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Author Archives: Sahar

Dutch brewer Heineken sells 2.2% more beer in 1st quarter of 2015

AMSTERDAM : Dutch brewer Heineken NV says it sold 2.2 per cent more beer in the first quarter of 2015 compared with a year earlier, thanks to growth in Asia and the Americas. The company reported 2.2 per cent organic sales growth to 4.8 billion euros for the first three months of the year. Organic sales figures strip out the ... Read More »

German govt raises 2015 growth forecast to 1.8% for 2015

BERLIN: The German government says it expects the country’s economy to grow by 1.8 percent this year, an improvement on its January forecast of 1.5 percent. Economy Minister Sigmar Gabriel says growth in 2016 is predicted to also reach 1.8 percent, up from the 1.6 percent previously predicted. The figures are lower than those released by independent forecasters last week. ... Read More »

Berlin Packaging grows from $69 million in 1988 to $900 million in 26 years

BERLIN: Chicago let me listen to a phenomenal story about how to run a company that does a better job of serving customers and employees. That was my conclusion after speaking with Andrew Berlin, Chairman and CEO of Chicago-based Berlin Packaging — a distributor pf plastic, glass and metal containers and closures for the food and beverage, household, personal care ... Read More »

Belgium Minister promises tax breaks to support digital economy

BRUSSELS: Belgian Minister for Digital Agenda Alexander de Croo has promised significant tax breaks as part of government plans to support the digital economy sector. As part of this plan, de Croo has promised a “tax shelter” for such enterprises, focusing on labor taxes. Tax incentives are also planned for crowdfunding initiatives. The tax measures are aimed at creating 1,000 ... Read More »

Belgium, Netherlands plan joint purchase of rare disease drugs

BRUSSELS: Belgium and the Netherlands will jointly negotiate the purchase of remedies for rare diseases with pharmaceutical groups, the Belgian health ministry said. The joint negotiations will focus on diseases which affect fewer than five in 100,000 people, so-called orphan diseases, for which treatments are often very expensive due to the limited market. Today, each country negotiates separately with pharmaceutical ... Read More »

Employees in Turkey being charged 36.8% of their gross wages for various tax items

ANKARA: The total percentage of taxes taken from the gross salary of an average worker in Turkey equates to the income for approximately three hours of an eight-hour work day, the second-highest ratio among the Organization for Economic Cooperation and Development (OECD) countries. Embattled Greece was the only country that surpassed Turkey in this ranking. According to a report published ... Read More »

France Elévateur intends to increase proportion of export sales to 35% of total production

PARIS: France Elévateur is aiming to substantially expand its exports in the immediate future and has designed new machines for the central European market and beyond. The manufacturer sells 95% of its vehicle mounted platforms in France but intends to increase the proportion of export sales to 35% of total production. A new shareholding arrangement at the company will help ... Read More »

Tax burden for average married worker with 2 children in Ireland reduced to 0.2% in 2014

DUBLIN: When €270 a month in child benefit and tax provisions are taken into account, a family with two children, on the average wage, takes home 99.8pc of their gross wages, according to the Organisation for Economic Cooperation and Development. The Paris-based organisation said that after tax and benefits, average single workers take home close to 80pc of their gross ... Read More »

Ireland exports surge 17% to €7.93b on year-on-year basis

DUBLIN: Ireland’s trade surplus decreased by €34 million or 1 per cent to €3.8 billion in February, as exports rose 3 per cent, according to new figures from the Central Statistics Office (CSO). Exports increased by €238 million or 3 per cent to €8.52 billion from January while imports rose by 6 per cent or €272 million to €4.72 billion. ... Read More »

RMS issues insured loss estimate from Windstorm Niklas ranging from 750m euros to 1.4b euros

BERLIN: Catastrophe risk management firm RMS has issued an insured loss estimate from Windstorm Niklas ranging from 750 million euros to 1.4 billion euros, with Germany looking as though it will absorb the lion’s share of the hit. The loss estimate for Niklas, which hit Europe in late March, is based on hazard reconstruction using the latest version of RMS’s ... Read More »

Customs officials find 700 weapons, 2.2 tons ammunition in a house in western Germany

