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Japan tax hike doubt as wages fall again

TOKYO: Fresh economic data from Japan have economic pundits wondering whether Prime Minister Shinzo Abe can afford to push ahead with another sales tax hike planned for April. But conservatives view the increase as obligatory. Inflation-adjusted wages in Japan were down 2.4 percent in February from a year earlier, the Ministry of Internal Affairs and Communications announced Tuesday. The figure ... Read More »

Ukraine barley exports traditionally low in Feb

KIEV: In February 2016 barley exports from Ukraine reached 24 KMT that was slightly higher than during the previous month (21.8 KMT in January.), but lower than in February 2015 (78.1 KMT). Since the beginning of the current season Ukraine exported 1.5% less barley than during the same period last season (3964.6 KMT against 4025.6 KMT during July-February 2014/15 MY). ... Read More »

Customs Internal Audit director Zahid retires

ISLAMABAD: Zahid Hussain Bhayo, a Pakistan Customs Service of BS-20, has retired from the government service on attaining the age of superannuation. The officer, last posted as Director, Directorate of Internal Audit (Customs), Karachi, stood retired from government service with effect from February 29. Read More »

Biodiesel mixture increases to 8% in Brazil

SÃO PAULO: The Brazilian government has sanctioned a law which increases the amount of biodiesel in the diesel oil mixture, from seven percent to eight percent. Since 2008 Brazil has required the use of the renewable raw material into the mixture of diesel oil. “We all gain from this, family agriculture, commercial agriculture, biodiesel producers, the Brazilian consumer and the ... Read More »

Brazil wants to enhance trade ties with Pakistan

BRASÍLIA: Ambassador of Brazil Claudio Raja Gabaglia Lins on Monday said Brazil was the most prominent trade partner of Pakistan in Latin America and his country was keen to enhance trade relations with Pakistan. He was exchanging these views with Rawalpindi Chamber of Commerce and Industry (RCCI) Acting President Saqib Rafiq during his visit to the chamber. Former RCCI president ... Read More »

Turkey imports natural gas from US for first time

ANKARA: Turkey imported 83 million cubic meters of liquefied natural gas from the United States in January after the latter became an LNG exporter with its shale gas resources, state-run Anadolu Agency reported based on information from the Turkish Energy Market Regulatory Authority (EPDK). According to the report, the import, which constituted 7.15 percent of the total LNG import of ... Read More »

Big rice importers cancel rice imports from Vietnam

HANOI: Vietnam has lost rice export contracts as some of its major markets including Indonesia and the Philippines have canceled their import plans. Vietnam economy, Vietnamnet bridge, English news about Vietnam, Vietnam news, news about Vietnam, English news, Vietnamnet news, latest news on Vietnam, Vietnam, FDI, MPI, rice exporters, VFA, G2G contracts The Vietnam Food Association (VFA) has confirmed the information, ... Read More »

Bangladesh to import coal from Indonesia, Australia

DHAKA: Bangladesh is holding discussion with Indonesia and Australia for importing coal to set up coal-fired power plants.   The sources said the government planned setting up of a number of coal-fired power plants across the country to increase the power generation capacity to 34,000 MW by 2030 under the Power System Master Plan (2010-2030). To set up a coal-fired power ... Read More »

S. Korea to cut discretionary spending by 10% in 2017

SEJONG: South Korea has decided to cut the discretionary spending of government agencies by 10 percent next year in a bid to focus its fiscal policy on job creation, the finance ministry said Tuesday. The 2017 budget guidelines, which passed the Cabinet on Tuesday, call for a thorough examination of spending earmarked for public works projects and welfare outlays. Out of ... Read More »

Bank Alfalah’s profit up by 48% to Rs12.6b

KARACHI: Bank Alfalah has posted profit-before-tax of Rs12.604 billion for the year ended December 31, as compared to Rs8.514 billion earned in 2014, registering an increase of 48 percent over the previous year. Earnings per share increased by 16 percent and were reported at Rs 4.73 as against Rs 4.09 in 2014. During the 24th annual general meeting of the ... Read More »

