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Author Archives: Sahar

British economy grows by 0.6% in 3 months, 3% in a year

LONDON: The Office for National Statistics just released its final estimate of UK GDP for the fourth quarter. The top line is that growth was a little faster than expected: 0.6% in the final three months of the year, and 3% over the year as a whole. Analysts had expected 0.5% in the final three months and 2.7% for the ... Read More »

British consumer morale rises to highest level in 12 years

LONDON: British consumer morale rose to its highest level in more than 12 years this month, continuing an upward trend which economic polling company GfK said could boost Prime Minister David Cameron’s hopes of re-election in May 7’s election. GfK said its monthly consumer confidence index rose to +4 in March from +1 in February, its highest since June 2002. ... Read More »

China to boost ties with Turkey to increase trade volume up to $100b

ANKARA: Qingwei Kong, the secretary of the Finance Committee of the ruling Communist Party of China – which is known as the key to investing in China – said that they are open to all kinds of collaboration with Turkey. Although Turkey has signed an agreement with China for national currencies to be used in trade, the trade volume in ... Read More »

China to boost ties with Turkey to increase trade volume up to $100b

ANKARA: Qingwei Kong, the secretary of the Finance Committee of the ruling Communist Party of China – which is known as the key to investing in China – said that they are open to all kinds of collaboration with Turkey. Although Turkey has signed an agreement with China for national currencies to be used in trade, the trade volume in ... Read More »

German unemployment slips 0.1% to 2.932m in March, lowest in country’s history

BERLIN: Reunified Germany has never had so few people out of work. The data is another sign that Europe’s largest economy is expanding, galvanized by strong domestic demand. Germany’s unemployment rate, which measures the number of jobless against the working population as a whole, dropped 0.1 percent to 2.932 million in March over one month prior – the lowest figure ... Read More »

German e-commerce giant Limango stops operations in Turkey

ANKARA: Popular e-commerce site Limango announced it has stopped operations in Turkey. Germany’s leading private shopping community “for women and young families” Limango was founded in 2007 as a subsidiary of e-commerce giant Otto GmbH and entered the Turkey market on Feb. 19, 2009. The site operates in Germany, Austria, Poland and the Netherlands and its range of goods included ... Read More »

Zimmer Holding Inc secures approval in EU for $13b Biomet Inc acquisition

BRUSSELS: Zimmer Holdings Inc. secured approval in the European Union for its $13 billion acquisition of fellow orthopedic-device maker Biomet Inc. after agreeing to sell three businesses in Europe to assuage antitrust concerns. Zimmer Holdings agreed in April last year to buy Biomet for about $13.4 billion, in a bid to position the combined company as a leader in making ... Read More »

Labour costs in Ireland fall to €29.80 in 2014, still higher than euro area average of €29

DUBLIN: Labour costs in Ireland fell in 2014, new estimates from Eurostat have shown, making the country one of seven in the EU to show a downward trend last year. However, costs here were still among the top 10 in the EU, behind Denmark, Belgium, Sweden and Luxembourg. Overall, Irish hourly labour costs showed a decline of 0.2 per cent ... Read More »

Spain awards €8,400 to compensate French businessman

MADRID: Spain’s Ministry of justice has awarded a French businessman €8,400 in compensation for jailjail his term after Spanish police mistook his van-load of soap for a cocaine shipment. Jacques Benoit Fiocconi spent more than two months in a Spanish prison waiting for forensic scientists to correctly identify the fragrant cargo. Fiocconi had asked the Spanish Ministry of Justice for ... Read More »

Business plan of Port Varna EAD envisages investments of around BGN 6.5 million

SOFIA: The business plan of Port Varna EAD for 2015 envisages investments of around BGN 6.5 M, according to CEO Petar Seferov. Seferov, as cited by the Cherno More newspaper and investor.bg, informs that the money will be spent on new equipment and facilities, depending on the anticipated cargo. “A total of BGN 6 M is to be invested in ... Read More »

