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Author Archives: Sahar

Turkey, Bulgaria, Greece sign agreement for customs cooperation

ANKARA: At the invitation of Bulgarian Deputy Prime Minister for Coalition Policy and Public Administration and Minister of Interior Rumyana Bachvarova the interior ministers of Greece and Turkey will arrive in Sofia for a joint meeting on strengthening the cooperation among the countries in the fields of security and law-enforcement, the press office of the Bulgarian Ministry of Interior announced. ... Read More »

German group takes over second-biggest Dutch cheese firm

BERLIN: The second biggest cheese company in the Netherlands, dairy cooperative DOC Kaas, is being taken over by German dairy giant DMK, the Financieele Dagblad says. Hundreds of DOC Kaas members voted in favour of the move at a special meeting on Thursday afternoon. The takeover was first mooted three years ago but there was little support, the FD says. ... Read More »

“Dramatic” fall witnessed in corporation tax paid by UK banks

There has been a “dramatic” fall in corporation tax paid by UK banks, despite growing profits, according to research by Cambridge Judge Business School. Total UK corporation tax receipts from the banking sector declined from £7 billion in 2005/06 to £1.3bn in 2011/12 and £2.3bn in 2012/13 — or a fall from about 20% of total UKCT receipts in 2005/06 ... Read More »

Belgium and Russia sign new tax treaty

Belgium and the Russian Federation announced in March 2007 that they would negotiate a new double tax treaty (the “Treaty”). Nearly seven years after discussions began on 20 November 2008, the Treaty was finally signed on 19 May 2015 in Brussels. This newsflash is based on an unofficial version of the Treaty made available to the author which may differ ... Read More »

Irish retail giant Musgrave sells UK business for €57m

DUBLIN: Irish retail giant Musgrave has sold its operations in Britain to a rival firm for €57m, it announced this morning. The Cork-based company’s British business operated the the Budgens and Londis brands, which combined have almost 1,800 stores across the UK. It is being sold on a cash free-debt free basis to UK wholesale giant Booker, and completion of ... Read More »

United States signs $1b loan guarantee deal for Ukraine

NEW YORK: The United States signed its second $1 billion loan guarantee deal for Ukraine aimed at helping the crisis-wracked country surmount a Russia-backed insurgency and rebuild its tattered economy. The U.S. loan guarantee agreement is part of a $7.5 billion package of support for Ukraine over the coming year from its bilateral and multilateral partners, the Ukrainian finance ministry ... Read More »

Turkey wants to set clear goals for G20 countries’ investment commitments

ANKARA: Turkey wants to set clear goals for G20 countries’ investment commitments, even though it is “not clear” if all members of the international body want to set such targets, Turkey’s deputy prime minister has said. Ali Babacan was speaking at the launch of a new OECD report at a meeting of G20 finance ministers and central bank governors in ... Read More »

Turkish Airlines to run direct flights to Taipei, Abuja, Manila

ANKARA: Turkish Airlines, the country’s national flag-carrier, is set to launch direct flights from Istanbul to Taiwan’s capital Taipei, Nigeria’s capital Abuja and Philippines’s capital Manila. Turkish Airlines will run daily flights to and from Taipei starting March 31, making Turkey a convenient holiday and business destination for passengers traveling from Taiwan. Direct flights to Taiwan would cut travel time ... Read More »

Greencore pays effective tax rate of just 1% in Ireland

DUBLIN: Convenience food giant Greencore, which generated €1.6 billion in sales last year, pays an effective tax rate in Ireland of just 1 per cent. The UK-listed, Irish domiciled company uses “deferred tax assets” acquired through its takeover of UK rival Uniq to reduce its liability here. It bought Uniq for £113 million in 2011 in a deficit-for-equity swap deal, ... Read More »

Scotland police seized cannabis plants worth £70,000

EDINBURG: Two men have been charged after cannabis plants, with a street value of about £70,000, were seized during a raid in Midlothian. The men, aged 43 and 39, both of Vietnamese origin, were arrested after a search was made of an address in High Street, Bonnyrigg here the other day. They have both appeared at Edinburgh Sheriff Court charged ... Read More »

