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Turkey Deputy PM Babacan predicts world economic outlook ‘better’ in 2015

ANKARA: Turkey’s Deputy Prime Minister Ali Babacan depicted a more positive global economic outlook for the remainder of 2015 compared to 2014, despite major concerns over slow progress in economic growth and low demand. Babacan, who chaired the meeting because Turkey is the interim president of the G20 group, spoke at a press conference of G20 finance chiefs meeting in ... Read More »

Jordan’s Prime Minister inaugurates 573MW capacity power generation plant

AMMAN: The Prime Minister Abdullah Ensour, inaugurated a 573MW power generation plant in Al Manakher area east of Amman. The station, which was constructed by the Amman Asia Electric Power Company, will provide about 15 percent of the power supply to the current capacity of the electric network. The 573MW station is the largest diesel-fired power generation project in the ... Read More »

India launches nation’s first air quality index to monitor air pollution

DELHI: As reported by the Hindustan Times, Prime Minister Narendra Modi has just launched a national air quality index, aiming to both raise awareness about pollution problems and incentivize a change to the country’s economy. While the Prime Minister rejected outside criticisms of pollution in India, he did make it clear that the current model of fossil fuel-driven development will ... Read More »

Italy PM okays $6.7 billion plan for ultra-fast broadband grids

ROME: Italian Prime Minister Matteo Renzi’s cabinet approved a plan to use 6 billion euros of public funds ($6.7 billion) to encourage phone carriers to boost high-speed networks in the country. The six-year initiative, announced by Renzi’s undersecretary Graziano Delrio on Tuesday, won’t require Telecom Italia SpA, the country’s biggest phone company, to carry out a mandatory switch off its ... Read More »

Greece anti-austerity govt faces its toughest challenge of bailout

ATHENS: Greek Prime Minister Alexis Tsipras has said that his anti-austerity government now faces its toughest work as in first public reaction deal made to extend bailout for four months. The Greek Prime Minister, Alexis Tsipras, has said the country has won a significant battle but had yet to win the war, in his first public reaction to the latest ... Read More »

Australia’s Prime Minister Tony Abbott assures 1.5pc tax cut for small businesses

CANBERRA: In order to reclaim his leadership with a promise to change direction on policy, Australia’s Prime Minister Tony Abbot has guaranteed a 1.5% tax cut for small businesses, that would be applicable from July this year. Reeling from the crushing defeat of the Liberal-National Party in Queensland and from devastating federal poll numbers, Mr. Abbott has told the National ... Read More »

Tony Abbott assures 1.5% tax cut for small businesses

Abbott promises 1.5pc small business tax cut CANBERRA: In order to reclaim his leadership with a promise to change direction on policy, Australia’s Prime Minister Tony Abbot has guaranteed a 1.5% tax cut for small businesses, that would be applicable from July this year. Reeling from the crushing defeat of the Liberal-National Party in Queensland and from devastating federal poll ... Read More »

Pedro says ‘No’ to Greece on debt re-negotiations

LISBON: “I won’t be joining any group that may be proposed to restructure the debt,” Mr. Pedro Passos Coelho told lawmakers in parliament after one of them said the new Greek government planned to call for an European conference to discuss the issue. He added that Portugal’s debt is sustainable. Portugal exited a 78 billion euros ($88.6 billion) bailout program ... Read More »

Vietnamese Prime Minister approves development project with $273b US funding

HANOI: Prime Minister Nguyen Tan Dung has approved funding for a project to strengthen the power infrastructure in Hanoi and Ho Chi Minh City.The project will be financed with loans worth around US$273 million from the Asian Development Bank (ADB) and the Asian Infrastructure Fund (AIF). The project will develop and upgrade substations, expand 110 kilovolt and 220 kilovolt transmission ... Read More »

Harper says Bank of Canada policy restrictive after cut

OTTAWA: Canadian Prime Minister Stephen Harper said the Bank of Canada’s surprise interest rate cut this week was appropriate, noting the deep decline in crude oil prices would pose significant headwinds for the economy. The Canadian leader said he has confidence in the central bank which conducts policy independent of the government and its actions. The Bank of Canada said the 50% ... Read More »