Indian Govt extends wheat import tax by 3 months to June 30

NEW DELHI: India has extended a 25 per cent import tax on wheat by three months to June 30, a government order said on Tuesday. The move is aimed at shielding domestic farmers from cheap imports particularly as wheat from the new-season harvest will become available by the end of this month, government sources told Reuters last week.  India, the ... Read More »

Thailand’s industrial output fall again in Feb

BANGKOK: Thailand’s industrial output fell again in February compared to the same period a year ago, as exports and domestic consumption remained weak. However, the contraction was less than expected. The country’s Industry Ministry said today that its Manufacturing Production Index (MPI) dropped in February by 1.62 percent from the year before, smaller than 2.55 percent drop that news agency ... Read More »

Auto production target increased from 0.2m to 0.5m units by 2020

ISLAMABAD: The auto manufacturers have doubled their production target increasing from 0.25 million to 0.5 million units per annum by 2020. While talking to media during an auto workshop, former Pakistan Association of Automobile Parts and Accessories Manufacturers (PAAPAM) chairman Aamir Allawala said the potential investment of $46 billion through China Pakistan Economic Corridor (CPEC) is a big opportunity for ... Read More »

Saudi net foreign assets fall 1.7% in Feb

RIYADH: Net foreign assets at Saudi Arabia’s central bank dropped 1.7 percent from the previous month to 2.19 trillion riyals ($584 billion) in February, central bank data showed on Tuesday. Assets fell 17.3 percent from a year earlier to their lowest level since May 2012. They reached a record high of $737 billion in August 2014 before starting to shrink. The ... Read More »

South African inflation hits 7%

CAPE TOWN: Its five minutes past six, good evening. Welcome to the SAfm Market Update with Moneyweb. My name is Siki Mgabadeli. Prepare to pay between 70c and 80c a litre more for petrol from April. That’s according to the Institute for Race Relations’ chief economist, Ian Cruickshanks. He’s warned that if oil prices remain at current levels motorists can ... Read More »

Iran’s first cargo ship exports petrochemical products to EU

TEHRAN: Iran’s first cargo ship exporting petrochemical products to Europe after six years of stagnation berthed at Belgian port of Antwerp late on Sunday. A vessel of the Islamic Republic of Iran Shipping Lines (IRISL), the Azargoun, which can carry 2,500 standard shipping containers, arrived in at its first European stop Hamburg last week and left the German port for ... Read More »

Customs, Motorway Police to work together against smuggling

RAWALPINDI: Pakistan Customs and Motorway Police have joined hands to curb smuggling through joint operations. Islamabad Customs Collector, during a meeting with DIG Motorway Police Islamabad and sector Commander decided to set up contact points on M1 and M2 range of motorways. Officials from the both times discussed use of motorway for smuggling and agreed on various measures and steps ... Read More »

Malaysia’s soybean imports forecast to increase

WASHINGTON: The trend of increased Malaysian soybean imports is expected to continue this year, the U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service said in a March 16 report. Imports increased slightly from 643,000 tonnes in 2014-15 to 650,000 tonnes in 2015-16 and are expected to rise to 653,000 tonnes in 2016-17. This is in line with projected population growth ... Read More »

Hyundai to sell stake in Busan New Port

WASHINGTON: Hyundai Merchant Marine is selling its stake in the Busan New Port in an effort to stave off bankruptcy ahead of this year’s maturation of debts valued at 382 billion South Korean won ($334 million) with another 606 billion won due in 2017. The 80 billion won sale was announced several months after Hanjin Shipping sold its shares in ... Read More »

PRGMEA, Chinese investors join hands to promote garments trade

LAHORE: Pakistani readymade garments manufacturers and Chinese investors have signed a memorandum of understanding (MoU) to promote and expand cooperation between Pakistan and Chinese textile and apparel companies. The Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) and China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT) inked the MoU during a ceremony, held during China ... Read More »