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Zimbabwe secures $1.7 mln loan for business

HARARE: Harare City Council has secured $1,7 million from ZB Bank to fund its business ventures, most of which are under-performing. The money will be used to fund five projects, which include City Parking, Sunshine Meats, Pest Control, Harare Mabvazuva Village and the development of Harare House as an upmarket event facility. The businesses were formed to contribute to the ... Read More »

Belgium investor to park $1b in dollar deposits, says Finance Minister

BRUSSELS: An investor has promised to park 1 billion dollars in dollar deposits in Sri Lanka to help the island nation defend its currency, according to a media report quoting the finance minister. The investor was Belgian and was working with a Sri Lankan partner, Finance Minister Ravi Karunanayake. The investor has promised to transfer the money in two equal ... Read More »

Italian rubber equipment exports up in 2015

MILAN: Assocomaplast, the Italian trade association for plastic and rubber processing equipment makers, has said the 2015 full-year forecast is optimistic, with exports for the first three quarters of 2015 nearly equalling exports for the whole of 2014. Assocomaplast’s research office, analysing Italian Central Institute of Statistics foreign trade data, says that 2015 may even break the 2007 export record ... Read More »

Norway’s Kaarstoe gas plant remains shut down due to gas leak

OSLO: Most production at Norway’s Kaarstoe gas processing plant was shut down due to a gas leak, gas system operator Gassco said. “More than half of production at Kaarstoe was shut due to the leak, but some parts remain producing. It wasn’t fully shut,” Gassco’s spokeswoman Lisbet Kallevik said. “It remains unclear how long it will take to get back ... Read More »

UTCC export growth 2% in 2016

THAILAND: Exports will return to positive territory this year with 2% growth for the first time in four years, the University of the Thai Chamber of Commerce forecast on Tuesday. The university’s Centre for International Trade Studies offered a wide range of export growth projections between 0.1% and 4.1% for 2016 with 2% the most likely target. Centre director Aat ... Read More »

German planed lumber exports decline by 7%

BERLIN: German exports of planed softwood lumber decreased by 7% in the third quarter vis à vis last year’s comparative quarter to 231,918m³. According to information published by the Federal Statistical Office, deliveries to customers in Europe were 14% below the previous year’s figure at 144,033m³. Significant declines in exports were recorded, for example, to Belgium (-37%), the Netherlands (-29%) ... Read More »

Telkom to raise loans of up to Rp 10 trillion

JAKARTA: State-run telecommunication provider PT Telekomunikasi Indonesia (Telkom) seeks to secure loans of up to Rp 10 trillion for working capital this year. The publicly-listed firm’s finance director, Heri Sunaryadi, said the company would also need between Rp 5 trillion and Rp 10 trillion in total to finance operational activities this year, such as for network maintenance and purchasing new ... Read More »

Indonesia’s bankers expect BI to cut rate

JAKARTA: Bank Indonesia (BI) should have enough space to cut its interest rate by 25 basis points because inflation remains under control and there is adequate liquidity in the industry, bankers have said. The central bank has maintained its benchmark interest rate at 7.5 percent for 10 consecutive months. Bank Permata president director Roy Arman Arfandy said the full-year 2015 ... Read More »

S. Korea gains 0.3% export prices in Dec

SEOUL: Export prices in South Korea added 0.3 percent on month in December, the Bank of Korea said on Wednesday – following the 1.1 percent contraction in November. On a yearly basis, export prices dropped 6.0 percent following the 8.6 percent drop in the previous month. Among the individual components, export prices for agricultural, forestry and marine products added 0.5 ... Read More »

Italian wine exports rise by 6% to €5.4b in 2015

ROME: The value of Italian wine exports grew by an estimated 6 per cent to €5.4 billion in 2015, compared to €5.1 billion in the previous year. However, reduced product availability after 2014’s disappointing harvest meant that the volume of wine exports was lower than the year before, reaching just over 20 million hectolitres. Growth was mainly driven by sparkling ... Read More »

