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Tag Archives: Economy

Jonathan Hill praises London’s ability to innovate and adapt to change

BRUSSELS: European Union plans to help markets raise more funds for the economy play to London’s strengths as a global trading centre, the bloc’s financial services chief Jonathan Hill told leading bankers and dealers. In his first speech to London’s financial community since his appointment to the European Commission last November, the former Conservative minister went out of his way ... Read More »

Greece’s economy shrinks by 1%, banks loses 14% deposits during 6 month period, says S&P

ATHENS: S&P said the Greek economy had shrunk by 1% in six months, despite the twin benefits of a lower oil price and a weak euro. Since the end of November 2014, Greek banks have lost about 14% of their deposit base to customer withdrawals and deposit outflows have continued. “Greece’s solvency hinges increasingly on favorable business, financial, and economic ... Read More »

Northern Ireland economy witnesses a slight return in March

DUBLIN: Northern Ireland’s economy witnessed a slight return to growth in March but continues to lag behind the rest of the UK with a weak euro damaging export sales. Business activity picked up by a small amount last month, according to the Ulster Bank purchasing managers’ index – fuelled mostly by the services sector. But it did so marginally, with ... Read More »

Bulgarian economy may loss €800m over Greece tax policies

ATHENS: Bulgaria will face €800 million loss, if Greece decides to implement a 26% tax on contracts with local companies. The calculation was made by using national statistical data, showing that the annual stock exchange between the two countries amounts to €2. 8 billion, therefore 26% would mean €800 million less for the Bulgarian economy. Additionally, Deputy Finance Minister Kiril Ananiev ... Read More »

Bulgarian economy may loss €800m over Greece tax policies

ATHENS: Bulgaria will face €800 million loss, if Greece decides to implement a 26% tax on contracts with local companies. The calculation was made by using national statistical data, showing that the annual stock exchange between the two countries amounts to €2. 8 billion, therefore 26% would mean €800 million less for the Bulgarian economy. Additionally, Deputy Finance Minister Kiril Ananiev ... Read More »

Grey economy growing in Poland: Customs officers

WARSAW: Poland Customs officers who supervise gambling in Poland said that grey economy has grown exponentially in Country and say that they cannot put an end to it. Over 90 percent of the Polish gambling industry is made up of illegal businesses. The internet is booming with illegal gambling, and the number of foreign companies offering it increased from 86 ... Read More »

Bulgarian economy may loss €800m over Greece tax policies

ATHENS: Bulgaria will face €800 million loss, if Greece decides to implement a 26% tax on contracts with local companies. The calculation was made by using national statistical data, showing that the annual stock exchange between the two countries amounts to €2. 8 billion, therefore 26% would mean €800 million less for the Bulgarian economy. Additionally, Deputy Finance Minister Kiril Ananiev ... Read More »

SA’s economy can expand only 2% in 2015 due to power shortage

JOHANNESBURG: South Africa’s economy could have been 10 percent larger if power shortages hadn’t stifled growth and investment and put the nation’s debt at risk of being cut to junk, economists’ estimates show. Eskom Holdings SOC Ltd, which supplies about 95 percent of the country’s electricity, is rationing supply because it can’t meet demand from ageing plants following years of ... Read More »

Grey economy growing in Poland: Customs officers

WARSAW: Poland Customs officers who supervise gambling in Poland said that grey economy has grown exponentially in Country and say that they cannot put an end to it. Over 90 percent of the Polish gambling industry is made up of illegal businesses. The internet is booming with illegal gambling, and the number of foreign companies offering it increased from 86 ... Read More »

Qatar’s economy swells more than 6% in 2014

DOHA: Qatar’s economy grew by more than six percent in 2014, official figures showed, driven by spending on huge construction projects ahead of the 2022 World Cup. Shrugging off any fears regarding the oil price slump, the energy-rich Gulf economy expanded by 6.2 percent last year, according to the ministry of development planning and statistics. The strong performance is evidence ... Read More »

