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Russia destroys Polish mushrooms, Turkish tomatoes

MOSCOW: Russia’s plant health watchdog has seized and destroyed around 588kg (1,296lbs) of banned vegetables since last Wednesday, in two separate seizures involving produce from Poland and Turkey. Polish produce has been embargoed by Russia since August, 2014 as part of countersanctions against the EU, while Turkish fruits and vegetables have been banned since the start of this year in ... Read More »

China industrial output grows 5.9% in Dec

BEIJING: China’s value-added industrial output, an important economic indicator, grew 5.9 percent year on year in December, down from the 6.2-percent growth recorded in November, official data showed on Tuesday. Year-on-year growth for 2015 was 6.1 percent, lower than the 8.3-percent growth in 2014, the National Bureau of Statistics said. Industrial output, officially called value-added industrial output, is used to ... Read More »

Russian government backs industries support plan — PM

MOSCOW: The Russian government supported the plan of the Ministry of Industry and Trade to aid branches of industry in 2016, Prime Minister Dmitry Medvedev said at the 2016 budget meeting. TASS reported earlier anti-crisis measures supporting car demand would remain in scope planned at the turn of the last year. Twenty billion rubles ($254.2 mln) will be allocated to ... Read More »

Wanda plans ‘substantial’ deals as property sales slump

BEIJING: Dalian Wanda Group Co, the property-to-entertainment conglomerate headed by Asia’s richest man, is planning five “substantial” acquisitions this year as the company braces for a drop in sales. Wanda, led by billionaire Wang Jianlin, is aiming to complete three overseas purchases and two domestic ones, excluding cinema chains, it said in an e-mail on Monday. Separately, Wanda forecast that ... Read More »

Lufax valued at $18.5bn with new funding

SHANGHAI: Lufax, the Internet financial arm of Ping An Insurance (Group) Company, is valued at $18.5 billion with a recent round of funding, becoming one of the world’s most valuable financial technology startups, according to a company statement released on Monday. The new financing includes $924 million from series B investors and $292 million from its existing investors who had ... Read More »

Asia Clean Capital receives $40m finance facility from Goldman Sachs

HONG KONG: Asia Clean Capital Ltd (ACC), a renewable energy solutions provider, just announced a $40 million project finance facility from Goldman Sachs, a global investment bank. The financing facility will allow ACC to accelerate and expand the growth of its rooftop solar solutions nationwide, ACC said in an email statement on Friday. ACC’s leading renewable energy solutions are focused ... Read More »

Crude shock lands Chinese oil majors on a slippery slick

BEIJING: Experts say despite past irrational overseas investments, spending may well continue as good deals are still possible The year-end retreat by China Investment Corp, the country’s sovereign wealth fund, from Canada’s mining and oil-and-gas sectors, has raised concerns that past overseas investments of State-backed oil companies may prove duds, due to the prolonged slump in crude oil prices. After ... Read More »

New Zealand Treasury chief appreciates China’s role in AIIB

WELLINGTON: The head of the New Zealand Treasury on Monday praised China’s contribution to the setting up of the new Asian Infrastructure Investment Bank (AIIB). Treasury Secretary Gabriel Makhlouf, who is New Zealand’s AIIB director, said it was in New Zealand’s interests to support infrastructure that led to stronger growth in the region. New Zealand was the first OECD (Organization ... Read More »

China’s economic growth down but within ‘reasonable’ range

BEIJING: Chinese economic growth decelerated to the 25-year low of 6.9 percent in 2015, down from 7.3 percent in 2014, according to data released Tuesday by the National Bureau of Statistics. The GDP growth rate was reported as 6.8 percent in the fourth quarter, down from 6.9 percent in the third and 7 percent in the first two quarters last ... Read More »

Wealthiest 62 people now own half the world’s population

BRUSSELS: The wealthiest 62 people now own as much as half the world’s population, some 3.5 billion people, as the super-rich have grown richer and the poor poorer, an international charity said yesterday. That compares with 388 people just five years ago, when the global economy was emerging from its deepest recession since World War II. The wealth of the ... Read More »

