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Author Archives: Sahar

Premier oil sells Norway assets for US$120m business

OSLO: Norway’s Det Norske has bought UK-based independent explorer Premier Oil’s Norwegian assets for US$120 million just a month after agreeing to buy Svenksa Petroleum for $75 million. The Premier Oil assets include the Vette development, for which Premier Oil has been working on a floating production facility solution, as well as the adjacent Mackerel and Herring discoveries, and a ... Read More »

Ireland still sees EU tax decision on Apple by 2014

BRUSSELS:  Ireland continues to expect European Union regulators to issue a decision on the country’s tax deal with Apple before the end of the year, the country’s finance minister said on Monday, a move which could force the iPhone maker to pay substantial back taxes. The European Commission has already ordered Dutch authorities to recover up to 30 million euros ... Read More »

AB InBev, HSBC, Google, 8 others to testify at EU tax hearing

BRUSSELS: Anheuser-Busch InBev (ABI.BR), HSBC (HSBA.L), Google (GOOGL.O) and eight other companies will be quizzed by EU lawmakers next week on their European tax deals as part of a campaign to ensure multinationals pay their fair share of taxes. While the European Parliament’s tax committee can only issue a non-binding recommendation at the end of November, the publicity generated by ... Read More »

EU factors to watch-Paris seen leading sell-off after attacks

BRUSSELS: European stocks were seen opening sharply lower on Monday with French shares leading the sell-off as Friday’s deadly attacks in Paris spark a flight to safety assets. The events in Paris are likely to put consumer goods or tourism stocks particularly under pressure as the attacks weigh on people’s confidence in the short term, but that could reinforce the ... Read More »

UK to recruit extra 1,9oo intelligence officers to fight terrorism

LONDON: The U.K. is to beef up its security services with an extra 1,900 intelligence officers as David Cameron’s government adapts to the prospect of a long fight against terrorism following the downing of a Russian passenger jet and the killings in Paris. Britain’s intelligence agencies currently employ about 12,700 staff, split between MI5, which handles domestic security, MI6, responsible ... Read More »

UK manufacturers urge George Osborne to maintain spending on innovation

LONDON: Manufacturers are warning George Osborne that Britain risks squandering years of investment in hi-tech research and business support if he cuts support for innovation at the spending review next week. Against the backdrop of waning global demand and pressure on UK competitiveness from a strong pound, manufacturers’ organisation EEF says its members are worried that Osborne’s new round of ... Read More »

Goldman Sachs Group expands UK small-business plan to boost economy

LONDON: Goldman Sachs Group Inc. is expanding its small business support program in the U.K. as the Wall Street firm works with the government to help boost economic growth and create jobs. The 10,000 Small Businesses education and funding plan will be opened up to all companies throughout Britain from four existing regional sites, the U.S. investment bank said on ... Read More »

University of Essex -led knowledge project receives innovate UK award

LONDON: A University of Essex-led knowledge transfer partnership (KTP) with media tracking company Signal has won an Innovate UK KTP Best of the Best Award. The collaboration, involving Professors Udo Kruschwitz and Massimo Poesio from the university’s School of Computer Science and Electronic Engineering, won the Best UK Partnership category. The awards, recognise the people and partnerships that are behind ... Read More »

Eurozone economy recovery loses steam as Germany slows

BERLIN: The eurozone’s economy lost steam in the latest quarter as Portugal stalled, Germany slowed and debt-stricken Greece contracted. Gross domestic product (GDP) across the 19 countries in the single currency bloc rose just 0.3% in the third quarter, according to Eurostat. That defied expectations for growth to hold at 0.4%, according to a Reuters poll of economists. On a ... Read More »

Herald Good News Fund turkey drive tops $10,000

ANKARA: The Herald Good News Fund’s 23rd annual drive that will provide turkeys for Christmas to local families in need has collected $10,027 so far. The year-round fund is affiliated with the Community Foundation of Eastern Ohio and Western Pennsylvania, created by local community leaders to benefit the Mercer County area. Because the foundation is tax-exempt, all donations are tax-deductible. ... Read More »

