Friday, 14 August 2020

Business

German slowdown leaves job boom untouched

BERLIN: The jobless rate in Germany held steady in January even as signs of a slowdown in Europe’s powerhouse economy mounted, official data showed Thursday. The unemployment rate was 5.0 percent, the Federal Labour Agency (BA) said in seasonally-adjusted figures, the same level as the previous two months. In absolute ...

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Nokia sees fast shift to 5G

HELSINKI: Telecom network equipment maker Nokia forecast stronger-than-expected 2019 and 2020 results thanks to fast-rising investments in 5G networks, after beating fourth-quarter sales and profit estimates on Thursday. “Over the longer-term, we expect a virtuous cycle of investment, where operators update their networks across multiple domains,” Nokia’s chief executive Rajeev ...

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Facebook profit climbs along with ranks of users

LONDON: Facebook said quarterly profit climbed to $6.9 billion as its ranks of users continued to grow despite scandals that have dented the leading social network’s image. Revenue soared 30 percent from a year ago to $16.9 billion while the number of people using it monthly rose nine percent to ...

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Syria, Iran agree to ditch dollar in bilateral transactions

TEHRAN/DOHA: Iran sealed economic and trade deals with Syria, as Damascus is looking to its allies to help with the reconstruction effort after its eight-year-long war. Iran and Syria have agreed on measures that will allow bank transactions in their local currencies and non-dollar foreign currencies as the two countries have decided to deepen ...

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Three Abu Dhabi lenders agree to create 3rd largest bank

ABU DHABI Commercial Bank, Union National Bank and Al Hilal Bank agreed a merger on Tuesday to create the third-largest bank in the United Arab Emirates. The bank will become the fifth largest in the GCC with 420 billion UAE dirham ($114.35 billion) in assets with increased productivity and economies ...

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French fuel price revolt boosted ethanol use

PARIS: Public anger in France over increasing fuel prices, which gave rise to the anti-government “yellow vest” movement, has further boosted demand for crop-based ethanol fuel from motorists seeking cheaper deals, industry representatives said. Ethanol, which is blended with gasoline as part of renewable energy policy targets, had already benefited ...

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France to give Rs19.5b loan for Peshawar’s BRT project

PESHAWAR: France will provide a loan of Rs19.5 billion to Pakistan for the development of the Peshawar Bus Rapid Transit project. The loan of 130 million euros (equivalent to Rs19.5 billion) will be provided through the French Agency for Development (AFD). The multi-billion rupee project is aimed at providing safe ...

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Ryanair cabin crew in Spain vote for recognition agreement

IRELAND-based carrier Ryanair said on Tuesday its cabin crew in Spain had voted in favour of a recognition agreement with SITCPLA and USO workers’ unions. Ryanair suffered a number of strikes last year by pilots and cabin crew, forcing it to cancel hundreds of flights across Europe, after the airline ...

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Russia to invest 7.78bn USD in space industry

MOSCOW: The Russian government is planning to allocate more than 515 billion rubles (7.78 billion US dollars) for the development of the country’s aerospace industry from 2019 to 2021, Russian Prime Minister Dmitry Medvedev said Wednesday. “This money should be effectively used to build up our orbital capabilities, create a ...

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WhatsApp testing new feature

LONDON: Facebook-owned WhatsApp is currently testing a new feature update for its Android beta version making it much easier for users to manage media on the platform. According to a report by WABetaInfo, now, while browsing images in the media section of a chat users will see new options listed ...

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