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SHC directs customs to release consignment of cold roll sheets

KARACHI: The Sindh High Court directed the customs authorities to release the consignment of cold roll sheets of the petitioner after payment of duties and taxes, as leviable and upon securing Provisional Anti-Dumping Duty by the way of pay order with the Nazir of the SHC. A two-member bench headed by Chief Justice Sajjad Ali Shah also directed to the ... Read More »

Nigeria Customs re-imposes restriction on rice

ABUJA: Nigeria Customs Service has re-introduced the restriction order on importation of rice through land borders across the country. Comptroller-General of Customs, Col. Hameed Ali (Rtd) gave the approval for the reversal of an earlier policy in October 2015 which allowed rice imports through the land borders, once appropriate duty and charges were paid. At a review session held with ... Read More »

Jordan budget deficit of 2015 up by JD346m

AMMAN: State budget deficit for the fiscal year of 2015 reached JD929 million, or 3.4 per cent of the projected size of the Kingdom’s economy, according to numbers released on Monday by the Finance Ministry. The deficit was higher by JD346 million than the JD583.5 million registered in 2014, mainly due to around JD350 million drop in foreign grants from ... Read More »

Worldwide shipments of wearable devices expected to grow 38.2%

WASHINGTON: Worldwide shipments of wearable devices are expected to reach 110 million by the end of 2016, with 38.2% growth over the previous year, according to information from International Data Corporation (IDC). By 2020, shipments of wearable devices will reach 237.1 million, International Data Corporation predicted. An expanding lineup of vendors, combined with fast-growing consumer awareness and demand, will generate double-digit ... Read More »

India PC shipments up 10.6% in 4Q15

NEW DELHI: PC shipments in India totaled nearly 2.6 million units in the fourth quarter of 2015, a 10.6% increase over the fourth quarter of 2014, according to Gartner. “Consumers accounted for 40% of total PC sales in the fourth quarter of 2015, down from 52% in the fourth quarter of 2014,” said Vishal Tripathi, research director at Gartner. ” ... Read More »

Japan’s white goods shipments up for 10th straight month

TOKYO: Shipments of white goods in February grew 10.7 percent from a year before to ¥168.4 billion, up for the 10th straight month, the Japan Electrical Manufacturers’ Association said Tuesday. The rise chiefly reflected solid sales of energy-saving and high value-added refrigerators. Shipments of white goods are recovering firmly after the blow delivered by the consumption tax hike in April ... Read More »

Outlook of world economy remains gloomy

HELSINKI: The Bank of Finland said Monday that global growth in 2015 was the slowest since 2009, and there is no sign of strong improvement in the coming years. The Finnish central bank singled out the “disappointing performances” of emerging economies, and attributed the reason to the low oil prices. Among BRICS nations, (Brazil, Russia, India, China and South Africa), ... Read More »

Polish energy firms eyeing Norwegian Shelf

WARSAW: Poland’s PGNiG and Gaz-System companies are involved in talks to secure the country access to gas from the Norwegian Shelf, a senior official has said. “On our side, PGNiG and Gaz-System are responsible, and Energinet and Gassco on the Danish and Norwegian side,” Piotr Naimski, the Polish government’s pointman on energy infrastructure, told a Warsaw conference entitled Gas for ... Read More »

Union Insurance posts 28% rise in 2015 premium

ABU DHABI: UAE-based Union Insurance Company has reported gross written premium of Dh681 million ($185 million) for the year 2015, marking a 28 per cent increase compared to Dh532 million reported for the same period last year. “Our ambitious business strategy has yielded robust financial results,” said Abdul Muttaleb Al Jaedi, managing director & chief executive officer of Union Insurance ... Read More »

Ukraine GDP shrinks nearly 10% in 2015

KIEV: Ukraine’s war-torn economy shrank by nearly 10 percent in 2015 as its financial sector imploded and consumer demand shriveled up due to the currency’s steep drop against the dollar, the State Statistics Service reported. The service’s final adjusted figure of a 9.9 percent contraction in the gross domestic product was an improvement on the 10.4 percent drop forecast by the ... Read More »