Norway Govt’s Pension Fund Global invests 32.095 million kroner in Russia

OSLO: The Government’s Pension Fund Global, currently worth over 7.000 billion Norwegian kroner (€796 billion), have invested 32.095 million kroner in Russia, mainly in oil- and gas and the banking sector. That is also the two sectors, in addition to the military industrial complex, that are highlighted in the EU and US sanctions regime against Moscow. The Norwegian regulations on restrictive ... Read More »

HSBC moves 1,000 jobs from London to Birmingham

LONDON:  International banking group HSBC is moving 1,000 jobs from its Canary Wharf base in London to Birmingham, which will become the home of its UK banking arm. The jobs will start being transferred in mid 2017, and the move is expected to be completed by the start of 2019 to satisfy new banking regulations. HSBC already employs 2,500 people ... Read More »

UK business visits hit record 33% growth during 2015

LONDON: Business visits and the events sector are outperforming the wider tourism industry, the International Passenger Survey revealed. The latest report indicates that business visits grew by a record 33% during January 2015, with total of 680,000 visits. This figure shows the sector tracking as 11% higher in November 2014 to January 2015, compared to the same three-month period recorded ... Read More »

Netherlands police seize 105kg of narcotics during search of house in Rotterdam

AMSTERDAM: Police confiscated 105 kilograms of narcotics during a search of a house in Rotterdam. A tersely worded press release from the police spokesman said the house at Spanjaardstraat was raided after a tip that there were drugs inside. There was no one present when officers arrived. With the help of a drug sniffing dog the narcotics that were wrapped ... Read More »

Belgium firm Aertssen awarded $65m Hamad port project

BRUSSELS: Gulf Earth Moving, a Qatar-based subsidiary of the Belgian group Aertssen, have been awarded a US $65.6-million contract by the New Port Project Steering Committee (NPPSC) for 3-million square metres of extra terrain to be created for the New Qatar Emiri Naval Base at the Hamad Port. The contract signing ceremony was held in the presence of Jassim Seif ... Read More »

Norwegian fund dumps investments in Australian coal companies

OSLO: World’s richest sovereign wealth fund has rid itself of investments in Australian coal companies, highlighting the environmental impact of the production of the commodity. Norges Bank, manager of the $US850 billion Norwegian Government Pension Fund, has outlined the divestment of its interests in 14 coal miners around the world in 2014. Five Australian companies among them included Whitehaven Coal, ... Read More »

Indonesia exports to Egypt jump 21.71%

JAKARTA: The value of Indonesian exports to Egypt rose by 21.71 percent to US$1.34 billion throughout the 2014 fiscal year from the $1.1 billion recorded in the previous year. Indonesian Ambassador to Egypt Nurfaizi Suwandi said that the double-digit increase showed Jakarta’s commitment to continue exploring economic and trade activities with Cairo. “The demand for Indonesian goods is pretty high ... Read More »

Four jailed for 20 years on £4 million VAT fraud: UK Customs

LONDON: Four men from London have been jailed for a total of 20 years after HM Revenue and Customs (HMRC) discovered they had stolen £4 million in VAT and laundered it through a number of bank accounts – including that of a deceased colleague. The group, headed up by Donald McLeod, of Middlesex, fraudulently manipulated the accounts of their haulage ... Read More »

Dutch East India first multinational company in Sri Lanka

AMSTERDAM: On the 20 March 1602 the Dutch East India Company, perhaps, the first multinational company was founded. “Verenigde Oostr–Indische Compangnie” or VOC as it was called flourished and survived for two centuries with spectacular trading posts between Asia and Europe, reported SL Guardian. VOC built ships and shipping with a network of bases from simple offices, to warehouses and ... Read More »

Turkey to delay delivery of two A400M MT aircraft ordered from Airbus

ANKARA: Turkey is preparing for further delays in the delivery of two A400M military transport aircraft it ordered from Airbus Group, according to defense officials in Ankara. It signed a deal for 10 of the heavy cargo and troop carriers in 2003 as part of a group of seven European NATO nations, expecting its part of the order to be ... Read More »