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Author Archives: CT Report

Nepal forms EPG to look into ties with India

KATHMANDU: Nepal has formed an Eminent Persons Group mandated to look into Nepal-India ties in totality and reviewing all bilateral treaties with India ahead of the visit of Prime Minister K.P. Oli to India in February. The concept of forming EPG came up after Nepal and India agreed to revamp their bilateral ties in view of the changed context and ... Read More »

Norwegian company cancels to build $1.5b hydropower plant in Nepal

KATHMANDU: A Norwegian company said it has canceled plans to build a $1.5 billion hydropower plant in Nepal to generate electricity in an energy-starved country where people get only a few hours of power every day. The company, Statkraft, said in a statement Tuesday that it made the decision to withdraw plans for the Tamakoshi Hydropower Project due to increased ... Read More »

Greece CPI falls less than expected in Dec.

ATHENS: Greece’s consumer prices decreased at a slower-than-expected pace in December, figures from the Hellenic Statistical Authority showed. The consumer price index edged down 0.2 percent in year-over-year in December, slower than the 0.7 percent drop in November. Economists had expected a 0.5 percent decrease for the month. Consumer prices have been falling since March 2013. In the whole year, ... Read More »

Greece exits deflation after 33 months, uptick seen sustainable

ATHENS: Greece emerged from 33 months of deflation in December, finally seeing some price rises after a bruising period of economic decline and political upheaval. Inflation calculated to European Union norms rose 0.4 percent in December, topping forecasts, data from the country’s statistics service showed. But the headline consumer price index using Greece’s local methodology fell 0.2 percent year-on-year in ... Read More »

Vietnam buys many Chinese goods, from onions to cars

HANOI: Doanh Nhan Sai Gon has quoted statistics from the General Statistics Office (GSO) as reporting that Vietnam’s trade deficit with China in 2015 climbed to $32.3 billion, an increase of 12.5 percent, the highest figure so far. GSO said the sharpest increase occurred with the import of steel & metal, automobiles, car parts and the input materials for the ... Read More »

Kenya’s economy expected to grow 6.1% in 2016

NAIROBI: Kenya’s economy is expected to grow 6.1 percent in 2016 and the government wants to trim ballooning budget and current account deficits to steady the economy, its finance minister said on Thursday. Kenya, East Africa’s biggest economy, set a budget deficit target of 8.7 percent for the 2015/2016 fiscal year starting July, unnerving some investors who were also uneasy ... Read More »

Danish company exports pig production facilities to Vietnam

HANOI: Danish Farm Concept has signed contracts to supply investors in Vietnam and the Philippines with new turnkey pig production facilities Considered a global leader in pig production, Denmark is recognised for a production average above 30 weaned piglets per sow. These figures have prompted global producers, especially in Southeast Asia and China, to approach the country’s leading producer Danish ... Read More »

Vietnam to purchase Western jets

HANOI: Vietnam is negotiating with American and European manufacturers to purchase new warplanes—including fighters, maritime patrol aircraft and unmanned aircraft. The move comes as part of Hanoi’s strategy to lessen its dependence on Russian hardware and to counter China’s growing power. According to Reuter’s Siva Govindasamy, Vietnam has been in talks with contractors who build the Saab JAS-39E/F Gripen NG, ... Read More »

Italy phone company launches new brand, logo

ROME: Telecom Italia, Italy’s dominant phone company, launched a new brand and logo and announced new Rome headquarters. The new “Tim” brand and logo for both Telecom Italia and Tim, its mobile division, is needed “because we had to converge”, and “shows that we have changed vision…now in a digital world,” said Marco Patuano, chief executive. The company will be ... Read More »

Oman closes $1b sovereign loan

MUSCAT: Oman has completed a $1 billion sovereign loan, a senior finance ministry official said, as the Gulf country borrows during a period of stretched state finances because of low oil prices. The sultanate raised funds at a margin of 120 basis points over the London interbank offered rate (Libor), Nasser al-Jashmi, under-secretary at the ministry of finance, told Reuters. ... Read More »

