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Author Archives: Sahar

Turkey’s consumer confidence index fall in May to 64.29 points

ANKARA: Turkey’s consumer confidence index fell in May to 64.29 points, its lowest in more than six years, from 65.35 in April, the Turkish Statistics Institute (TÜİK) said. The index indicates an optimistic outlook when it is above 100 and a pessimistic outlook when below 100. While household expectations for finances were little changed, expectations for future income were also ... Read More »

Microsoft product portfolio buys German start-up behind Wunderlist app

BERLIN: Microsoft said that it has bought 6Wunderkinder GmbH, a Berlin-based startup behind the Wunderlist to-do list app. “The addition of Wunderlist to the Microsoft product portfolio fits squarely with our ambition to reinvent productivity for a mobile-first, cloud-first world,” Eran Megiddo, general manager of Microsoft’s OneNote, said in a blog post. “We’re pleased to welcome the Wunderlist team to ... Read More »

German plant, machinery exports to Russia fall 28% in Q1

MOSCOW: Germany’s machinery manufacturers are increasingly feeling the pinch from Russia’s economic troubles and continue to lose market share to Chinese competitors, as Moscow seeks closer strategic ties with Asia. Plant and machinery exports to Russia fell 28 per cent in the first quarter from a year earlier, as companies struggled to secure trade financing amid strained ­relations between Russia ... Read More »

Costly bank transfer fees cost businesses £2b in 2014

BRUSSELS: More than £2bn could have been saved in costly transaction fees on non-EU international payments last year, according to a report. Business owners are losing out because they aren’t comparing bank rates and are not aware of other companies specialising in money transfers that offer cheaper rates, according to transfer comparison website FXcompared. UK companies exporting goods outside the ... Read More »

Ireland customs seizes €64k of cigarettes and alcohols, two arrested

DUBLIN: Two men have been arrested following the seizure of €64,000 of alcohol and cigarettes by Customs Officers in two separate searches in north Dublin yesterday. The Romanian and Portuguese nationals – aged in their 30s – were arrested after €11,000 worth of cigarettes were seized at Dublin Airport. They have been remanded in custody to appear before Cloverhill Court ... Read More »

Italy, Iran ink trade insurance deal

TEHRAN: Iran and Italy on Sunday signed a bilateral trade insurance agreement which is expected to help facilitate commercial transactions between the two countries, specifically once the US-engineered sanctions against Iran are lifted. The agreement was signed between the Export Guarantee Fund of Iran (EGFI) and Italy’s Servizi Assicurativi del Commercio Estero (SACE) in a ceremony held in the Italian ... Read More »

UK customs seizes 4 million cigarettes in Tyrine

LONDON: Two Tyrone men arrested in connection with major cigarette fraud have been released on bail. The pair, aged 39 and 38,  were held with three other men after officers from HM Revenue and Customs (HMRC) and the PSNI descended on a Tyrone farm on Thursday morning. Although the location of the rural property has not been disclosed, the Tyrone ... Read More »

German group takes over second-biggest Dutch cheese firm

BERLIN: The second biggest cheese company in the Netherlands, dairy cooperative DOC Kaas, is being taken over by German dairy giant DMK, the Financieele Dagblad says. Hundreds of DOC Kaas members voted in favour of the move at a special meeting on Thursday afternoon. The takeover was first mooted three years ago but there was little support, the FD says. ... Read More »

Business conditions in Turkey’s manufacturing sector improved in May

ANKARA: Business conditions in Turkey’s manufacturing sector improved last month, with HSBC’s Purchasing Managers’ Index (PMI) breaking above the no-change mark of 50 for the first time since December, the survey showed. The PMI for manufacturing, which accounts for about a quarter of Turkey’s gross domestic product, rose to 50.2 in May from 48.5 in April as firms’ purchasing activity ... Read More »

Switzerland, Italy Cooperation talks on taxation, finance including cross border issues on 28th May

BERN: Swiss and Italian foreign ministers discussed issues of taxation, finance, transport, and including cross-border in 28th May meeting. Didier Burkhalter, head of Switzerland’s Federal Department of Foreign Affairs, received Italian Foreign Minister Paolo Gentiloni for official talks in Bern on May 28. The ministers welcomed the bilateral agreement on finance and taxation signed in February. It amends their double ... Read More »

