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Oil & Gas UK says ETF to maximise economic recovery from Continental Shelf

LONDON: A taskforce is being launched in an effort to improve efficiency and collaboration in the oil and gas industry. Industry body Oil & Gas UK said the Efficiency Task Force (ETF) would support the drive to maximise economic recovery from the UK Continental Shelf. ETF will build on informal arrangements already in place between companies. The move follows a ... Read More »

Italy’s economic upturn widens north-south divide

ROME: Italy Pertosa is bubbling with pride as he recounts how Mermec, his company in the Puglia region of southern Italy, recently won a €50m contract to supply the Japanese railways with a measurement technology system for their Shinkansen bullet trains. “They went all around the world and in the end they found what they needed here,” Mr Pertosa, 56, ... Read More »

French economic growth to accelerate slightly in Q3

PARIS: French economic growth will accelerate slightly in the third quarter, a business survey by the Bank of France showed Monday. Based on the central bank’s survey of business activity in July, the French economy will expand 0.3% in the third quarter from the second. The Bank of France’s previous survey had forecast second-quarter growth of 0.2%. Business sentiment in ... Read More »

Economic growth business groups see slow recovery, urge deep tax cuts

ROME: Economic growth in Italy remains “fragile,” cautioned business group Confcommercio on Thursday even as Confindustria, representing major employers, expressed optimism for a slow but encouraging expansion. Even as the two bodies differed slightly on the pace of growth in the longsuffering Italian economy, both agreed on the need for more business tax cuts which they say would boost productivity. ... Read More »

Economists expect UK inflation to head back to zero in June

LONDON: Summer clothing sales are expected to have pulled UK inflation back down to zero last month, bringing more relief to households and taking pressure off the Bank of England to raise interest rates any time soon. Economists expect official figures published on Tuesday morning to show inflation on the consumer price index (CPI) measure dipping back to zero in ... Read More »

Hungarian economic migrants send cash $1,700 a year

BUDAPEST: A typical migrant sends home $1,700 a year, the average Hungarian living abroad transfers $5,500 each year back to his or her country of origin, the highest amount per capita in the EU, online news portal napi.hu reported yesterday. According to the World Bank, 20 million Central European-born individuals were living outside of their home countries but within the ... Read More »

German economic upturn to maintain moderate pace: Finance ministry

BERLIN: The German economy had a good start to the second quarter and indicators point to the upturn continuing, despite surveys showing the mood among companies and investors has deteriorated, the finance ministry said. Growth in Europe’s largest economy slowed to 0.3 percent in the first quarter as foreign trade dragged. Latest data showed orders, output, exports and retail sales ... Read More »

US Waterville CMGC to focus on economic development

WATERMILL: The Central Maine Growth Council has hired an economic development specialist and restructured its organization in an effort to kick start its mission to promote economic growth in the Waterville area. Garvan D. Donegan, a recent graduate of the Muskie School of Public Service at the University of Southern Maine, started work at the beginning of the month at ... Read More »

Positive global economic trends to help Finland to boost economy by 0.5% in 2015

HELSINKI: Positive trends in the world economy will help Finland break free of the recession, economists of the Danske Bank have forecast in a report. The report, however, said the Finnish economic growth remains fragile for this year and the next. “We expect the Finnish economy to grow by 0.5 per cent in 2015,” Danske Bank Chief Economist Pasi Kuoppamäki ... Read More »

Denmark’s economic growth slows down to 0.4% in Q1-2015

COPENHAGEN: Denmark’s economy grew at a slightly slower pace last quarter after consumers reined in their spending and as investments fell. Gross domestic product grew 0.4 percent in the first quarter from 0.5 percent in the fourth, the statistics office in Copenhagen said on Friday. Consumer spending grew 0.7 percent, compared with 1.2 percent in the three months through December. ... Read More »

