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Germany’s oil import bill declines 34.4% in Jan-Oct 2015

FRANKFURT: Lower prices helped cut Germany’s oil import bill by 34.4 percent to 28.0 billion euros ($30.30 billion) in the first 10 months of 2015 even though import volumes increased, data from the BAFA foreign trade office showed. Russia supplied 35.2 percent of the total, while 25.4 percent came from the British and Norwegian North Sea, and 18.3 percent from ... Read More »

Shareholders sue Toshiba for seeking $2.45m

TOKYO: Fifty individual shareholders of Toshiba Corp sued the Japanese conglomerate in Tokyo yesterday, seeking 301.99 million yen (US$2.45 million) in damages after the firm’s stock plunged amid a multi-billion dollar accounting scandal. The lawsuit against the company, as well as three former chief executives and two chief financial officers, comes as Toshiba shares hover about 40 percent lower than ... Read More »

Ministries directed to expedite work on gas-based power plants

ISLAMABAD: Federal Finance Minister Ishaq Dar has directed ministries of Water & Power and Petroleum & Natural Resources to keep close coordination for timely completion of gas-based power plants. He issued directives, while, chairing a meeting to review the financial requirements of upcoming gas-based power plants. Secretary Water and Power and PPIB MD Yonus Dagha gave a presentation on the ... Read More »

Sindh govt developing Marble City to promote industry

KARACHI: The Sindh government is developing a Marble City Industrial Enclave on 300 acres for the promotion of marble and granite industry in the province. This was stated by Sindh Board of Investment (SBI) Chairman Dr Asif A Brohi. He further said that the marble city project has tremendous investment and growth potential for entrepreneurs being based on cutting edge ... Read More »

China’s foreign trade falls 4.5% to $337bn in Nov

BEIJING: China’s foreign trade in November dropped 4.5 percent year on year to 2.16 trillion yuan (US$337 billion), the ninth consecutive monthly decline, official data showed Tuesday.   Read More »

China forex reserves drop by $87.2 billion in Nov

BEIJING: China’s foreign exchange reserves, the world’s largest, fell by $87.2 billion in November to $3.44 trillion, central bank data showed on Monday, the lowest level since February 2013 and the third largest monthly drop on record. The onshore yuan is down over 3 percent so far this year, and remains under pressure as investors expect US interest rates to ... Read More »

Speed up construction of small dams in KP, Sherpao directs authorities

PESHAWAR: Senior Minister for Irrigation Sikandar Hayat Khan Sherpao has ordered the authorities concerned to speed up construction work of small dams in the province. The minister, during a briefing given to him on the progress of work on the small dams, said that no delay in construction of these dams would be tolerated. Sherpao said that all the issues ... Read More »

Ukraine receives batch of coal from S. Africa at price of $57 per tone

KIEV: Ukraine on December 5 received a batch of coal from South Africa at the price of $57 per tonne (at the port), Ukrainian Energy and Coal Industry Minister of Ukraine Volodymyr Demchyshyn said in Kyiv on Monday. “The first ship arrived on December 5 at night, the unloading was started, the quality is confirmed… the price is rather attractive ... Read More »

China’s iron ore demand to drop 4.2% in 2016

BEIJING: Iron ore demand is expected to fall further in China next year as the country continues to scale down steel output, according to forecast by an industry organization on Monday. Demand for iron ore will fall by 4.2 percent in 2016 from a year ago, said the forecast, made by the China Metallurgical Industry Planning and Research Institute. Steel ... Read More »

Sri Lanka exports 6%, imports 5% fall in Sept 2015

COLOMBO: Sri Lanka external trade continued to contract in September with exports falling 5.9 percent to 850 million US dollars and imports falling 5.1 percent to 1,583 million US dollars, compared to the same month last year, official data showed. The Central Bank said industrial exports fell 4.7 percent to 636 million US dollars led by subdued performance of rubber ... Read More »

