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Norway needs tax changes to boost wind farms: regulator OSLO: Changes to Norway's tax rules are needed to stop wind power investments fleeing to neighbouring Sweden, the power market regulator said ahead of a draft government budget to be released on Oct. 8. His comments come after Norway's state-owned power group Statkraft called this week for the government to amend tax rules, in particular the length of depreciation of investments, to level out the playing field with Sweden. The two countries launched the first cross-border renewable subsidy scheme in 2012, aiming to add 26.4 terawatt-hours (TWh) in annual production from renewable power by 2020.But of the 7.9 TWh produced so far, only 1.2 TWh came from Norway, the Swedish Energy Agency said in August."The overall situation is that we give licenses, but there are no investments in Norway," Per Sanderud, head of the Norwegian Water Resources and Energy Directorate, told Reuters in an interview.Norwegian authorities have approved a combined ...

Germany says won't delay plans to isolate risky bank business BERLIN: The German government will not delay its plans to isolate risky hedge fund activities from banks' normal retail business but will consider aligning its law with European rules to keep costs down for German banks, the finance ministry said on Friday. German banks have lobbied for the government to ease and postpone the law, which will come into force in 2016, as it is tougher than EU regulation currently under negotiation. After the collapse ...
Storm forces closure of Florence museums for damage checks FLORENCE: Florence officials ordered the closure of many of the Tuscan city's museums on Friday, including the famed Uffizi Gallery, while technicians checked for damage after a particularly violent storm. The museums house some of the greatest treasures of the Renaissance and the Uffizi is home to masterpieces by Fra Angelico, Boticelli, Raphael and others. Streets, cellars and ground floors of buildings in the city centre were flooded by the storm that felled trees in ...
Russian businessman freed from house arrest, his company says MOSCOW: Russian billionaire Vladimir Yevtushenkov was freed from house arrest on Friday, a company spokeswoman said, but the tycoon will have to stay in Russia to face money laundering charges over a deal to acquire a regional oil company. There were conflicting reports in Russian media over whether the head of the Sistema telecoms-to-oil conglomerate had seen a change in the conditions of his pre-trial detention, which some in Russia's business elite said were too ...
Ex-president Nicolas Sarkozy announces come-back to French politics PARIS: Former president Nicolas Sarkozy on Friday announced his return to French politics in a statement on his Facebook page."I am a candidate to be president of my political family," the conservative UMP party, said Sarkozy, putting an end to months of speculation that he would return to the political scene.Copyright AFP (Agence France-Presse), 2014 ...
Poland says will not arm Ukraine forces WARSAW: Poland will not send arms or otherwise get involved in the bloody conflict in neighbouring Ukraine, its prime minister-designate Ewa Kopacz said Friday."We shouldn't be an active participant in this armed conflict," Kopacz told reporters, while adding that Poland would adhere to all joint EU initiatives concerning Ukraine. "Poland should behave like a reasonable Polish woman. Our safety, our country, our home, our children are what's most important."Which doesn't mean we should now be ...
TANAP will be dream come true: Turkey's PM ISLAMABAD: The Trans Anatolian Natural Gas Pipeline, TANAP- a pipeline that will transport gas from Azerbaijan's Shah Deniz field to Europe through Turkey will be a dream come true, Turkey's Prime Minister Ahmet Davutoglu said Thursday ahead of his official visit to Azerbaijan.Following Davutoglu's upcoming talks on Friday on bilateral relations, regional and international developments with Azerbaijani officials, the TANAP project foundations will be laid Saturday which Davutoglu described as a 'peace project' that will ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln