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US exempts Turkish steel exporters from special tariff

NEW YORK: U.S. Department of Commerce has ruled that Turkish steel exporters would be exempt from a special tariff imposed on foreign companies that receive subsidies payments, the Turkish Steel Exporters Association said in a statement Wednesday. In accordance with the preliminary results of a probe of hot-rolled flat steel products, the U.S. Department of Commerce decided that Turkish steel ... Read More »

New Tucson Sector new chief takes command

TUCSON: Paul A. Beeson, newly appointed Chief Patrol Agent of Tucson Sector, takes command and will lead Tucson Sector into the future. Chief Patrol Agent Beeson began his Border Patrol career in February of 1985, based on honor and service to country. With more than 30 years of experience, he has dedicated more than half of his life to ensuring ... Read More »

Indonesia issues permits to import cattle from Australia

JAKARTA: The government has issued permits for the import of 198,000 live cattle from Australia for the first quarter of this year, below the import quota of 200,000. The Trade Ministry’s acting director general for foreign trade, Karyanto Suprih, confirmed the ministry had issued the import permits for the first three months of this year. “The import permits for the ... Read More »

FBR tax collection increases during July-December 2015 to Rs 1382.2b, ECC told

ISLAMABAD: A meeting of the Economic Coordination Committee of the Cabinet was held. Finance Minister, Mohammad Ishaq Dar chaired the meeting. Secretary Finance presented to the Committee a review of Key Economic Indicators. It was informed that the positive trends in the economic indicators have continued during the last quarter. During the last six months Inflation remained at 2.08% as ... Read More »

Ukraine’s forex reserves increase to 3.4 months of imports in 2015

KIEV: The international reserves of the National Bank of Ukraine (NBU) in 2015 grew by 77% or UAH 5.767 billion, to $13.3 billion, which is enough to cover imports during 3.4 months, the NBU has reported on its website. “Ukraine’s forex reserves cover imports for 3.4 months and it is enough to fulfill liabilities and current transactions of the government ... Read More »

Belgium’s tax break to multinational companies ruled illegal

BRUSSELS: The European Commission said on Monday that a corporate tax break that Belgium granted to at least 35 companies, amounting to total reductions equivalent to about $765 million, was illegal. The commission, the executive arm of the European Union, did not immediately identify the companies that benefited from the tax break. But one of the companies known to have ... Read More »

Denmark trade surplus grows in Nov.

COPENHAGEN: Denmark’s foreign trade surplus increased in November, as exports rose and imports fell, figures from Statistics Denmark showed. The seasonally adjusted trade surplus, excluding ship and airplanes, rose to DKK 5.7 billion from DKK 4.4 billion in October. Exports climbed at a faster pace of 1.0 percent month-over-month in November, following a 0.4 percent rise in the prior month. ... Read More »

Denmark aims to count all of its flagpoles

COPENHAGEN: The Danish Finance Ministry has asked all public institutions to report how many flagpoles they have in a move slammed as “an idiotic bit of bureaucracy”. The Finance Ministry wants employees at all public institutions, including schools and churches, to go outside and report back on the number of flagpoles on the property. The strange exercise came to light ... Read More »

Indonesia, Singapore to boost agricultural trade

JAKARTA: Indonesian Foreign Minister Retno Marsudi and Singaporean Foreign Minister Vivian Balakrishnan held a bilateral meeting to discuss efforts to boost agricultural trade. Moreover, Indonesia has also encouraged increasing cooperation to provide jobs to Indonesian skilled migrant workers who could be employed as caregivers and therapists in Singapore. The Singaporean foreign minister lauded the improvement in economic cooperation between the ... Read More »

Small ports seek $48m in federal funding

WASHINGTON: Ports in the Northwest are waiting to see if the nation’s budget will include funding for small ports that often struggle to obtain federal dollars. The Northwestern congressional delegation advocated that the President’s Fiscal Year 2017 Budget set aside roughly $48 million to maintain jetties and the channels leading to small ports. The funding would include Pacific County’s Port ... Read More »

