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Increased exports a victory for Afghan traders: Ghani

KABUL: President Ashraf Ghani on Wednesday said the increase in exports of Afghan products was a victory for traders and the country. The president was informed about the increase in exports of dry and fresh fruits from Afghanistan and their quality by exporters who called on him at the Presidential Palace, a statement from the president’s office said. Due to ... Read More »

EU to import 70,000 tons of duty-free Tunisian olive oil

BRUSSELS: European Members of Parliament have endorsed a plan to help the Tunisian economy in the wake of last year’s terrorists attacks by allowing 70,000 tons of duty-free olive oil imports. Since the proposal was first announced last September, there has been widespread criticism amongst other EU producer countries such as Spain, Italy and Greece. Many in the sector believe ... Read More »

Thailand’s exports fall in Dec

BANGKOK: Thailand’s exports fell more than expected in December and contracted much more in 2015 than in the previous two years, showing how the trade-reliant economy continues to struggle amid weak global demand. Persistently poor exports and domestic demand have added to the challenges the ruling junta faces moving Southeast Asia’s second-largest economy forward after seizing power to end political ... Read More »

Greek current account gap shrinks in November on cheaper oil

ATHENS: Greece’s current account deficit shrank in November from the same month a year earlier, mainly due to a lower net oil import bill, the Bank of Greece said on Wednesday. “The balance of goods deficit shrank by 108 million euros year-on-year, mainly as a result of the lower net oil import bill. Overall, a decrease was observed in both ... Read More »

German import prices down at slowest pace in 4 months

BERLIN: Germany’s imports prices declined at the weakest pace in four months during December, figures from Destatis showed Thursday. The import price index fell 3.1% year-on-year following a 3.5% slump in November. Economists had forecast a 3% decline. The latest drop was the smallest since August, when prices fell at the same pace. Month-on-month, import prices were 1.2% lower in ... Read More »

Chevron to bring Rs 2b investment in Pakistan

KARACHI: Chevron Pakistan Lubricants has announced to bring more than Rs 2 billion investment in Pakistan in the next three to four years to upgrade its plant in Karachi as well as other facilities across the country. Addressing a press briefing, Chevron Pakistan Lubricants Chairman Muhammad Najam Shamsuddin said as part of its growth strategy in Pakistan, the company has ... Read More »

Nanya Technology net income falls 60.6% in 2015

TAIPEI: DRAM chipmaker Nanya Technology Corp yesterday posted its weakest quarterly net profit in 10 quarters for the last quarter of last year, as prices tumbled 15.5 percent sequentially due to soft demand. Net income plunged 60.6 percent to NT$1.86 billion (US$55.18 million) during the quarter ending Dec. 31 last year, compared with NT$4.73 billion in the third quarter of ... Read More »

S. Africa domestic cementitious volumes increase 7.8% YOY

CAPE TOWN: Domestic cementitious volumes in South Africa increased by 7.8 per cent YoY to 3.6523Mt in the third quarter of 2015, according to an update posted on PPC’s website. Total year-to-date volumes were recorded at 9.602Mt. Meanwhile, PPC yesterday said cement sales over the first quarter (October-December 2015) of the current trading year in its South African business were ... Read More »

Govt urged to create a level playing field for e-commerce

JAKARTA: The government needs to create a level playing field regarding its plans to allow 100 percent foreign ownership of big e-commerce companies, a local e-commerce chairman said. “The intention is actually good as e-commerce is an open market and thus it may be hard for the government to limit the operation of big foreign e-commerce companies. As local players, ... Read More »

ADB to increase financial assistance

COLOMBO: Sri Lanka is slated to get US $ 1 billion from the Asian Development Bank (ADB) as financial assistance in 2017, a Finance Ministry press statement said. The commitment for increased aid was made by ADB Executive Director Won-Mok Choi during a meeting held on Tuesday with Finance Minister Ravi Karunanayake in the Parliamentary Complex, the statement noted. The ... Read More »

