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ChemChina in biggest overseas buy with $43b Syngenta offer

BEIJING: State-owned China National Chemical Corp (ChemChina) will make an agreed US$43 billion bid for Swiss seeds and pesticides group Syngenta, the companies said yesterday, in what would be the biggest overseas acquisition by a Chinese firm. The deal accelerates a shake-up in the global agrochemicals industry and represents a setback for US seed company Monsanto, which made an unsuccessful ... Read More »

Eurozone retail trade up by 0.3% in Dec

BRUSSELS: The seasonally adjusted volume of retail trade increased by 0.3 percent in the 19-member euro zone and by 0.1 percent in the wider 28-member European Union (EU) in December 2015, compared with November 2015, figures showed Wednesday. In November last year, retail trade remained stable in the eurozone and rose by 0.3 percent in the EU, according to data ... Read More »

Latvia’s industrial output up by 3.4% in 2015

RIGA: Latvia’s calendar-adjusted industrial output rose by 3.4 percent in constant prices in 2015 against a year before, figures from the national statistics office showed Wednesday. While manufacturing quickened 4.1 percent year-on-year and mining and quarrying picked up 6.4 percent, electric power and gas supply slowed 0.1 percent in Latvia last year. In 2015, manufacturing growth was driven by a ... Read More »

South Africa’s Grain SA lowers estimates for maize imports to 3.8 mln tons

CAPE TOWN: South Africa’s Grain SA has lowered its estimates for maize imports to about 3.8 million tonnes. The body had earlier given an estimate of 5 million tons based on a government forecast. South Africa’s government hopes to produce 7.44 million tonnes of maize this year. Previous estimates were linked to the El Nino weather pattern. Maize production in ... Read More »

Global mobile payments set to jump 38%

TAIPEI: Global mobile payment transactions will surge 38 percent in 2016 as industry giants such as Apple and Alibaba expand in China, the world’s biggest mobile phone market by subscribers, a Taiwan-based IT research firm said yesterday. In 2016, the global mobile payment transactions will hit US$620 billion, up from US$450 billion last year. One of the catalysts driving the ... Read More »

Ufone introduces Pakistan’s first ‘smartwatch’

LAHORE: Pakistan’s leading cellular company Ufone has introduces the country’s first smartwatch namely UWatch that will bring parents some much needed peace of mind. UWatch keeps families connected in the way they want to be without the need to buy a young child a smartphone. UWatch is a wearable mobile watch designed specifically for kids in order for parents to ... Read More »

GM drives to record profit of $9.7b

NEW YORK: Strong earnings in North America and China and a reversal of fortunes in Europe powered General Motors to a record net profit of US$9.7 billion last year. The profit more than doubled GM’s 2014 earnings and was aided by a US$3.9 billion fourth-quarter accounting gain because the company expects to be profitable in Europe this year. Excluding special ... Read More »

US Customs arrests 2 smuggling teams in North county

SAN DIEGO: San Diego Sector Border Patrol agents arrested two brothers and a husband and wife team who were smuggling heroin and methamphetamine inside their vehicles on Tuseday. The first incident occurred on Interstate 15 near Fallbrook at approximately 1:00 p.m.  Agents stopped and questioned the driver of a 2009 Toyota Tacoma pickup.  The 29-year-old U.S. citizen and his 24-year-old ... Read More »

US Customs nabs 13 undocumented immigrants from Cuba

AGUADILLA: U.S. Customs and Border Protection (CBP) Air and Marine Operations and Border Patrol Agents apprehended 13 undocumented immigrants from Cuba, after they landed Monday in Mona Island.  (File Photo) AMO Blackhawk helicopters support migrant interdiction operations in Mona Island. Park Rangers from the Puerto Rico Department of Natural and Environmental Resources (DRNA, for its Spanish acronym) contacted the Border ... Read More »

IMF satisfied with Pak economic growth, nods to okay $500m tranche

ISLAMABAD: The International Monetary Fund (IMF) has showed satisfaction on Pakistan’s economic growth and the Fund’s executive board has nodded to approve release of $500 million tranche. Pakistan has so far received $5 billion from the IMF under a 36-month programme supported by an Extended Fund Facility (EFF) arrangement of $6.64 billion approved in 2013. Finance Minister Ishaq Dar and ... Read More »

