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Economy & Finances

ArcelorMittal announces final tender results of its offer to purchase any and all of ArcelorMittal USA’s USD 6.500% notes due 2014


The Offer was made pursuant to an offer to purchase dated June 17, 2013 (the “Offer to Purchase”), which sets forth a more comprehensive description of the terms of the Offer. Capitalized terms used but not otherwise defined in this press release shall have the meanings given to them in the Offer to Purchase. On July 1, 2013, the Offerors made a payment in cash for all Notes tendered prior to 11:59 p.m., New York City time, on June 28, 2013 (the “Early Tender Time”). As of the Early Tender Time, the Offerors had received tenders in respect o... Read More »

No place for tax cheats


One way cheats avoid paying tax is to hide income earned in another country from authorities in the country where they live and are normally taxed. The EU tries to prevent this from happening within its borders. Current EU rules require the United Kingdom, Ireland and all other member countries to collect information on income earned on their territory by non-residents. UK and Irish authorities must then provide this information to the EU countries where these people actually live, so the income can be taxed – and EU countries must also send... Read More »

Support for Romanian SMEs: EIB signs loan contract with ING Bank Romania


The intermediated loan will allow for financing of small and medium-sized projects that will be undertaken by SMEs and by midcap companies (i.e. companies with up to 3000 employees) as well as by public sector entities or other types of private sector promoters in Romania. With today’s signature, the EIB has so far signed a total of 9.4 billion Euros since the beginning of the Bank’s lending activities in Romania in 1993. 700 million Euros were signed over the last five years, to support almost 2,900 SME projects. EIB’s Vice-President Mihai ... Read More »

Daimler’s Board of Management Chairman buys company’s own shares for approximately €1.2 million


“With this share purchase, Dieter Zetsche is underscoring his confidence in a sustained and positive development for Daimler. At the same time, it is a signal to all the other Daimler shareholders,” stated Jörg Howe, Corporate Spokesman and Head of Global Communications at Daimler AG. For the acquisition of the shares, Dr. Zetsche applied the proceeds he had just received from the exercise of an existing stock option plan (in this case, options of the plan from the year 2004). ... Read More »

First EIB loan after Croatia’s EU accession: EUR 250 million for smaller projects


EIB Vice-President Anton Rop stated: “I very much welcome the fact that the first EIB loan signed after Croatia joined the Union addresses the key lending priority of the EIB – to improve the extremely tight financing conditions for SMEs and mid-caps in the current prolonged economic crisis. Better availability of long-term financing is vital for further development of this sector, which is the backbone of the Croatian economy and the main driver of growth and employment.” “There is high demand for HBOR’s loans: in the first six months of th... Read More »

Successful launch of Dexia Crédit Local EUR 1.5 billion inaugural government guaranteed transaction


Going out with a spread guidance of OLO + 30 basis points, the issue quickly gathered momentum with a primary order book reaching more than EUR 1 billion from around 50 different investors mainly from Germany, France and the UK. With a final order-book close to EUR 1.7 billion, Dexia Crédit Local achieved a highly granular transaction with almost 80 accounts participating. This enabled the issuer to price a successful EUR 1.5 billion benchmark. France and the UK represented the largest investor groups in terms of volume with 29% and 28% resp... Read More »

Panasonic opens flagship mono-brand store in Siberia


Panasonic opens in Novosibirsk electronics store fundamentally new format. It will be presented to the widest choice of premium products, the most relevant new products and exclusive models of audio and video, as well as household and kitchen appliances Panasonic - all more than 450 names. Fans of the Japanese brand can be sure of the quality of purchased goods to be supplied Panasonic. On the area of ​​135 sq.m. set up special zones format Touch & Try, where customers can try out the functionality of the majority of products: the first ... Read More »

Lloyds Banking Group announces the sale of its Miami International Private Banking Office


Banco Sabadell already has a customer focused, private banking business in Miami and as indicated when we announced the sale of our Spanish retail operations to Banco Sabadell in April we continue to explore how the groups can collaborate effectively. This agreement evidences where such collaboration can be beneficial for both our customers and the business. The senior client facing team of the Business is expected to transfer to Banco Sabadell on completion of the Transaction. The Group will be contacting clients shortly in relation to the Tra... Read More »

AkzoNobel Q2 results 2013


July 18, 2013 Revenue down 4 percent, mainly due to divestments Operating income at €322 million (2012: €388 million) driven by adverse price/mix developments Net income attributable to shareholders €429 million (2012: €219 million) due to recognition of a deferred tax asset and the divestment of Decorative Paints in North America Adjusted EPS €1.37 (2012: €1.06) Performance improvement program on track to be completed in 2013, delivering €500 million EBITDA benefit a year early Operational focus of strategy update announced in ... Read More »

Abu Dhabi Commercial Bank and Red Crescent Authority unite efforts to help those in need during Holy Month of Ramadan


ADCB is dedicated to giving back to the communityy within which it operates and the sponsorship of Red Crescent Ramadan tents is a continuation of ADCB’s dedication to improving social issues. The bank sponsors Ramadan Iftar Tents annually, but the partnership with Red Crescent is the first time that ADCB has allocated its corporate Ramadan budget to provide more that 35,000 Iftar meals for those less fortunate throughout the Holy month of Ramadan. Mr. Amr Al Menhali, Head –ADCB Islamic Banking commented: “The Holy month of Ramadan is an opp... Read More »

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