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Author Archives: Sahar

German Vice Chancellor economics minister rushes to exploit business opportunities in Iran

BERLIN: Rarely in recent years have the foreign travels of a leading German politician caused such a stir as the visit earlier this month to Iran by the German Vice Chancellor and Minister for Economic Affairs Sigmar Gabriel (Social Democratic Party, SPD). With the ink barely dry on the recently-negotiated nuclear program agreement with Iran, Gabriel was already bound for ... Read More »

B&Q confirms Northern Ireland 360 store closures

DUBLIN: The confirmation of the closure of B&Q’s Boucher Road store in Belfast and Buncrana Road outlet in Londonderry comes after the company announced in March it was slashing up to 60 stores across the UK and Ireland. That makes up 15% of the firm’s 360 stores and could impact as many as 3,000 workers. The Belfast Telegraph had reported ... Read More »

spy agency Norway needs more digital border surveillance

OSLO: Norwegian intelligence agencies should be given wide-ranging permission to gather data from electronic communications to prevent terrorism and espionage, the head of the country’s military surveillance agency said on Wednesday. In an interview with public broadcaster NRK, Lieutenant General Kjell Grandhagen said it was becoming more difficult to uncover threats and that authority to monitor all data traffic as ... Read More »

EU opens antitrust case against major US studios and Sky UK

BRUSSELS: Along with the proliferation of web-based television services and pressure to make movies available for download sooner, Hollywood studios are facing a new challenge to decades-old business practices: European regulators. The European Union’s top antitrust authority on Thursday charged six American studios and a pay television company in Britain with unfairly blocking access to films and other content. The ... Read More »

Finance Ireland aims to raise €230m in funding in debt and equity

DUBLIN: Irish financial services group Finance Ireland is seeking to raise €230 million in debt and equity funding to spur its future growth. The privately owned company, which is led by former Irish Permanent chief executive Billy Kane, is seeking to raise €30 million in equity and €200 million in debt funding. Mr Kane told The Irish Times that the ... Read More »

Britain gets just 49p for every £1 paid to Brussels

BRUSSELS: The current terms of the UK’s membership of the EU are “unacceptable” according to a Business for Britain 1,032 page report . It claims Britain’s influence in the EU is declining and said the UK must leave the union unless fundamental reforms were secured. The average return from 1973 to 2013 has been 68% – meaning the UK has ... Read More »

Europe’s competition regulator launches antitrust investigations into qualcomm

BRUSSELS: Europe’s competition regulator is training its sights on Qualcomm Inc., adding to regulatory woes that have long dogged the big mobile chip maker. The European Commission, the bloc’s top antitrust authority, on Thursday said it had opened two formal investigations of the San Diego-based company. The commission said it would investigate possible predatory pricing tactics by Qualcomm to determine ... Read More »

Russia angered by freezing of accounts in Belgium and France

BRUSSELS: The Russian government on Thursday strongly condemned the freezing of Russian accounts in France and Belgium as part of an effort to enforce a $50 billion judgment for the destruction of the Yukos oil company. An arbitration court in The Hague, Netherlands, ruled last year that Russia must compensate the former shareholders of Yukos, which was destroyed in a ... Read More »

Xerium commissions new business start-up in Turkey

ANKARA: Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, has commissioned its new business in Turkey. This new regional hub will serve customers in Turkey, Southeast Europe, and the Middle East including: The business will be headquartered in Istanbul, Turkey and will be led by Mr. Ahmet Gureli. Mr. Gureli is the new General Manager ... Read More »

Norway needs more digital border surveillance

OSLO: Norwegian intelligence agencies should be given wide-ranging permission to gather data from electronic communications to prevent terrorism and espionage, the head of the country’s military surveillance agency said on Wednesday. In an interview with public broadcaster NRK, Lieutenant General Kjell Grandhagen said it was becoming more difficult to uncover threats and that authority to monitor all data traffic as ... Read More »

