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China says it will not accept EU measures on emissions
BEIJING: China said it will not accept any "unilateral and compulsory market measures" announced by the European Union threatening Chinese carriers with fines for non-compliance with its Emissions Trading System (ETS).
Speaking at the 2013 China Civil Aviation Development Forum in Beijing, Yan Mingchi, deputy director-general of the policy, law and regulation department under the CAAC , said, "... |
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Russia's GDP growth slumps to 1.6%
MOSCOW: There was just 1.6 percent growth witnessed in the Russian GDP in the first quarter this year, which is its fifth quarterly fall, according to the country's federal statistics service.
That is more optimistic, however, than deputy economic development minister Andrei Klepach's earlier estimate of growth slowing to 1.1 percent.
In April, the ministry reduced its annual GDP forecast fr... |
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Chinese firm ZTE to sell mobile handsets directly in India
PUNE: Aiming to become one of India's top three handset vendors, Chinese telecom major ZTE Friday announced a tie-up with city-based firm Calyx to launch its smartphones in the domestic market.
ZTE, which supplies handsets to Indian handset-makers such as Micromax and Karbonn and telecom operators Reliance Communications and Idea Cellular, has set a target of selling one million smartphones in ... |
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Eurozone, EU economies contract in Q1
BRUSSELS: The Eurozone's gross domestic product contracted 0.20 percent in the first quarter of this year, compared to the prior three-month period, while the European Union's GDP declined 0.10 percent during the January-March period, Eurostat said Wednesday.
The countries in the single-currency zone registered a drop of 0.60 percent in their GDP in the last quarter of 2012, while the GDP of th... |
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Abu Dhabi among world's 100 busiest meeting destinations
ABU DHABI: Abu Dhabi has been named among the top 100 busiest global destinations for meetings, in the International Congress and Convention Association (ICCA) rankings.
The UAE capital jumped to the top 100 from the 234th place in 2011.
Abu Dhabi is now ranked alongside other major meetings cities including Atlanta, Georgia, Brasilia and Perth, and higher than established global hubs such a... |
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Euro group releases first bailout installment for Cyprus
BERLIN: The euro group has signed off the first installment of the USD 13 billion financial bailout package for debt-stricken Cyprus while allocating fresh disbursements for Greece and Portugal.
At the start of a two-day meeting in Brussels yesterday, the finance ministers of the 17 EU nations using the single currency released USD 2.6 billion (2 billion euros) for Cyprus from the rescue packag... |
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China aims for simpler forex regulations
BEIJING: China will simplify regulations on foreign exchange management to create a more convenient environment for foreign investors, authorities said.
The State Administration of Foreign Exchange (SAFE) Saturday issued a new guideline which further clarifies forex management for foreign investors and abolishes some normative documents fettering foreign direct investment.
The guideline seek... |
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G7 agrees to target tax avoidance
LONDON: The Group of Seven industrialised nations on Saturday agreed that collective action was needed to target tax evasion and avoidance, including by multinational companies using transfer pricing rules to shift profits into tax havens.
Speaking after a two-day meeting at Aylesbury in Buckinghamshire, south-east England, UK chancellor George Osborne said it was "incredibly important" that fi... |
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ATM hackers steal $45 mn from 27 countries
WASHINGTON: In another incident of cyber-crime, 45 million dollars have been stolen by hacking a prepaid debit card database, followed by draining ATMs across the world, according to federal prosecutors.
Prosecutors have compared the hacking to the Lufthansa heist in the late 1970s where in a heist masterminded by Jimmy Burke, 5.8 million dollars in cash was stolen from a Lufthansa Airlines vau... |
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Vodafone approaches Delhi HC for licence renewal
NEW DELHI: Vodafone India Thursday approached the Delhi High Court challenging the government decision not to renew its licences in key circles of Mumbai, Delhi and Kolkata beyond November 2014.
"The DoT arbitrarily rejected Vodafone's applications for extension... Accordingly, Vodafone is constrained to take the legal recourse by challenging DoT's arbitrary rejection of its extension applicati... |
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