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Saudi Arabia’s exports rise to 54 mln tons in 2015

RIYADH: The volume of Saudi exports in 2015 surged to 54 million tons at a value of ($42 bln) SR158 billion, compared with 2014 when they amounted to 53m tons valued at SR194 billion. Eisa Al-Eisa, a spokesman for the Saudi Customs, told Al Eqtisadiah that imports touched 83m tons in 2015 at a value of SR640 billion, as against ... Read More »

Garment makers fear further drop in exports

LAHORE: Pakistan Ready­­­­­­­­made Garment Manu­­­­facturers and Exporters Association (PRGMEA) on Wednesday cautioned the government to address the issues of value-added textile sector as continued drop in exports might widen further due to Vietnam-EU Free Trade Agreement, and massive decline in cotton production and high import duty on yarn. In a statement, PRGMEA Chief Coordinator Ijaz Khokhar asked the government to ... Read More »

Jordan Spieth signs deal with Coca-Cola

AMMAN: Jordan Spieth can do no wrong these days. Barely 48 hours after ripping through the Tournament of Champions for his seventh PGA Tour win, it was announced that Spieth signed a deal with Coca-Cola. A really, really big deal. “It’s a special brand with a rich history, and I couldn’t be more excited to be a part of that ... Read More »

Jordan: 3 companies to import diesel, selling directly to consumers

AMMAN: French oil company Total, Jordan’s Manaseer Oil & Gas and the Jordan Petroleum Refinery Company (JPRC) will start floating tenders as of the end of January to buy diesel from international markets, putting an end to the JPRC monopoly over diesel imports. Under a memorandum of understanding signed between the three companies and the Energy Ministry, the companies will ... Read More »

Australian lemon supply compress prompts US imports

CANBERRA: IT’S enough to give you the pip — lemons are selling for up to $1.60 each and extra imports are on the market. Coles says it has had to stock lemons from the United States for the past three weeks in most states, including Victoria, because of a local supply squeeze. “Ordinarily, we can stock Australian lemons year-round; however, lower ... Read More »

Iraqi Kurds to start gas exports to Turkey in 2016

BAGHDAD: Iraq’s Kurds will start building their first natural gas pipeline next month to export the fuel to Turkey, a project that would bring the self-governed region closer to economic independence. The link will transport gas from the Khor Mor and Chamchamal fields in northern Iraq’s Kurdish enclave, first to Turkey and later to Europe, Bewar Al-Khinsi, an economic adviser ... Read More »

Drug smugglers busted after disguising more than a ton of marijuana as fresh carrots 

MEXICO: These green-minded drug smugglers tried hiding more than a ton of marijuana as carrots while crossing the border through Mexico. Drug smugglers were busted trying to hide more than a ton of marijuana disguised as carrots while crossing the U.S.-Mexico border, officials said. Hiding their green bud among the orange vegetables, the smugglers tried driving through the Pharr-Reynosa International ... Read More »

Vietnam’s pangasius exports may drop 5% YOY in 2016

HANOI: Viet Nam Association of Seafood Exporters and Producers (VASEP) estimates that Vietnam’s pangasius (tra catfish) exports may drop by 5 per cent year on year in 2016. Last year, the total value of pangasius exports reached USD1.6 billion, which was 10 per cent lower than the value in 2014, according to VASEP’s statistics. Six out of the eight largest export ... Read More »

Ring members smuggling heroin arrested at airport

TAIPEI: The case of a drug ring was sent to New Taipei prosecutor’s office Wednesday after two of its members were arrested earlier this month at an airport for trying to smuggle in heroin from Vietnam, the police said. The first suspect, a woman identified as Hsiao, was caught Jan. 10 concealing 847 grams of heroin in her crotch and ... Read More »

Vietnam’s trade deficit with China climbs in 2015

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 domestic ... Read More »