TeliaSonera earnings top estimates on EU, Asia Sales

BRUSSELS: TeliaSonera AB, Sweden’s biggest phone company, reported earnings that topped analysts’ estimates, helped by rising sales in Europe and Asia. Second-quarter adjusted earnings before interest, taxes, depreciation and amortization rose 4 percent to 9.19 billion kronor ($1.1 billion), or 33.9 percent of sales, the government-owned carrier said in a statement Friday. Analysts predicted 8.98 billion kronor on average. TeliaSonera ... Read More »

Netherlands economic trade mission to Turkey planned

ANKARA: Turkey Business Tour 2015 The Economic Network of the Embassy of the Netherlands has organized a trade mission to Konya 7 September 2015. Konya is located in the southern part of Turkey and is known by its agriculture and food industry. There are also numerous opportunities in the field of renewable energy. The trade mission, led by Cornelis van ... Read More »

Saudi Arabia, Turkey deepen ties as world eyes Iran

ANKARA: Saudi Arabia and Turkey disagree over the implications of the Iran deal announced on Tuesday. Riyadh thinks that the agreement will make the Middle East a “more dangerous part of the world” if it comes with too many concessions. By contrast, Ankara welcomes the deal, although it called for “brotherly Iran” to abandon sectarian-based policies and instead pursue political ... Read More »

Port sees spike in international shipping in 2015

BRUSSELS: The Cleveland-Cuyahoga County Port Authority reports that international shipping tonnage is up 37% for the first half of 2015 compared with the like period of 2014. More importantly, container shipping on the Cleveland-Europe Express (CEE) liner service operated by the Dutch Spliethoff Group is up over 300%. “Last year, the CEE attracted mostly break-bulk cargo, but this year we ... Read More »

EU Commission to pledge approximately €450m to support recovery of 3 countries

PARIS: European Commission will pledge approximately €450 million to support the recovery of the three countries most affected by Ebola – Guinea, Sierra Leone and Liberia. This will be announced by Commissioner for Humanitarian Aid & Crisis Management and EU Ebola coordinator, Christos Stylianides, at the International Ebola Recovery Conference taking place in New York and organised by the United ... Read More »

Cisco commits $1b to backing UK tech stars

LONDON: The US technology giant Cisco has vowed to invest $1bn (£650m) in the British tech industry over the next five years. Cisco is committing $150m (£97.5m) to UK start-ups through venture capital equity investments. These will target companies focused on the “internet of things” – those designing innovative products for the financial services, retail and healthcare industries. It said ... Read More »

Netherlands customs seizes 500 ecstasy tablet

AMSTERDAM: Five hundred tablets of Ecstasy hidden inside a package sent from The Netherlands was intercepted last week by airport and anti-narcotics authorities in Pasay City. The package was intercepted at the Central Exchange Center of the Philippine Postal Corporation in Pasay City last Friday after authorities noticed something suspicious about the parcel. Philippine Drug Enforcement Agency director general Arturo ... Read More »

UK’s Monitise expecting 88-90m pounds revenue

LONDON: Monitise Plc, a United Kingdom’s mobile-banking software maker, is expecting lower revenue for the year ended June. The company, which recently formed a joint venture with Spanish bank Santander to invest in financial technology, said it expected revenue to be 88 million pounds to 90 million pounds ($137 million to $140 million) for the year ended June 30. Analysts ... Read More »

Child poverty remained at high of 2.3m in 2014 in UK

LONDON: Child poverty remained at a high of 2.3 million in 2014, according to the latest figures released by the Institute of Fiscal Studies, reversing the fall in child poverty between the late 1990s and 2010. The Child Poverty Action Group (CPAG) predicts that it will rise to 4.7 million in 2020, the year it was supposed to have been ... Read More »

First 6 month of 2015 UK tech business reaches all-time high

LONDON: The first six months of 2015 saw a record amount of money invested in UK technology companies from venture capitalists, according to new figures released by London & Partners. According to the company – the official promotional firm for London, set up by mayor Boris Johnson – almost $1.5 billion was raised up to the end of June, with ... Read More »