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Author Archives: Sahar

$230m fraud exposed by Magnitsky in France

PARIS: French authorities have frozen millions of euros in bank accounts after launching an investigation into an alleged Russian fraud scheme uncovered by Sergei Magnitsky, a Moscow lawyer who died in a Russian jail. A judicial official in Paris said leading investigative magistrate Renaud Van Ruymbeke was heading a team of three judges inquiring into the laundering of cash from ... Read More »

Electronic commerce volume in Turkey increases 35% in 2014

ANKARA: Electronic commerce volume in Turkey has increased 35 percent in 2014 from the previous year, reaching a volume of 18.9 billion Turkish liras (USD 7 billion), Istanbul-based Informatics Industry Association (TUBİSAD), said Thursday. This means that e-commerce represents 1.6 percent of overall retail business in the country, the association disclosed. Growth in e-commerce in 2013 was 14 billion Turkish ... Read More »

Food manufacturer Linwoods marks 50th with rebrand and £500k investment

PARIS: Food manufacturer and distributor Linwoods in Armagh is celebrating half a century in business with a £500,000 investment. The company, which has diversified into health and super foods alongside its original dairy operation, is spending the money on new technology, packaging and an extended bakery product range. The company was founded in 1965 by John Woods, who still runs ... Read More »

Turkish Tekfen Holding company opens case against Libya at international Court of Arbitration

ANKARA: Turkey’s Tekfen Holding has stated that its construction unit, Tekfen İnşaat, has opened a case at the International Court of Arbitration of The International Chamber of Commerce (ICC) against the Libyan Man-Made River Authority (MMRA) and the state of Libya, over its losses in the country since 2011. We have decided our unit Tekfen İnşaat will apply for international ... Read More »

Norwegian air shuttle renews attempt to obtain US rights for NAI. Part 1

OSLO: Norwegian made another attempt at asking the US Department of Transportation (DOT) to allow its Irish-registered subsidiary, Norwegian Air International (NAI), to operate transatlantic routes under the EU-US open skies agreement. NAI’s case, filed in Dec-2013 and completed in Feb-2014, has been pending for longer than any other such application. To address its opponents’ stated concerns that NAI is ... Read More »

National Oilwell Varco Norway to cut 1,500 Jobs

OSLO: Houston-based oil equipment maker National Oilwell Varco’s Norwegian arm said Wednesday it is shedding 1,500 jobs, or about a third of its staff here, as sales drop on lower oil prices and industrywide spending cuts, a day after Norway’s dominant oil company Statoil ASA announced a similar-sized job cut. National Oilwell Varco Norway said it would shed 900 permanent ... Read More »

Akbank named most valuable brand of Turkey in 2015 with more than $2.5b value

ANKARA: Akbank, owned by Turkish Sabancı Holding, has been named the most valuable brand of Turkey in 2015 with more than $2.5 billion in brand value, according to a research by international brand valuation company Brand Finance. Akbank was followed by Türk Telekom with an estimated brand value of $2.48 billion and İş Bank with $2.44 billion, according to the ... Read More »

World Bank reduces 2015 global growth forecast to 2.8%

BERLIN: Developing countries face a series of tough challenges in 2015, including the looming prospect of higher borrowing costs as they adapt to a new era of low prices for oil and other key commodities, resulting in a fourth consecutive year of disappointing economic growth this year, says the World Bank Group’s latest Global Economic Prospects (GEP) report, released. As ... Read More »

New investment projects in France rise by 18% to 608 in 2014

PARIS: The number of new investment projects in France rose by 18% to 608 in 2014, showing growth higher than both the UK (growth of 11% to 887 projects) and Germany (up 8% to 763) and putting it in third place for foreign investment. France is also the top European country in terms of investments related to industrial projects, and ... Read More »

New investment projects in France rise by 18% to 608 in 2014

PARIS: The number of new investment projects in France rose by 18% to 608 in 2014, showing growth higher than both the UK (growth of 11% to 887 projects) and Germany (up 8% to 763) and putting it in third place for foreign investment. France is also the top European country in terms of investments related to industrial projects, and ... Read More »

