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Lenovo’s tablet shipments fall 13.5% in Q4

WASHINGTON: Lenovo’s tablet shipments fell 13.5 percent during the crucial holiday season, which nonetheless was slightly better than the overall market, according to market research firm IDC. IDC reported that tablet shipments worldwide dropped 13.7 percent in the fourth quarter compared to a year ago. Consequently, Lenovo maintained the 4.8 percent market share it posted a year ago even as the ... Read More »

Grain shipments from Black Sea ports set new record

WASHINGTON: Black Sea ports in grain exporting countries increased grain handling to a record high, mainly owing to export shipments. This fact reflects the increasing role of Black Sea countries in the world grain trade and global food supply. Thus, according to USDA, in 2015/16 only wheat shipments from these countries will reach 37% of total world exports compared to ... Read More »

Uganda inflation eases to 7.6% YOY in Jan

WASHINGTON: Uganda inflation has eased to 7.6% year-on-year in January from a revised 8.4% in December. This is attributed to deceleration in food inflation. According to data released by Uganda’s Bureau of Statistics, annual food inflation slowed to 12.7 percent in January, from 13.8 percent in December. Additionally, core inflation which excludes food, fuel, electricity and metered water decreased to 7.1 ... Read More »

RBI expects retail inflation to ease to 5% by March 2017

MUMBAI: Normal monsoon and subdued oil prices are expected to bring down retail inflation to around 5 per cent by the end of next fiscal, RBI Governor Raghuram Rajan said today. He also listed a number issues, including implementation of the Pay Commission’s recommendations for central government employees and movement in global commodity prices, which could build up inflationary pressures. ... Read More »

Expenditure to social protection grows 3.7%

HELSINKI: Expenditure directed to social protection grew most, by 3.7 per cent and amounted to EUR 52.2 billion in 2014, according to Statistics Finland’s data. A major part of general government expenditure was directed to social protection. Social protection expenditure also grew most from 2013. The growth in social protection expenditure was particularly due to expenditure connected to old age ... Read More »

Oman’s oil production targets at 990,000 barrels bpd

MUSCAT: Oman’s oil production this year is targeted at around 990,000 barrels per day (bpd), said Minister of Oil and Gas, Mohammed bin Hamad Al Rumhy, adding it would be difficult to halve the economy’s dependence on oil in five years. The target for this year is 980,000 to 990,00 bpd or slightly more than that, the minister told reporters ... Read More »

BP reports 91% decline in Q4 earnings

LONDON: BP reported a 91 per cent decline in fourth-quarter earnings after average crude oil prices dropped to the lowest in more than a decade. The company’s shares fell the most since August. Profit adjusted for one-time items and inventory changes totaled $196 million, the London-based company said on Tuesday. That missed the $814.7 million average estimate of 10 analysts ... Read More »

Poland moves up in Index of Economic Freedom

WARSAW: Poland has moved up to 39th place globally in the latest Index of Economic Freedom report, its best result so far and up from 42nd place last year. In 2014, Poland was ranked 50th in terms of economic freedom by the annual report, published by The Wall Street Journal and The Heritage Foundation, a Washington think-tank. Poland was ranked 18th ... Read More »

Revenue collection improves clearly in sixth month

KATHMANDU: Revenue collection improved markedly during the sixth month of the fiscal year as imports entered the country through alternate routes, although the overall collection during the first half remained near historic lows, the Finance Ministry said. During the one-month period from mid-December 2015 to mid-January 2016, revenues almost equalled the target for the period as most of the shipments ... Read More »

Pak rupee depreciates by five paisas against dollar

KARACHI: The Pakistani rupee Tuesday depreciated against the US dollar in cash-free market. According to the local money market, the dollar gained five paisas in open market to reach 106.85 and remained steady in interbank at 104.70. On Monday, the greenback lost 15 paisas in open market to reach 106.80 and remained firm in interbank at 104.70. Read More »

