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Japan steel exports slump to 4 year low in 2015

TOKYO: Japan’s steel exports last year fell to their lowest since 2011, dented by a surge in shipments from China. Steelmakers around the world are grappling with the fallout of massive exports of cheap steel from China, with producers there turning overseas as local appetite wavers due to the country’s slowing economy. Steel exports by Japan, the world’s second-biggest steel producer, ... Read More »

France, India ink deal on purchase of 36 Rafale aircraft

PARIS: India and France have signed an intergovernmental agreement on the purchase of 36 Rafale fighter aircraft from Paris, Indian Prime Minister Narendra Modi said Monday. “We have signed an intergovernmental agreement on the purchase of 36 Rafale aircraft. Only some of the financial aspects need to be solved,” Modi was quoted as saying in a statement. Paris also confirmed ... Read More »

S. Korea’s ICT exports fall 1.9% in 2015

SEOUL: South Korea’s exports of information and communications technology (ICT) products in 2015 declined on soft global demand for goods caused by economic slowdown, a government report showed on Monday. The country’s ICT exports came to 172.9 billion U.S. dollars in 2015, down 1.9 percent from a year ago, according to the Ministry of Trade, Industry and Energy. ICT imports, however, ... Read More »

Russia dairy import from Iran to may raech $800m

MOSCOW Russian agriculture watchdog Rosselkhoznadzor allowed six Iranian dairy companies to export products to Russia after proper safety inspections. “It is expected that during the next year [Iranian year starts on March 21], Iranian dairy export to Russia will amount to at least $500 million to $800 million,” Reza Bakeri said, as quoted by Iran’s Mehr news agency. Moscow and ... Read More »

Cholesterol can be controlled thru foods: Expert

ISLAMABAD: The health experts has said that high cholesterol, which is one of the main risk factors for cardiovascular disease, can be controlled through foods. Dietician Patricia Bannan, American author of “Eat Right When Time is Tight”, believes one of the best foods is strawberries, which contain heart- healthy substances to inhibit cholesterol absorption, Xinhua reported. Lean beef is another ... Read More »

General Electric topped the Wall Street consensus for fourth-quarter earnings and reaffirmed its target for 2016

NEW YORK: General Electric topped Wall Street expectations for the fourth quarter and reaffirmed its target for 2016, but its shares slipped in afternoon trading as the company’s industrial revenue declined. The industrial conglomerate reported earnings of 52 cents per share, excluding the financial operations it’s shedding, on $33.9 billion in revenue. Wall Street had been looking for per-share earnings ... Read More »

Iran’s exports of dairy products to Russia may reach $800m in 2016

TEHRAN: Iran’s exports of dairy products to Russia may reach some $800 million in 2016, the head of Iran Dairy Industries Society said Sunday. Russian agriculture watchdog Rosselkhoznadzor allowed six Iranian dairy companies to export products to Russia after proper safety inspections. “It is expected that during the next year [Iranian year starts on March 21], Iranian dairy export to ... Read More »

Shipping activity: Berth occupancy at Port Qasim remained 55%

KARACHI: Two ships carrying containers and chemical were berthed at Qasim International Container Terminals and Engro Vopak Terminal, respectively. Meanwhile, three more ships carrying Edible Oil, G Cargo and Furnace Oil also arrived at outer anchorage of Port Qasim during last 24 hours. Berth occupancy was 55% at the port on Monday where a total six ships namely Cap Madrid, ... Read More »

Shipping intelligence report of Karachi Port

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Monday. ALONG SIDE (Bulk Oil Pier): OP-I Marithna D.Petrol Alpine 23/01/16 OP-II Hankuk Chemi D. Chemical Alpine 25/01/16 OP-III Overseas Millos D.SB Oil Trans Maritime 23/01/16 ALONG SIDE (East Wharves): 2/3 Ivs Augusta D. Coal OC-Services 23/01/16 4 UAFL Zanzibar ... Read More »