US economy records its lowest job growth since Dec 2013

NEW YORK: US economy has seen its lowest job growth since December 2013. In the march the economy created 126,000 jobs in March which is half of the number in February’s hiring number 264,000 and this will delay the interest rate hike which was later in the year. Slowdown in manufacturing impacted by the strong dollar, fewer houses being built ... Read More »

World’s 7th largest economy Brazil grows just 0.1% in 2014

BRASILIA: Brazil, the world’s seventh largest economy, narrowly avoided contracting in 2014 with a growth rate of just 0.1% for the year. The economy had been growing at a fast pace for the past decade but has slowed considerably in the past four years. The slowdown is a result of low commodity prices, sluggish global growth and low investor confidence. ... Read More »

Grey economy growing in Poland: Customs officers

WARSAW: Poland Customs officers who supervise gambling in Poland said that grey economy has grown exponentially in Country and say that they cannot put an end to it. Over 90 percent of the Polish gambling industry is made up of illegal businesses. The internet is booming with illegal gambling, and the number of foreign companies offering it increased from 86 ... Read More »

Turkish economic confidence index falls 15.4% MOM to 74.85 in March

ANKARA: The Turkish economic confidence index fell 15.4 percent month-on-month to 74.85 in March, data from the Turkish Statistics Institute (TurkStat) showed on Monday. The decrease stemmed from falls in consumer, manufacturing industry, services, retail trade and construction confidence indices, TurkStat said. The index indicates an optimistic outlook about the general economic situation when the index is above 100 and ... Read More »

British economy grows by 0.6% in 3 months, 3% in a year

LONDON: The Office for National Statistics just released its final estimate of UK GDP for the fourth quarter. The top line is that growth was a little faster than expected: 0.6% in the final three months of the year, and 3% over the year as a whole. Analysts had expected 0.5% in the final three months and 2.7% for the ... Read More »

China’s Cosco top bidder to buy majority stake in Greece’s port of Piraeus

ATHENS: The Greek government will sell its majority stake in the port of Piraeus within weeks, the country’s deputy prime minister told China’s official Xinhua news agency, a flip-flop from the leftist government as it seeks funds from its creditors. The Syriza government of Alexis Tsipras took power in January on promises to end painful austerity, saying it would halt ... Read More »

Low inflation, strong growth put Philippines in comfortable position: M. Tetangco Jr.

MANILA: Economic managers have built up enough buffers to ensure the country stays on its current growth path, or at the very least avoid major crises, amid several risks from overseas. M. Tetangco Jr. said low inflation and strong growth put the Philippines in a comfortable position despite dark clouds in other countries. “Given the positive alignment between inflation and ... Read More »

China’s IT tycoons aim bigger role in economy

SHENZHEN: China’s IT tycoons said at a forum on Sunday China can adopt a better economic structure as the IT boom deepens its integration with traditional industries. Tencent Chairman Pony Ma said the Internet could resolve “unreasonable factors” in industries such as the telecommunication and finance. He said the Internet would transform many industries to focus on individual demands. Chinese ... Read More »

Ireland GDP expands by 4.8% in 2014, fastest in 28-member EU

DUBLIN: Ireland has logged the fastest growth rate of all 28 EU member countries. Fresh figures from the national statistics office revealed that both strong exports and domestic demand contributed to the surge. Gross domestic product in Ireland expanded by 4.8 percent in 2014, the Central Statistics Office (CSO) reported Thursday, marking the biggest GDP growth rate in all of ... Read More »

China’s IT tycoons aim bigger role in economy

SHENZHEN: China’s IT tycoons said at a forum on Sunday China can adopt a better economic structure as the IT boom deepens its integration with traditional industries. Tencent Chairman Pony Ma said the Internet could resolve “unreasonable factors” in industries such as the telecommunication and finance. He said the Internet would transform many industries to focus on individual demands. Chinese ... Read More »