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Ample scope for Oman-India joint ventures in plastics, says official

MUSCAT: There is good potential for further cooperation and establishment of joint ventures between India and Oman in the plastics industry, says an Indian official. There are many Indians working at Omani plastics companies as skilled workers and top managers and there is good scope for establishing joint ventures between the two countries, Deepak Lawale, secretary general of the Organisation ... Read More »

Hungary’s industrial output grows by 9.5% in Nov 2015

BUDAPEST: Hungary’s industrial output grew by an annual 9.5% in November 2015, easing from a 10.1% increase in the previous month. The figures confirming the statistical office’s (KSH) preliminary report shows output rose by 7% from a year earlier based on working day-adjusted data. In January-November, industrial output was up by 7.3% from a year earlier. Industrial exports of Hungary ... Read More »

PM forms committee to monitor CPEC

  ISLAMABAD: Prime Minister Nawaz Sharif has formed an eleven-member committee to oversee the progress on the China-Pakistan Economic Corridor (CPEC) project during an All Parties Conference (APC) at the Prime Minister’s House. The prime minister and chief ministers of the four provinces are members of the committee, while Minister for Planning and Development Ahsan Iqbal is the convener of ... Read More »

Over 100 Afghan Companies to Invest in Chabahar

KABUL – Over 100 Afghan companies have registered to invest in the Chabahar free trade area, officials said here the other day. The head of Chabahar free trade zone, Hamid Ali Mubaraki, said that some of the Afghan companies will jointly invest in the port along with Iranian investors. “Up to now, at least 110 Afghan and Afghan-Iranian companies have ... Read More »

Iraq’s Kurds to start natural gas exports to Turkey in 2019-2020

ERBIL: Iraq’s semi-autonomous Kurdish region plans to start exporting 10 billion cubic meters a year of natural gas to Turkey by 2019-2020, according to an official at the Kurdistan Regional Government’s Ministry of Natural Resources. The KRG will double gas exports to 20 billion cubic meters a year by the early 2020s, the official said in an e-mailed statement on ... Read More »

Taiwan stainless steel imports, exports rise in Dec

TAIPEI: The most recent statistics released by the Taiwan Customs authorities indicate that the country’s imports and exports of stainless steel products increased significantly during the month of December last year. The country’s stainless steel products import totaled 90,559 tons during Dec ’15. This is significantly higher by 18% when matched with the prior month imports. The Taiwanese stainless steel ... Read More »

Switzerland returns stolen Etruscan treasures to Italy

GENEVA: Rare Etruscan artefacts stolen during illegal excavations and hidden away for more than 15 years at Geneva’s free port, have been handed back to Italy, the Geneva prosecutor’s office announced here the other day. A total of 45 cases of stolen artefacts, including two rare Etruscan earthenware sarcophaguses, bas-reliefs, vases and fragments of decorated vases, frescos, heads, busts, and ... Read More »

Chinese Customs busts fox fur smuggling case worth $134m

HANGZHOU: Hangzhou Customs in east China uncovered an 880 million yuan (134 million U.S. dollars) fox-fur smuggling racket, it was announced Friday. Seven suspects were captured in December and some 350,000 pieces of fox fur were seized. It is Hangzhou’s largest ever fur smuggling case. It is alleged that the suspects illegally imported the fox fur from Finland between 2010 ... Read More »

BMW Motorrad reports sales record in 2015

MUNICH: BMW Motorrad, the motorcycle brand of German car producer BMW Group, reported on Friday to have hit a fifth consecutive sales record in 2015. The Bavarian producer sold 136,963 motorcycles and maxi scooters last year, an increase of 10.9 percent year-on-year. In December, BMW Motorrad delivered 7,497 units worldwide, representing a year-on-year increase of 6.6 percent. “We are able ... Read More »

Imports of LLDPE into Russian market decrease 12% in 2015

MOSCOW: Overall imports of linear low density polyethylene (LLDPE) into the Russian market decreased by 12% in 2015, totaling 191,000 tonnes, according to MRC DataScope report on Friday. Lower imports were caused by both the growth of the domestic production, particularly from Nizhnekamskneftekhim, and weaker demand in certain processing sectors. December LLDPE imports into the Russian market rose to 16,300 ... Read More »

