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Author Archives: Sahar

ECB’s 1.1tr euro stimulus program likely to give breathing space to Turkish economy

ANKARA: European Central Bank’s (ECB’s) stimulus program of quantitative easing (QE) will offer some breathing space to the Turkish economy, analysts and economists said. The ECB announced that it has started buying bonds and securities as part of a 1.1 trillion euro QE program to inject liquidity into the economy. Economists highlighted that the program should offer benefits to Turkey ... Read More »

TSB receives £1.7b takeover approach from Spain’s 5-biggest bank Sabadell

AMSTERDAM: TSB has received a £1.7 billion takeover approach from one of Spain’s biggest banks which could boost its efforts to compete with high-street rivals. Shares in the FTSE 250 challenger bank soared 62p to 326p after it signalled support for a proposed 340p-a-share cash offer from Sabadell, Spain’s fifth-biggest bank. Lloyds Banking Group – which spun off TSB last ... Read More »

Netherlands, Germany dairy farmers eye end of EU quota regime

AMSTERDAM: Ireland is not alone in eyeing the end of the EU quota regime as a once-in-a-lifetime opportunity to expand milk production. Nestled between Germany and Belgium, the Netherlands, a small country of 17 million people, faces out on to the icy waters of the North Sea. It is one of Europe’s biggest milk producers – and one of Ireland’s biggest ... Read More »

Euro zone factories’ output dips 0.1% in January

BRUSSELS: Euro zone factories fell slightly in January, but Thursday’s data also showed evidence to support hopes that the bloc’s fragile economy may be recovering. Industrial production in the 19 countries sharing the euro fell 0.1 percent from December, the EU’s statistics office Eurostat said, compared to the 0.2 percent rise forecast by economists polled by Reuters. Still, on an ... Read More »

EU’s Court of Justice to decide fate of Belgium’s ‘fairness tax’

BRUSSELS: The Act of 30 July 2013 introduced a so-called “fairness tax”, aimed at taxing distributed profits (dividends) which are not effectively subject to Belgian corporate tax due to application of the notional interest deduction and/or carried-forward tax losses. The Constitutional Court requested a preliminary ruling from the Court of Justice of the European Union (CJEU) on the question of ... Read More »

Amaya Inc stocks drop 8% to $28.29 as Italy police involve PokerStars in tax fraud probe

ROME: The shares of Amaya Inc. (AYA) went down eight percent, as Italy’s financial police Guardia di Finanza (GDF) mentioned PokerStars being involved in a tax fraud investigation. Listed on the Toronto Stock Exchange, the parent company of PokerStars and Full Tilt has seen its stocks fall from $31.85 to $29.30 a share, after hitting a day’s low of $28.29. ... Read More »

Norway oil industry to face 40,000 job cuts out of 250,000 nationwide

OSLO: Joergen Langaunet started as a project planner at offshore engineer Aker Solutions ASA in 2012, he worked a lot of overtime. Norway’s oil industry, so rich it spawned the world’s largest sovereign wealth fund, was booming. Then last year, he realized he was spending most of his time in the lunch room: His services weren’t needed. In September, as ... Read More »

UK trade deficit narrows to £616m in January from 5-year high of £2.1b in December

LONDON: The UK trade deficit has narrowed to £616m in January from a five-year high of £2.1bn in December, latest figures from the Office for National Statistics revealed. Imports decreased by £2.5bn from December 2014, the largest monthly decrease since July 2006. The large decrease in imports was mainly due to a £1.3bn fall in the imports of fuels, specifically ... Read More »

Turkey’s Central bank briefs PM Erdogan on economy, public debt

ANKARA: Turkish Central Bank Governor Erdem Basci gave an economic briefing to President Recep Tayyip Erdogan on Wednesday evening. At the meeting, which included Deputy Prime Minister Ali Babacan, who is responsible for the economy, Basci gave an 130-page presentation on restoring confidence in the economy and on limiting public debt. The Turkish lira gained against the dollar ahead of ... Read More »