Asian container traffic increase at B.C. ports

WASHINGTON: B.C.’s ports are providing some light for Canada in the prevailing economic gloom of downbound commodities and energy fortunes. According to container shipping trade numbers compiled by Drewry Maritime Research and released this week, North American western seaboard ports ended 2015 on a far brighter note than they began the year. For example, container traffic flowing from Asia to North ... Read More »

Indonesian Trade Ministry, BNP2TKI partner to expand job opportunities

JAKARTA: The Indonesian Trade Ministry and the Agency for the Placement and Protection of Indonesian Migrant Workers, known as BNP2TKI, signed a memorandum of understanding to improve the standards of the country’s human capital and expand job opportunities. The agreement will allow the government to promote the potential of Indonesian migrant workers in order to secure more job opportunities. It ... Read More »

Taiwan Customs seizes undeclared cash of $28K

TAIPE: Taiwan Customs officers confiscated the equivalent of roughly US$28,000 from a Taiwanese man who was attempting to depart for Macau Friday evening with large amount of undeclared cash, according to the Aviation Police Bureau (APB). The APB said the man was carrying HK$300,000 in his coat pocket and customs officers at Taoyuan International Airport seized HK$218,000 (US$27,948), in accordance ... Read More »

North Iraq oil exports fall in Dec.

BAGHDAD: Oil exports from northern Iraq via pipeline to Turkey fell to an average of 584,056 barrels per day (bpd) in December, the Kurdistan region’s Ministry of Natural Resources said, down by around 16,713 barrels from November. The pipeline, which links oil fields in Iraq’s autonomous Kurdish region and Kirkuk with Turkey’s Mediterranean port of Ceyhan was idle for three ... Read More »

Iraq to stop sugar imports to boost local output

BAGHDAD: Iraq will stop imports of refined sugar for a government food distribution programme, as the nation’s own production rises, officials said. The government has signed a contract with Etihad to be supplied with sugar from its refinery in Hilla, south of Baghdad, said Qasim Hmoud, Iraq’s State Company for Foodstuff Trading’s general manager, in a statement on the trade ... Read More »

Iraq bans poultry imports from 24 countries

BAGHDAD: Iraq has extended a ban on imports of frozen and live poultry products to cover two dozen countries, including China and South Africa, the government said. Baghdad last month restricted poultry imports from France, where an outbreak of avian flu has been reported. The agriculture ministry could not be contacted for immediate comment, but a ministry spokesman previously said ... Read More »

Global PC shipments fall 10.6% in Q4

SAN FRANCISCO: Global personal computer shipments fell 10.6% in the quarter ended in December compared to a year earlier, research firm IDC said on Jan 12, the largest decline since IDC started tracking PC shipments. Longer lifecycles for PCs, along with competition from mobile phones and tablets, have continued to hobble demand, IDC said. Read More »

CSX revenue falls 13% as coal shipments decline

LONDON: CSX Corp. said Tuesday that its fourth-quarter revenue fell by 13% as lower coal volumes, which has hurt the entire railroad sector, continued to weigh on the rail giant. The company managed to beat, however, Wall Street expectations for earnings, partly because of lower fuel costs and efficiency gains. According to a regulatory filing, the Jacksonville, Fla.-based railroad saw ... Read More »

N. Korea-China trade declines again

SEOUL: Trade figures between North Korea and China have declined, but an expert maintained that their economic relationship will not be further influenced by the recent nuclear test. According to the Korea International Trade Association (KITA), the amount of exports and imports between North Korea and China has declined for the second year in a row. From January to November last ... Read More »

Grafton revenue rises 6.3% from £2.08bn

WASHINGTON: In a brief trading update yesterday published ahead of its final results, the firm, which owns the Woodie’s DIY brand in Ireland, said like-for-like sales rose by 6.3pc from £2.08bn in 2014. Total revenue rose by 3.8pc in the three months to the end of December. Growth was strongest at the group’s merchanting arm, which accounts for 91pc of ... Read More »