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EU imports of tropical plywood down 2% in first 9 months of 2015

BERLIN: The EU imported 302,828cu.m of tropical plywood in the first nine months of 2015, 2% less than the same period in 2014. EU demand for tropical plywood in 2015 has been negatively affected by the weakness of the euro relative to the US dollar, slow growth in the building sector in most European countries, as well as lower prices ... Read More »

Ongoing development project will help improve country’s economy: Minister

ISLAMABAD: Minister of State for Communication Abdul Hakeem Baloch Tuesday said that several development projects are underway, which will improve the country’s economy. He said this while talking in a current affairs programme of Radio Pakistan. “The work on construction of motorways from Gwadar to Khuzdar, Karachi to Lahore and Multan to Sukkur will also be initiated soon,” he said, ... Read More »

World Bank okays $35m loan to address energy, water, climate issues

ISLAMABAD: The World Bank has approved an additional $35 million loan for Pakistan to improve management, planning and development of water resources in the Indus River Basin with better environmental and social considerations. Given the importance of the Indus basin water resources for the country’s economic development and long-term benefits of investment in the water sector, the additional financing from ... Read More »

SpaceX blasts off Falcon 9 rocket in landmark recycle bid

MIAMI: SpaceX has launched its Falcon 9 rocket carrying satellites to orbit before attempting a historic bid to land the rocket’s first stage at Cape Canaveral, Florida. “We have liftoff of the Falcon 9,” a SpaceX commentator said as the gleaming white rocket launched, against a backdrop of black night sky at 8:29 pm (0129 GMT Tuesday). The launch marked ... Read More »

Kenya economy to rise at 6% in 2016

NAIROBI: Kenya’s economy will accelerate slightly in 2016, driven by loose fiscal policy, infrastructure projects and robust private consumption, according to Focus Economics. The Spain based economic research firm forecast the country’s economy will grow at a rate of six per cent in 2016, which is unchanged from November’s forecast. “Nevertheless, a large fiscal deficit and rising public debt, a weak ... Read More »

LNG to help end energy crisis: Khaqan

ISLAMABAD: Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has said that the import of liquefied natural gas (LNG) would help overcome the energy crisis. Talking to a news channel, the minister said unfortunately the issue remained neglected during the previous governments. The present government after coming to power started taking steps to meet the country’s energy requirements. ... Read More »

Australian shares edge up 0.1% in energy, industrials

SYDNEY: Australian shares, which have risen the past four days, were up again early Tuesday, helped by gains in energy and industrials, while New Zealand stocks also advanced. The S&P/ASX 200 index edged up 0.1 per cent or 6.05 points to 5,115.6 by 02:16 GMT. The benchmark has rallied nearly 2 per cent since touching a two-year trough last week. Industrial ... Read More »

BMW fined $40m for recall violations in US

NEW YORK: The US auto safety regulators has imposed $40 million fine on German auto giant BMW for not conducting a timely recall on vehicles that failed crash tests. The National Highway Traffic Safety Administration said that the carmaker acknowledged it had violated US recall standards with respect to the Mini 2 Door Hardtop Cooper, which failed crash tests in ... Read More »

S.Korea crude oil import from Iran drops 28.8% in Nov

SEOUL: South Korea’s crude oil imports from Iran fell 28.8 percent in November from a year earlier,while its total crude oil imports fell 1.5 percent year on year to 81.7 million barrels last month, data from state-run Korea National Oil Corp (KNOC) showed on Tuesday. For earlier story on South Korea’s Iranian crude oil imports in November, based upon the ... Read More »

Australia approves expansion of open coal port at Abbot Point

CANBERRA: Australia has approved the expansion of an existing coal port at Abbot Point near Bowen in north Queensland. The controversial project will see Abbot Point become one of the world’s biggest coal ports. The expansion will involve dredging one million cubic metres of spoil near the Great Barrier Reef which will then be dumped on land. Conservationists have said ... Read More »

