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Author Archives: Sahar

GMR Infrastructure profit drops from Rs30668.10m to Rs29977.30m for quarter ended on March 31

ANKARA: GMR Infrastructure Ltd has posted a net profit/loss after tax, minority interest and share of profit/loss of associates of Rs. 8919 million for the quarter ended March 31, 2015 as compared to net profit of Rs. 11701.80 million for the quarter ended March 31, 2014. Total Income has decreased from Rs. 30668.10 mn for the quarter ended March 31, 2014 ... Read More »

EU regulators opens probe into solar power panel industry in China

BERLIN: EU regulators opened a probe into the solar power panel industry in China, the European Commission said, in response to accusations that Chinese companies were dodging import duties by exporting via Taiwan and Malaysia. Following a complaint by European firms, “the Commission has concluded that sufficient evidence exists to justify the initiation of an investigation,” the Commission said in ... Read More »

Germany asks port authorities to plan for mega ship handling

LEIPZIG: One of the key challenges facing the shipping industry today is from within itself, as increasingly bigger vessels may outpace the development of port and landside infrastructure needed to support them. While there has been a doubling in the size of ships every eight years, ports are built for about 30 years so there is a “timing difference”, said ... Read More »

EU draws fire for failing to set date for own financial aid target

BRUSSELS: The EU has come under fire for failing to set a deadline for its own financial commitments to aid, a move that activists say could threaten wider talks on funding an ambitious development agenda. A critical funding summit in Addis Ababa in July is meant to agree how to finance development priorities for the next 15 years. The sustainable ... Read More »

European Commission to consider legal challenge against Germany over planned road tolls

BRUSSELS: The European Commission will consider a legal challenge against Germany over planned road tolls that appear to violate European Union anti-discrimination laws by targeting foreign motorists, the Commission’s President said. In an interview in Sueddeutsche Zeitung, Jean-Claude Juncker said the toll — which Chancellor Angela Merkel’s government passed with doubts itself in March does not appear to conform with ... Read More »

Agri colleges, stud farms, meat processors among big beneficiaries of €1.8b payments under CAP

PARIS: Agricultural colleges, stud farms and meat processors were among the big beneficiaries of €1.8bn worth of payments under the Common Agricultural Policy (CAP). Farm organisations hit out at the publication of the funding, which was uploaded to the Department of Agriculture website, describing it as a “security threat” that would place rural families at risk. Irish Farmers’ Association (IFA) ... 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 »

Wind power generation in Belgium reached a peak of 530.72 MW

BRUSSELS: Wind power generation in Belgium reached a peak of 530.72 MW at 1745 local time on May 23, surpassing by 8.92% the forecast of the national transmission system operator (TSO) Elia. The company expected wind farms in the country to be producing power at a rate of around 487.24 MW. For May 24, Elia expected wind power to peak ... Read More »

Belgium and Russia sign new tax treaty

Belgium and the Russian Federation announced in March 2007 that they would negotiate a new double tax treaty (the “Treaty”). Nearly seven years after discussions began on 20 November 2008, the Treaty was finally signed on 19 May 2015 in Brussels. This newsflash is based on an unofficial version of the Treaty made available to the author which may differ ... Read More »

Lack of API, data analytics investment costing UK companies millions

LONDON: Digital transformation is taking place, but with API’s and data analytics ignored in favour of apps. Over a third of UK companies have placed digital improvement as their top priority, however, the majority are focusing on building mobile apps and are neglecting API and analytics programs. Developing apps alone is unlikely to be enough to fully grasp the potential ... Read More »

Brazil central bank chief Alexandre Tombini faces growing concerns on rate hikes

BRASILIA: Brazil’s central bank risks causing unnecessary damage to a struggling economy if it raises interest rates even more in coming weeks, a growing number of economists and business leaders warn. Central bank chief Alexandre Tombini has already increased the benchmark Selic rate by 3.25 percentage points since October, taking it to a whopping 13.25 percent even though the economy ... Read More »

Ireland authorities seize 40kg cocaine worth €2.6m

DUBLIN: Around 88lbs (40 kilos) of the Class A drug were discovered when Border Force officers stopped and searched a Lithuanian-registered HGV at the Port of Dover in Kent. The drug was found within the bodywork of the lorry on May 27 after it had arrived at the port on a ferry from Calais. The 34-year-old Lithuanian driver, Edvinas Janusauskas, ... 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 »

Investors file $1.9 billion law suit against Norway over tariff cuts

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 »

Cameron starts a whirlwind two-day tour of European capitals

LONDON: Prime Minister David Cameron starts a whirlwind two-day tour of European capitals including Paris and Berlin Thursday in a push to secure EU reforms before a referendum on whether Britain should leave. Cameron will meet the Netherlands’ Prime Minister Mark Rutte in the Hague Thursday before having dinner with French President Francois Hollande in Paris. French Foreign Minister Laurent ... Read More »

Tesco paid new boss 4m pounds in first 6 months

LONDON: Britain’s biggest retailer Tesco paid new chief executive Dave Lewis 4.1 million pounds ($6.4 million) in the six months after luring him from consumer goods group Unilever and tasking him with turning around the firm. Tesco’s annual report for the year to Feb. 28 published on Thursday showed Lewis, who succeeded the sacked Philip Clarke on Sept. 1, received ... Read More »

Dutch retail giant Ahold’s net profit jumps from 50m euros to 213m euros YOY

AMSTERDAM: Dutch retail giant Ahold announced a more than threefold jump in net profit on the back of a strong dollar as it moves to create one of the world’s largest supermarket groups. Net profit jumped from 50 million euros ($54.5 million) to 213 million euros year-on-year, as Ahold bounced back after a taking a huge tax hit in 2014 and ... Read More »

Commodities trader Cargill to acquire Turkey’s Ekol Gida

ANKARA: Commodities trader Cargill said on Wednesday its animal nutrition business has agreed terms to acquire a 51 percent stake in Ekol Gida, which operates in premixes and feed additives markets in Turkey. The deal, which is subject to regulatory approvals, is expected to close in summer 2015.  No financial details have been disclosed. Customers will gain access to Cargill’s ... Read More »

EU outlines plans to make multinationals pay their share of tax

BRUSSELS: The European Commission outlined plans to limit how much multinational companies can reduce taxes on their European earnings through the use of creative accounting. The Commission, set to detail proposed tax measures on June 17, had already determined in March that European Union countries would have to share information on tax deals agreed with major corporations. We agreed on ... Read More »

Confidence among Belgian business leaders rises more-than-expected in last quarter

BRUSSELS: Confidence among Belgian business leaders rose more-than-expected in the last quarter, official data showed. In a report, National Bank of Belgium said that Belgium NBB Business Climate rose to -4.9, from -6.2 in the preceding quarter. Analysts had expected Belgium NBB Business Climate to rise to -6.0 in the last quarter. Read More »