CITIC secures contarct to build $262m cement plant in Cambodia

PHNOM PENH: China’s leading cement equipment manufacturer and service provider CITIC Heavy Industries Company on Saturday secured an engineering, procurement and construction (EPC) contract from a Cambodian conglomerate to build a $262 million cement plant in Cambodia. The EPC contract was inked between Yu Zhangfa, chief executive officer of CITIC Heavy Industries Company, and Leang Meng, chief executive of Chip ... Read More »

ECC approves export of 0.5m metric tonnes sugar by March 31

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC), in its meeting chaired by Finance Minister Ishaq Dar, has allowed the export of 500,000 metric tons sugar by March 31, 2016. In the first phase, 200,000 MT sugar will be allowed to be exported up to 31 December, 2015. By the end of January, an accumulative 350,000MT will be allowed, ... Read More »

LNG to be imported to decrease CNG price in Punjab: Paracha

ISLAMABAD: With the aim to help reduce gas price in Punjab, the CNG association has announced to import LNG for filling stations. All Pakistan CNG Association (APCNGA) President Ghiyas Paracha, in a statement, said that LNG import will also ensure continued gas availability. Healso blamed that the flight of dollar and depreciation in the value of Pakistani rupees were responsible ... Read More »

China’s Luye Medical ready to acquier Australia’s Healthe Care for $688m

BEIJING: Luye Medical Group Co, the privately owned Chinese heathcare firm, has agreed to buy Healthe Care Australia Pty Ltd, one of that country’s largest private hospital operators, marking the Chinese firm’s first foray into the overseas hospital sector. Healthe Care is being bought from private-equity owner Archer Capital for a reported A$938 million ($688 million), according to local media, ... Read More »

SECP amends regulations to boost fund-management industry

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has introduced amendments in the Non-Banking Finance Companies and Notified Entities Regulations, 2008 to meet the changing industry dynamics, implementing international best practices and safeguarding investors’ interest to strengthen mutual funds. The amendments are primarily aimed at encouraging sustainable growth of the mutual funds by improving access by retail investors, strengthening ... Read More »

India’s steel imports fall 6.9% in Nov 2015

MUMBAI: India’s steel imports fell in November for the first time in eight months, thanks to a government move in August to impose a 20% safeguard duty on some steel products to protect local producers from cheap overseas supplies. Inbound shipment last month fell 6.9% to 0.76 million tonne from 0.82 million tonne a year earlier, according to data released ... Read More »

China Africa Development Fund hits $5 billion in 2015

BEIJING: The China Development Bank has hit its target of pooling $5 billion this year in its equity investment fund for investment in Africa, it said on Friday. It has already allocated or earmarked nearly $3.2 billion in the China Africa Development Fund (CAD Fund) for more than 80 projects from infrastructure to agriculture to energy resources in 35 African ... Read More »

Japan’s current account surplus to touch $11.84bn in Oct

TOKYO: Japan’s current account in October stayed in positive territory for the 16th consecutive month in October, standing at a surplus of 1.46 trillion yen (about 11.84 billion U.S. dollars), the government said Tuesday. The Finance Ministry here said in a preliminary report that, among key components in the current account, goods traded registered a surplus of 200.2 billion yen ... Read More »

Iran imports $213m worth of goods from US in 2015

TEHRAN: Iran imported $213 million worth of goods from the U.S. in the first ten months of 2015, a 40 percent rise compared to the same period of time in the previous year, according to the latest report released by the U.S. Commerce Department. The report says that the U.S. exported over $151.9 million worth of products to Iran during ... Read More »

NASA delays Cygnus cargo spacecraft launch because of bad weather

MEXICO: NASA officials have decided to delay the launch of the Orbital ATK-made Cygnus spacecraft because of bad weather. The American space agency will attempt to have the space cargo ship blast off into space on Sunday, Dec. 6, instead of the original schedule date of Dec. 4. NASA announced on Thursday that the scheduled resupply mission involving the Cygnus ... Read More »