Business

Amazon to raise fees on Spanish vendors due to new digital tax

U.S. tech giant Amazon will raise fees for Spanish companies using its platform to sell their wares in response a digital tax imposed by the government, El Confidencial reported on…

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Euro zone business activity shrank in Jan as lockdowns hit services

Economic activity in the euro zone shrank markedly in January as lockdown restrictions to contain the coronavirus pandemic hit the bloc's dominant service industry hard, a survey showed. With hospitality…

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Skoda Auto says made less cars at Czech plants in 2020

Skoda Auto, the Czech unit of Volkswagen AG and the country's main exporter, said on Friday its output at domestic plants dropped to 753,013 in 2020, from 910,000 in 2019.…

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Italy’s ‘brain drain’ increasing

Italy's 'brain drain' is rising with increasing numbers of mostly young and highly educated Italians going abroad, ISTAT said Wednesday. The number of emigrants rose 4.5% in 2019, the national…

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China overtakes Germany with largest current account surplus-Ifo

Germany's current account surplus shrank for the fifth year in a row in 2020 as China overtook Europe's biggest economy during the COVID-19 pandemic to run the world's largest current…

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KLM to cut 1,000 more jobs, says mandatory COVID-19 testing will ground planes

KLM said it would cut an additional 1,000 jobs in 2021 and warned on Thursday that government plans to require all passengers and crew to pass a COVID-19 test before…

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Malta Development Bank supports EUR29.3m investment in 96 local SME projects

SMEs across a number of different economic sectors have undertaken new investment in 96 projects worth more than €29 million, with the support of the Malta Development Bank’s Loan Guarantee…

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Gold eases as yields tick up, but set for best week in five

Gold inched lower on Friday as U.S. Treasury yields ticked up, though bets of a large U.S. stimulus kept the metal on course for its best week in five. Spot…

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Oil drops as new COVID cases in China trigger clampdowns

Oil prices dropped on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world's…

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Google says it will shut search engine in Australia if forced to pay for news

Alphabet Inc's Google said on Friday it would block its search engine in Australia if the government proceeds with a new code that would force it and Facebook Inc to…

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UPDATED: Bitcoin extends slide, heads for worst week since March 2020

Bitcoin wavered on Friday and was heading toward its sharpest weekly drop since September, as worries over regulation and its frothy rally drove a pullback from recent record highs. The…

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Glass maker Schott predicts enough vials to go around for COVID-19 vaccines

Germany’s unlisted Schott AG, the world’s biggest supplier of speciality glass for medical bottles and syringes, said it did not see any shortage of vials for bottling COVID-19 vaccines. Drugmakers…

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Norwegian Air to get financial backing from government

Norway is willing to take part in the refinancing of Norwegian Air, Industry Minister Iselin Nyboe said in a statement on Thursday, without indicating how much the government would contribute.…

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Germany agrees tax relief for computer purchases

German Finance Minister Olaf Scholz expects annual tax relief of around 2.3 billion euros from a new measure to support purchases of digital assets like computers and software, the ministry…

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South Korea’s LG considering all options for loss-making mobiles

South Korea's LG Electronics said it was considering all options for its loss-making mobile division, which analysts said could include shutting its smartphone business or selling off parts of the…

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Azerbaijan’s SOCAR to resume oil flows via Baku-Novorossiisk link in Feb

Azerbaijan's SOCAR plans to pump 85,000 tonnes of oil via the Baku-Novorossiisk pipeline in February, a spokesman said on Thursday, after a pause in January. The state-controlled energy company added…

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Google and French publishers sign agreement over copyright

In a first in Europe, Alphabet's Google and a group of French publishers said on Thursday they had agreed a general framework over copyrights under which the U.S. tech giant…

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Central Bank of Libya says Libyan energy revenue dropped 92% last year

Libya’s oil and gas revenue dropped by 92% last year, the central bank said on Wednesday, after most exports were stopped by a months-long blockade by fighters in the civil…

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Italy PM wins backing for deficit hike after surviving coalition ambush

Italian Prime Minister Giuseppe Conte won near unanimous parliamentary backing for extra spending for the COVID-hit economy on Wednesday, just hours after he narrowly survived an attempt by a junior…

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Oil slips on surprise rise in U.S. crude stocks