Spain’s bad loans ratio falls to 10.35% in Nov

MADRID: Spanish banks’ bad debts as a percentage of total loans fell to 10.35 percent in November, according to provisional data published on Monday by the Bank of Spain. Bad loans stood at 138.894 billion euros (151.30 billion U.S. dollars) in the eleventh month of 2015, its lowest level since November, 2011, the Bank said, while overall lending stood at ... Read More »

Tokyo stocks decline in early trading as oil glut dents sentiment

TOKYO: Tokyo stocks on Tuesday opened lower owing to the ongoing global oil glut and related geopolitical concerns as well as jitters over a perceived slowdown in Chinas economy. As of 9:15 a.m., the 225-issue Nikkei Stock Average declined 40.07 points, or 0.24 percent, from Monday to 16,915.50. The broader Topix index of all First Section issues on the Tokyo ... Read More »

Businessmen asked to cooperate for economic empowerment of BISP families

ISLAMABAD: Benazir Income Support Program (BISP) was playing an important role in poverty alleviation by providing financial support to millions of poor families in the country and business community should come forward to cooperate and support under CSR activities for economic empowerment of BISP families. This was stressed by BISP Director Coordination Syed Asif Munir during his visit to Islamabad ... Read More »

Sovereignty of elected trade bodies to be secured fully: Azhar Iqbal

FAISALABAD. Sovereignty of elected trade bodies, including chambers of commerce and industry (CCI) across the country would be fully preserved in order to facilitate the business community by strictly adhering to the regulatory laws concerned, Directorate General of the Trade Organizations (DGTO) Regulator Azhar Iqbal. He was addressing a meeting of the office bearers and executive members of the Faisalabad ... Read More »

New Zealand dollar may fall in this week

WELLINGTON: The New Zealand dollar may fall this week on concern about the impact on the local economy of slower Chinese growth, weak dairy prices and low inflation. The kiwi may trade between 63 US cents and 66.50 cents this week, according to a BusinessDesk survey of eight currency analysts. Five expect the local currency to decline while three pick it ... Read More »

US Oct shipments down by 2.2%

WASHINGTON: Total shipments of Portland and blended cement in the US and Puerto Rico in October 2015 were about 9.3Mt, down by 2.2 per cent from the level in October 2014, data from the US Geological Survey (USGS) shows. Shipments for the year through October totalled 77.6Mt, up by 2.6 per cent for the same period in 2014. The leading ... Read More »

Taiwan LCD monitor shipments decline over 10% in 2015

TAIPEI: Taiwan makers’ shipments of LCD monitors reached 19.82 million in the fourth quarter of 2015, down 6.2% on quarter and down 10.9% on year, according to Digitimes Research. Foxconn Electronics held the number one position in shipments in the third and fourth quarter followed by Wistron. Heading into the first quarter of 2016, Taiwan makers will see shipments drop 3.5% ... Read More »

Worldwide PC shipments fall 8% in 2015

WASHINGTON: Worldwide PC shipments totaled 75.7 million units in the fourth quarter of 2015, an 8.3% year-over-year decline, according to preliminary results by Gartner. For the year, 2015 PC shipments totaled 288.7 million units, an 8% decline from 2014. “The fourth quarter of 2015 marked the fifth consecutive quarter of worldwide PC shipment decline,” said Mikako Kitagawa, principal analyst at ... Read More »

Russian Port of Kozmino exports 30.4m tons of oil in 2015

MOSCOW: The Russian Port of Kozmino exported 30.4 million tons of oil in 2015, which represent an increase of 5.5 million tons in comparison with previous year. From the total export 14.7 million tons were for China, 8.7 million tons for Japan and 3.2 million tons for South Korea. The oil terminal is major export point for for Transneft Siberian ... Read More »

Japan’s industrial production declines on month in Nov

TOKYO: Japan’s Industrial Production Declines On Month In November Amid Slowdown In Emerging Markets. ‘The BOJ will continue to monitor both upside and downside risks to economic and inflation conditions, and make adjustments as appropriate’ – Haruhiko Kuroda, Bank of Japan Governor Industrial production of Japan’s mines, manufacturers and utilities dropped on month in November, a revised data from the Ministry ... Read More »