Netherlands global art market reaches 51 billion euros in 2014

AMSTERDAM: The global art market surpassed its pre-recession peak to reach 51 billion euros ($53.93 billion) in 2014, according to a report by the European Fine Art Foundation, with the market helped by growing numbers of high net-worth individuals. The Maastricht, Netherlands-based foundation, which puts on the annual European Fine Arts Fair, one of the world’s largest, said a 7 ... Read More »

SA to launch energy saving campaign

CAPE TOWN: President Jacob Zuma would launch the Presidency and government-wide Energy Saving Campaign at the Union Buildings in Pretoria on Friday, his office said in a statement . During his State of the Nation Address this year, Zuma urged South Africans to save electricity, including those in the private sector and government departments. The Department of Public Works was ... Read More »

German inflation returns to positive territory as consumer prices rise by 0.1% in February

BERLIN: Inflation in Germany, Europe’s biggest economy, was back in positive territory in February with consumer prices rising by 0.1 per cent, official data showed on Thursday. The data, released by federal statistics office Destatis, confirmed a preliminary estimate published at the end of February. The previous month, the consumer price index had fallen for the first time in five ... Read More »

EU’s Court of Justice to decide fate of Belgium’s ‘fairness tax’

BRUSSELS: The Act of 30 July 2013 introduced a so-called “fairness tax”, aimed at taxing distributed profits (dividends) which are not effectively subject to Belgian corporate tax due to application of the notional interest deduction and/or carried-forward tax losses. The Constitutional Court requested a preliminary ruling from the Court of Justice of the European Union (CJEU) on the question of ... Read More »

Euro zone factories’ output dips 0.1% in January

BRUSSELS: Euro zone factories fell slightly in January, but Thursday’s data also showed evidence to support hopes that the bloc’s fragile economy may be recovering. Industrial production in the 19 countries sharing the euro fell 0.1 percent from December, the EU’s statistics office Eurostat said, compared to the 0.2 percent rise forecast by economists polled by Reuters. Still, on an ... Read More »

French Total to challenge ExxonMobil in LNG development

PARIS: Total will join existing LNG operator ExxonMobil as a leader of LNG development in PNG, which started exporting gas last year from Exxon’s $US19 billion ($24.3 billion) project. Total SA has been appointed to run the Papua New Guinea Elk-Antelope gas venture, setting the French oil major up as a direct rival to US giant ExxonMobil. The move, which ... Read More »

Japan savers hold $25 billion in tax-free investment accounts

TOKYO: Japan’s savers held almost $25 billion in the nation’s tax-free investment accounts at the end of the program’s first year. Daiwa Institute of Research Ltd. says this falls short of the government’s target. About 3 trillion yen ($24.7 billion) was invested in Nippon Individual Savings Accounts at the end of December, the Financial Services Agency said in a statement ... Read More »

Irish Revenue Commissioners collect €23 million from tax evaders

DUBLIN: Concert promoter Oliver Barry has made a settlement with the Revenue Commissioners of €2.21m for the underpayment of income tax and VAT. Mr Barry, with an address at Mulhuddart, Dublin, had been audited by the Revenue Commissioners. He was one of 99 tax defaulters to make settlements totalling €23.13m with the Revenue between October and December last year. The ... Read More »

Norwegian shipping firm registers in Bermuda at cost $300 million

OSLO:  Norwegian shipping group has become the latest Bermuda shipping company to list its shares on the Oslo Stock Exchange after announcing the closing of a deal valued at approximately US$300 million. Marcello Ausenda, a director in the corporate department in the Bermuda office of Conyers Dill & Pearman, said: “We have advised a number of Bermuda company issuers on ... Read More »

Businesses likely to make strong gains in next 2 years: British Chambers of Commerce

LONDON: Strong consumer spending and the performance of the dominant service sector have made Britain’s businesses increasingly confident about their prospects over the next two years, according to the British Chambers of Commerce. In its quarterly health check of the economy, the BCC said it was upgrading its growth forecast for the next two years amid signs that its members ... Read More »

Turkish scrap import prices dip to $257 tonne WoW

ANKARA: Turkish scrap import prices declined sharply by $10 a ton week-on-week to $247 a ton in the week ended, as per the latest figures released by the Steel Index. Trade was light the week as mills and yards appeared again to be at loggerheads over pricing. A scrap tender from a mill was heard to lapse as no acceptable ... Read More »