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Outokumpu to cut up to 140 jobs in Finland

HELSINKI: Stainless steel manufacturer Outokumpu is starting codetermination negotiations. The company has set a maximum redundancy need of 140 employees in the country. Globally, the layoffs may affect up to 600 employees. Outokumpu also intends to outsource its production support operations from its Tornio plant. The outsourcing affects about 100 people. According to the company, competitiveness has to improve significantly, ... Read More »

Dubai Customs takes part in Arab Union of Land Transport meetings

DUBAI: Dubai Customs has reinforced its support for land transport movements in the GCC and Arab countries through increased cooperation and coordination with the industry. With a view to strengthening this synergy, Dubai Customs has taken part in the 58th annual meeting of Arab Union of Land Transport, which was held under the patronage of H.E. Dr. Abdullah bin Mohammed Belhaif ... Read More »

UAE non-oil private sector growth hits 2016 high

ABU DHABI: The health of the United Arab Emirates’ non-oil private sector has made year-high improvements, according to Emirates NBD’s latest Purchasing Managers’ Index data. The monthly economic indicators, which were compiled by Markit, showed that March enjoyed second consecutive improvements due to better business conditions and rises in output and new orders. Despite a fall in exports, total new work ... Read More »

Italian Trade Agency plans to double exports in next 5 years

ROME: Italian luxury is healthy but underexposed, according to the president of the Italian Trade Agency at The New York Times International Luxury Conference on April 5. The country’s prime minister has embraced luxury, and the country’s export numbers and ratios indicate that Italian beauty is particularly relevant. Still, many brands are struggling to gain a foothold beyond their borders, ... Read More »

Nepali traders seek suspension of countervailing duty in India

KATHMANDU: Nepal Foreign Trade Association (NFTA) has requested for removal of countervailing duty imposed by the government of India on the import of Nepali goods. Even as Nepali exporters have long been lobbying for the same through the government, the government of India has not suspended the provision yet. The government of India imposed the duty to safeguard concerned industries ... Read More »

Vietnam deposit interest rates expected to rise 1% in 2016

HANOI: Deposit interest rates in the Vietnamese đồng this year are expected to rise one per cent against last year, according to a report from the National Financial Supervisory Commission (NFSC). According to the Government-run financial watchdog’s latest report released this week, banks will see increasing capital needs after credit growth has accelerated and outstripped capital mobilisation. Besides, the hike in ... Read More »

Pfizer deal in doubt as Obama blasts US firms’ Irish tax moves

DUBLIN: Barack Obama has pushed for greater action to stop big US companies shifting their tax base to Ireland and other low-cost nations. A planned $160bn merger of drugs giants Pfizer and Allergen has been thrown into doubt after the latest crackdown on so-called corporate tax inversions. The controversial deal, in the works since last summer, would create Ireland’s biggest ... Read More »

Australia’s Gorgon LNG export plant to restart within 30-60 days

SINGAPORE: Australia’s Gorgon liquefied natural gas (LNG) export terminal is expected to resume production within 30 to 60 days after the facility halted output due to mechanical problems, operator Chevron said on Wednesday. Chevron’s $54-billion project began producing LNG for export on March 7, but has since had trouble with a cooling unit, preventing the plant from turning natural gas ... Read More »

Cambodia’s rice export up 8.5% in Q1

PHNOM PENH: Cambodia exported 162,220 tons of milled rice in the first quarter of 2016, an increase of 8.5 percent compared to the same period last year, according to a report on Wednesday. The Southeast Asian country has exported its milled rice to over 50 countries and regions, said the report compiled by the Secretariat of One Window Service for Rice ... Read More »

Brazil electricity distributors see losses due to over-supply

BRASÍLIA: Brazilian electricity distributors said they have signed contracts to purchase more power than they need from generators, threatening big financial losses for them as the deepening recession eats into demand for energy in Latin America’s largest economy. Abradee, the association that represents the electricity distribution sector, said on Tuesday the excess supply of electric energy could undermine demand for ... Read More »