US Customs seizes $269k in unreported U.S. currency

HIDALGO: U.S. Customs and Border Protection, Office of Field Operations (OFO) at the Hidalgo International Bridge intercepted $269,525 in unreported U.S. currency from a Donna, Texas man who was allegedly attempting to exit into Mexico. “Working outbound operations at our international bridges allows us to detect export violations, which include failure to adhere to federal currency reporting requirements,” said Port ... Read More »

Ethiopia coffee exports to rise 45% in 2016

ADDIS ABABA: The Ethiopian government has announced intentions to raise coffee exports by 45% this year.This is to be done by offering incentives and increased government support to farmers. Shimelis Arega, a Trade Ministry spokesman said in statement early this month,  “Coffee exports will increase 45% to over 260,000 tons this year. “Incentives will help achieve this goal, and they will ... Read More »

FBR chief converts major penalty of two Customs Principal Appraisers

ISLAMABAD: On a departmental appeals filed by Sadar Amin Farooqui and Niamat ullah Alvi, ex-Principal Appraisers, Model Customs Collectorate of Exports and Preventive Karachi respectively, against major penalty of ‘dismissal from service’, Federal Board of Revenue Chairman Nisar Mohammad Khan, being Appellate Authority, has converted the major penalty into another major penalty of “reduction to lower stage in time scale” ... Read More »

Ukraine lifts ban on EU beef imports

KIEV: The European Commission has confirmed that all EU Member States will be allowed to export beef to Ukraine in the near future. The move comes following Ukraine’s lifting of the longstanding BSE-related trade restrictions, which had previously prohibited imports of EU origin beef, the European Commission says. Ukrainian concerns relating to the robustness of the EU control system across ... Read More »

Pak rupee remains unchanged

KARACHI: The Pakistani rupee Monday remained steady against the American currency both in open market and interbank. As per the local money market, the dollar remained unchanged both in open market and interbank at 106.75 and 104.70 respectively. The local currency rate remained the same on Friday. Read More »

Belgium may get rid of the tax on financial transactions

BRUSSELS: Belgium is preparing to leave the group of ten countries that want to apply a tax on financial transactions, l’Echo wrote on Saturday. This decision could have a snowball effect, and continue the current trend. On Wednesday, during an award ceremony at the Brussels Stock Exchange, the Belgian Finance Minister Johan Van Overtveldt said he wanted to “look at ... Read More »

Japan’s exports fall for 3rd month in a row

TOKYO: Japanese exports fell for a third straight month in December as the impact of China’s economic slowdown continued to reverberate across the globe, the government said Monday. Exports fell 8.0% from a year earlier to Y6.338 trillion, after a 3.3% decline in November, as overseas demand for steel and semiconductors decreased, data from the Ministry of Finance showed. The ... Read More »

Rs 39b bill: PSM closed for last 7 months over gas suspension

ISLAMABAD: The Pakistan Steel Mills has not been functioning for the last seven months due to suspension of gas supply over non-payment of outstanding bill of more than Rs 39 billion to Sui Southern Gas Company. Ministry of Industries and Production revealed this in a written reply to National Assembly, adding that out of total payables, Rs 19.1 billion is ... Read More »

5.5% growth rate target impossible to achieve: PEW

LAHORE: A renowned economic watchdog of the country has forecasted that the target of 5.5 percent growth rate set for the ongoing fiscal year is unachievable in the current circumstances. The Pakistan Economy Watch (PEW), in a statement, said that the government will have to revise it down like the targets of investment, exports and revenue and economic managers will ... Read More »

Ethos buys 65% stake in South African equipment

CAPE TOWN: Ethos Private Equity Ltd. bought a 65 percent stake in South African equipment rental and sales company Eazi Group Ltd. for 1.6 billion rand ($97 million) in the fifth private-equity investment by its Ethos Fund VI in the past year. At the Eazi Group “entrepreneurs identified a void in the market and through grit and determination established a ... Read More »

Norway’s CPI falls by 0.4% in Dec

OSLO: The Consumer Price Index (CPI) dropped 0.4 per cent from November to December 2015, mostly due to lower food prices. The year-to-year growth in the CPI was 2.3 per cent in December, down 0.5 percentage points from November. The CPI fell 0.4 per cent from November to December, mostly due to a decline in food prices of 3.0 per ... Read More »