UK slips into deflation for first time as prices fall 0.1%

LONDON: The UK has officially slipped into deflation for the first time in more than half a century, but economists and policy makers are not concerned, saying that a brief period of gently falling prices is more likely to help growth than harm it. The UK has been teetering on the brink of deflation for several months because of the ... Read More »

United Nations agency sets pollution rules for Polar shipping

LONDON: The United Nations shipping agency adopted stricter safety and environmental provisions for vessels operating in Arctic and Antarctic waters after years of negotiations. Ships trading in the Polar regions will have to comply with strict safety and environmental provisions. These include prohibitions on oil or oily mixtures from any ship into the sea as well as the prevention of ... Read More »

JinkoSolar Holding Co supplying 50 megawatts of panels for Turkey project

ANKARA: JinkoSolar Holding Co., a Chinese module maker, agreed to supply panels with 50 megawatts of capacity to a power plant in Turkey. JinkoSolar will deliver the modules to Tegnatia, a joint venture between Turkey’s T Dinamik Energy Industry & Foreign Trade Co. and Egnatia Group of Greece, the Shangrao, China-based company said Monday in a statement. Terms weren’t disclosed. ... Read More »

Turkish companies made FDI worth of $6.8 billion in 2014

AMSTERDAM: Shell re-opened the Trans Nigeria pipeline that feeds Bonny Light crude oil to the export terminal, a spokeswoman said. The pipeline, which has the capacity to carry 180 000 barrels of crude oil per day, was closed on May 12 following a leak caused by attempted theft. There were four to six days of delays on the pipeline, traders ... Read More »

Germany, France & Italy agree to start EU drone program

BERLIN: Germany, France and Italy have agreed to start a European drone program aimed at reducing reliance on US and Israeli technology. The first EU-tailored drone is expected to be operating by 2025. It’s a very important step for European cooperation, a critical cooperation which we must have at our disposal in many theaters of operation,” French Defense Minister Jean-Yves ... Read More »

David Cameron to publish EU referendum bill one day after Queen’s speech

BRUSSELS: David Cameron is to signal his determination to press ahead with the referendum on Britain’s European Union membership by publishing the parliamentary bill, which will pave the way for the vote, a day after the Queen’s speech next week. The prime minister, who will chair the first political cabinet of the new parliament on Tuesday, will try to reassure ... Read More »

Euro help boost exports of goods from eurozone to rest of world in March

BRUSSELS: A weaker euro helped boost exports of goods from the eurozone to the rest of the world in March, pushing the currency area’s trade surplus higher and aiding its economic recovery. Figures also released on Tuesday by the European Union’s statistics agency confirmed that eurozone consumer prices stopped falling in April after four straight months of decline. Eurostat said ... Read More »

France Studiocanal opens full-time, multi-functional office in Beijing

PARIS: France’s Studiocanal has opened a full-time, multi-functional office in Beijing to expand its presence in the fast-moving China market. That makes it the first major European film group to build a permanent structure in China. It follows the example of the Hollywood majors and a handful of leading independents, such as IM Global, Legendary Pictures and Arclight Films. And ... Read More »

Germany, France & Italy agree to start EU drone program

BERLIN: Germany, France and Italy have agreed to start a European drone program aimed at reducing reliance on US and Israeli technology. The first EU-tailored drone is expected to be operating by 2025. It’s a very important step for European cooperation, a critical cooperation which we must have at our disposal in many theaters of operation,” French Defense Minister Jean-Yves ... Read More »

Billionaire Gary Klesch, Tata Steel discuss sale of plant for token amount

LONDON: Billionaire Gary Klesch, the potential buyer for Tata Steel Europe’s long products division, is known as a ‘vulture capitalist’, who buys companies at scrap value. In 2012, Klesch & Co bought the vinyl business division of Arkema for one symbolic euro. So, it did not come as a surprise last week when Tata Group chairman Cyrus Mistry took the ... Read More »