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Poland’s unemployment rate falls to 5.0pc in October

WARSAW: Poland’s registered unemployment rate fell to 5.0pc in October from 5.1pc in September, statistics office data showed on Wednesday, slightly below analysts’ expectations of 5.1pc. The statistics office also said that the number of registered unemployed was 840,500 last month. Separately, the statistics office said the unemployment rate as measured by the Labour Force Survey (BAEL) fell to 3.1pc ... Read More »

Brussels asks Spain not to spend €22 billion it could save from low interest rates

Thanks to the policies of the European Central Bank (ECB), Spain could save up to €22.3 billion over the next four years if interest rates remain stable. Such savings would create a significant buffer for the next government, which will have to deal with persistently high debt levels. Madrid will also have to send Brussels a new budget plan with ... Read More »

ODB signs membership agreement with OCFIC

Muscat: Oman Development Bank (ODB), the Sultanate’s leading development finance institution, became a member of the Oman Credit and Financial Information Centre (OCFIC). Through wish, ODB will share credit and financial data of its customers with The Centre National Databank, a visionary 3 years strategy aimed at improving access to credit to SMEs and introduce digital channels and for offering ... Read More »

Trade exchange with Kuwait hit $4 billion in 2018: British envoy

KUWAIT: The volume of trade exchange between Kuwait and Britain reached $4 billion last year, British Ambassador to Kuwait Michael Davenport said. Speaking at a press conference on the opening of the Kuwait-Britain exhibition, Davenport lauded the growing trade exchange between the two countries. He pointed to other big chances to boost fruitful cooperation between the two friendly states. He ... Read More »

China Wins $121m West Qurna-1 Contract

China Petroleum Engineering & Construction Corp (CPECC) has reportedly won a $121-million contract to upgrade gas capture facilities at West Qurna-1 oilfield. According to Reuters, the project is due to be completed within 27 months. Read More »

Trade, investments top talks between Jordan, Kuwaiti economic delegation

AMMAN — During a meeting with a Kuwaiti economic delegation to the Kingdom on Tuesday, Minister of Industry, Trade and Supply Tareq Hammouri highlighted the importance of economic integration between the two countries. The minister called for effective economic partnerships between the two countries’ private sectors in various fields, according to the Jordan News Agency, Petra. “The Jordanian and Kuwaiti ... Read More »

WB approves $52.5m grant for Afghanistan Gas Project

KABUL: The World Bank’s Board of Executive Directors has approved a $52.5 million grant for the Afghanistan Gas Project that will provide sustainable natural gas supply to independent power producers in the country’s north. Read More »

Denmark announces plan to arrest number of prison escapes

An action plan from relevant authorities should help to ensure that far fewer escapes from correctional facilities take place in Denmark in the future, Minister of Justice Nick Hækkerup said to press on Wednesday. Hækkerup is to ask the National Police, the Danish Prison Service (Kriminalforsorgen) and the public prosecution authority to provide recommendations and produce the plan in collaboration ... Read More »

Norwegian Air to end routes from Sweden, Denmark to US, Thailand

OSLO: Budget airline Norwegian Air (NWC.OL) is ending flights from Copenhagen and Stockholm to the United States and Thailand due to weak demand and technical problems affecting the engines on its Boeing (BA.N) 787 Dreamliners, it said. Flights between Oslo and the United States would continue, while routes between Norway and Thailand were under review, it said, the latest initiative ... Read More »

Business confidence rebounds – ‘the vibe is changing’

Business confidence has rebounded in November and “it appears the vibe is changing”, says ANZ chief economist Sharon Zollner. The latest ANZ Business Outlook Survey is much stronger across the board, offering further signs that the current economic slowdown may be reaching its trough. Headline business confidence jumped 16 points to a net 26 per cent of respondents reporting that ... Read More »