Qatar foreign trade surplus falls 14.8% to QR9.3bn in Dec

DOHA: Qatar’s foreign merchandise trade surplus (the difference between total exports and imports) was at QR9.3bn for December 2015. It showed a decline of QR11.7bn, or 55.8 percent, compared to December 2014, said the Ministry of Development Planning and Statistics yesterday. The surplus decreased by QR1.6bn, or 14.8 percent, compared to November 2015. In December 2015, the total exports of ... Read More »

OPEC will not cut output alone – KPC to invest $100bn over 5 years

KUWAIT: The Kuwaiti and Iraqi oil ministers said yesterday that OPEC will not cut production unless producers outside the cartel do the same, despite the plunge in crude prices. “OPEC cannot cut its production unless there is a similar reduction by producers outside OPEC,” Kuwait’s acting oil minister Anas Al-Saleh, told reporters on the sidelines of an oil conference. “I ... Read More »

Algeria 2015 grain import volumes increases 11.2%

ALGIERS: Algeria’s 2015 grain imports rose 11.2 percent to 13.67 million tons despite efforts to curb purchases from abroad, official data showed. One of the world’s largest grain importers, Algeria wants to trim imports as low crude oil prices hurt state coffers. Soft wheat imports rose 24 percent to 6.74 million tons, while durum wheat purchases fell 10.8 percent to ... Read More »

Malaysia cuts 2016 growth forecast to 4-4.5% on oil woes

KUALA LUMPUR: Malaysia on Thursday trimmed its 2016 growth forecast as a slump in oil prices forced Prime Minister Najib Razak to revise the fiscal budget. Najib said the Malaysian economy is expected to grow 4.0-4.5 per cent this year, down from an earlier forecast of 4.0-5.0 per cent. “After taking into consideration the current economic scenario, the government has ... Read More »

New Zealand imports rise to record high in 2015

WELLINGTON: New Zealand imports rose to a record high last year as a decline in the value of the currency pushed up values. The country’s imports increased 2.5% to $52.53 billion compared with the year earlier, according to data from Statistics NZ. Annual exports slid 2.2% to $49 billion. The annual trade deficit increased to $3.55 billion from $1.18 billion in ... Read More »

Las Vegas Sands’ Q4 earnings in Singapore fall 35%

SINGAPORE: Las Vegas Sands Corp, the world’s largest casino operator, posted fourth-quarter sales and profit that missed analysts’ estimates as gambling revenue in the key markets of Macau and Singapore declined. Profit excluding some items fell to 62 cents a share, the company founded by Sheldon Adelson said Wednesday (Jan 27) in a statement. Analysts projected 64 cents, the average ... Read More »

Zoomlion offers $3.2b for US heavy machinery maker

BEIJING: China’s Zoomlion Heavy Industry Science & Technology Co confirmed on Wednesday an unsolicited takeover bid for Terex Corp, the US crane and construction machinery maker. The deal will be vital to Zoomlion’s transformation and the implementation of the company’s global strategy, and it will help increase Zoomlion’s revenue and profits. According to a Terex statement, Zoomlion has offered $30 ... Read More »

Scope of FTA with Chile to expand further

BEIJING: China and Chile are in talks to expand the 10-year-old free trade agreement between the two sides, to boost trade in agricultural products and develop logistics and financial services, Chilean officials said on Wednesday. Carlos Furche, Chilean Minister of Agriculture, said governments from both sides are keen to accelerate talks in areas including air transportation, e-commerce, services, customs procedures ... Read More »

China Southern anticipates triple-digit profit rise in 2015

BEIJING: China Southern Airlines Co Ltd is predicting its net profit rose between 110 and 130 percent last year. Asia’s largest carrier by fleet number had a net profit of 1.773 billion yuan ($269.496 million) in 2014, meaning a possible figure of more than 3.72 billion yuan this time round. The company said in a statement on Wednesday it also ... Read More »

Kia Motors revenue jumps by 9.3% in Q4

SEOUL: Kia Motors said Wednesday that its fourth-quarter operating profit rose on the back of strong demand for its new models of sedan and sports utility vehicle. Operating profit reached 514.4 billion won ($428 million) during the October-December period, up 2.8 percent from a year earlier, the South Korean carmaker said. It marked the second quarterly growth. Revenue increased 9.3 ... Read More »