Ukraine’s rapeseed exports to EU likely to fall in 2016/17

KIEV: Ukraine’s rapeseed exports to the European Union are likely to fall by around a third in the 2016/17 season due to a smaller harvest and a redirecting of exports to other markets, analyst UkrAgroConsult said on Monday. Ukraine’s rapeseed harvest is likely to fall to 1.2 million tonnes this year from 1.7 million tonnes in 2015 and exports could ... Read More »

Vietnam cashew prices reach highest in a decade

HANOI: The local cashew industry has seen a spike in cashew prices, marking a 10 year record high, mostly due to increasing global prices. As reported by Vietnam News Agency, a kilogramme of raw cashew nuts can now be sold for VNĐ32,000 (US$1.4), and a kilogramme of dried cashew nuts fetches VNĐ40,000, the highest prices recorded in the past 10 years. ... Read More »

Italy’s anti-mafia police seize assets worth 500 mln euros

ROME: Police on Monday seized property with a value of 500 million euros (over $560 mn) from suspects linked to the Calabrian mafia or ‘Ndrangheta, including cars, bank accounts, companies and company shares, land and real estate. The assets were impounded from 65 individuals and companies, according to finance police who carried out the operation in and around the Calabrian ... Read More »

Oracle New Zealand revenues decline 8%

WELLINGTON: Oracle New Zealand saw revenue drop 8% last financial year, but the company bounced back into the black with a net profit of more than $2.1 million. The company’s financial report, for the year ending 31 May, 2015, shows revenue of $127.5 million, down from $138.8 million a year earlier, with gross profit of $32.4 million, down from $35.4 million. ... Read More »

TPG boosts 90% profits in Australia

CANBERRA: TPG Telecom executive chairman David Teoh says he will stave off a looming profit crunch caused by the national broadband network by selling more products that use his own broadband infrastructure and finding new sources of revenue. TPG on Tuesday reported that net profit reached $202.5 million for the six months ending January 31 – above analyst expectations and ... Read More »

EU agri-food exports rise to €9.3 bln in Jan

LONDON: EU – Agri-food exports from the EU rose to €9.3 billion in January, a tiny amount above January levels in previous years, the latest EU Monitoring EU Agri-Food Trade statistical report shows. The highest increases in monthly export values were achieved for pork, vegetables and meat products classified under offal and other meat. Monthly export values in January 2016 compared ... Read More »

Brazil inflation likely decelerate to single digit in March

BRASÍLIA: Brazil’s inflation numbers for February indicate an end to acceleration. With the strong base effect, the nation’s inflation is likely to decelerate to single digit in March. “We expect the annual rate to ease to 9.97% yoy – the lowest level in five months – through midMarch as housing inflation falls sharply”, says Societe Generale. Through the year, inflation ... Read More »

Korea ferrous scrap imports decline in Feb 2016

SEOUL: As per the most recent data, the ferrous scrap imports by Korea during the month of February 2016 dropped slightly the previous year. Also, imports inched lower slightly when matched with the previous month. It is the fourth consecutive month that the steel scrap imports by the country have totaled less than 400,000 tons. The country’s total scrap imports ... Read More »

Thailand approves US$2b soft loans for low income

BANGKOK: Thailand’s cabinet today approved soft loans worth 70 billion baht (RM8 billion) for lower-income first-home buyers, as it seeks to stimulate a sluggish economy via increased household spending. “The cabinet meeting today approved the programme for lower-income first-home buyers,” Thai Finance Minister Apisak Tantivorawong told Reuters. Southeast Asia’s second-largest economy is in a slump amid a global slowdown and ... Read More »

Nomura establishes office in South Africa

CAPE TOWN: Nomura, has announced it has appointed Jan Newman and Ben Lowther, previously of Newman Lowther & Associates, to lead its newly-established branch office and team in South Africa. The establishment of Nomura International plc, South Africa (“Nomura South Africa”), from 4 April 2016 will enhance Nomura’s ability to provide local and international clients with investment banking services in ... Read More »