Brazil’s Central Bank Intervenes in Market after Dollar Hits R$4.27

RIO DE JANEIRO, BRAZIL – With the dollar’s price hitting record highs, the Central Bank announced an extra auction to sell the US currency on spot. The market reacted to Economy Minister Paulo Guedes’ speech on Monday saying he was not concerned with the dollar exceeding R$4.20 and that “it is good to get used to the higher exchange rate ... Read More »

Foreign investment in Japan tops ¥30 trillion for the first time

The balance of foreign direct investment in Japan stood at ¥30.7 trillion at the end of 2018, topping ¥30 trillion for the first time ever, the Japan External Trade Organization said. According to JETRO, the balance increased ¥1.8 trillion from a year earlier due to a series of large-scale merger and acquisition deals, including Toshiba Corp.’s ¥2 trillion sale of ... Read More »

Japan beer exports to Korea hit zero amid trade spat

Japanese beer exports to South Korea hit zero last month amid boycotts sparked by a simmering trade row between the Asian neighbours. Official figures on Thursday showed Japan food exports were down 58.1% in October, according to broadcaster NHK. Sake shipments tumbled more than 90% and instant noodles also flat-lined, it said. What began as a diplomatic feud over wartime ... Read More »

Qatar and Russia to boost economic, trade cooperation

DOHA: H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry has stressed the need for expanding the Qatar-Russia joint partnerships to wider areas of public and private sectors to further stimulate bilateral trade and investments. Co-chairing the Fourth Session of Russian-Qatari Joint Committee for Economic, Trade and Technical Cooperation held in Moscow, Russia, with Alexander Novak, Minister ... Read More »

India one of the largest gold smuggling hubs in the world: report

International non-government organisation IMPACT, in its latest report, has said that India has become one of the largest gold smuggling hubs in the world. Gold possibly tied to conflict, human rights abuses and corruption in Africa and South America is entering legal international markets through India, said the Canada-headquartered organisation in a statement. The NGO said it had uncovered how ... Read More »

Trade War Incentive Schemes flourishing in ASEAN

Governments across ASEAN have been unveiling an array of incentive packages to entice businesses affected by the US-China trade war. Countries such as Thailand, the Philippines, Malaysia, and Indonesia have introduced tax breaks and initiatives to improve the ease of doing business whereas Vietnam, Singapore, and Cambodia have accelerated business reforms, such as executing free trade agreements (FTAs), and double ... Read More »

Government to reduce KUR annual interest rate to 6 percent in 2020

The government plans to reduce the annual interest rate for its microcredit program (KUR) from 7 percent to 6 percent per year starting Jan. 1, 2020. It will also rise the ceiling for KUR from Rp 140 trillion (US$10 billion) to Rp 190 trillion, in line with fund allocation, as stated in the 2020 state budget. It expects the figure ... Read More »

The company cashing in on South Africa’s minibus taxi industry

SA Taxi owner Transaction Capital published its results for the year ended September 2019, showing headline earnings growth of 18% despite South Africa’s strained operating environment characterised by low consumer and business confidence. SA Taxi grew headline earnings by 38% to R519 million and debt collection business, Transaction Capital Risk Services (TCRS), grew headline earnings by 15% to R313 million. ... Read More »

Nearly 100 Kilos Of Cocaine Found In Melon Shipment From Brazil

Investigators working near the Rotterdam port found nearly 100 kilograms of cocaine at a fruit company in the IJsselmonde district of the city. The drugs were hidden in a shipment of melons from Brazil, the police said in a statement. “Employees of the fruit company found the drugs among the fruit and reported it,” police said. “The company probably has ... Read More »

Vietnam, Taiwan reap biggest benefits from US-China trade war

TAIPEI: Vietnam and Taiwan have seen the largest surges in exports to the U.S. as its trade war with China rages on, according to data from Statista. German online statistics portal Statista published a report showing that over the first nine months of this year, U.S. imports from Vietnam and Taiwan have seen a year-on-year surge of 35 and 21 ... Read More »