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GKI raises 2015 GDP forecast to 2.5% for Hungary

BUDAPEST: Economic research institute GKI raised its projection for Hungary’s GDP growth this year from 2% to 2.5% based on strong first-quarter growth and an improved outlook, Hungarian news agency MTI reported yesterday. According to the research institute, the country’s economy grew by a year-on-year 3.4%, faster than expected. Though GKI sees exports and consumption contributing more to growth this ... Read More »

EBRD raises Polish 2015 growth forecast to 3.4% YoY

WARSAW: The EBRD hiked its forecast for Polish economic growth in 2015 to 3.4% from a 3.0% forecast issued in January as the European Central Bank quantitative easing is seen supportive for CEE economies, but recession in Russia may take its toll on growth in the region, the EBRD said in its latest set of macroeconomic forecasts. The upgrade to ... Read More »

EBRD raises Polish 2015 growth forecast to 3.4pct y/y

WARSAW: The EBRD hiked its forecast for Polish economic growth in 2015 to 3.4% from a 3.0% forecast issued in January as the European Central Bank quantitative easing is seen supportive for CEE economies, but recession in Russia may take its toll on growth in the region, the EBRD said in its latest set of macroeconomic forecasts. The upgrade to ... Read More »

EBRD raises Polish 2015 growth forecast to 3.4% y/y

WARSAW: The EBRD hiked its forecast for Polish economic growth in 2015 to 3.4% from a 3.0% forecast issued in January as the European Central Bank quantitative easing is seen supportive for CEE economies, but recession in Russia may take its toll on growth in the region, the EBRD said in its latest set of macroeconomic forecasts. The upgrade to ... Read More »

UNRWA raises budget for 2015 to $140 million

ZARQA: The budget of the UNRWA office in Jordan has increased from $85 million to $140 million in 2015 in order to cover the needs of refugees in Jordanian camps, according to Roger Davies,  director of operations at UNRWA Jordan. At a meeting with Hittin Refugee Camp residents in Ruseifa on Wednesday, Davies said UNRWA offers humanitarian assistance to 59,000 ... Read More »

Jordan refinery raises capital, distributes 18% cash dividends worth of JD11.25m

AMMAN: Jordan Petroleum Refinery Company will be distributing JD11.25 million in cash dividends to shareholders at a rate of 18 per cent following their endorsement during a general assembly meeting. Shareholders will also get bonus shares at a rate of 20 per cent as the company capitalises JD12.5 million of retained earnings raising capital to JD75 million. The general assembly ... Read More »

ECB raises Greece’s bank emergency funds by €1.4 billion

ATHENS: The European Central Bank on Wednesday raised the maximum emergency funding that Greek banks can obtain by €1.4 billion (1.5 billion), a banking source said. The increase, which brought the overall ceiling on Emergency Liquidity Assistance (ELA) to 76.9 billion euros — came as Athens sought to conclude marathon talks with its EU-IMF creditors on a new loan deal.Taking ... Read More »

ECB raises Greece’s bank emergency funds by €1.4 billion

ATHENS: The European Central Bank on Wednesday raised the maximum emergency funding that Greek banks can obtain by €1.4 billion (1.5 billion), a banking source said. The increase, which brought the overall ceiling on Emergency Liquidity Assistance (ELA) to 76.9 billion euros — came as Athens sought to conclude marathon talks with its EU-IMF creditors on a new loan deal.Taking ... Read More »

ECB Raises Funds Available to Greece Banks via ELA by €1.4b

ATHENS: The European Central Bank on Wednesday decided to raise the funds available to Greek banks from the Emergency Liquidity Assistance (ELA) system by €1.4 billion, to €76.9 billion. Bank of Greece sources said the banks have not yet exhausted the above limit and a “safety cushion” of about €3.0 billion remains. The ECB will convene again next week to ... Read More »

Finland’s Onbone Ltd raises €10m investment in 2014

HELSINKI: Finland’s company Onbone Ltd has raised a total of €10 million in an investment round led by the global venture capital investment company MVM Life Science Partners in 2014. Other participants in the round were Finnish Industry Investment Ltd, a group of private Finnish investors and Inveni Capital, an existing investor in Onbone. According to Onbone, the funds raised ... Read More »

Finland’s Onbone Ltd raises €10m investment in 2014

HELSINKI: Finland’s company Onbone Ltd has raised a total of €10 million in an investment round led by the global venture capital investment company MVM Life Science Partners in 2014. Other participants in the round were Finnish Industry Investment Ltd, a group of private Finnish investors and Inveni Capital, an existing investor in Onbone. According to Onbone, the funds raised ... Read More »

Hungary’s MNB raises economic output growth to 3.2% in 2015

BUDPEST: Hungary’s National Bank (MNB) raised its forecast for 2015 economic output growth to 3.2%, the main figures of its fresh quarterly Inflation Report showed. The bank also cut sharply its forecast for inflation in 2015, now expecting consumer prices to stagnate this year rather than increasing on average by 0.9% as projected in December. MNB forecasts Hungary’s budget deficit ... Read More »

Hungary’s MNB raises economic output growth to 3.2% in 2015

BUDPEST: Hungary’s National Bank (MNB) raised its forecast for 2015 economic output growth to 3.2%, the main figures of its fresh quarterly Inflation Report showed. The bank also cut sharply its forecast for inflation in 2015, now expecting consumer prices to stagnate this year rather than increasing on average by 0.9% as projected in December. MNB forecasts Hungary’s budget deficit ... Read More »

S&P raises rating of IGI to A- from BBB+

AMMAN: The Standard and Poor’s, raises the rating of International General Insurance Company Ltd (IGI) to A- from BBB+. This rating applies to the Bermuda-based IGI group, which has operations in Dubai, Amman, London, Labuan and Casablanca. S&P said: “IGI and its subsidiaries performed strongly and ahead of our expectations in 2014. “The rating agency added: “We expect that IGI ... Read More »

Kenya housing finance raises 2.95b shillings in rights issue

NAIROBI: The lender initially planned to raise 3.5 billion shillings, but said in a statement that 84 percent of its shareholders had taken up their rights in an oversubscribed issue that received 9.01 billion shillings in bids. Housing Finance says it opted for a cash call after high interest rates forced it to ditch plans for a corporate bond issue ... Read More »

Zimbabwe Customs raises 33% duty on fuel

HARARE: Zimbabwe Customs increased 28 percent to 33 percent duty on fuel in a development that could erode potential gains from its recent directive for traders to slash prices. Finance Minister Patrick Chinamasa said the notice amended the second schedule of Customs and Excise Duty (Tariff Notice) 2012 published in Statutory Instrument 111 of 2012. Initial reports had said Government ... Read More »