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HSBC contemplates sale of Turkey business to ING

BRUSSELS: HSBC is reportedly planning to divest its troubled business in Turkey to the Netherlands-based multinational banking and financial services company ING Group in a transaction worth around $700-$750m. Two people with knowledge of the matter told Reuters that the company’s latest decision is part of its strategy to reduce costs and increase profits. With the purchase of HSBC’s business, ... Read More »

Europe’s competition regulator investigates predatory pricing tactics by Qualcomm

price drop

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, 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 whether the ... Read More »

Europe’s competition regulator investigates predatory pricing tactics by Qualcomm

european-stocks21111

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, 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 whether the ... Read More »

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

unionpay

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

european-stocks2111

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

open-bank-account

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 »

TeliaSonera earnings top estimates on EU, Asia Sales

European parliament

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 »

EU commission proposes up to £850m using UK contributions towards Greek bailout

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BRUSSELS: The European commission has defied George Osborne, the UK chancellor, by formally proposing an emergency loan for Greece through an EU-wide bailout fund using up to £850m of British contributions. The proposed use of the European Financial Stability Mechanism fund is a blow to the UK, because David Cameron thought he had secured in 2010 a “black and white” ... Read More »

Port sees spike in international shipping in 2015

transhipment cargo port

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 puts 150m euros in energy infrastructure

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BRUSSELS: The European Union (EU) decided to allocate 150 million euros to key trans-European energy infrastructure projects, the European Commission said here the other day. The bulk of the money will go to projects in Central Eastern and South Eastern Europe as well as to projects in the Baltic region, the commission said in a statement, while 20 projects were ... Read More »

Nyrstar appoints Bill Scotting as new chief executive

INDUSTRY

BRUSSELS: Nyrstar has ended a seven-month search for a chief executive, turning to a mining industry veteran to try to improve operations at one of the world’s largest zinc producers. The Belgian listed company said Bill Scotting would join next month. Mr Scotting is chief executive in the mining division of ArcelorMittal, the steelmaker. Nyrstar has admitted to problems with ... Read More »

Oman-Belgium economic ties set to grow

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BRUSSELS: Economic relations between Oman and Belgium are growing and will become stronger if the huge potential for cooperation in various fields is utilised, said a Belgian official. Countries in the Middle East, especially in the Gulf region, are important markets for Belgium, said Kris Castelein, counselor – investment and trade, the Embassy of Belgium in Riyadh, Saudi Arabia. Belgium ... Read More »

Belgium’s business confidence index rises in June to highest level since July 2011

Chinese stocks drop on growth concern as banks, developers fall

BRUSSELS: Belgium’s business confidence index rose in June to its highest level since July 2011, the country’s central bank said Wednesday, as sentiment in the services sector improved significantly. The overall business confidence index in June reached -3.9, compared with May’s reading of -4.9. The central bank said confidence in the services sector rose to 13.1 points from 9.4 points ... Read More »

EU authorities fines Spain USD 21m for fudged deficit figures

European parliament

PARIS: European Union authorities have fined Spain almost 19 million euros (USD 21 million) for manipulating economic statistics for one of its regions, the first penalty of its kind. The European Council said in a statement today that an investigation showed “serious negligence” concerning the recording of health expenditure in the eastern region of Valencia. The body said that led ... Read More »

UK trying to stop EU from giving Greece any more emergency cash from a certain fund

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LONDON: Britain’s government is trying to stop the country from indirectly giving Greece any more cash as it says that the latest bailout agreement is a “non-starter.” According to UK Treasury sources, as cited by the Guardian, Chancellor George Osborne is in the process of trying to block the European Union from drawing out more cash from a certain emergency ... Read More »

Atletico Madrid signs Belgium international Carrasco from French club Monaco

Atletico Madrid

BRUSSELS: Atletico Madrid have completed the signing of Belgium footballer Yannick Ferreira Carrasco from French club Monaco. The 21-year-old winger has signed a five-year contract, while reports suggest the move has cost the La Liga side in the region of 20 million euros, goal.com reported on Friday. Carrasco, who has so far represented Belgium in three matches, is viewed as ... Read More »

Belgium-based chemicals firm Solvay opens $50m specialty surfactants plant in Singapore

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BRUSSELS: Belgium-based chemicals firm Solvay opened its S$50 million specialty surfactants plant in Singapore, its largest in Asia. It also announced completion of the expansion of an oil and gas lab at its research and innovation centre here, banking on optimism that upstream oil exploration activity in Asia will continue apace given the drive towards energy self-sufficiency in many countries. ... Read More »

EU announces Iran nuclear talks extended to July 13

NUCLEAR (1)

BRUSSELS: The European Union announced Friday afternoon that deadline for the ongoing Iran nuclear talks in Vienna will be extended to July 13. To allow for the additional time to negotiate, we are taking the necessary technical steps for the measures of the Joint Point of Action to remain in place through July 13‎,” a senior U.S. State Department official ... Read More »

Greek PM Alexis appeals to parliament to back tough reform package to save Greece from collapse

Greek Prime Minister

BRUSSELS: Greek Prime Minister Alexis Tsipras appealed to parliament to back a tough reform package to try to save Greece from financial collapse, with European Union and the International Monetary Fund (IMF) officials offering a positive early assessment of the measures. The creditors are due to give an initial verdict on reform proposals and a request from Athens for billions ... Read More »

Brussels Airlines Cargo appoints Air Logistics Group as its new global GSSA

jpan airlines

BRUSSELS: Brussels Airlines Cargo has appointed Air Logistics Group as its new global GSSA, in a bid to get closer to its customers, the airline said this morning. As the carrier adds capacity, and the cargo division becomes an increasingly important revenue stream, it has appointed the global GSSA to represent it worldwide with effect from September 1. The cargo ... Read More »