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Ghana’s producer inflation falls to 14.5% in Feb

WASHINGTON: Ghana’s producer price inflation (PPI) fell to 14.5 percent year-on-year in February from a revised figure of 16.9 percent the month before, reflecting lower utility prices, the statistics office said on Wednesday. PPI is a major component of consumer inflation, which fell to 18.5 percent in February from 19.0 percent the month before. Persistently above-target consumer inflation is one ... Read More »

Guyana suspends customs officers at airport for corruption

GEORGETOWN: At least half the customs officers at the main airport in Guyana have been placed on administrative leave following a corruption investigation by tax authorities. Guyana Revenue Authority Board Chairman Rawle Lucas says that 12 officers are suspected of colluding with importers to illegally reduce customs duties on goods arriving at the Cheddi Jagan International Airport in the South ... Read More »

Egypt fails to secure April LNG shipments

MILAN: Egypt’s state-owned EGAS has so far failed to fill a tender to buy two liquefied natural gas (LNG) shipments due in April, trade sources said. EGAS launched a tender last week, open only to some of its existing suppliers, for the delivery of one cargo in April 1-7, and another in April 27-28. Traders said the first delivery window was ... Read More »

US printing-writing paper shipments increases 1% in 2016

WASHINGTON: U.S. printing-writing paper shipments increased 1% in February 2016 compared to February 2015. Total printing-writing paper inventory was essentially unchanged from January levels, as the American Forest & Paper Association said in the press release received by Lesprom Network. Uncoated free sheet (UFS) paper shipments increased 3% relative to shipments in February 2015, the first consecutive four month period ... Read More »

Russian-Jordanian Business Forum working to upgrade ties

AMMAN: The Russian-Jordanian Business Forum and the Eighth Joint Session of the Russian-Jordanian Business Council started on Monday at the headquarters of the Jordan Chamber of Commerce (JCC), and will continue until Wednesday. During the opening session, JCC President Nael Kabariti and co-chairman of the Russian-Jordanian Business Council said that despite the Kingdom’s enormous capabilities, especially with regard to agricultural ... Read More »

Producer prices for manufactured products down by 4%

HELSINKI: Producer prices for manufactured products fell by an average of 4.1 per cent year-on-year in February 2016, according to Statistics Finland. The producer prices for manufactured products sold on the domestic market went down by 3.9 per cent, while the producer prices of export products fell by 4.5 per cent. The fall in the producer prices was particularly caused ... Read More »

Finland unemployment rate falls to 9.4% in Feb

HELSINKI: The unemployment rate in February 2016 was 9.4 per cent, having been 10.1 per cent in the year before, according to Statistics Finland’s Labour Force Survey. The number of unemployed persons was 248,000, which was 20,000 fewer than one year ago. The number of persons in the inactive population was 39,000 higher than one year earlier. There were 1,480,000 ... Read More »

Poland eyeing new markets

WARSAW: Warsaw is planning business missions to Kazakhstan, Algeria and Senegal in the near future as Polish entrepreneurs search for new markets, Deputy Development Minister Radosław Domagalski has said. Domagalski said Kazakhstan has much potential for Polish companies. “This market is opening up when it comes to privatization. Plans for special economic zones similar to Poland’s are being drawn up.” ... Read More »

Jindal Steel opens 1.4 MTPA rebar mill in Oman

MUSCAT: Jindal Steel and Power Limited (JSPL) has commissioned a 1.4 million tonne per annum (MTPA) rebar mill at Sohar, Oman. The mill, the largest in Gulf and African region, along with the existing 2 MTPA SMS makes JSPL’s Jindal Shadeed the largest integrated steelmaker in Oman. The new rebar mill capacity will significantly strengthen Oman’s domestic production capacity to ... Read More »

Africa must process primary commodities by export

CAPE TOWN: The African Export-Import Bank’s (Afreximbank) wants to see African businesses acquire state-of-the-art equipment to be able to process raw materials so that when they trade, they can bid their goods at the highest value in the supply chain and subsequently create jobs in their respective countries. These tallies in with the Southern African Development Community as well as ... Read More »

