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Germany import oil bill by 31.8% to 20.6b euros in first 7 months

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BERLIN: Germany’s imported oil bill by 31.8 percent to 20.6 billion euros in the first seven months of 2015 even though imports increased, data from the BAFA foreign trade office. Russia supplied 34.9 percent of the total while 26.0 percent. Reliance on Russian imports rose from 33.2 percent a year earlier, despite the Ukraine crisis and European Commission calls for EU members to diversify away ... Read More »

Germany to spend $US6.7b more on asylum seekers

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BERLIN: Germany’s ruling coalition on Monday agreed to spend €6 billion ($US6.68 billion) more on asylum seekers and to tighten rules for those seeking sanctuary in Germany, as the influx of migrants is expected to set a post-World War II record this year. The leaders of Chancellor Angela Merkel’s ruling conservative parties and the Social Democrats agreed during an overnight ... Read More »

Pfizer wins EU approval for $15b Hospira buy

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BRUSELS: US drugmaker Pfizer (PFE.N) gained European Union antitrust approval on Tuesday for its proposed $15 billion acquisition of U.S. rival Hospira (HSP.N) after pledging to sell some drugs to allay competition concerns. The approval is conditional on Pfizer divesting certain sterile injectable drugs, as well as its infliximab biosimilar drug, which is currently under development,” the European Commission said. ... Read More »

British businesses shifting focus from crisis-hit European markets to Asia and North America

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LONDON: An increasing number of British businesses are shifting the focus of their international operations from crisis-hit European markets toward Asia and North America, according to a survey. Of the 1,000 small and medium sized companies polled by Western Union Co., only half said they now trade with Europe, down from 78 percent three years ago. Fewer than half named ... Read More »

Secret Escapes secures $60m in funding for expansion

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BRUSSELS: Secret Escapes, the travel website that offers its members deals on luxury travel, has raised $60m (£38.7m) of funding to help fuel its expansion into the US and Asia. The investment round was led by Google Ventures, the tech giant’s seed capital arm that has invested in hundreds of startups including Uber, and Octopus Investments, whose portfolio includes Kabbee, ... Read More »

€8.4b trade between France, Ireland main reason for Bastille day cheers

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DUBLIN: As Bastille Day dawns, officials from both Ireland and France have hailed the relationship between the two countries, who last year traded €8.37b worth of goods and services between them. According to data from the Central Statistics Office, France is Ireland’s sixth largest supplier and sixth biggest customer. According to Business France, the national agency supporting the international development ... Read More »

Greeks start to use Turkish lira, Bulgarian leva as euro runs out

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ANKARA: Many businesses in Greece have started to accept Turkish lira and Bulgarian leva while the country has started to run out of euros, according to reports. The EU Observer and the Financial Times reported on Thursday that accepting the neighbors’ currencies have been very common in Greece, especially in retail and the tourism industry. Under the threat of a ... Read More »

Belgium government needs to save 1.76b euros to hit structural deficit target

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BRUSSELS: The Belgian government will need to find an additional 1.76 billion euros ($1.96 billion) to cut its structural deficit by 0.6 per cent this year and next, as tax revenue declined, the budget ministry said late on Thursday. The budget targets are part of a stability programme agreed with the European Commission, which mandates that member states aim for ... Read More »

Belgium government needs to save 1.76b euros to hit structural deficit target

Euro Bank Notes

BRUSSELS: The Belgian government will need to find an additional 1.76 billion euros ($1.96 billion) to cut its structural deficit by 0.6 per cent this year and next, as tax revenue declined, the budget ministry said late on Thursday. The budget targets are part of a stability programme agreed with the European Commission, which mandates that member states aim for ... Read More »

Belgium’s Mithra to raise up to 87m euros in IPO

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BRUSSELS: Belgian pharmaceutical company Mithra, which focuses on women’s health, plans to raise up to 86.6 million euros ($98.7 million) in an initial public offering that could value the group at more than 300 million euros. The company, which makes hormones to help with the adverse effects of menopause, said on Thursday it would offer 5,238,095 shares at a price ... Read More »