BERLIN: Customs officials say they have found about 700 weapons and 2.2 tons of ammunition in a house in western Germany, hoarded by a man who sold arms without a valid license. The head of the customs investigation office in Essen reported on last month’s find at an annual news conference Tuesday, news agency dpa reported. Hans-Joachim Brandl said officials ... Read More »

EU to propose rules to allow member states to ban sale of genetically modified crops

BRUSSELS: The European Union is set to propose new rules that would allow individual member states to ban the sale of genetically modified crops for nonscientific reasons, drawing waves of criticism from the bloc’s trading partners and the food industry on both sides of the Atlantic. The U.S. and South American nations fear the plan could wreak havoc on agricultural ... Read More »

UK tax revenue adds up to 32.9% of GDP against worldwide average of 27.8%

LONDON: The UK tax burden as a share of the economy is almost a fifth higher than the global average, which could stifle entrepreneurship and impede growth, a report claims. Tax revenue adds up to 32.9pc of GDP, compared to the worldwide average of 27.8pc, according to the accountancy firm UHY Hacker Young. General Election 2015: How each party compares ... Read More »

UK real estate attracting investment up to $47 billion

LONDON: Money is flooding into global real estate with new capital targeting the commercial sector reaching a record $429bn (£287bn) in 2015, according to a DTZ report. The Americas are fuelling the boom, with a 12 per cent increase in capital flowing into the western hemisphere totalling $166bn of which $145bn is earmarked for the US. Asia Pacific has also ... Read More »

Turkey seeks to increase trade ties with Arab League nations

ANKARA: Economy Minister Zeybekci says Kuwait, and other Arab League nations, all have resources that could be the ground for cooperation. Turkey’s Economy Minister Nihat Zeybekci called late Sunday to increase efforts aimed at boosting economic ties with Arab League nations. In his visit to Kuwait to participate in second Turkey-Arab League economy, trade and investment ministers meeting, Zeybekci attended ... Read More »

Netherlands can save up to €3.5m by deploying smart grid technology

AMSTERDAM: In Europe, a new pilot study has revealed that the Netherlands can save up to €3.5 million by deploying smart grid technology. The pilot called ‘PowerMatching City’ is a living lab smart grid demonstration involving 40 households that utilised solar panels, combined heat and power plants and heat pumps to generate their own electricity, heat and water. The government-subsidised ... Read More »

10 oil companies, 9 countries, 6 global institutions to end gas flaring by 2030

AMSTERDAM: Ten multinational oil companies, nine countries, and six global development institutions sealed a commitment to end routine gas flaring at oil production sites by 2030. The Zero Routine Flaring by 2030 initiative was launched by United Nations Secretary-General, Ban Ki-moon, and World Bank Group President, Jim Yong Kim, as part of the World Bank Spring meeting in Washington. The ... Read More »

Germany import price index falls 3% year-over-year in February

BERLIN: Germany’s import prices declined at a slower-than-expected pace in February, figures from Destatis showed Friday. The import price index fell 3.0 percent year-over-year in February, below economists’ expectations for a 3.9 percent decrease. In January, prices had fallen 4.4 percent, which was the sharpest since December 2009, when it dropped 5.0 percent. February’s decline in the index was largely ... Read More »

Remittances of Lebanese expatriates increase from $7.86b in 2013 to $8.9b in 2014

BRUSSELS: Expatriates’ remittances to Lebanon increased by 13.2 percent in 2014 compared to 2013, according to a recent report released by the World Bank. Remittances of Lebanese expatriates increased from $7.86 billion in 2013 to $8.9 billion in 2014, the report said. But the report noted that the previous years saw a 16.8 percent increase in remittances from $6.73 billion ... Read More »

Italian lender Intesa Sanpaolo SpA plans to expand operations in Turkey

ROME: Italian lender Intesa Sanpaolo SpA officially announced plans to expand operations in Turkey via its İstanbul branch, which was opened in June of last year, becoming the second Italian bank in the country after UniCredit, Italy’s largest bank in terms of assets. Intesa opened its İstanbul branch last year with a starting share capital of $300 million, the minimum ... Read More »