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Italy’s unemployment rate rises in Feb

ROME: Italy’s unemployment rate rose in February as a discount on social contributions for businesses hiring more workers was being phased out, stripping job creation of a key boost with economic growth failing to accelerate. The jobless rate increased to 11.7 percent from a revised 11.6 percent in January, national statistics agency Istat said Friday in Rome. The median estimate ... Read More »

Trina Solar plans to increase shipments in 2016

WASHINGTON: Trina Solar, one of China’s largest solar panel makers, said it will increase its total solar module shipments to 6.5 gigawatts this year, as the solar industry is recovering from a slump that started in 2011 due to overcapacity. Gao Jifan, chairman and chief executive officer of Trina Solar said that the industry has seen growth for solar products especially ... Read More »

Chicago’s unemployment rate rises to 7.2%

WASHINGTON: The city of Chicago’s unemployment rate climbed to 7.2 percent last month from 6.9 percent the year before, according to the Illinois Department of Employment Security. The unemployment rate rose in all Illinois metro areas, partially because more people are returning to the labor force to look for jobs, the department said. In the Chicago-Naperville-Arlington Heights metro area, which has ... Read More »

Uganda’s inflation slides to 6.2% in March

KAMPALA: Uganda’s year-on-year headline inflation fell to 6.2 percent in March from a revised 7 percent a month earlier, helped by lower energy and food costs, the Uganda Bureau of Statistics (UBOS) said on Friday. Annual Core inflation which excludes food, metered water, fuel and electricity rose to 6.9 percent in March, up from 6.8 percent last month. The statistics ... Read More »

South Korea‘s export decline slows in March

SEOUL: South Korea’s exports continued to contract from a year earlier in March, but the rate of decline slowed from the previous month, government data showed Friday. Outbound shipments came to $42.98 billion in March, down 8.2 percent from the same month last year, according to the Ministry of Trade, Industry and Energy. But from February, exports rose 18 percent. “Exports ... Read More »

Belarus raises oil export duties

MINSK: Belarus raised export duties on oil and oil products, which are exported outside the customs territory of the Eurasian Economic Union, on 1 April 2016. The relevant decision is stipulated by the Council of Ministers’ executive order No. 249 of 28 March 2016, the press service of the Belarus government told BelTA. The export duty on crude oil went ... Read More »

New support mechanism for renewable in Poland

WARSAW: The renewable energy law (“RES Act”) came into force in Poland in May 2015 and, the auctions, which were originally scheduled to occur at the beginning of 2016, are now anticipated to occur on 1st July 2016. Currently in Poland, the green certificates (certificates of origin) mechanism applies. After the new regulations enter into force, existing facilities will be ... Read More »

Portugal’s economic climate indicator rises in Feb

LISBON: Portugal’s economic climate indicator rose in February, interrupting a downward trend that began in September. The Portuguese National Statistics Institute (INE) reported, the latest economic summary for the country said that the economic climate indicator, “which had fallen between September and January, increased slightly” to 0.7 points (from 0.6 points in January). The economic activity indicator fell to 2.3 ... Read More »

Finland General Govt deficit 2.7% in 2015

HELSINKI: General government deficit was 2.7 per cent relative to gross domestic product in 2015. Thus, the deficit was below the reference values of the European Union’s Stability and Growth Pact, which is three per cent relative to gross domestic product, according to the preliminary data reported by Statistics Finland to Eurostat. In contrast, general government EDP debt, or consolidated ... Read More »

Last date for filing tax returns extended till 30th

ISLAMABAD: The federal government Friday extended last date for filing income tax returns for the tax year 2015 till April 30. Federal Board of Revenue, exercising the powers conferred upon it by sub-rule (a) of Rule 15 of Part III of the 9th Schedule to the Income Tax Ordinance, extended the deadline for another 30 days under rule 3 read with ... Read More »