Polish economic sentiment indicator fell to 98.5 pt m/m

WARSAW: The Economic Sentiment Indicator (ESI) for Poland fell by 1.5 points month-on-month, stood at 98.5 points in May, the European Commission estimated. The indicator for industry fell by 0.5 p. m/m to the level of -12 p., for the building industry it declined to -26.2 p. from -24.7 p. The ESI for consumption fell to -13.5 p. from -10.1 ... Read More »

Polish economic sentiment indicator fell to 98.5 pt m/m

WARSAW: The Economic Sentiment Indicator (ESI) for Poland fell by 1.5 points month-on-month, stood at 98.5 points in May, the European Commission estimated. The indicator for industry fell by 0.5 p. m/m to the level of -12 p., for the building industry it declined to -26.2 p. from -24.7 p. The ESI for consumption fell to -13.5 p. from -10.1 ... Read More »

Denmark’s economic growth slows down to 0.4% in Q1-2015

COPENHAGEN: Denmark’s economy grew at a slightly slower pace last quarter after consumers reined in their spending and as investments fell. Gross domestic product grew 0.4 percent in the first quarter from 0.5 percent in the fourth, the statistics office in Copenhagen said on Friday. Consumer spending grew 0.7 percent, compared with 1.2 percent in the three months through December. ... Read More »

Norway expansion avoids economic slowdown as consumer spending grows

OSLO: Norway’s expansion unexpectedly accelerated in the first quarter as consumers supported growth, easing pressure on the central bank to cut interest rates again. Seasonally adjusted gross domestic product, excluding oil, gas and shipping output, grew 0.5 percent, after expanding 0.4 percent in the prior three months, Oslo-based Statistics Norway said Wednesday. Growth was seen at 0.3 percent in a ... Read More »

Portugal’s EU economic transformation details since 1985

LISBON: The weight of Portuguese exports as a percentage of GDP rose from 21.3 percent prior to joining what became the European Union in 1985 to 27.8 percent in 2014, the National Institute of Statistics reported last week. The report, released in commemoration of Europe Day, traces the major structural changes since joining the union, including the rise of Spain ... Read More »

EC forecast economic growth 0.3% for 2015

HELSINKI: European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici holds a press conference to announce the European Commission’s Spring 2015 Economic Forecast, in Brussels, on May 5, 2015. Finland is forecast to attain a modest economic growth of 0.3 per cent this year and 1.00 per cent in 2016, according to the European Commission Spring 2015 ... Read More »

EC forecast economic growth 0.3% for 2015

HELSINKI: European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici holds a press conference to announce the European Commission’s Spring 2015 Economic Forecast, in Brussels, on May 5, 2015. Finland is forecast to attain a modest economic growth of 0.3 per cent this year and 1.00 per cent in 2016, according to the European Commission Spring 2015 ... Read More »

Hungarian projects economic growth at 3.1% in 2015

BUDAPEST: The state secretary for budgetary affairs told television channel M1 that the Hungarian government has raised this year’s economic growth projection from 2.5 per cent to date to 3.1 per cent, Péter Benő Banai. Péter Benő Banai also said that the Government submitted Hungary’s Convergence Programme to the European Commission on 30 April. The convergence programme lays down regarding ... Read More »

IMF revises economic forecast for Poland by 3.5% in 2016

WARSAW: The Polish economy will grow by 3.5 percent this and the next year. In January, the forecast assumed an increase of 3 percent and 3.3 percent in 2015 and 2016 respectively, said International Monetary Fund estimated. “When it comes to the projected growth, Poland is doing very well, compared with the other European countries,” said Aqib Aslan from the ... Read More »

IMF revises economic forecast for Poland by 3.5% in 2016

WARSAW: The Polish economy will grow by 3.5 percent this and the next year. In January, the forecast assumed an increase of 3 percent and 3.3 percent in 2015 and 2016 respectively, said International Monetary Fund estimated. “When it comes to the projected growth, Poland is doing very well, compared with the other European countries,” said Aqib Aslan from the ... Read More »