Council of Ministers introduces additional customs duties in Turkey

ANKARA: The Council of Minister has issued a Decree (2015/7713; “Decree”) which introduces additional customs duties for certain goods. However, the additional customs duties arguably run contrary to provisions of the Turkish Constitution, European Union Customs Zone requirements, and a World Trade Organization agreement about Information Technology. Since the Decree’s legality is questionable, parties which must pay additional custom duties ... Read More »

Turkey supermarkets prices stable in wake of bird flu shortage

ANKARA: The prices that supermarkets pay for turkeys are about 15 percent to 20 percent higher than they were a year ago, the stores still are offering deep discounts on the frozen birds as a way to get consumers into their stores for the rest of their holiday meal shopping. Wegmans, for instance, this week started selling its Round Hill ... Read More »

Innov8 awards local businesses at entrepreneur & technology summit

ROME: Acadiana is known for its pride and love for locally-owned businesses and If you’ve tried Ragin’ Cajun Genuine Louisiana Ale, Then you’ve experienced the work from one of the winners at Thursday’s Entrepreneur and Technology Summit held at the Cajundome Convention Center. Karlos Knot, President and Brew Master of Bayou Teche Brewery Located in St. Martin Parish was one ... Read More »

Software services firm to train 1,000 graduates from UK universities

  LONDON: Software services firm Tata Consultancy Services today said it has partnered the British Council to train 1,000 university graduates in the UK at its Innovation Labs and software development centres. The announcement comes during the UK visit of Prime Minister Narendra Modi. Under the initiative, 1,000 British university graduates will have the opportunity to spend a year training ... Read More »

Cerberus Capital Management LP bought 13b pounds of mortgages from the UK government

LONDON: Cerberus Capital Management LP bought 13 billion pounds ($19.8 billion) of mortgages from the U.K. government and sold some of them on to TSB Banking Group Plc as Chancellor of the Exchequer George Osborne winds down the remnants of Northern Rock Plc to cut the nation’s debt. The U.S. private equity firm won a six-month bidding process for the ... Read More »

UK companies fail to make list of top 100 innovators

LONDON: UK’s leading companies have failed to make a list of the top hundred most innovative businesses. The list, put together by Thomson Reuters, takes into account the volume of patents filed, the success of the patents, globalisation and impact. The amount the UK spends on research and development compared pretty poorly with its rivals: 1.63 per cent, against Japan’s ... Read More »

German business rebukes government refugee policy

BERLIN: When the chancellor looks down while she is listening to what is being said, and especially when she crosses her arms, it means she doesn’t like what she’s hearing. How could she? For what Chancellor Angela Merkel was accused of, in front of an audience of 1,200 invited managers, could not have been stated more bluntly. In his opening ... Read More »

Europe should embrace sharing economy

BRUSSELS: Europe should not shut itself off to “new business models” offered by the sharing economy and companies such as Uber, the EU’s executive commission said on Wednesday as it launched plans to revamp the European Union’s single market. The European Commission is trying to inject new impetus into the single market, which has helped the 28-nation EU to become ... Read More »

EU to pursue Google parent alphabet on multiple fronts

BRUSSELS: European Union regulators will actively pursue Google parent Alphabet Inc. on multiple fronts ranging from its contracts with advertisers to its Android mobile-operating system, the bloc’s antitrust chief Margrethe Vestager said, in the clearest sign yet that the U.S. search giant is likely to face fresh competition charges in Brussels. In an interview, Ms. Vestager also hinted that a ... Read More »

Brazil maritime appoints new port minister, pushes on with $2.64b investment plan

NEW YORK: Efforts to merge Brazil’s Special Ports Ministry (SEP) with the Ministry of Transport seem to have been put on hold, at least temporarily, with the appointment of Helder Barbalho as the ministry’s new leader. Brazilian maritime interests are relieved the SEP is staying separate from the transport ministry because they will have resources and personnel dedicated exclusively to ... Read More »