Saudi Customs foils attempt to smuggle 61,993 amphetamine pills

RIYADH: Customs officers foiled an attempt to smuggle in 61,993 amphetamine pills (Captagon) through King Abdulaziz International Airport in Jeddah. They searched a passenger who looked dubious on his arrival at the airport and seized the pills which were hidden in his suitcase. The smuggler covered the amphetamine pills with blue carbon and hid them inside 15 ladies gowns but ... Read More »

BTMU obtains 20% stake in Philippine bank

TOKYO: The Bank of Tokyo-Mitsubishi UFJ, Japan’s largest financial group, has unveiled plans to extend its advance across Asia by acquiring a 20 per cent stake in Security Bank of the Philippines. The decision to pay nearly $800m for a foothold in the midsized commercial lender, follows a record year of Y10tn outbound mergers and acquisitions activity by Japanese companies ... Read More »

Saudi Arabia’s exports rise to 54 million tons in 2015

RIYADH: A farmer holds up a freshly harvested tomato on a farm in Al-Kharj, 77 km (48 miles) south of Riyadh. The volume of Saudi exports in 2015 surged to 54 million tons at a value of ($42 bln) SR158 billion, compared with 2014 when they amounted to 53m tons valued at SR194 billion. Eisa Al-Eisa, a spokesman for the ... Read More »

VietinBank acquires stake in Vietnam’s second biggest port

HANOI: State-owned shipping firm Vinalines has transferred nearly 7 million shares in Hai Phong Port, or a 2.12 percent state, to one of the country’s biggest lender VietinBank, according to media reports. The transport ministry’s news website Bao Giao Thong reported on Wednesday that the deal, completed late last month, was worth VND147-billion (US$6.45 million). With the sale, Vinalines’ ownership ... Read More »

Man jailed for heroin smuggling attempt at Heathrow Airport

LONDON: Border Force officers at Heathrow who intercepted a heroin haul worth £632,000 have helped put the drug smuggler behind bars. Khalid Mahmood, 46, of Colonial Road in Bordesley Green, Birmingham, who pleaded guilty to drugs importation was jailed for five years and three months at Isleworth Crown Court on Thursday (January 7). The Pakistani national, was stopped by Border ... Read More »

Vietnam local retail petrol prices may adjusted

HANOI: Local retail petrol prices could be adjusted daily instead of every fortnight in the future, Do Thang Hai, deputy minister of Industry and Trade, said. Hai told a press conference in Ha Noi on Tuesday that the most significant achievement of petrol-trading control last year was to ensure transparency and publicity. In addition, the management closely followed the changes ... Read More »

Iraq warns of new drop in oil prices without agreement to cut output

BAGHDAD: Iraq is expecting further reduction in global oil prices that will harm all oil producers if a general agreement to cut production is not reached soon, Assem Jihad, a spokesman for the Iraqi Oil Ministry said. “Stubborn efforts by some countries to keep oil production at high levels are harming all oil producers. It is necessary to reach an ... Read More »

Kenya to boost fresh produce exports to EU

NAIROBI: In Kenya, governors in the North Rift have asked the government to provide Sh4 billion to expand the Eldoret International Airport. The money will be used to improve the airport runway and other facilities to accommodate bigger cargo planes, as the North Rift Economic Bloc aims for more than five weekly cargo flights to export fresh produce to Europe ... Read More »

Chennai Port to import apples

CHENNAI: The Directorate General of Foreign Trade (DGFT) has lifted restriction on apple import through Chennai Port. This move will increase revenues for the port and will also bring down the cost of apples by a few rupees. Statistics indicate that the Chennai Port imports more than 50 per cent of apples. In September 2015, the DGFT issued a notification ... Read More »

South32 mulls acquisition of Anglo’s $1bn business in Brazil

BRASILIA: Mining scene newcomer and BHP spin-off South32 (ASX, LON, JSE:S32) may make an offer for Anglo American’s $1 billion niobium and phosphate business in Brazil, Bloomberg reports. Citing people familiar with the matter, Bloomberg says the company is seeking to hire an adviser to assist in the bidding process. Investors reacted positively to the news. The company was trading ... Read More »