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Author Archives: Sahar

Global air passenger travel grow by 5.4% in year to August

AMSTERDAM: Global air passenger travel grew by 5.4% in the year to August, a comparatively fast rate on the back of strength in the European market, according to new data from the International Air Transport Association (IATA). As the chart below from IATA shows both premium and economy passenger numbers are continuing to trend higher following a sudden slowdown in ... Read More »

Xi Jinping says UK power point open by 2025 at Hinkley Point

LONDON: China’s leader is expected to put the seal later on its contribution to what will be the first UK nuclear power plant to be built in a generation. The plant could be opened by 2025 at Hinkley Point, in Somerset, with China likely to cover about 30% of the cost. President Xi Jinping is meeting Prime Minister David Cameron ... Read More »

Ambassador says UK needs Chines investment

LONDON: China’s ambassador to the UK has said that the “UK needs Chinese investment”. Liu Xiaoming was speaking on BBC1’s Andrew Marr Show the day before the start of President Xi Jinping’s state visit to the UK. He said the expected deal to build a new nuclear power plant at Hinkley Point was “in the best interests of Britain and ... Read More »

DTZ Sherry FitzGerald seeking €2.4m for freehold interest in industrial building

DUBLIN: DTZ Sherry FitzGerald is seeking €2.4 million for the freehold interest in an industrial building with a long-term income stream at Baldoyle Industrial Estate in Dublin 13. Should it sell at this price a purchaser can secure a net initial yield of 7 per cent. The property, Ultra House at Unit 6-10 in the estate, is being sold by ... Read More »

VW scandal widens as France and Italy launch deception inquiries

PARIS: The Volkswagen emissions-testing scandal is deepening, with authorities in France and Italy launching investigations into the embattled German carmaker. Italy’s competition regulator is to investigate whether VW engaged in “improper commercial practices” by promoting its vehicles as meeting emissions standards which it failed to reach without a “defeat device”. The inquiry involves Volkswagen, Audi, Seat and Skoda diesel vehicles ... Read More »

NBG’s Finansbank $3.6b draws suitors from Qatar, Turkey

ANKARA: Finansbank, the $3.6 billion Turkish lender owned by National Bank of Greece, has attracted bids from Qatar National Bank and Fibabanka, according to three people with knowledge of the matter. The banks and other unidentified lenders submitted offers for the Istanbul-based lender about two weeks ago, the people said, asking not to be named because talks are private. NBG ... Read More »

10 Food company CEOs tell world leaders to Act on Climate

BRUSSELS: With key international climate negotiations fast approaching in Paris, the CEOs of Mars, Incorporated, General Mills, Unilever, Kellogg Company, Nestlé USA, New Belgium Brewing, Ben & Jerry’s, Clif Bar, Stonyfield Farm and Dannon USA released a joint letter yesterday to U.S. and world leaders pledging to accelerate business action on climate change and urging governments to do the same ... Read More »

15-member Belgian trade team due on October 5

BRUSSELS: The Economic and Commercial Representation, Embassy of Belgium in Pakistan is pleased to announce the arrival of a 15-member trade delegation comprising 12 leading Belgian companies from the Flanders Region and from the Walloon Region of Belgium. The trade delegation will be in Karachi on 5 and 6 October and in Lahore on 7 and 8 October 2015. The ... Read More »

Grow NI disputes UK treasury estimate of corporation tax cut cost

LONDON: The cost of introducing a lower rate of corporation tax could be dramatically less than previously projected. The British treasury estimates it would cost the Northern Ireland Executive about £325 million (€440 million) to cut the corporation tax rate in the North. But Grow NI, the business umbrella group which has spearheaded the lower corporation tax rates campaign, says ... Read More »

Arçelik announces intentions to bring Beko to US market

ANKARA: In early 2015, Arçelik AS, the Turkish home appliances company, announced that it would commence production of major appliances in Thailand for the domestic market as well as to cater to neighbouring markets such as Vietnam, Indonesia, Myanmar and the Philippines. Thailand will be the sixth plant for Arçelik, after Turkey, Romania, Russia, China and South Africa. More recently, ... Read More »

