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UAE consider to scrap subsidies on electricity, gas

ABU DHABI: While understanding that the impact on removing subsidies on domestic electricity would not be that great to the consumer, the United Arab Emirates is looking at removing subsidies on both electricity and on gas sold to companies generating power. “Consumers need to pay the real price. They already do so for petrol and diesel, and electricity is still ... Read More »

Maldives posts exports rise 19%

MALÉ: Value of export goods last year had an increase of 19 percent compared to 2014, whereas import goods rates had drastically decreased due to drop in global oil prices, stated Maldives Customs Service. According to Customs’ statistics, goods worth MVR 2.9 billion (USD 189.3 million) were exported in 2014, whereas the amount had increased to MVR 3.4 billion (USD ... Read More »

Zimbabwe secures $200 mln loan from Afreximbank to import maize

HARARE: Zimbabwe has secured a $200 million loan from Africa Export and Import Bank (Afreximbank) to import maize following a drought that will see 10 percent of the population facing hunger, the central bank governor said on state radio on Friday. The Southern African nation of 13 million people said early this month it planned to import up to 700,000 ... Read More »

BMW opens first engine plant in China

BERLIN: German automaker BMW opened its first engine plant in China on Friday. The plant, based in the northeastern city of Shenyang, belongs to its Chinese joint venture BMW Brilliance Automotive (BBA) Holdings Ltd. It began construction in August 2013. The plant, which covers an area of 900,000 square meters, is BMW’s first engine plant outside Europe and will mainly ... Read More »

Oman expects speedier close of plan pipeline to import natural gas from Iran

MUSCAT: Oman expects speedier completion of a planned pipeline to import natural gas from Iran now that international sanctions against Tehran have been lifted, the energy minister of the Gulf sultanate said on Thursday. Iran sits on one of the world’s largest gas reserves, which Oman has been eyeing as it hopes to feed energy-intensive industries and liquefied natural gas (LNG) ... Read More »

CNPC to boost natural gas output this year

BEIJING: China National Petroleum Corp, the country’s biggest oil and gas producer, plans to increase natural gas production this year and maintain crude output near 2015 levels. Natural gas output will go “higher” and oil production will remain “stable,” Deputy General Manager Wang Dongjin was quoted as saying in a statement posted on the company’s website. Details weren’t provided. The ... Read More »

Turkey attracts higher than expected FDI

ANKARA: A total of $682 million in foreign direct investments (FDI) flowed into Turkey in November 2015, the Economy Ministry announced. According to Economy Ministry data, Turkey attracted more than $14 billion in FDI in the first 11 months of 2015 with an increase of 32.9 percent compared to the same time period of the previous year. A total of ... Read More »

Switzerland to give Ukraine $200 mln to replenish its reserves

GENEVA: Ukraine’s President Petro Poroshenko had a meeting with President of Switzerland Johann Schneider-Ammann, during which they agreed on the provision of $200 million in additional assistance to replenish Ukraine’s foreign exchange reserves. The president of Ukraine thanked the Swiss government and people for the humanitarian and financial assistance in the amount of approximately $350 million, the Ukrainian president’s press ... Read More »

New Zealand wine exports increase 8.5% in volume

WELLINGTON: Continued strong growth in export demand for New Zealand wine is rapidly depleting inventories after a light 2015 harvest. Rabobank’s latest wine quarterly showed export volumes increased 8.5% in volume and 13.1% in value over the 10 months to October 2015. Average export prices have edged up in all major markets since the harvest, despite growth in bulk wine ... Read More »

Australian shares jump 1.1%

CANBERRA: Australian shares jumped 1.1 percent on Friday, nudging into positive territory for the week as hopes of more stimulus in Europe and rebounds in prices of iron ore and oil buoyed sentiment. In its first two-day winning streak for the year, the S&P/ASX 200 index gained 52.0 points, or 1.1 percent, to finish at 4,916.0, a rise of 0.5 ... Read More »