Oil slipped on Thursday after industry data showed a surprise build in U.S. crude inventories that reignited pandemic-led demand concerns, but stimulus hopes in the United States limited the downturn…

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Gold scales 2-week high as dollar slips

Gold rose to a two-week high on Thursday as the dollar eased on hopes of further stimulus under the Joe Biden administration, although bullion's gains were limited by some profit…

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Commerzbank deepens partnership with Microsoft

Commerzbank said on Wednesday that it would widen its partnership with Microsoft by putting a significant portion of its applications in the cloud over the next five years. The two…

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Saudi Arabia pips Russia to be China’s biggest oil supplier in 2020

Saudi Arabia, the world's biggest oil exporter, beat Russia to keep its ranking as China's top crude supplier in 2020, Chinese government data showed on Wednesday. Oil demand in China,…

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Right to disconnect an important test for Europe’s commitment towards fundamental rights of workers

A report calling on the European Commission to introduce legislative action on the right to disconnect has been described as an important test in favour of workers' fundamental rights. Maltese…

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UK inflation starts climb as effects of COVID and Brexit combine

British inflation gathered speed in December, starting what is expected to be a climb this year as pandemic-fighting measures, Brexit and a recovery in the economy combine to push up…

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Airlines face more turbulence before vaccine relief

For a year expected to mark a turning point for pandemic-stricken European airlines, 2021 is off to a rough start. A resurgence of COVID-19 lockdowns has killed off a fragile…

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Retailer WH Smith set to lose up to 20 mln pounds a month till March

WH Smith said on Wednesday it expects to burn up to 20 million pounds a month in cash until March, eating into its remaining resources as it strives to ride…

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Italy’s Poste Italiane to buy 51% of China’s Sengi Express

Italy's Poste Italiane said on Wednesday it had agreed to buy a 51% stake in Chinese cross-border logistics company Sengi Express from Hong Kong-based Cloud Seven Holding Ltd. The acquisition…

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British Airways-owner IAG buys Air Europa in cut-price 500 million euro deal

British Airways and Iberia owner International Airlines Group has agreed to buy Spain's Air Europa for 500 million euros ($606.7 million), after the pandemic cut the price in half and…

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Air France still at risk of disappearing – finance minister

French Finance minister Bruno Le Maire reaffirmed on Wednesday Air France could disappear due to the impact of the coronavirus pandemic on air travel, adding the French state would continue…

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Inflation stable but food prices rising – NSO

In December 2020, the annual rate of inflation in Malta as measured by the Harmonised Index of Consumer Prices (HICP), remained at a constant rate of 0.2 per cent the…

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U.S. agency orders Ford to recall 3 million vehicles over air bags

Ford Motor Co must recall 3 million vehicles with potentially defective driver-side Takata air bags, the U.S. auto safety regulator said, rejecting a bid by the second-largest U.S. automaker to…

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U.S. blacklists oil traders, tankers for undermining Venezuela sanctions

The United States sanctioned a network of oil trading firms, individuals and vessels that have helped Venezuelan state-run oil company PDVSA sell crude mainly to Asia despite Washington’s sanctions on…

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South Korea’s Kia says looking at electric car projects with multiple firms after Apple report

South Korean automaker Kia Corp said on Wednesday it's reviewing cooperation on self-driving electric cars with multiple foreign firms, making no mention of a report linking it to a project…

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Oil extends gains on hopes of U.S. stimulus and crude stocks drawdown

Oil prices rose on Wednesday, adding to solid gains overnight, on expectations the incoming U.S. administration will go ahead with massive stimulus spending that would boost fuel demand and draw…

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Gold gains as U.S. stimulus prospects weigh on dollar

Gold prices rose on Wednesday as expectations for a massive U.S. stimulus to help the world's largest economy recover from the coronavirus jolt bolstered bullion's appeal as an inflation hedge…

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Canada to lift Boeing 737 MAX flight ban on January 20

Canada said on Monday it will lift a near two year flight ban on Boeing Co's 737 MAX on Jan. 20, joining other countries like the United States that have brought the aircraft back following two fatal crashes involving the model. Regulator…

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HSBC to close 82 branches in UK

HSBC plans to axe 82 branches in Britain this year after a drop in footfall across its retail network and a surge in digital banking, the bank said on Tuesday. The lender said it would…

