ENERGY
SAS And Pilots To Resume Negotiations On Monday After 14 Days Of Strike
PARIS, France – Ailing Scandinavian airline SAS and striking pilor unions will resume negotiations on Monday, public broadcaster NRK said, after failing to reach new collective agreements over the weekend. Most SAS pilots in Sweden, Denmark and Norway walked out on July 4 after talks over conditions related to the carrier’s rescue plan collapsed. The parties returned to the negotiating table in the Swedish capital last Wednesday. ‘We are now going home after 37 hours to get some asleep’, Henrik Thyregot, head of the Danish pilots’ union, said as he left the Stockolm venue where negotiations are held, NRK reported.…
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G20 Finance Chiefs Make Few Policy Breakthroughs At Indonesia Meeting
PARIS, France – The Group of 20 major economies’ finances chiefs on Saturday pledged to address global food insecurity and rising debt, but made few policy breakthroughs amid divisions over Russia’s war in Ukraine at a two – day meeting in Indonesia. With questions growing about the effectiveness of the G20 in tackling the world’s major problems, U.S. Treasury Secretary Janet Yellen said the differences had prevented the finance ministers and central bankers from issuing a formal communique but that the group had ‘strong consensus’ on the need to address a worsening food security crisis. Host Indonesia will issue a…
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EU Formally Accepts Croatia As 20th Euro Zone Member
BRUSSELS – European Union finance ministers on Tuesday formally approved Croatia becoming the 20th member of the euro common currency at the start of 2023. The European Council, the grouping of 27 EU governments, adopted three legal acts required to allow Croatia – an EU member since 2013 – to introduce the euro on Jan.1. One of those acts set the conversion rate for entry at one euro to 7.53450 Croatian Kuna, with Croatia now having a new months to prepare the practicalities for the currency switch. To adopt the euro, Croatia had to fulfil criteria of price and exchange…
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2022 Sales Guidance For Mercedes – Benz Cars Stands, Spokesperson Says
PARIS, France – The 2022 sales guidance for Mercedes – Benz Cars, which foresees a slight increase compared with 2021, still stands, said spokesperson on Monday. The carmaker reported earlier Monday that sales fell sharply in the second quarter, hampered by supply issues and coronavirus – related lockdown measures in China.
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Former Formula One Supremo Ecclestone Charged With UK Tax Fraud
LONDON – Former Formula One supremo Bernie Ecclestone has been charged with fraud over a failure to declare more than 400 million pounds ($477 million) of overseas assets to the British tax authority, prosecutors said on Monday. The Crown Prosecution Service said Ecclestone, 91, faced one count of fraud by false representation. ‘This follows a complex and worldwide investigation by HMRC’s Fraud Investigation Service’, said Simon York, Director at the Fraud Investigation Service of Her Majesty’s Revenue and Customs (HMRC). The first hearing in his case is due to be held on Aug.22 at London’s Westminster Magistrates Court. Contacted by…
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Romanian Government Plans Tax Hikes To Boost Budget
BUCHAREST, Romania – Romania’s coalition government plans a series of tax rises from the next year, including increasing dividend and property taxes, which are expected to boost budget by 13.4 billion lei ($2.82 billion), a draft bill showed on Tuesday. Some of the changes, including higher excise duties on cigarettes and alcohol, will apply from August of this year and generate 2.2 billion lei in revenues by year – end, according to a draft bill released by the finance ministry. The country collects budget revenue worth around 30% of grass domestic product, significantly below the EU average of roughly 46%…
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EU Agrees Rules To Tame ‘Wild West’ Crypto Market
PARIS, France – Cryptocurrency companies will need a licence and customer safeguards to issue and sell digital tokens in the European Union under groundbreaking new rules agreed by the bloc to tame a volatile ‘Wild West’ market. Globally, crypto assets are largely unregulated, with national operators in the EU only required to show controls for combating money laundering. Representatives from the European Parliament and EU states thrashed out a deal late on Thursday on its Markets i n Crypto – assets (MiCA) law. ‘Today we put order in the Wild West of crypto assets and set clear rules for a…
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Norway Could Allow Airline SAS To Convert Debt To Equity
PARIS, France – Norway will support a plan by airline SAS to convert debt into equity under certain conditions but does not plan to remain a long – term stakeholder, Industry Minister Jan Christian Vestre said on Tuesday. SAS owes the state about 1.5 billion Norwegian crowns ($153 million) from loans made during the COVID-19 pandemic, he said, adding that these can be converted into equity under certain conditions. Vestre did not elaborate on the conditions that must be met, saying this was market – sensitive information. The airline said it ‘appreciated’ the support from the Norwegian government, describing it…
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Biden Urges G7 To Stay Together As Leaders Target Russian Gold, Oil Price
PARIS, France – U.S. President Joe Biden told allies ‘we have to stay together’ against Russian on Sunday as G7 leaders gathered for a summit dominated by war in Ukraine and its impact on food and energy supplies and the global economy. At the start of the meeting in the Bavarian Alps, four of the Group of Seven rich nations moved to ban imports of Russian gold to tighten the sanctions squeeze on Moscow and cut off its means of financing the invasion of Ukraine. But it was not clear whether there was G7 consensus on the plan, with European…
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Saudi Arabia To Invest $3.4 Bln In Vaccine,Biomedical Drugs Sector
PARIS, France – Saudi Arabia’s industry and Mineral Resources said on Friday the country would invest $3.4 billion in the vaccine and biomedical drugs sector, according to state news agency SPA. The Minister Bandar Alkhorayef, who heads the newly – established vaccines and biopharmaceutical industry committee, said the move is part of the kingdom’s push towards achieving pharmaceutical security and making Saudi Arabia a more prominent hub for sector. The investments will be implemented in two phases. The first includes techniques for manufacturing basic child vaccines and insulin, while the second aims to localize immunological and cancer drugs industry. Saudi…
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UAE – Romania Joint Committee Examines Enhancing Cooperation Between Both Countries
ABU DHABI, UAE – The United Arab Emirates hosted the second UAE – Romania Joint Committee at the Ministry of Foreign Affairs and International Cooperation in Abu Dhabi. The meeting was co – chaired by Ahmed Al Sayegh, Minister of State and Bogdan Aurescu, Minister of Foreign Affairs of Romania. A number of senior officials representing various governmental organisations and private companies from the UAE participating in the meeting, alongside a high – level delegation from Romania. During the meeting, the two sides discussed ways to enhance bilateral relations in the all fields. They also discussed opportunities for cooperation in…
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