Brazil maintains oil price formula for Petrobras royalties

SAO PAULO: Brazil’s President Dilma Rousseff approved a resolution to maintain the current system for establishing the minimum price of oil on which royalty payments are paid by state-run oil company Petroleo Brasileiro SA to local governments. The so-called “Brent Dated” index, based on a seven-day rolling average price for crude, will be used up to the price level of ... Read More »

Belarus restricts poultry imports from France, Scotland

PARIS: Belarus has restricted poultry imports from Haute-Garonne of France and Fife of Scotland, BelTA learned from the Veterinary and Food Control Department of the Agriculture and Food Ministry. According to the World Organization for Animal Health, one case of highly pathogenic avian influenza has been registered in France’s Haute-Garonne; one case of low pathogenic avian influenza (H5N1) has been ... Read More »

Asia ex-Japan’s growth to decelerate further in 2016

TOKYO: Bizwealth caught up with Anthony Ho, chief investment officer, Asia ex-Japan equities, and deputy chief executive officer of Amundi Hong Kong Ltd. Ho joined Amundi Hong Kong in October 2015 from CIFM (Hong Kong), where he was chief executive officer since 2014. Prior to that, he was managing director at JP Morgan Asset Management (Hong Kong) since 2013. From ... Read More »

Irish food, drink exports surpass €10.8bn

DUBLIN: The value of Ireland’s food and drink exports rose 3% last year to move beyond €10.8bn, according to the country’s food board. Bord Bia said that the Irish food and drink sector had “recorded its sixth consecutive year of export growth”. The largest sectors were dairy, beef, prepared foods and beverages, which, between them, contributed more than €8.7m to ... Read More »

Trade agreement negotiations with S. Korea to start in Quito

SEOUL: Representatives of the governments of Ecuador and South Korea begin next 26 January to negotiate a strategic agreement on economic cooperation. The meeting will be held in Quito, for three days, and at its end, a joint statement will be issued. The bilateral agreement will not have the form of a regular free trade agreement (FTA), “but of a Strategic ... Read More »

Greece refiner agrees to resume Iran oil purchase

ATHENS: Greece’s main oil refiner Hellenic Petroleum has reached an agreement with Iran for importing crude oil now that international sanctions have been lifted on Tehran. “Hellenic Petroleum (HELPE) and the National Iranian Oil Company (NIOC) have reached a long term agreement…” that “includes cooperation for the supply of crude oil, with immediate start of deliveries,” HELPE said in a ... Read More »

Argentina Govt to allow beef imports

BUENOS AIRES: Argentina will allow beef imports if the recent opening of the export market results in a domestic shortage of steaks and burgers, farm minister Ricardo Buryaile told local radio on Thursday. The country lifted restrictions on beef exports after President Mauricio Macri, elected in November on an open-markets platform, was inaugurated on Dec. 10. Permitting exports has raised ... Read More »

US suspends imports of Moroccan citrus

WASHINGTON: According to Moroccan media, the decision came after the US Food Safety and Inspection services (USDA) discovered a shipment of clementine infested with fly larvae, an insect that exists in the Mediterranean, Asia, Africa, Latin America, the Caribbean, and can infest more than 300 species. The Moroccan Health Security Office of foodstuffs (ONSSA), held an urgent meeting with citrus ... Read More »

Netherlands agricultural exports to hit €82bln in 2015

AMSTERDAM: Total exports of agricultural products for the Netherlands in 2015 amounted to 82.4 billion euros, again exceeding the previous year’s exports. Compared to 2014, this is an increase of 700 million euros (almost 1 percent). Within the European Union, Germany continues to be the most important trading partner. Agricultural exports represent 18.8 percent of total Dutch exports, which amounted ... Read More »

Canadian oil exports to U.S. reaches highest level ever

TORONTO: The depressed Canadian oilpatch is getting a market share boost as U.S. tight oil production declines. Canadian crude oil exports to the United States reached its highest level ever of 3.4 million barrels per day in the first week of January, according to preliminary data from the U.S. Energy Information Administration. “That’s the one piece of puzzle you don’t ... Read More »