German consumer confidence increases in 13.5 years

BERLIN: Consumer confidence in Germany is at its highest in 13.5 years, as the positive economic outlook and low inflation persuade consumers to open their purses, a poll found. Very strong domestic demand in Germany and the low rate of inflation are fuelling economic expectations and consumers’ willingness to spend,” market research company GfK said in a statement. By contrast, ... Read More »

Italy’s import from Iran reaches €131 in Q1

TEHRAN: Italy’s imports from Iran more than doubled in the first quarter of 2015, reaching €131 million compared to the same period in 2014, according to the EU statistics agency Eurostat. The bilateral trade amounted to €268 million in the first three months of 2015, a 52 percent rise year on year, the report added. Italy imported €131 million worth ... Read More »

Abu Dhabi fund part of $1.9b lawsuit against Norway govt

OSLO: An Oslo court started to hear a $1.9 billion lawsuit by a group of international investors against Norway, in a case that challenges the country’s reputation as a predictable place to do business with little political risk. Investors including Allianz, UBS, the Abu Dhabi Investment Authority and two Canadian pension funds are suing Norway over its decision to cut ... Read More »

Norway’s $890b sovereign wealth fund ordered to limit holdings of companies

OSLO: Norway’s $890 billion sovereign wealth fund, built on more than four decades of extracting crude from the North Sea, was ordered by lawmakers to limit holdings of companies that produce or burn coal. That could trigger at least $4.5 billion in divestments of stocks such as RWE AG and Duke Energy Corp. While some say the environmentally friendly policy ... Read More »

German group takes over second-biggest Dutch cheese firm

BERLIN: The second biggest cheese company in the Netherlands, dairy cooperative DOC Kaas, is being taken over by German dairy giant DMK, the Financieele Dagblad says. Hundreds of DOC Kaas members voted in favour of the move at a special meeting on Thursday afternoon. The takeover was first mooted three years ago but there was little support, the FD says. ... Read More »

2 smugglers jailed for 25 tonnes of tobacco excise fraud

LONDON: A couple from Manchester have been jailed for a £3.8 million excise fraud, involving over 25 tonnes of counterfeit tobacco, after an investigation by HM Revenue and Customs (HMRC). Feng Gao, 39, and his partner Mingshu Yang, 43, of St Heliers Drive, Salford, were linked to over 28 deliveries of illegal hand-rolling tobacco (HRT) across the North West and ... Read More »

MEPs urge to block US imports to protect EU farmers

LONDON: The EU should be able to close markets to specific US agricultural goods if an increase in imports threatened to cause serious harm to domestic food production, say MEPs. The recommendation was voted through by the international trade committee last week (Thursday 28 May) when discussing how the EU should approach a controversial trade deal with the US – ... Read More »

DP World’s Antwerp Gateway to get major crane upgrade from 3 Kalmar STS

PARIS: Three Kalmar STS cranes operated by DP World at the global port operator’s Antwerp Gateway are to be heightened by 6m to allow the port to accommodate larger container ships. The project is to be undertaken by Kalmar, which will carry out all planning and engineering, including the installation of leg extensions underneath the portal beams in the existing ... Read More »

Thailand’s KBank, Osaka to hold business-matching activities

BANGKOK: Kasikornbank (KBank) is collaborating with the Osaka Chamber of Commerce and Industry (OCCI) on business matching for Japanese small and medium-sized enterprises that plan to run businesses in Thailand. Over the past few years, KBank has partnered with 25 Japanese banks for a similar SME-targeted purpose. Japanese corporate customers hold 3,300 accounts at KBank, accounting for a 14-percent share ... Read More »

Business conditions in Turkey’s manufacturing sector improved in May

ANKARA: Business conditions in Turkey’s manufacturing sector improved last month, with HSBC’s Purchasing Managers’ Index (PMI) breaking above the no-change mark of 50 for the first time since December, the survey showed. The PMI for manufacturing, which accounts for about a quarter of Turkey’s gross domestic product, rose to 50.2 in May from 48.5 in April as firms’ purchasing activity ... Read More »