Jifnain fuel storage hub commissioning in 2017

MUSCAT: State-owned refining flagship Orpic’s fuel storage hub at Al Jifnain is due to be commissioned next year, according to a key official associated with this strategically vital national project. Andres Suarez, General Manager at Orpic Logistics, which is constructing the Al Jifnain Terminal as part of Orpic’s Muscat Sohar Product Pipeline (MSPP) venture, said more than half of Oman’s ... Read More »

ANF to launch special drive against drug trafficking

KARACHI: Anti Narcotics Force (ANF) has announced to launch a special drive against drugs trafficking in every part of the country. The anti-narcotics operation will continue across the country to control such elements involved in heinous activities, said Anti-Narcotics Force Director General Major General Nasir Dilawar Shah HI (M). In a special message to the media, he said that ANF ... Read More »

FBR ‘achieves’ nine-month target of Rs 2,100b

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs 2,090 billion taxes against the target of Rs 2100 billion set for the first nine months (July-March) 2015-16. The FBR is also expected to meet the annual target of Rs 3103.7 billion for 2015-16 against the downward revised target of Rs 2605 billion in 2014-15. The monthly collection is around Rs ... Read More »

Bangladesh-China JV to build 1320MW power plant

DHAKA: Bangladesh-China Power Company (BCPCL) will spend $1.56bn to construct a coal-fired power plant near proposed Payra sea port. The power plant will consist of two units with a capacity of 660MW each and it will be build at Payra in Patuakhali district, 199 miles south of Dhaka. While the first unit is expected to be ready for electricity supply by ... Read More »

RCBC shuts down remittance operations in Italy

ROME: Rizal Commercial Banking Corp. said Thursday it closed its remittance operations in Italy, but the shutdown is not connected to the issue of money laundering. RCBC said it stopped the Italian remittance operations  because it could not meet on time the computer systems capabilities required by Banca D’Italia, the central bank of Italy. RCBC owns two branches in Italy—one in ... Read More »

Period of amnesty scheme extended till 30th

ISLAMABAD: The government has again extended period of tax amnesty scheme announced for the traders. Federal Board of Revenue (FBR) will accept income tax returns under Voluntary Tax Compliance Scheme (VTCS) till April 30, 2016. Earlier, the date had been extended from March 15 to March 31. The VTCS was launched on February 1, after the approval of the National ... Read More »

Ukraine’s balance of payment deficit in Feb was $74 mln

KIEV: The deficit of Ukraine’s consolidated balance of payment in February 2016 totaled $74 million after a surplus of $120 million in January 2016. The deficit was $743 million in February 2015. The National Bank of Ukraine (NBU) said on its website that the deficit of the current account in February reached $251 million compared to $379 million a month ... Read More »

Australia seals uranium export deal with Ukraine

CANBERRA: Australian Foreign Minister Julie Bishop announced today a pact to export uranium to Ukraine, which could help ease Kiev’s traditional reliance on hostile neighbour Russia for energy. Ukraine has previously expressed interest in buying the material, as well as coal, from Australia, the world’s third- ranking uranium producer behind Kazakhstan and Canada. “This agreement provides Ukraine with the opportunity to ... Read More »

Vietnam budget’s revenue up 0.3% in Q1 of 2016

HANOI: Total budget revenue in the first quarter of this year reached VNĐ230.5 trillion (US$10.3 billion), equalling 22.7 per cent of this year’s target revenue, an increase of 0.3 per cent over last year said the Ministry of Finance (MoF)’s office manager Ngô Chí Tùng. Tùng announced the news in a press conference held by the ministry in Hà Nội ... Read More »

Printer shipments 22.8% decline in Brazil

BRASÍLIA: Printer shipments have seen a 22.8 percent decline in Brazil, with 2.5 million devices sold in 2015 – 800,000 less than in 2014, says analyst firm IDC. Sales totaled $676m in Brazil in 2015, a decline of 14.7 percent in relation to the prior year. Inkjet printers saw a drop in sales of 21.1 percent and laser devices sold 27.4 ... Read More »