US Customs foils attempt to smuggle heroin worth $210,000

MIAMI: U.S. Customs and Border Protection (CBP) Office of Field Operations (OFO) officers working at Miami International Airport (MIA) arrested a passenger attempting to smuggle approximately 7.7 pounds of heroin with an estimated street value of $210,000.  The individual was arriving on a flight from Colombia on Jan 22. CBP officers selected the passenger for further examination after an initial ... Read More »

Crimea suffers 60% decline in housing construction

MOSCOW: Housing construction in Crimea shrank by more than 60 percent in 2015 — a year after Moscow annexed the peninsula from Ukraine — marking the greatest decline among all of Russia’s regions, according to a state statistical service report released here the other day. Overall, housing construction in Russia was down 0.5 percent in 2015 from the previous year, ... Read More »

US debt hits record $19 trillion

WASHINGTON: The United States federal debt has surpassed $19 trillion for the first time in history according to the Treasury Department. However, the real figure could exceed $65 trillion, according to a former US Comptroller General. The official debt of $19 trillion represents almost $60,000 for every man, woman and child living in America today. President Barack Obama took office ... Read More »

India’s KIOCL considers building iron ore plants in Iran

TEHRAN: State-run company KIOCL is considering building an iron ore pellet complex in Iran at a cost of about $59 million and is in talks to sell more than 2 million tonnes of the steelmaking raw material to the Gulf country now free from trade sanctions. The potential Indian investment could offer cheaper supplies of processed iron ore to Iranian ... Read More »

Russia’s oil export falls 0.7% to 20.7 mln tonnes in Jan

MOSCOW: Russia’s crude oil export equaled 20.71 mln tonnes in January 2015, a 0.7% or 903,400 tonnes decrease year-on-year, according to the documents published by the Central Dispatching Department of Fuel Energy Complex. Particularly, exports to CIS countries rose by 0.8% to 1.982 mln tonnes while supplies to non-CIS countries dropped by 0.9% to 18.728 mln tonnes. Local crude oil ... Read More »

Russia to export 1,500 tons of ice cream to China

MOSCOW: The Arsenyevsky dairy plant, located in the Primorsky Territory in Russia’s Far East, has signed agreements of intent for the supply of 1,500 tons of ice cream to Shanghai, Vladivostok-based business newspaper Zolotoi Rog reported here the other day. In January, the Arsenyevsky plant made a presentation in Shanghai, held in the office of Russia’s Consulate General. Over 50 ... Read More »

UK gov’t export hub to boost Scottish business exports

LONDON: Scottish businesses are set to get more help to sell their products and services overseas, as the UK Government’s ‘exports roadshow’ comes to Scotland. Stopping in Glasgow, Edinburgh, Aberdeen and Dundee, the ‘Exporting is GREAT’ truck will offer expert exporting advice through talks, workshops and one-to-one coaching.  Businesspeople will have the chance to hear Scottish business leaders discuss their ... Read More »

Pepsi India’s revenues grow by 13%

NEW DELHI: Fizzy drink maker PepsiCo India reduced its debt while posting a 13 percent increase in revenues during fiscal year 2014-15. The revenues increased to Rs 8,130 crore, according to the company’s filing with Registrar of Companies (RoC). The soft drink company trimmed “fixed costs” and streamlined its operations to focus on marketing, distribution and advertising. In 2014-15, the ... Read More »

Collector Customs Adjudication-I for preparation of budget proposals by Feb-17

KARACHI: The Collector of Customs Adjudication-I Basit Chaudhry has directed the authorities concerned of the Collectorate to prepare Budget proposals for the fiscal year 2015-16 and would submit it by February-17, it is learnt here. The sources informed Customs Today that the working on preparing of budget proposals has been started and the authorities concerned are collecting data of the ... Read More »

WCCI establishes board for promotion of female entrepreneurship in KP

PESHAWAR: Women Chamber of Commerce and Industry (WCCI) in collaboration with KP government has set up a board for promotion of female entrepreneurship in Khyber Pakhtunkhwa. Addressing a press conference here at WCCI office, Sajida Zulfiqar said the board members would be secretaries of different government departments and leading business women of KP who will chalk out policies for promotion ... Read More »