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Finland’s Fortum bids $115 million for Polish utility

Finnish state-controlled utility Fortum said it has launched a public tender offer worth up to 106 million euro ($115 million) for Polish electricity and gas seller Duon DUOP.WA. Fortum said it had bid 3.85 Polish zlotys per share for the company, a 19.2 percent premium to Duon’s three-month weighted average share price. Duon’s shares jumped more than 11 percent. Fortum ... Read More »

S.Korea’s Daehan seeks 83,200 tons of Canadian wheat

SEOUL: South Korea’s Daehan Flour Mill Co Ltd issued an invitation to bid seeking 30,100 tonnes of Canadian wheat for arrival in May and 53,100 tonnes of U.S wheat for arrival between April 20 and May 20 via tenders. The tenders will close at 11 a.m.(0200 GMT) on Friday, according to the ITB. Read More »

Prospex agrees to acquire 49% stake in Hutton Poland

Prospex Oil and Gas plc announced Friday that it has conditionally agreed to acquire a 49 percent stake in Hutton Poland Ltd, from Hutton Energy Ltd, for £620,000 ($906,781) in cash. As part of the deal, Prospex will pay an initial amount of £130,000 ($190,079) with the remaining £490,000 ($716,649) deferred up to August 31, 2016. Hutton has been active in ... Read More »

Oman receives new Patrol Vessel

Interim delivery and acceptance of the third Patrol Vessel built by Singapore Technologies Marine for the Royal Navy of Oman (RNO) has taken place, the company announced on 7 January. ST Marine is working under contract a signed in 2012 to design and build four Al-Ofouq class Patrol Vessels to replace the RNO’s four Seeb class vessels. The Patrol Vessels measure ... Read More »

Honduran shrimp exports fall 31% to $114.4 mln

WASHINGTON: Honduran shrimp exports fell by 31% to $114.4 million through September 2015, year-on-year, according to statistics from the Central Bank of Honduras (BCH), La Prensa reports. The drop in value was driven by a 20.8% fall in export volumes and a 13.2% decrease of shrimp prices, a report from BCH states. Although some Honduras shrimp farms tested positive for early ... Read More »

Singapore firms join Chongqing project

A slew of Singapore firms, including property giant CapitaLand and banks DBS and UOB, have joined the third Sino-Singapore government-led project, which is based in Chongqing. DBS inked four strategic partnerships with Chinese government agencies and banks to provide comprehensive financial services for the project. One of them will see DBS and the Industrial and Commercial Bank of China providing ... Read More »

Ukraine exports of linseed increases in current season

KIEV: Relatively high rates of linseed exports from Ukraine were registered in November 2015. Summarizing the results of the month, Ukraine exported 4.5 KMT of linseed compared to 2.7 KMT in November 2014.  Since the beginning of season 2015/16 exports reached 14.6 KMT that is the maximum volume for this period since 2012/13. Vietnam, the EU countries, Turkey and Egypt ... Read More »

Swiss Central Bank racks up massive loss in curbing strong franc

ZURICH—Switzerland’s central bank on Friday posted its heaviest ever annual loss in 2015, a byproduct of the bank’s decision one year ago to scrap a long-standing policy aimed at keeping the overvalued Swiss franc in check. The 23 billion Swiss franc loss ($23.05 billion) highlights the challenges facing central bankers in Switzerland and elsewhere who are trying to prop up ... Read More »

Dong Nai wood exports increase 17% from 2014

DONG NAI: Wood exports in the southern province of Dong Nai totaled $1.2 billion in 2015, up 17 per cent from 2014, according to the provincial Statistics Office. The figure also marked a trade surplus of $860 million, given that the province imported $337 million worth of wood materials for processing. The locality’s major importers are the US, Europe, Japan ... Read More »

Japan’s wages decrease for first time in 5 months in Nov

TOKYO: Japan’s wages decreased for the first time in five months in November as a decline in special pay including bonuses kept overall wages from rising as fast as consumer prices, the government said Friday. Average inflation-adjusted wages fell 0.4% from the same month a year earlier, while nominal wages remained flat at 274,108 yen amid an 8.6% decrease in ... Read More »