5 companies in Oman to list in 2016

MUSCAT: As many as five Omani companies, including three owned by the government, are expected to list on the local bourse in 2016, the head of the market regulator was quoted as saying by a local newspaper on Thursday. Mining Development Oman and Falcon Insurance would list as well as three state-owned firms, Abdullah bin Salem al-Salmi, executive president of ... Read More »

Oman’s oil production rises 1%

MUSCAT: Oman’s total production of crude oil and condensates touched 31,214,058 barrels in December 2015, a daily rate of 1,006,905 barrels, a rise of 1.12 per cent compared to November 2015. The monthly report released by the Ministry of Oil and Gas pointed out that the total quantities of crude oil exported abroad in December 2015 stood at 25,622,957 barrels, ... Read More »

China foreign trade recovers in Dec

BEIJING: China’S foreign trade fared better than expected in December with exports back in growth and the decline in imports slowing, according to General Administration of Customs data yesterday. For last year as a whole, however, trade contracted, missing the annual target for the fourth consecutive year as exports and imports fell against a backdrop of sluggish global demand and ... Read More »

S. Africa miners in Zimbabwe freeze new projects

HARARE: South African mining companies in Zimbabwe, as well as others, have put all new and expansion projects on hold, the chamber of mines has said, giving an update on the state of the industry. This comes as mining companies in the mineral rich but troubled country seek to preserve cash in a biting economic environment that has been worsened ... Read More »

APLNG ships first LNG cargo from third east coast Australia terminal

CANBERRA: The Australia Pacific LNG, or APLNG, facility takes coal seam gas from Eastern Australia, liquefies it and then ships the fuel to customers in Asia. “This is a significant milestone for our company and we are proud to have safely loaded the first cargo from APLNG”, said Ryan Lance, chairman and chief executive officer. He underlined the long-term nature ... Read More »

Australia’s buffalo trade growing with large numbers exported to Vietnam

CANBERRA: More than 5,000 head of buffalo were exported from the Northern Territory in 2015, making it one of the best years in the trade’s history. Figures released yesterday by the NT Department of Primary Industry show the year was also Darwin Port’s second-biggest on record for live cattle exports. A small number of buffalo were shipped to Brunei (625 ... Read More »

S.Korea’s exports expected to remain slow in Q1

SEOUL:  South Korea’s exports are expected to remain sluggish during the first quarter of this year due to slowing growth in major markets and falling price competitiveness, a poll showed Thursday. The country’s leading export sentiment index came to 50 for the January-March period, up 1.4 from the previous quarter, according to the Korea Trade-Investment Promotion Agency (KOTRA). A reading ... Read More »

Peruvian mango exports to S. Korea up 214%

OTTAWA: Between January and October 2015 Peru exported US$9.4 million worth of raw or steam-cooked (packed) mangoes to South Korea; this is a 214 percent increase in comparison with the same period in 2014, reports Peru-South Korea Business Council Chairman Juan Varilias affirmed. The number of fresh-mango shipments is expected to increase in the short-term, following phytosanitary protocol approval. As ... Read More »

S. Korea sets to utilize FTAs to renew exports in 2016

SEJONG: South Korea will make full use of its free trade agreements (FTAs) and diversify products and services it sells overseas to revive exports in 2016 after a disappointing performance a year earlier, the trade ministry said Thursday. In a 2016 policy report to President Park Geun-hye, the Ministry of Trade, Industry and Energy said exports and imports will likely ... Read More »

Chinese exports to Hong Kong up 10.8%  

HONG KONG: Chinese exports to Hong Kong rose 10.8 percent from a year earlier for the biggest gain in more than a year, making the territory the biggest destination for shipments last month and spurring renewed skepticism over data reliability and the broader recovery in China’s outbound trade. Exports to Hong Kong rose to US$46 billion last month, according to ... Read More »