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Author Archives: Sahar

German trade surplus soars to record high of 216.9 billion euros in 2014

BERLIN: Germany’s controversial trade surplus reached a new high in 2014. Economists say the trend is continuing this year, as the weaker euro fuels Germany’s export machine, but not everyone is happy about it. Germany’s trade surplus hit a record level of 216.9 billion euros ($234 billion) last year, the Federal Statistics Office reported Monday in presenting slightly revised figures. ... Read More »

Dubai Chamber of Commerce to organise UAE-Belgium Business Forum

BRUSSELS: The Dubai Chamber of Commerce and Industry is organisingthe UAE-Belgium Business Forum at The H Hotel on the side-lines of a strong Belgian economic delegation headed by HRH Princess Astrid, Representative of H.H. The King of the Belgians, during their visit to the UAE. The forum, organised in cooperation with the Embassy of Belgium in the UAE,comes as part ... Read More »

Qatar Sheikh Faisal bin Qassim, Belgium Minister sign pacts to bolster trade ties

BRUSSELS: Fresh efforts at bolstering economic and trade relations between Belgium and Qatar kicked-off on a high note as Belgium’s Princess Astrid, representative of the King of Belgium, met Emir H H Sheikh Tamim bin Hamad Al Thani, Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani and other ministers. Princess Astrid also held talks with ... Read More »

Irish private healthcare to record 2-4% increase after goods and services tax

DUBLIN: Private healthcare operating cost will likely increase from two to four per cent after the implementation of the Goods and Services Tax (GST) on April 1 due to mixed supply, said Pantai Holdings Bhd Chief Executive Officer Ahmad Shahizam Mohd Shariff. He said for private hospitals not all supplies were exempted from GST as certain items that they get ... Read More »

Defence services firm Thales wins deal to secure new $7bn Qatar port

PARIS: Defence services firm Thales has announced that it has been awarded a contract by Qatar to secure its new commercial $7 billion port, which is currently under construction. Thales said in a statement that it will deliver and install an integrated solution for the protection of the infrastructure and its environment, in addition to ensuring the operations of the ... Read More »

Credit Suisse faces €3b lawsuit in Italy in 2014

ROME: Credit Suisse is facing a €3 billion- suit in Italy as prosecutors probe the lender in a separate case, a sign litigation risks haven’t abated since a multi-billion settlement last year. Fondazione Monte dei Paschi di Siena sued Credit Suisse and others over its advice on the acquisition of Banca Antonveneta SpA in 2008, the bank said in its ... Read More »

UK’s TradeLink Solutions seeks $3.7m through bond initiative for small hydro projects

LONDON: TradeLink Solutions (TLS) Energy Group, based in Hertfordshire, England, is attempting to increase its affect on the European small hydro market by seeking US$3.7 million in investments through a bond initiative backed by Triodos Bank N.V. Working in partnership with Triodos Bank N.V., TLS Energy Group subsidiary TLS Hydro Power Ltd., “will raise funds for use to finance the ... Read More »

HMRC introduces new strict liability offence for offshore tax evasion

LONDON: HM Revenue & Customs has introduced a new strict liability criminal offence on both offshore tax evaders and those who help them following the UK Government’s clampdown on tax dodging in yesterday’s Budget. Under today’s new rules, tax evaders will no longer be able to plead ignorance in order to avoid criminal prosecution. Danny Alexander, chief secretary to the ... Read More »

Turkey, EU launch high-level energy dialogue, strategic cooperation

ANKARA: A high-level energy dialogue and strategic energy cooperation process has been launched between Turkey and the European Union, both sides announced in a joint statement. Turkey is a natural energy bridge and an energy hub between energy sources in the Middle Eastern and Caspian Regions and European Union energy markets. Turkey’s development as an energy hub will be to ... Read More »

Turkish Islamic lender bank Bank Asya records loss of 877 million lira in 2014

ANKARA: Turkish Islamic lender Bank Asya, whose management was taken over by regulators earlier this year, swung to a net loss of 877 million liras ($336 million) in 2014 on shrinking loans and deposits. The bank, in which Turkish banking regulators seized a small stake last week over an alleged illegal share sale, had reported a net profit of 180.6 ... Read More »