Iceland fish stocks increase in December 2015

REYKJAVIK: Iceland caught more fish in December 2015, compared with the same period in 2014, according to figures issued on Friday by Statistics Iceland. The total fish caught in December 2015 amounted to 49,362 tonnes, including 30,282 tonnes of demersal catch and 17,480 tonnes of pelagic catch, and some shellfish, figures show. The total volume of fish caught in December ... Read More »

Eurozone trade in goods at surplus of 23.6 bln euros in Nov

BRUSSELS: Eurozone international trade in goods reached a surplus of 23.6 billion euros (25.88 billion U.S. dollars) in November 2015, the statistical office of the European Union (EU) Eurostat said on Friday. Compared with the same month in 2014, eurozone exports grew by 6 percent, at 173.5 billion euros. Imports from the rest of the world grew by 5 percent, ... Read More »

Norway’s exports fall by 6.7% in 2015 due to low oil prices

OSLO: Norway’s exports decreased by 6.7 percent in 2015 mainly due to low oil prices while imports rose sharply by 9.5 percent, the country’s statistics bureau said on Friday. Norway’s exports were 847.7 billion kroner (96.6 billion U.S. dollars) last year, down about 6.7 percent from 2014, while imports rose by 9.5 percent to 614.1 billion kroner, according to preliminary ... Read More »

Spain’s inflation rate shows no change in 2015

MADRID: Spain’s annual inflation rate stood at zero, showing no variations in prices, according to the Consumer Price Index (CPI) published on Friday by the National Institute of Statistics (INE). This is the first time Spain’s inflation rate stands at zero by the end of the year since 1961, when the CPI was first reported. Prices of transport fell by ... Read More »

Indonesia’s trade balance moves back into surplus

JAKARTA: Indonesia’s trade balance moved back into surplus last year, after three years of deficits, but the turnaround mostly showed how sluggish the economy has been. South-east Asia’s largest economy posted a US$7.51 billion (S$10.8 billion) surplus last year, chiefly because of a nearly 20 per cent plunge in imports, underlining weak domestic consumption and investment. Every month had a ... Read More »

U.S. industrial production continues to fall in Dec

WASHINGTON: The U.S. industrial production continued to fall in December 2015 primarily as a result of cutbacks in mining and utilities output. The U.S. industrial production, an indicator of manufacturing, mines, and utilities output, fell 0.4 percent in December, following a revised-down 0.9 percent decrease in November, said the Federal Reserve on Friday. The manufacturing output, the largest component of ... Read More »

U.S. producer prices fall again in Dec

WASHINGTON: U.S. producer prices declined again in December 2015, showing inflation remained muted as the Federal Reserve considers further increases in interest rate. The produce price index (PPI) for final demand decreased 0.2 percent last month, compared to an increase of 0.3 percent in November, the Labor Department reported Friday. The decrease in the PPI can be traced to prices ... Read More »

Albanian economic sentiment indicator grow by 0.1% in Q4 2015

TIRANA: The economic sentiment indicator of Albania increased by 0.1 percent in the last quarter of 2015, informed on Friday the business and consumer confidence survey. The Bank of Albania reported that the trade and businesses finance has improved but the increase of confidence was undermined by the reduction of employment in relation to the previous quarter. This year, the ... Read More »

Citibank Q4 profit hits $3.34b

NEW YORK: An exterior view shows the Citibank headquarters in the Manhattan borough of New York City. Citigroup Inc yesterday reported a massive jump in quarterly profit as a sharp drop in legal costs and gains from the disposal of unwanted assets more than made up for weak revenue from its core business. Citi’s net profit rose to US$3.34 billion, ... Read More »

Sri Lankan port project gets nod

The delayed Colombo Port City project, a plan to create a South Asian financial hub, has been given the green light, the Sri Lankan ambassador to China confirmed on Friday. The $1.4 billion urban complex project will cover 233 hectares adjoining the Port of Colombo. The deal was signed between the Sri Lankan government and the China Communications Construction Co ... Read More »