UK passengers pay highest taxes to fly in EU

LONDON: Passengers flying in and out of the UK pay the highest taxes in the EU, and above the global average, when it comes to long-haul flights, says a group of accountants. According to the London-based chartered accountancy group UHY Hacker Young, which consults for businesses, the global average is £15 (€20, $23) on short haul flights and £35 (€47, ... Read More »

Iran eyes to invest in indonesia infrastructure

JAKARTA: The government’s plan to carry out massive infrastructure projects across the country has attracted foreign investors, including the Iranian government, to invest in infrastructure, a senior official says. Public Works and Public Housing Minister Basuki Hadimuljono had a meeting with Iranian Ambassador to Indonesia Valiollah Mohammadi Nasrabadi, as the western Asian country expressed its willingness to take part in ... Read More »

UK to sell 30% stake in Royal Mail worth about 1.5b pounds

LONDON: Britain will sell its 30 percent stake in postal operator Royal Mail, currently worth about 1.5 billion pounds, as it renews its drive to wipe out the budget deficit, Chancellor George Osborne said. The sale was announced alongside a further 3 billion pounds of debt-reduction measures as Osborne said he was redoubling his efforts to fix the public finances ... Read More »

Turkey plans to open huge Aegean container port in 2015

ANKARA: The Turkish branch of Azeri energy giant socar will open the Petlim Container Port in the Aegean Sea this September to become an alternative to Greece’s Piraeus Port for container shipments, according to Kenan Yavuz, the head of SOCAR Turkey and a board member of Petkim Petrochemical Holding. “The Petlim Container Port will be commissioned in September this year. ... Read More »

France moves to salvage Key nuclear reactor manufacturer sector

PARIS: France faces a unique challenge as it moves to save nuclear reactor manufacturer Areva and salvage one of its world-class industries and jobs, while at same time reducing its own reliance on atomic power. The French presidency on Wednesday endorsed merging Areva’s reactor-building unit with state-owned electricity company EDF, adding that the government would spend “as much as necessary” ... Read More »

Ireland customs seizes €64k of cigarettes and alcohols, two arrested

DUBLIN: Two men have been arrested following the seizure of €64,000 of alcohol and cigarettes by Customs Officers in two separate searches in north Dublin yesterday. The Romanian and Portuguese nationals – aged in their 30s – were arrested after €11,000 worth of cigarettes were seized at Dublin Airport. They have been remanded in custody to appear before Cloverhill Court ... Read More »

Electricity prices shows improvement for business users in Northern Ireland

DUBLIN: A report on electricity prices shows an improvement for medium and large business users in Northern Ireland during 2014. They are, however, still among the highest in the European Union. But the report by the Utility Regulator shows how energy costs have fallen from their peak around 18 months ago. Northern Ireland is reaping the benefits of increased competition, ... Read More »

Investors file $1.9 billion law suit against Norway over tariff cuts

OSLO: An Oslo court started to hear a $1.9 billion lawsuit by a group of international investors against Norway, in a case that challenges the country’s reputation as a predictable place to do business with little political risk. Investors including Allianz, UBS, the Abu Dhabi Investment Authority and two Canadian pension funds are suing Norway over its decision to cut ... Read More »

Norway’s $890b sovereign wealth fund ordered to limit holdings of companies

OSLO: Norway’s $890 billion sovereign wealth fund, built on more than four decades of extracting crude from the North Sea, was ordered by lawmakers to limit holdings of companies that produce or burn coal. That could trigger at least $4.5 billion in divestments of stocks such as RWE AG and Duke Energy Corp. While some say the environmentally friendly policy ... Read More »

Jamaica, UK sign MOU to fight against drugs trade

ABUJA: THE UK and Jamaica have signed a memorandum of understanding (MOU) aimed at strengthening cooperation between the two countries in the fight against the illicit drug trade. The three-year MOU will allow for the sharing of information between both countries as well as to allow officers from the UK Border Force, who are based in Jamaica, to work more ... Read More »