France’s economic minister’s priority is private investment

SAN FRANCISCO — France’s economic minister says his top priority in 2016 is to woo private investment to a country that is producing 1,500 new startups each year. Emmanuel Macron said in an interview with the Associated Press on Friday that the country will do more to provide certainty to investors and “reduce the cost of failure.” France is notorious ... Read More »

Nearly 50,000 Chinese tourists arrive in NZ for February’s Golden Week

Nearly 50,000 Chinese holidaymakers will shortly land in New Zealand as experts forecast the biggest “golden week” for Chinese tourists in our history. January and February are traditionally New Zealand’s busiest and most lucrative tourism months but it is the growth in Chinese holiday visitors that is pushing the industry to new peaks. The so-called “golden week” starting February 7 ... Read More »

Netherlands holds EU presidency for 6 months in 2016

From January 1 to June 30, 2016 the Netherlands holds the Presidency of the Council of the European Union, and during this period will be able to steer the course of EU legislative and political processes. The Council is a gathering of ministers from the 28 EU member states, and their main purpose is to adopt proposals for new laws ... Read More »

South Africa agrees to US meat import demands

SOUTH AFRICA: Negotiations between South Africa and the US on key areas related to the importation of poultry, beef and pork from the US to South Africa were concluded at a meeting on 6 January 2016. Only a limited number of US poultry and meat products have been exported to South Africa in recent years, due to sanitary requirements by ... Read More »

Thailand’s Customs to cut 30% import duty on luxury items

BANGKOK:  In an effort to boost spending by tourists, Thailand’s Customs Department is poised to cut the 30 percent import duty being levied on luxury items, a media report said on Wednesday. The department will convene a meeting with the private sector this month to arrange the tariff reduction before forwarding it to finance permanent secretary Somchai Sujjapongse for deliberation, ... Read More »

Brazilian imports of carbon steel sheet products sink 29.6% YOY

BRASÍLIA: Brazilian imports of carbon steel sheet products sank 29.6% year on year to 800,205 mt in 2015, data from the foreign trade ministry showed Friday. In 2014, the country imported about 1.14 million mt of flat sheet goods. Imports of hot-rolled coil during 2015 totaled 28,095 mt, 13.7% above the 183,001 mt registered a year before. Cold-rolled imports fell ... Read More »

Indonesia’s raw sugar imports to rise to 3.2m tons in 2016

JAKARTA: Indonesia’s raw sugar imports will rise to 3.2 million tons this year from 2.88 million tons in 2015, a top industry association official told Reuters on Friday, which is likely to benefit chocolate and milk makers and potentially support global sugar prices. The country’s sugar industry is split in two and is tightly regulated. Households, retail and small-to-medium firms ... Read More »

UK’s trade deficit in goods, services narrows in Nov

LONDON: The UK’s trade deficit in goods and services narrowed in November after the value of oil imports fell. The deficit – the difference between the amount imported and exported – was £3.2bn in November, down from £3.5bn from October, according to the Office for National Statistics (ONS). The ONS put the narrowing deficit down to a £0.5bn fall in imports ... Read More »

Dar hails FBR for taking growth rate from 16 percent to 19 percent by December 2015

ISLAMABAD: Federal Finance Minister, Mohammad Ishaq Dar has appreciated the performance of FBR for achieving the revenue collection target in the October -December quarter of the current fiscal year and taking the revenue growth rate from 16% in end June to 19% by the close of December 2015. The federal minister was addressing the 2-day Chief Commissioners Conference which concluded ... Read More »

FPCCI announces election schedule for selecting Board of Director

SIALKOT: The Federation of Pakistan Chambers of Commerce and Industry (FPCC) has announced the schedule of elections of the Board of Directors for its business councils. The business councils will be selected for different countries including Pakistan – Australia, Pakistan – Belarus, Pakistan – Bahrain, Pakistan – Bangladesh, Pakistan – Central African Republic, Pakistan – Czech Republic, Pakistan – China, ... Read More »