Belgium’s Mithra to raise up to 87m euros in IPO

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BRUSSELS: Belgian pharmaceutical company Mithra, which focuses on women’s health, plans to raise up to 86.6 million euros ($98.7 million) in an initial public offering that could value the group at more than 300 million euros. The company, which makes hormones to help with the adverse effects of menopause, said on Thursday it would offer 5,238,095 shares at a price ... Read More »

Hudson’s Bay Co. Saks owner buys Germany’s Kaufhof chain for 2.8b euros

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BERLIN: Hudson’s Bay Co. is buying Germany’s leading department store chain, Kaufhof, from Metro for 2.8 billion euros ($3.2 billion), giving the Saks owner a launch pad to expand into Europe. The deal, the largest German inbound M&A this year, comes as department stores start to enjoy a revival by investing in e-commerce in tandem with revamped flagship stores. Hudson’s ... Read More »

Hudson’s Bay Co. Saks owner buys Germany’s Kaufhof chain for 2.8b euros

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BERLIN: Hudson’s Bay Co. is buying Germany’s leading department store chain, Kaufhof, from Metro for 2.8 billion euros ($3.2 billion), giving the Saks owner a launch pad to expand into Europe. The deal, the largest German inbound M&A this year, comes as department stores start to enjoy a revival by investing in e-commerce in tandem with revamped flagship stores. Hudson’s ... Read More »

Euro zone formally discusses Greece default for first time

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ATHENS: Senior EU officials have formally discussed for the first time a possible Greek debt default as negotiations between Athens and its creditors have stalled ahead of an end-month repayment deadline, several officials told Reuters. The government representatives, preparing next week’s Eurogroup meeting of euro zone finance ministers, concluded at talks in Bratislava late on Thursday that there were three ... Read More »

UnipolSai purchases Una Italian hotel business for 287m euros

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ROME: UnipolSai SpA, Italy’s second-largest insurer, agreed to buy the hotel businesses of Una SpA for 287 million euros ($315 million) to boost its market share in the hospitality industry and diversify investments. The transaction includes a 259 million-euro real estate portfolio of hotels from Venice to Catania, Sicily, and Una’s hotel management unit, Bologna-based UnipolSai said in a statement ... Read More »

Euro zone formally discusses Greece default for first time

greece

ATHENS: Senior EU officials have formally discussed for the first time a possible Greek debt default as negotiations between Athens and its creditors have stalled ahead of an end-month repayment deadline, several officials told Reuters. The government representatives, preparing next week’s Eurogroup meeting of euro zone finance ministers, concluded at talks in Bratislava late on Thursday that there were three ... Read More »

Germany spent 11.1b euros on crude oil imports in first 4 months of 2015

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BERLIN: Germany spent 11.1 billion euros ($12.36 billion) on crude oil imports in the first four months of 2015, down 36.6 percent from a year earlier due to lower prices, data released by the BAFA foreign trade office showed. Russia supplied 34.7 percent of the total, 27.4 percent came from the British and Norwegian North Sea and 17.3 percent was ... Read More »

Belgium donates 18.75m euros to UN agency helping Palestinian refugees

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BRUSSELS: The Belgian government has released 18.75 million euros (20.80 million U.S. dollars) for UNRWA, the United Nations agency responsible for the aiding of Palestinian refugees, local media reported Wednesday. The money applies to the 2015-2017 period and will assist the organization in health care, teaching, relief and social services. This is the first multi-year contribution from Belgium to UNWRA. We ... Read More »

German govt plans to pay total of 10m euros in compensation

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BERLIN: The German government plans to pay a total of 10 million euros in compensation to an estimated 4,000 surviving World War II Soviet prisoners for their suffering at the hands of Nazi Germany, coalition sources said on Wednesday. Europe marked the 70th anniversary of the end of the war earlier this month, and the event threw a spotlight on ... Read More »

Germany spent 8.1b Euros on crude oil imports in first three months of 2015

European central bank

BERLIN: Germany spent 8.1 billion Euros ($9.1 billion) on crude oil imports in the first three months of 2015, down 39.1 percent from a year earlier thanks to lower prices, BAFA foreign trade office data showed. Russia supplied 33.9 percent of the total, 28.1 percent came from the British and Norwegian North Sea and while 16.4 percent was from OPEC ... Read More »