Garment exports to US increase 11.7%

HANOI: Total exports of textiles and garments from Viet Nam to the US gained a year-on-year increase of 11.7 per cent to US$9.88 billion from January to November 2015. According to the Viet Nam Textile and Apparel Association (Vitas), during the 11 months, the export value to other major export markets of Viet Nam’s textile and garment was also optimistic ... Read More »

Shipping intelligence report of Karachi Port

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier): Berth No Ship Working Agent Berthing Date OP-II Serengeti L.Naptha Alpine 19/12/15 OP-III Chemroad Mega L.Ethanol Alpine 22/12/15 ALONG SIDE (East Wharves): 13/14 Nicolaos A D.Dap Bulk-Sh. 21/12/15 14/15 Jia Long Shan D.Steel Aaras-Sh, ... Read More »

Vietnam’s local exports to face difficulties in 2016

HANOI:  Viet Nam’s exports, especially agro-forestry and fisheries, will face difficulties in 2016 if the country does not drastically restructure the industry, Tran Tuan Anh, deputy minister of Industry and Trade said. Even key staple export products such as textiles and garments would also face fierce competition. Tuan Anh told media yesterday in Ha Noi that in 2015, the sector ... Read More »

Vietnam economy likely to grow 6.4% in 2016

HANOI: Viet Nam’s economy has started to thrive, while most Asian economies are slowing down and moving towards consumer-led growth, announced Standard&Poor’s (S&P). According to S&P, four years ago, the Vietnamese economy was struggling with non-performing loans as the Government focused on feeding credit to its State-owned enterprises. However, since then, the country has attracted sufficient foreign direct investment (FDI) to ... Read More »

Amata plans to invest $2.2b to build industrial zones in Vietnam

DONG NAI: Thai-owned Amata Viet Nam Company Ltd has announced plans to invest over US$2.2 billion to build new zones in Viet Nam. The announcement came late last week at the company’s celebration of its 20th anniversary in the country held in the southern province of Dong Nai. The Southeast Asia’s leading industrial zone developer said Amata City Ha Long in ... Read More »

Pak rupee further weakens against dollar

KARACHI: The Pakistani rupee Tuesday remained under pressure and lost value against the US dollar both in open market and interbank. According to the local money market, the dollar added five paisas in open market to close at 106.60 and 10 paisas in interbank for selling at 104.50. On Monday, the American currency gained 15 paisas in open market to ... Read More »

Taiwan export drops by 4.2% to $40.76bn in Nov

TAIPEI: The nation’s export orders declined at a faster-than-expected rate last month, due mainly to weak international notebook computer demand and a continued semiconductor inventory correction, the Ministry of Economic Affairs said yesterday. Export orders dropped 6.3 percent annually and 4.2 percent monthly to US$40.76 billion last month, ministry data showed. The monthly result marks the eighth consecutive month of ... Read More »

Ghana’s timber export up by 7% in Q3 of 2015

ACCRA: Ghana’s cumulative volume of timber exported during the first three quarters of the year was 267,379 cubic metres, up by 7% on the 249,846 cubic metres in the same period in 2014, ITTO reported. The corresponding earnings for the first three quarters of 2015 was Euro135.02 million, up 37% year on year. Of the total volume of 267,370 cubic metres ... Read More »

Toshiba sells factory in Indonesia for $24m

TOKYO: Toshiba has sold one of its factories in Indonesia to Hong Kong-based company Skyworth for ¥ 3 billion (US$24 million) as part of its efforts to restructure its business after experiencing millions of dollars in losses. Toshiba Corp. CEO and president Musashi Muromachi said the restructuring plan, which would last until March 2016, would involve 7,800 Toshiba employees in ... Read More »

Taiwan jujube exports to China commenced

TAIPEI: The first India jujube crops from Taiwan have recently arrived at Xiamen Port. The Taiwan jujube season runs from November to April following year. By December, the taste of the fruit turns from bitter to sweet. Thousands of hectares in Taiwan are used to plant India jujube. It is a popular fresh fruit due to its green skin, white ... Read More »