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Author Archives: Sahar

UK bonuses by banks, insurers to top £100b since financial crisis: Robin Hood Tax campaign

LONDON: Bonuses paid out by banks and insurers since the start of the financial crisis are set to top £100bn this year, according to the Robin Hood Tax campaign. As this year’s bonus season is in full swing, the campaigners analysed data from the Office for National Statistics. It shows that bonuses paid out in the financial sector have reached ... Read More »

UK Shoppers spends extra £1.4m per week on organic products to secure £1.86b market

LONDON: UK Shoppers spent an extra £1.4 million a week on organic products and the organic market exceeded £1.86 billion, bringing sales back to levels in 2009. Growth in sales across Soil Association Certification symbol holders increased by 7.7%. UK organic product market has enjoyed a surge in consumer interest as the Soil Association’s latest report confirmed significant growth in a ... Read More »

UK oil production revenues fall by £24b in 2014

LONDON: Oil & Gas UK reports revenue from production in UK waters fell by £24 billion last year due to a collapse in global oil prices. According to Oil & Gas UK’s 2015 Activity Survey, the decline in revenue was “the lowest since 1998”, despite production having dipped just one per cent on the previous year to average 1.42 million ... Read More »

Turkey foreign trade deficit falls 15.4% to $84.5b in 2014

ANKARA: Turkey’s foreign trade deficit has fallen 15.4 percent to $84.5 billion in 2014, due to a rise in exports to the EU, dramatic decrease in gold imports and plunging oil prices, according to data released by Turkish Statistics Institute (TÜİK). Turkey’s exports increased to $157.72 billion in 2014 by a 3.9 percent of increase from the previous year, the ... Read More »

Turkey central bank cuts one-week repo rate by 25 basis points

ANKARA: Turkey’s central bank cut its one-week repo rate by 25 basis points, as inflation slows and it faces growing political pressure to ease monetary policy. The bank cut the repo rate to 7.5 percent and lowered its overnight borrowing rate to 7.25 percent. It cut its overnight lending rate by 50 basis points to 10.75 percent and its primary ... Read More »

Switzerland to sign tax deal with Germany to automatically exchange tax information: Eveline Widmer-Schlumpf

BERLIN: Switzerland expects in the future to sign a deal with Germany to automatically exchange tax information, Swiss Finance Minister Eveline Widmer-Schlumpf said, after the signing of a tax agreement with Italy. “In the medium term we will sign a deal on automatic tax information sharing with Germany,” Widmer-Schlumpf said during a press conference in Milan. Read More »

Brussels launches in-depth probe into GE partial takeovertie of French industrial champion Alstom

BRUSSELS: Brussels has launched in-depth probe into GE’s partial takeover of French industrial champion Alstom, in a signal that antitrust issues over power equipment may further complicate a $16.9bn deal already heavily influenced by politics. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. The European ... Read More »

UK govt mulling new tax evasion law to penalise companies after HSBC scandal

LONDON: British government is mulling a new law to penalise companies, banks as well as accountants who help people evade tax, in a crackdown on corporate tax evasion in the wake of HSBC tax-dodging scandal. Liberal Democrat chief secretary to the treasury Danny Alexander said he aims to introduce a new offence for firms that fail to act to prevent ... Read More »

Robin Hood tax campaign: UK finance bonuses to top £100b since financial crisis

LONDON: Bonuses paid out by banks and insurers since the start of the financial crisis are set to top £100bn this year, according to the Robin Hood Tax campaign. As this year’s bonus season is in full swing, the campaigners analysed data from the Office for National Statistics. It shows that bonuses paid out in the financial sector have reached ... Read More »

Turkish finance minister announces to tax non-resident Internet firms

ANKARA: Turkish Minister of Finance Mehmet Şimşek announced the government’s intention to impose corporate income tax and VAT on non-resident Internet companies by introducing the concept of “electronic taxpayer” to the Tax Procedure Law.  The stated objective is to collect tax from social network platforms and other non-Turkish companies generating income selling online advertisements directed to Turkish consumers. While acknowledging ... Read More »