French Creek Seafood donates 4,000 cans of salmon to local food bank

PARIS: French Creek Seafood donated 4,000 cans of West Coast salmon to the local food bank. “It means a lot,” Salvation Army Major Norman Hamelin told from Salvation Army’s French Creek location. Hamelin said the months following Christmas are often the most difficult for food banks. The timing (for this donation) is excellent,” he said, noting the Salvation Army food ... Read More »

Income gap between Dublin, other regions widens again

DUBLIN: The income gap between Dublin and rest of the country has begun to rise again after narrowing at the height of the recession. Figures from the Central Statistics Office (CSO) show the Dublin region had the highest average disposable income in per person in 2012. At €22,011, it was 13 per cent higher than the State average of €19,468 ... Read More »

Port of Longyearbyen in Norway plans to open floating cruise terminal in 2017

OSLO: The port of Longyearbyen in Norway plans to open a floating cruise terminal in 2017 if it can secure state funding next year. Designed by Norwegian architects Snøhetta, the two-storey terminal has been designed for use in ports surrounded by solid and floating ice. Measuring 120 metres in length and 35 metres in width, the terminal will be 9m ... Read More »

Britain budget deficit shrinks on bumper tax revenues in February

LONDON: Britain’s borrowing bill shrunk by more than a third on a monthly measure as the government earned its biggest income tax receipts for February since 2008. The Government raised £4.2bn in self-assessed income tax for the last month, helping borrowing fall by £3.5bn to £6.9bn from the same period last year, according to the Office for National Statistics (ONS). ... Read More »

Turkish Islamic lender bank Bank Asya records loss of 877 million lira in 2014

ANKARA: Turkish Islamic lender Bank Asya, whose management was taken over by regulators earlier this year, swung to a net loss of 877 million liras ($336 million) in 2014 on shrinking loans and deposits. The bank, in which Turkish banking regulators seized a small stake last week over an alleged illegal share sale, had reported a net profit of 180.6 ... Read More »

Turkey, EU launch high-level energy dialogue, strategic cooperation

ANKARA: A high-level energy dialogue and strategic energy cooperation process has been launched between Turkey and the European Union, both sides announced in a joint statement. Turkey is a natural energy bridge and an energy hub between energy sources in the Middle Eastern and Caspian Regions and European Union energy markets. Turkey’s development as an energy hub will be to ... Read More »

South Africa’s Hawks seize consignment of illicit mandrax tablets worth R5m

CAPE TOWN: South African Hawks have seized a consignment of Mandrax tablets with a street value of R5m, arresting three suspects in Cape Town, the Hawks said here the other day. Brigadier Hangwani Mulaudzi said the arrests took place on Sunday in a joint operation involving the Directorate for Priority Crime Investigation (Hawks) and Crime Intelligence. “On 15 March 2015, ... Read More »

EU main economies announce plans to join China-led development bank

BRUSSELS: The 50 billion dollars AIIB has been feted by Beijing as a way of financing regional development, but it is seen as a potential rival to US-based institutions such as the World Bank. Washington, Tokyo and Seoul have declined to become founding members — but within a week, Europe’s four biggest economies have signaled plans to join. Britain announced ... Read More »

Bianchi’s Italian to open second restaurant in Marana

ROME: The west-side’s popular pizza and wings joint Bianchi’s Italian is moving up, literally. The Tucson staple is adding a second location up north, in the former home of Marana’s sprawling The Steak Out restaurant. Owner Vincent Bianchi says the new spot at 3640 W. Tangerine Road will feature the same menu as the original, with fast-casual service and a ... Read More »

German property financier Berlin Hyp raises new business with €5b investment

BERLIN: German property financier Berlin Hyp raised new business last year to €5bn including €1bn extensions, from €3.2bn in 2013, despite a restructuring in which it became an independent sister company of Berliner Sparkasse. Read More »