Euro zone growth to gather speed despite tensions: Commission

Reuters, Brussels

The euro zone will slightly step up its economic recovery in the next two years despite lower demand for European exports in China and other emerging markets, the European Commission said on Thursday in its latest economic forecasts.
The euro zone is expected to grow 1.6 percent in 2015, with modest acceleration of gross domestic product (GDP) to 1.8 percent in 2016 and 1.9 percent in 2017, the EU executive said on Thursday.
"The European economy remains on recovery course," the EU Commissioner for economic affairs, Pierre Moscovici, said in a statement.
But he also warned that "major challenges remain", as exports of European products are expected to slow down and wars and tensions persist in the region around Europe.
The expansionary monetary policy carried out by the European Central Bank and the decline of oil prices have driven euro zone growth in 2015. However, this positive impact is fading, the Commission predicted, as it slightly reduced the 2016 growth forecasts from its previous estimates in May, when it predicted a 1.9 percent GDP rise in the euro zone.
Although divergences remain among the 19 countries sharing the euro, economic growth is now widespread with only Greece still in recession. Cyprus, Finland and Italy had seen contraction in 2014.
Germany, the euro zone strongest economy, will continue to grow, although at a slower pace than previously predicted, while Italy will see a faster increase of its GDP this year and in 2016.

The euro zone current account surplus will continue to increase in 2015, driven by Germany, but it is expected to narrow in next two years as oil prices are forecast to rebound.
The expected increase in oil prices is also seen as positive for the euro zone inflation, which will rise to 1 percent in 2016 from 0.1 per cent in 2015, although still far from the ECB target of close to 2 percent.
The fiscal outlook of the euro zone is also expected to improve as some countries reduce their public deficits and debts, although France will maintain a deficit above the limits set by EU rules also in 2017, and Italy's debt is expected to rise in 2015 to 133 percent of GDP.

Satellite deal Nov 11

Star Business Report

The telecom regulator will sign a deal with Thales Alenia Space on November 11, awarding the French company a work order for commercial satellite Bangabandhu. Officials of Bangladesh Telecommunication Regulatory Commission and local representatives of Thales Alenia have confirmed the signing date.
Top officials of Thales Alenia are already in town and are fine-tuning the terms and conditions with the regulator, said a senior official of BTRC.
The company will be responsible for building the satellite; launching vehicle services; buying and maintaining ground control station equipment; constructing two ground stations; insuring; and meeting primary operation costs for the next three years, according to tender documents.
The company will also arrange 85 percent of foreign financing for the project.
On October 20, the cabinet purchase committee approved a proposal in favour of Thales Alenia at a price of $248 million (about Tk 1,951 crore), which will be used for telecommunication and broadcast purposes, as all other participants became non-responsive during the bidding process.
Two US companies Boeing and Orbital, Canada's MDA Corporation and Chinese company China Great Wall Industry Corporation were all running for the bid initially.
While the total cost of the satellite is about Tk 2,967.95 crore, some Tk 1,652.44 crore will come from foreign loans and the government will pay Tk 1,315.51 crore. The government wants to launch the satellite on December 16, 2017, marking the country's 45th Victory Day, said a senior official of BTRC.

On January 15, the government purchased a 119.1 east longitude orbital slot from Russia-based Intersputnik for 15 years at a cost of Tk 218.96 crore.

‘Quantico’ Star Priyanka Chopra Signs with WME

Bollywood actress Priyanka Chopra has signed with WME. Photo: AFP

Star Online Report

Currently starring on ABC’s Sunday night hit “Quantico,” Priyanka Chopra has signed with WME, reports Variety.
The Bollywood star was also crowned Miss World in 2000.
Leading the “Quantico” ensembler, Chopra plays Alex, a top FBI recruit who finds herself accused of masterminding a terrorist attack. Her role recently earned her a People’s Choice nomination for favorite actress in a new TV series.
“Quantico” was the second new fall series to land a full-season order. One of the fall’s hottest new shows, the drama is averaging about 6.4 million viewers overall in same-day ratings and about 10 million in delayed viewing.
Before making her major stateside series debut, Chopra had starred in over 50 Bollywood films. She also has a rabid fanbase with over 11 million Twitter followers.
Chopra was previously with CAA.