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EU Commission disburses €600m assistance to Ukraine

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BRUSSELS: The European Commission, on behalf of the EU, today disbursed a loan of €600 million to Ukraine. This corresponds to the first instalment under the new Macro-Financial Assistance (MFA) programme for Ukraine, which amounts to a total of €1.8 billion. Through this programme, the EU contributes to cover the urgent financing needs faced by Ukraine, while supporting the country’s ... Read More »

Shipping link to EU off to sluggish start

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BRUSSELS: An arrangement that would connect the Port of Duluth-Superior with western Europe is off to a slower start than expected. Originally billed in 2014 as a monthly service from the Netherlands to Duluth’s Clure Public Marine Terminal, the Amsterdam-based dry cargo specialist Spliethoff’s first vessel of the season reached the Twin Ports just last weekend. The 448-foot Florijngracht anchored ... Read More »

Xoom launches service to Austria, Belgium, Greece, and Portugal

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BRUSSELS: Xoom Corporation XOOM, -0.48% a leading digital money transfer provider, has expanded its service to include Austria, Belgium, Greece and Portugal. Xoom offers fast deposits and can deposit money in as little as 24 hours when customers send by 4:00 p.m. IST (Irish Standard Time). Transactions submitted after that time will be deposited in two business days. Sending money ... Read More »

EU opens antitrust case against major US studios and Sky UK

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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 »

General Electric offers concessions in bid for EU clearance of Alstom deal

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BRUSSELS: U.S. conglomerate General Electric has offered concessions in an attempt to counter EU regulatory concerns about its 12.4-billion-euro (US$13.49 billion) bid for French peer Alstom’s power unit, its biggest ever acquisition. The company submitted its proposal on Thursday but did not provide details. GE confirms it has submitted remedies to the European Commission in relation to the GE-Alstom transaction. ... Read More »

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

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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

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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

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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

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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 »