Vietnam’s crude oil export volume sees down 19.8%

HANOI: Vietnam’s crude oil exports during January-March fell 19.8 percent from the same period last year to an estimated 1.76 million tonnes, or 142,000 barrels per day (bpd), the government said on Friday. Crude oil export revenues in the three-month period plunged 52.8 percent from a year ago to $446 million, the government’s General Statistics Office said. Oil product imports rose ... Read More »

Thai exports grow for first time in over a year

BANGKOK: Exports from Thailand posted an unexpected rise last month, growing by the most in over three years. Exports rose 10.27 per cent year-on-year in February, compared to a fall of 8.91 per cent in January. Economists were expecting a drop of 8.7 per cent. It was the first rise since December 2014 and the biggest since January 2013. Imports, however, ... Read More »

Vietnam’s rubber exports rise to 236,300 tons

HANOI: Vietnam’s rubber exports in the first quarter rose 20.6 percent from a year ago to an estimated 236,300 tonnes, the government said on Friday. Revenue from the January-March shipment eased 4.9 percent from the same period last year to $266 million, the government’s General Statistics Office said in its monthly report, reflecting a slow price recovery in global markets. ... Read More »

Thailand’s food exports to fall short again

BANGKOK: Thailand’s food export value this year may not reach its target of 1 trillion baht as the looming severe drought is expected to cut crop output, says the Federation of Thai Industry’s food processing industry club. Club president Boonpeng Santiwattatam said production of major farm products was expected to drop substantially because f water shortage during the drought this ... Read More »

Brazil’s president signs into law biodiesel blend increase

BRASÍLIA: Brazil’s President Dilma Rousseff signed on Wednesday a law increasing from 7% to 8% the mandatory share of biodiesel in regular diesel, with effect from April 2017. The new percentage will boost domestic biodiesel production, reduce the need for imports of diesel and promote family farming as well as the agribusiness. Under the 613/2015 law, as it is named, the ... Read More »

New Zealand’s economy continues to see moderate growth

WELLINGTON: Moody’s Investors Service says that New Zealand’s economy is growing relatively strongly, despite a steep fall in dairy prices during the past two years. Construction, partly in relation to the ongoing rebuilding of Christchurch after the 2011 earthquakes but also in the Auckland housing market, has been an important contributor to this growth. After an increase of more than 3% ... Read More »

Turkey imports LNG from US for first time

ANKARA: Turkey has for the first time imported liquefied natural gas (LNG) from the US in 2016, said the message from Turkey’s Energy Market Regulatory Authority (EMRA). The country has imported 83 million cubic meters of LNG, which accounts for 7.15 percent of the country’s LNG consumption. Turkey imported 437 million cubic meters of liquefied natural gas from Qatar, 468 ... Read More »

Indian man arrested in Rs 7.5m currency smuggle case

NEW DELHI: An Indian National who attempted to smuggle foreign currency with an estimated worth of  Rs 7.5 million was arrested at the Bandaranaike International Airport (BIA) in Katunayake this morning. The suspect identified as a 44-year-old man was taken into custody by  Sri Lanka Customs officials, when he was preparing to board a flight to Sharjah. Sri Lanka Customs ... Read More »

Spices exports increase by 14.37% to $47.30m in 8 months

ISLAMABAD: The export of various spices from the country increased by 14.37 percent to $47.304 million during the first eight months (July-February) of ongoing fiscal year as compared to $41.362 million during the corresponding period of last year. According to the data of Pakistan Bureau of Statistics (PBS), the exports of spices witness increase of 16.76 percent in February 2016 ... Read More »

EG Industries to list unit in Thailand

KUALA LUMPUR: Electronic manufacturing services (EMS) provider EG Industries Bhd plans to list its Thai unit, SMT Industries Co Ltd, on the the Stock Exchange of Thailand’s (SET) Market for Alternative Investment (Mai). Group chief executive officer and executive director Alex Kang said the subsidiary, set up in 2006, had built a strong track record over the years in serving its ... Read More »