TAV plans to distribute 306m liras of dividend from revenue of 983 million euros

ANKARA: TAV would distribute 306 million liras of dividend this year from its 2014 net profit. TAV, Turkey’s leading brand in airport operations, posted a net profit of 218 million euros in 2014 with an increase of 64 percent compared to the previous year, the company said. TAV Airports increased its revenue to 983 million euros in 2014 with an ... Read More »

Abraaj Group acquires minority stake in Turkey Hepsiburada

ANKARA: The Abraaj Group, a leading investor operating in global growth markets, announced the acquisition of a minority stake in Hepsiburada.com, a market leader in Turkey’s online retail sector. The investment will be used by Hepsiburada to accelerate the rapid expansion of its market leading e-commerce operations in Turkey, including a custom-built, state-of-the-art fulfillment center, the company said in a ... Read More »

Xiamen Customs seizes crocodile specimen on Gaoqi Airport on flight KL883 from Amsterdam

AMSTERDAM: Xiamen Customs at Xiamen Gaoqi Airport seized a crocodile specimen from a passenger’s luggage. It is the first time that Gaoqi Airport Customs has seized a crocodile specimen from a passenger. At 11:30 that day, a Chinese-Bolivian passenger arrived at Xiamen Gaoqi Airport on flight KL883 from Amsterdam. Officials from the Gaoqi Branch of the Xiamen Entry-Exit Inspection and ... Read More »

Germany offers 390.3m euros for Kenya development

BERLIN: Germany committed 390.3 million euros towards Kenya’s development between 2010 and 2013. Kenyan Foreign Affairs Minister Ambassador Amina Mohammed held talks Sunday with visiting German counterpart Frank Walter Steinmeier on promoting ties. “Kenya is a country that has continued to promote regional cooperation,” Steinmeier told reporters.He cited the East African Community (EAC) summit hosted by Kenya on Friday. “We ... Read More »

German business confidence rises for 4 month on opitmism over ECB stimulus for Greece

BERLIN: German business confidence rose for a fourth month as faster economic growth and optimism over European Central Bank stimulus outweighed fears of a worsening Greek crisis. The Ifo institute’s business climate index, based on a survey of 7,000 executives, advanced to 106.8 in February from 106.7 in January. The median estimate of 37 economists in a Bloomberg News survey ... Read More »

HSBC chief executive Stuart Gulliver receives £7.6m in pay, bonuses in 2014

BRUSSELS: HSBC chief executive Stuart Gulliver received £7.6m in pay and bonuses last year, as the bank issued a fresh apology for the “unacceptable” tax avoidance activities at its Swiss unit. Gulliver was drawn in to the tax scandal after leaked files from HSBC’s Swiss banking arm showed he had an account there until 2003 and sheltered millions of pounds ... Read More »

Dutch startup WeTransfer raises $25m in new funding to expand into US, Europe

AMSTERDAM: Dutch startup WeTransfer has raised $25 million in new funding to expand into the “US, Europe, and beyond.” It announced the news in a press release on Tuesday. The Amsterdam-based company operates a cloud-based service that allows users to send large files just as securely and easily as email attachments. Today, WeTransfer has 25 million active users who send ... Read More »

Start-ups increase by 10.22%: 6,395 companies established in Turkey in January

ANKARA: Total of 6,395 companies were established in Turkey during the month of January, according to a report released by the Union of Chambers and Commodity Exchanges of Turkey. New start-ups increased by 10.22 percent compared to the same period last year. However, the report said 2,441 companies ended up with a decrease of 4.8 percent over the same period. ... Read More »

Turkey unemployment rate increases to 10.7%, highest since Oct 2010

ANKARA: Turkey’s unemployment rate increased to 10.7 percent in the November 2014 period, the highest since October 2010, the Turkish Statistical Institute (TÜİK) revealed. Analysts said the rise was mainly caused by the decrease in domestic demand and the increase in labor force participation. Non-agricultural unemployment was announced at 12.7 percent.Some 3.1 million unemployed people aged 15 and over were ... Read More »

Norway govt rejects call to cut oil taxes amid plunging crude prices

OSLO: Norway’s government rebuffed pleas to cut oil taxes amid plunging crude prices, calling on the nation’s largest industry to cut costs to weather the slump. “We don’t think you should answer lower oil prices by changing the tax system,” Prime Minister Erna Solberg said Wednesday at the Oslo Energy Forum, a conference attended by top executives from Statoil ASA, ... Read More »