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Epidemics lead world’s biggest short-term risks: World Economic Forum

Infectious diseases and livelihood crises led the rankings of risks expected to pose a critical threat to the world in the next two years, according to a survey of more than 650 World Economic Forum (WEF) members from…

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First MaltaAir Boeing 737 Max spotted in Washington

A Twitter account specialising in the airline industry, has revealed the first images from Washington of the first painted winglets bound for a Malta Air Boeing 737 MAX aircraft have…

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Unilever says global consumption will remain depressed in first half of year

Consumer goods maker Unilever Plc expects global consumption patterns to be suppressed in the first half of this year, even as business returns to normal in East Asia and markets…

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Hauliers will need negative COVID test before travel from UK to Denmark, Netherlands

Hauliers require a negative COVID-19 test before travelling from Britain to Denmark and the Netherlands, the British government said on Monday. Last week the French government said people travelling from…

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AT&T to cut Slovakia workforce, unions expect 300 jobs to go

AT&T plans to cut its workforce in Slovakia as the COVID-19 pandemic hits customer demand, the company said on Monday, with unions saying that 10% of jobs may be affected.…

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IEA says oil, gas methane emissions down 10% in 2020 as output fell

Global emissions of the potent greenhouse gas methane from oil and gas production dropped 10% in 2020 mainly because of lower output as opposed to concerted climate action, a report…

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Lufthansa reaches deal with Eurowings on jobs

Lufthansa subsidiary Eurowings will not lay off staff until March next year, trade union Verdi said on Monday, as part of efforts by the airline to rein in losses due…

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Germany finalises 2020 budget with less new debt than expected

The German government has finalised its 2020 budget with net new debt of below 150 billion euros ($181 billion), which is roughly a third less than the originally planned borrowing…

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Russian airlines’ passenger traffic down 46% in 2020

The number of passengers flying with Russian airlines in 2020 fell 46% year on year, the aviation authority said on Monday, reflecting the impact of the coronavirus pandemic. Some 69.17…

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China’s economy picks up speed, ends 2020 in solid shape after COVID-19 shock

China's economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-striken 2020 in remarkably good shape and remained poised to expand further…

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Amazon to open two new hubs in Italy this year

Amazon will open two new logistics centres in Italy this year, investing over 230 million euros ($278 million), the world's largest online retailer said on Monday. With the two new…

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Sanofi to cut around 400 job positions in pharma research

French healthcare company Sanofi has told trade unions that it is planning to cut around 400 job positions in its pharmaceutical research division, France Inter reported on Monday. In June…

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Gold steadies as U.S. stimulus prospects offset firm dollar

Gold prices steadied after dropping to their lowest in 1-1/2 months on Monday, as prospects of a massive U.S. coronavirus relief aid outweighed a stronger dollar and lifted bullion's appeal…

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Oil drops 1% as rising coronavirus cases end supply-led rally

Oil prices fell on Monday, extending losses that last week ended a rally driven by production cuts and strong Chinese demand, with the market's recovery outlook being called into question…

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Malta News Briefing – Sunday 17 January 2021 – UPDATE

Update 1900 h - News Headlines - Political Sunday Statement - Prime Minister Robert Abela tried to shut down all criticisms of the Labour Party's co-option of Oliver Scicluna during…

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Greek companies incur losses of almost 35bn euros due to pandemic

eKhatimerni - All Greek companies, and not just those that were forced to close during the lockdown, suffered losses in revenue reaching almost 35 billion euros in the period from January…

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Malta: Brexit creates bureaucracy and uncertainty for logistics sector

It-Torċa speaks with the CEO of logistics company Express Trailers, Franco Azzopardi, about the impact of Brexit on the sector. Azzopardi said there the new arrangements present a high rate…

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Malaysia takes WTO legal action against EU over palm biofuel curbs

Malaysia is taking legal action at the global trade watchdog against the European Union and member states France and Lithuania for restricting palm oil-based biofuels, the government said. The world's…

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DHL Express sees strong start to year, Brexit challenges under control

DHL Express is off to a strong start to the year even as capacity remains tight due to the COVID-19 pandemic, with post-Brexit adjustments on track, Global CEO John Pearson…

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