Bangladesh imports textile machinery in last fiscal year

DHAKA: Bangladesh textile millers have imported machinery worth TK71.19 billion in the fiscal year of 2014-15, a short up by over 40 percent compared to Tk50.63 billion in the last fiscal year of 2013-14 as many millers went for business expansion, said Bangladesh Textile Mills Association (BTMA) president Tapan Chowdhury speaking a press conference on Tuesday. The rise in machinery ... Read More »

Digital currency booming in Spain with introduction of bitcoin ATMs

MADRID: A lack of trust within the banking sector is fuelling Spain’s digital currency market. More and more people are leaving their banks and turning to the alternative online currency Bitcoin. Bitchain, a Barcelona-based bitcoin company, says it continues to grow despite a dip in the online currency market worldwide. In fact, Bitchain is currently installing 20 bitcoin ATM machines ... Read More »

Russia to leave its grain tax scheme intact

MOSCOW: Russia, one of the world’s largest wheat exporters, is not expected to change its current regime of taxes on grain exports, sources said on Friday, following proposals to change them. Concerns over the possibility of tougher limits on Russia’s foreign sales of wheat sent global prices to a one-month high earlier this week. However, the agriculture ministry proposed removing ... Read More »

Portugal eyes investments in India to enhance relationship

LISBON: “The areas of cooperation between India and Portugal would be explored in sectors like information and communication technologies, olive oil, cork, and tourism. As of today, the trade between India and Portugal is hardly 800 million dollars, which has a great potential to double in the next two years, if the opportunities are properly explored,” said H.E. Mr. Joao ... Read More »

Germany’s unemployment rate falls to 6.2%

BERLIN: Germany’s unemployment rate unexpectedly fell to a record low in January, in a sign that economic sentiment in Europe’s largest economy is withstanding the tumult in global markets. The jobless rate fell to 6.2 percent, the lowest level since German reunification, from 6.3 percent, data from the Federal Labor Agency in Nuremberg showed on Tuesday. The number of people ... Read More »

Belgians spending less on lottery tickets

BRUSSELS: Belgium’s national Lottery had a turnover of 1.173 billion euro in 2015. This is down from a turnover of 1.211 billion euro in 2014. Nevertheless, the Lotto will be able to pay its shareholder, the Belgian state a dividend. The national Lotto lottery was good for a turnover of 431.5 million euro or 37% of the total turnover. Meanwhile ... Read More »

DNB to Stop Using Cash in Norway

OSLO: Norway’s largest financial services group, DNB believes the dangers and disadvantages of cash make it necessary to give it up as payment method. According to VG’s report, there is about 50 billion NOK in circulation and Norway’s central bank (Norges Bank) can trace only 40 percent of spending. Director for retail banking in DNB, Trond Bentestuen told to VG ... Read More »

Citi Group appoints new CEO for UAE

ABU DHABI: Citi Group announced it has appointed Elissar Farah Antonios as chief executive officer of Citi UAE. Antonios moves from Citi Lebanon where he has been the bank’s CEO since 2012. She started her career in 1990 in London and served at several global banks with a focus on Arab private banking clients. Antonios joined Citi in 2005 as ... Read More »

Danish electronics firm Fona facing bankruptcy

COPENHAGEN: Fona, the Danish electronics chain, has announced it is facing potential bankruptcy, reports Berlingske. A long price war with competitors has taken its toll, and Fona finds itself in a state of insolvency and unable to pay its creditors. In an official statement, the company has ensured customers won’t be affected and its stores, including the webshop, will remain ... Read More »

Hungarian businesses ink $37.6bn worth of deals with Indonesia

BUDAPEST: Hungarian companies signed 37.6 million US dollars worth of agreements in Indonesia on Monday, Foreign Minister Peter Szijjarto said during a visit in Jakarta. Szijjarto, a member of a delegation led by Prime Minister Viktor Orban, said the most important contract signed was for the Budapest Water Works to build water treatment systems in 34 Indonesian localities. The value ... Read More »