Irish-led space mission due to come to fruition in 2016

DUBLIN: As an Irish-led space mission is due to come to fruition in 2016, Kehlan Kirwan this week looks at Ireland and how we are steadily creating a reputation in the space industry. In February 1990 the Voyager space probe was hurtling out of our solar system. It had wound its way around our tiny part of the galaxy, sling-shotting ... Read More »

Chinese shares drop 8.5% at 3,209.91 points in dramatic slide

BEIJING: Chinese shares continued their sharp fall as concerns over the country’s slowing growth and volatile markets sparked panic among traders. The mainland benchmark index, the Shanghai Composite, closed down 8.5% at 3,209.91 points, extending last week’s losses. The sell-off continued despite Beijing’s latest attempts to reassure investors. China’s dramatic tumble has dragged down markets across the region. The Hong ... Read More »

Greece agree to sell rights to German company to operate 14 airports

BERLIN: Greece has agreed to sell to a german company the rights to operate 14 regional airports. The deal is the first in a wave of privatisations the government had until recently opposed but needs to make to qualify for bailout loans. The decision, which was published in the government gazette overnight Monday to Tuesday, would hand over the airports, ... Read More »

France economy slowdown drags on eurozone GDP figures

PARIS: A slump in French manufacturing and construction sapped the strength of the eurozone economy in the second quarter, pushing the 19-member currency bloc’s GDP growth rate down to 0.3% from 0.4% in the first three months of the year. A solid performance by Germany and continuing expansion, albeit modest, in Italy offset the figures from Paris, which showed that ... Read More »

Exit from EU would damage Britain and Europe: Axa chairman

BRUSSELS: A British exit from the European Union would be severely damaging for both parties and like a divorce, the head of one of the biggest insurers and chairman of the influential Bilderberg group has warned. Henri de Castries, chairman of Axa, said a so-called Brexit would “diminish both the status and influence of the UK” and leave the country ... Read More »

6 US F-16 jets arrive in Turkey to fight IS

ANKARA: Six U.S. F-16 fighter jets arrived at an air base in southern Turkey to join the U.S.-led coalition fight against Islamic State militants, the U.S. military said. The U.S. European Command said in a statement that the U.S. air force deployed a “small detachment” of six F-16 jets, support equipment and about 300 personnel at Incirlik Air Base. The ... Read More »

Rapper Snoop Dogg seized at Italy airport with $422,000 stuffed in his luggage

ROME: Italian police stopped California rapper Snoop Dogg as he prepared to board a private plane bound for Britain with $422,000 in cash in his Louis Vuitton luggage, said an Italian lawyer representing the entertainer. In the European Union, the maximum amount of undeclared cash one can take on board a plane is 10,000 euros ($10,986.00). Snoop Dogg, who has ... Read More »

Norway total revenues stood at 305 NOK, up from 285m NOK in H1 2014

OSLO: Recorded music income was up a healthy 7% in Norway in the first half of 2015, with streaming finding yet more growth to heavily dominate the market. Total revenues stood at 305 NOK (€34.2m), up from 285m NOK (€32m) in H1 2014. According to IFPI stats, Norway was the 15th biggest recorded music market across last year. Ahead of ... Read More »

UK Internet users to get security training from Google

LONDON: Google is aiming to train at need British Internet users on how to stay secure online. Google is one of a number of tech companies that is ramping up its efforts to provide security training. The company will be running a countrywide road show that aims to train more than 10,000 British Internet users in how to stay secure ... Read More »

UK Internet users to get security training from Google

LONDON: Google is aiming to train at need British Internet users on how to stay secure online. Google is one of a number of tech companies that is ramping up its efforts to provide security training. The company will be running a countrywide road show that aims to train more than 10,000 British Internet users in how to stay secure ... Read More »