5600MW of power in 3 yrs: Govt adopts two-pronged policy to address energy crisis: Dar

ISLAMABAD: Under a two pronged strategy, the government, in short-term policy, envisages an immediate measure to generate 1,000MW electricity based on well-head gas in areas under Hesco and Sepco. Secondly, there is a plan for another 1,000MW power generation package, also under Hesco and Sepco based on local gas supply and bids for these projects have already been invited till ... Read More »

Japan’s ruling coalition approves cut in corporate taxes to boost economic growth

TOKYO: Japan’s ruling coalition, by Prime Minister Shinzo Abe to boost profitability and bolster economic growth, has approved a tax reform plan that will cut corporate taxes from April and pledges further reductions in coming years in a bid. The plan approved by Abe’s Liberal Democratic Party and its coalition partner Komeito would cut the overall effective corporate tax rate ... Read More »

Falling prices: Norway’s oil wealth expenditure in 2015 to reach record 6.4%

OSLO: The fall in oil prices from record high levels above USD 100 a barrel to just around USD 60 has fueled fears of economic contraction, higher unemployment and lower wage growth. Norway’s state revenue and fiscal policy has been largely based on the use of petroleum revenues. Oil wealth expenditure in 2015 will reach a record 6.4 percent of ... Read More »

Japan’s Abe to spend up to $30b to revive country’s regions

TOKYO: Japan will spend up to $30 billion in a stimulus package to revive the country’s regions but will keep new bond issuance in check, highlighting the tough balance Prime Minister Shinzo Abe must strike between lifting growth and fixing Tokyo’s tattered finances. Abe has pledged with his landslide win in Sunday’s election giving him a fresh mandate to end 15 ... Read More »

Dec 12 power breakdown: 3 officials including Guddu CEO suspended

ISLAMABAD: The Guddu CEO along with two other officers was suspended on charges of negligence that plunged parts of the country into darkness on Dec 12. According to the Prime Minister’s media office, the government has suspended several officials for negligence that resulted into power outage in parts of the country. The probe into the Friday’s power suspension indicate that ... Read More »

Bangladesh govt approves TK3 billion to stop gold smuggling

DHAKA: Prime Minister Sheikh Hasina has finally approved the four airports security plan, including Shahjalal and Shah Amanat, at a cost of TK 3 billion to prevent gold smuggling. The decision follows repeated haul of smuggled gold at the Dhaka and Chittagong airports over the past two years. The project aims at strengthening security arrangements at the Shahjalal and Shah ... Read More »

Singapore’s 3D map of country to cost $73 million

SINGAPUR: Singapore is planning a 3D map for the entire country which is complete in 2017, detailed map of Singapore will show virtual 3D replicas of trees, roads, car park lots, buildings and all other above the ground structures witch cost of $73 million. Prime Minister of Singapore Lee Hsien Loong said that virtual Singapore as part of his 10 ... Read More »

$45 investment: China set to build $3b LNG pipeline, terminal at Gwadar  

ISLAMABAD: China will lay pipeline from Gwadar to Nawabshah and construct the terminal for liquefied natural gas (LNG) handling and re-gasification facilities and to develop large storages at an estimated of cost $3 billion – $1 billion pipeline and over $2 billion LNG terminal. China will provide for 85 percent cost of the laying LNG pipeline from Gwadar Port to ... Read More »

Mian Anjum calls for early construction of Kalabagh Dam

LAHORE: Decision of continuous electricity supply to the industrial sector would not only give breathing space to the industry but would also increase GDP and national exports. This was stated by the candidate for FPCCI President Mian Anjum Nisar while talking to a delegation of industrialists here on Tuesday. He said that decision would go a long way for revival ... Read More »

Railways revenue target hiked from Rs28 billion to Rs31 billion: Saad

LAHORE: Railways Minister Khawaja Saad Rafique has revealed that 70 locomotives would be dedicated for freight sector of Pakistan Railways before the end of fiscal year 2014-15. He also said that the PR revenue target had been increased from Rs28 billion to Rs31 billion while the expenditures decreased from Rs65 billion to Rs62.5 billion. Railways minister Khawaja Saad Rafique made ... Read More »