Read More »

Turkey’s Prime Minister new government includes Erdogan son-in-law

ANKARA: Turkish Prime Minister, Ahmet Davutoglu, announces his new Cabinet in Ankara, Turkey, Tuesday, Nov. 24, 2015. President Recep Tayyip Erdogan has approved a new government led by Davutoglu following the ruling party’s victory in Turkey’s Nov 1 election. Erdogan approved a Cabinet list presented by Davutoglu on Tuesday, hours after Turkey shot down a Russian plane it said violated ... Read More »

Belarus suggests more forums, business meetings to Germany in order to intensify economic cooperation

BERLIN: Belarus suggests more forums and business meetings to Germany in order to intensify economic cooperation, Deputy Economy Minister of Belarus Anton Kudasov said as he met with representatives of German business circles led by CEO of the Committee on Eastern European Economic Relations Rainer Lindner on 26 November. Anton Kudasov informed the German representatives on the current economic situation ... Read More »

UK George Osborne to gives ‘tampon tax’ to charities

LONDON: Britain will give taxes raised from the sale of tampons and sanitary towels to women’s charities, Chancellor of the Exchequer George Osborne announced. Money raised from the 5-percent value-added tax on sanitary products will go to cancer charities The Eve Appeal and The Haven and to SafeLives and Women’s Aid, which are dedicated to ending domestic abuse, Osborne told ... Read More »

Boss of UK Mail boss Guy Buswell departs after second profits warning

LONDON: The boss of UK Mail has left the parcels and logistics company a week after it issued a second profits warning in three months as a result of prolonged problems at its new automated delivery centre. The company said Guy Buswell had stepped down with immediate effect and by mutual agreement. UK Mail’s founder and chairman, Peter Kane, will ... Read More »

HSBC’s UK business sets target to appoint women to 50% of senior management roles

LONDON: HSBC’s UK arm has committed to appointing women to 50% of its senior management roles. The goal, dubbed the 50/50 gender target, goes beyond similar initiatives unveiled by other large corporations and the 33% quota Lord Davies outlined for FTSE 350 boards in his final report on gender equality. HSBC UK said its workforce is currently 54% female, but ... Read More »

Norway faces 20% drop in oil investment after prices slump

OSLO: Western Europe’s biggest oil and gas producer will probably see investments slump by one-fifth next year compared with 2014, when crude hit a peak, as the industry adjusts to considerably lower prices. Investments by oil and gas companies operating in Norway will fall to 171 billion kroner ($20 billion) next year, 5.6 percent under a previous estimate, according to ... Read More »

UK budget deficit could be £40b in 2020

LONDON: George Osborne could be forced to borrow billions of pounds more than forecast by 2020 if he sticks with spending cuts that will hit economic growth, according to a report by City University. With only days to go before the chancellor’s autumn statement, the report says the Treasury has underestimated the impact of welfare and departmental spending cuts on ... Read More »

South Korea’s Iran crude oil import in October up 98.8% y/y

SEOUL: Nov 23 South Korea’s crude oil imports from Iran rose 98.8 percent in October from a year earlier, while its total crude oil imports rose 12.6 percent year on year to 83.9 million barrels last month, data from state-run Korea National Oil Corp (KNOC) showed on Monday. For earlier story on South Korea’s Iranian crude oil imports in October, ... Read More »

Turkey’s plan to help farmers adapt to climate change

ANKARA: After years of fighting climate change – and usually losing – Turkey’s farmers are turning to modern technology for a deceptively simple solution. Under a government project that aims to promote flexible, sustainable farming, specially developed monitoring and information satellite systems now provide farmers with the data they need to continuously adapt to unpredictable weather. Launched in 2010, but ... Read More »

95% of Turkish blue collar workers want to live abroad

ANKARA: Some 94.12 percent of blue collar workers and intermediate employees in Turkey would live abroad if they have the chance, according to a study conducted by Eleman.net with the participation of 12,705 people. Some 17.1 percent of respondents said they want to live in the United States, followed by Germany with 15.02 percent, Canada with 14.16 percent, Switzerland with ... Read More »

Netherlands wins back AAA rating by Standard & Poor

AMSTERDAM: The club of countries with a gold-plated credit rating just got a little bigger. Netherlands has had its credit rating lifted a notch to AAA by Standard & Poor’s, the agency said, pointing to a stronger than expected economic recovery. Helped by the weaker oil price, a robust consumer spending will drive GDP growth of about about 2 per ... Read More »

Belgium Prime Minister raises threat alert to highest level

BRUSSELS: The alert level of the terrorist threat was raised to the highest level in Brussels, Belgium Prime Minister Charles Michel said on Saturday. This is the first time in Belgium that the terrorist threat alert was raised to level four for a region, the television channel RTBF reported. It means that the threat is “serious and imminent”, Xinhua quoted ... Read More »

EU Commission wants more details on Apple’s tax affairs in Ireland

DUBLIN: State-aid investigators from the European Commission are seeking new information from Dublin on the tax affairs in Ireland of Apple, one of the world’s largest companies. The development has delayed the commission’s long inquiry into the Apple case for a second time in six months. Although the Government had expected the commission to release findings in the next fortnight, ... Read More »

Brussels tax committee says Ireland should keep 12.5% rate

DUBLIN: Ireland should continue to set its own rate of corporate tax, according to the chairman of the European Parliament’s Special Committee on Tax Rulings. French MEP Alain Lamassoure, inset, told the Institute of International and European Affairs (IIEA) in Dublin yesterday that the EU should integrate its tax policy, without getting power to set rates. Ireland should keep its ... Read More »

UK improves position in world’s most effective tax system rankings

LONDON: The new study shows that Britain is now 15th in the league table of the world’s most effective tax systems, based on criteria which judges how easy it is to pay taxes. The rankings are determined by assessing a case study manufacturer’s tax cost and compliance burden. Head of tax at PwC, Kevin Nicholson, said: “The UK has a ... Read More »

France just dispatched the largest aircraft carrier in EU to help fight ISIS

PARIS: France just dispatched the European Union’s largest aircraft carrier to bolster efforts to destroy the Islamic State’s operations. The Charles de Gaulle — roughly the length of three football fields — left for the Middle East on Wednesday. It’s carrying 20 planes, which will nearly triple France’s firepower in the region. The warship is also nuclear-powered. France started carrying ... Read More »