India’s tea exports to Pakistan increase 42%

NEW DELHI: India’s tea exports to Pakistan have increased by 42 per cent to Rs 116.12 crore in the first eight months of the current financial year on account of rise in volumes and price of the beverage. The overall total exports have also risen by 6 per cent to Rs 2,746.04 crore in the April-November period of the 2015-16 ... Read More »

Italy imports 757,200 tonnes pork in 2015

ROME: Italy imported 757,200 tonnes of pork from January to September 2015, a decrease of 1 per cent year on year, according to the latest data released by Istat. The average unit value of shipments to Italy over the same time period decreased by 11 per cent compared to a year earlier, with the value of imports also down 11 ... Read More »

EU, USA consular visit to Dubai Customs to explore latest smart initiatives

DUBAI: The Air Customs Centres Management at Dubai Customs has received a high-level EU and USA consular envoy who came to Dubai Customs to learn about some of its latest smart initiatives and day-to-day services. The visit comes as part of the UAE drive to share experiences with other countries. The consular envoy comprised Wolfgang Penzias, Trade Counsellor (European Union ... Read More »

Qatar Airways launches Travel Festival promotion

DOHA: Qatar Airways, the national airline of the State of Qatar, has launched its biggest promotion Travel Festival, the first of its kind offering passengers a variety of travel deals and prizes. The Qatar Airways Travel Festival has exclusively designed packages including discounts of up to 25 percent, companion fares for 2-for-1 tickets, family and group discounts, and special discounts ... Read More »

Russia may shift auto part imports from Turkey to Serbia

MOSCOW: Moscow is looking for ways to transfer the manufacturing of spare auto parts for its major car producers from Turkey to Serbia, Russian Deputy Prime Minister Dmitry Rogozin said. “Until now, these car components were manufactured in Turkey. We believe that the Serbian [auto] industry is capable of producing them,” Rogozin was quoted as saying by the Sputnik news ... Read More »

Taiwan tax revenues rises 7.2% to $62.97bn in 2015

TAIPEI: The nation collected NT$2.12 trillion (US$62.97 billion) in tax revenues last year, an increase of 7.2 percent from 2014, aided in part by a last-minute surge in property transactions, the Ministry of Finance said yesterday. Property taxes totaled NT$2.36 billion last month alone, more than double the level a year earlier, from a total of 112,072 transactions, a 72 ... Read More »

New Taipei City becomes top electricity saver

TAIPEI: New Taipei City was named Taiwan’s top electricity saver in a smart city energy campaign organized by the ROC Ministry of Economic Affairs. From April to November 2015, the northern Taiwan metropolis slashed electricity consumption by 127 million kilowatt-hours, or 1.24 percent from the preceding period to top all cities and counties nationwide. It also clinched six creative green ... Read More »

Turkish Airlines signs contract with Visit Britain

ANKARA: Turkey’s national flag carrier Turkish Airlines agreed a one-year marketing deal with the U.K.’s tourism agency VisitBritain on Jan. 11. The announcement came at a meeting at the British Consulate in Istanbul attended by U.K. Ambassador Richard Moore, VisitBritain Chief Executive Sally Balcombe and Ahmet Olmuştur, deputy director general of Turkish Airlines. Moore described the agreement as “a strategic ... Read More »

Tests reveal some flaws in Google’s self-driving cars

SAN FRANCISCO: The world’s biggest search engine, Google, which is also producing self-driving vehicles, has revealed that its self-driving cars have safely driven more than a million miles, there have been times when humans have had to take over to avoid crashing. System “anomalies” caused drivers to take the wheel 272 times in California test cars in the 14 months ... Read More »

Sip tea, eat apples, onions to reduce heart disease risk

ISLAMABAD: The researchers have revealed that sipping tea and eating apple and onions can reduce risk of heart disease. They said that eating a meal rich in compounds called flavonoids that are found in onions, tea and apples reduce some early signs of heart disease. The research team focused on one of the compounds, quercetin, which is found in tea, ... Read More »