New Zealand Post to sale 45% of Kiwibank

WELLINGTON: New Zealand Post has received an indicative offer from the New Zealand Super Fund and ACC to buy 45 percent of Kiwibank. New Zealand Post Group chairman Sir Michael Cullen made the announcement this morning. No deal has been finalised yet, with the offer “subject to a number of matters including due diligence”. “[The offer] has been priced on ... Read More »

Turkish exports rise first time in 4 months

ANKARA: Turkey’s trade gap shrank in February from the previous year, as exports rose for the first time since October. The shortfall narrowed to $3.17 billion from $4.7 billion in February 2015, compared with the median estimate of $3.2 billion in a Bloomberg survey. Imports fell 8.1 percent to $15.6 billion, while exports rose 1.4 percent to $12.4 billion, Turkey’s state ... Read More »

Malaysia’s total trade rise 4.2% to RM106.09 bln in Feb

KUALA LUMPUR: Malaysia’s total trade rose 4.2 per cent to RM106.09 billion in February from the RM101.78 billion recorded in the same month in 2015 and on the back of a rebound in export growth in the month under review. The International Trade and Industry Ministry (Miti) said Malaysia’s export growth in February rebounded by 6.7 per cent or RM3.55 ... Read More »

Anbang agrees to buy Allianz’s operations in South Korea

SEOUL: Anbang Insurance Group Co., which walked away from a bid to acquire Starwood Hotels & Resorts Worldwide Inc. last week, has agreed to buy Allianz SE’s operations in South Korea. The Chinese insurer will purchase Allianz Life Insurance Korea and Allianz Global Investors Korea, according to a joint statement on Wednesday that didn’t disclose the value of the deal. ... Read More »

Andalusian strawberry exports up 133%

WASHINGTON: The earlier start of Huelva’s strawberry campaign has had a clear impact on exports, which have soared during the first months of the production period, growing by 133%. This increase in the supply of strawberries in both European and non-European markets has caused prices to be reduced by half compared to the previous campaign, raising concerns in Huelva’s strawberry ... Read More »

Bangladesh March exports increase 9.2% on garment sales

DHAKA: Bangladesh’s exports rose 9.2 percent in March from a year earlier to $2.83 billion, driven by stronger sales of garments, official data showed. Exports for July to March, the first three quarters of the country’s 2015-16 financial year, rose 8.95 percent from a year earlier to $24.95 billion, the Export Promotion Bureau said. Sales of garments, comprising knitwear and woven ... Read More »

Japanese Ministry releases steel scrap import data for Feb

TOKYO: According to latest statistics released by Japan’s Ministry of Finance (MoF), the country’s imports of steel scrap dropped considerably during the month of February this year. The imports during the month declined sharply by nearly 6.3% when compared with the previous month. The steel scrap imports by Japan totaled 11,469 tons in February 2016. Japan had imported 12,246 tons ... Read More »

Poroshenko urges Japanese business to invest in Ukraine

KIEV: President of Ukraine Petro Poroshenko has invited Japanese companies to invest in Ukraine and participate in the privatization of Ukrainian ports and the energy sector companies. The President stated this during the meeting with representatives of the Keidanren Japan Business Federation.”Bilateral cooperation has never been so dynamic in our history. It has never reached such a high level of ... Read More »

New electric car to hit South African market

CAPE TOWN: Tesla’s latest electric car would be available in South Africa, chief executive Elon Musk said on 31 March. The South African-born entrepreneur tweeted that the Model 3 would be sold in South Africa, India, Brazil and New Zealand, among other countries. According to news website ENCA, two full-electric cars are already available in the country: the Nissan LEAF ... Read More »

Thailand seizes 87 African ivory tusks worth $800,000

BANGKOK: Officials in Thailand say they seized 315 kilograms (695 pounds) of African elephant tusks worth an estimated USD 800,000 at Bangkok’s international airport. Kulit Sombatsiri, director-general of the Thai Customs Department, said today that the haul of 87 ivory tusks was found March 27 in a dozen barrels sent from Mozambique on a Kenya Airways flight. A routine X-ray at ... Read More »