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Brazilian mining giant sells four mega freighters to China for $423m

RIO DE JANEIRO: Brazil’s cash-strapped mining giant Vale has sold four mega freighters to a Chinese consortium for 423 million U.S. dollars, local media reported Wednesday. The consortium is headed by ICBC Financial Leasing, a subsidiary of the Industrial and Commercial Bank of China. Vale, the world’s largest iron ore exporter, announced three weeks ago its intention to sell its ... Read More »

Some migratory birds could go extinct, study

HONG KONG: A new study has shed light on how inadequate and uncoordinated conservation efforts coupled with habitat loss could force some migratory birds into extinction. The study published in journal Science shows that more than 90 per cent of the migratory birds are not being adequately protected and this could eventually cause some of these birds to go extinct. ... Read More »

Brazil’s coffee exports increase demand in 2015

SAO PAULO: Brazil’s 2015 coffee exports could surpass the 2014 record after demand increased due to a weaker local currency, the executive director of Brazil’s coffee exporters association told Reuters on Wednesday. Cecafe had previously warned exports would fall from the 36.3 million bags exported in 2014 after drought curbed output. “We see a scenario in which we maybe achieve ... Read More »

Kenya imports from US down 80% in Q1

NAIROBI: KENYA’s imports from the US fell by 80.76 per cent during first quarter of the current financial year, which began in July. This dragged down the total value of the country’s imports during the quarter by 13.55 per cent to Sh287.12 billion from Sh332.13 billion recorded in the same period in 2014, Kenya National Bureau of Statistics data shows. ... Read More »

South Korean stocks trade 0.11% lower by midday

SEOUL: South Korean stocks traded 0.11 percent lower late Thursday morning as downbeat oil prices weighed heavily on the market. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.08 points to 1,946.16 as of 11:20 a.m. Petrochemical firms went south, with industry leader LG Chem sliding 1.11 percent and Lotte Chemical losing 0.42 percent. Top oil refiner SK Innovation ... Read More »

Germany exports fall by 1.2% in Oct

BERLIN: German exports fell in October month-on-month due to the weakening overseas demand, official data showed on Wednesday. German exports decreased by 1.2 percent than the previous month, Destatis, the federal statistical office, announced on Wednesday. Economists had expected only a seasonally adjusted decrease of 0.5 percent, after an increase of 2.6 percent in September. However, Germany exported goods to ... Read More »

Saudi Arabia plans to increase SAR95,300 GDP per capital

RIYADH: Saudi Arabia plans to increase GDP per capita to SAR95,300 in its current five-year economic development plan, which runs from 2015 through 2019. In the previous five-year development plan (2010 to 2014), GDP per capita averaged SAR79,100, according to a report by Al-Eqtisadiah. Over the next five years, the Kingdom – the world’s largest oil exporter – targets an ... Read More »

Salalah Port to link with national railway

MUSCAT: Port of Salalah, the Sultanate’s premier transhipment and logistics hub on the Indian Ocean, is collaborating with Oman Rail in the establishment of new infrastructure designed to suitably integrate the seaport with the proposed national and GCC rail networks. Plans drawn up by the port authority in conjunction with the national rail company envisage investments in new intermodal, logistics ... Read More »

Lack of milling capacity: Cambodia fails to achieve 1-million-ton rice export

PHNOM PENH: Cambodian Prime Minister Hun Sen said Thursday that the country failed to achieve its self-imposed target of exporting 1 million tons of milled rice by 2015 due to lack of milling capacity, storage facilities and funding. The Southeast Asian nation set the target in 2010. “So far this year, we had exported only half a million tons of ... Read More »

Adani Port, APSEZ to construct int’l container transshipment port at Vizhinjam

NEW DELHI: Adani Ports and Special Economic Zones Ltd (APSEZ), India’s biggest private port operator, on Saturday started construction of a new international container transhipment port at Vizhinjam in Kerala, with the Union government agreeing to ease a key law which will allow foreign container shipping lines to operate between the new port when it begins operations and other Indian ... Read More »

China to cut import tariffs on 800 products from Jan 1

BEIJING: China will cut import tariffs on nearly 800 items from January 1 next year, the Ministry of Finance said in a statement yesterday. The range of goods for which tariffs will be cut include fresh food, nuts, industrial materials, equipment, and consumer goods such as suitcases, clothing, scarves, blankets, and sunglasses, according to the statement. Import tariffs for skin ... Read More »

China’s steel exports soar to over 100m tons in 2015

BEIJING: China’s steel exports have hit a record level this year at over 100m tonnes, illustrating how the country is relying on global sales to help reduce its surplus production. Rising Chinese exports of processed raw materials from steel to aluminium have helped pushed commodity prices down to their lowest level in almost a decade, hitting shares of global miners ... Read More »

Dow, DuPont eye merger to create $120b firm

BEIJING: Dow Chemical Co and DuPont are in talks to merge, creating a chemicals giant with a market value of more than US$120 billion that could then break up into different businesses, people familiar with the matter said on Tuesday. A deal, which would face regulatory approval in several countries, would allow the two US companies to rejig their assets ... Read More »

Japan stocks pull away for 3rd day as yen jumps, Topix slips 0.7pc

  TOKYO: Japanese stocks fell for a third day after the yen jumped against the dollar by the most in three months, damping the outlook for exporters. The Topix index retreated 0.7 percent to 1,544.10 as of 1:02 p.m. in Tokyo, headed for the lowest close in a month. The Nikkei 225 Stock Average lost 1.1 percent to 19,081.07. The ... Read More »

Chinese firm signs to agreement with Zimbabwe Govt

BEIJING: A Chinese multinational information technology firm, the Inspur group on Tuesday signed an agreement with the Zimbabwe government which will pave way for establishment of a joint venture computer manufacturing company in the country. Chief secretary to the President and Cabinet Misheck Sibanda signed on behalf of the Zimbabwe government while Inspur group president Sun Pishu signed for his ... Read More »

Chinese companies’ investments in Japan on the climbe

BEIJING: That hordes of Chinese tourists love to visit Japan is well known, but not so well known is Chinese companies’ penchant to invest in the Land of the Rising Sun. Take Shanghai Yuyuan Tourist Mart Co Ltd for instance. On Nov 11, it announced it has acquired a 100 percent stake in Hoshino Resorts Group’s 11-year-old, 25-track, 757-room ski ... Read More »

Mystery of “bright spots” on Ceres finally solve

HONG KONG: The mystery of the “bright spots” on Ceres has finally been clarified in two new studies. Footage from NASA’s Dawn spacecraft illustrates (in false color) neon blue deposits of salts in more than 130 locations across the celestial body. Taken by the frame camera on board the spacecraft, some 2,700 miles (4,400 km) away during a flyover, the ... Read More »

Solar superflare in star about 1,500 light-years away from Earth

CANADA: On spotting the enormous solar flare on the star, KIC9655129, scientists speculate that our sun could produce a similar solar flare sufficient enough to destroy our blue planet. With the help of NASA’s Kepler space telescope, researchers at the University of Warwick have been able to spot the solar superflare in the star about 1,500 light-years away from Earth. ... Read More »

S.Korea, China agree to implement bilateral FTA on Dec. 20

SEOUL: South Korea and China agreed to implement the bilateral free trade agreement (FTA) on Dec. 20, Seoul’s foreign ministry said Wednesday. The two nations continued negotiations to rapidly implement the FTA after Chinese Premier Li Keqiang and South Korean President Park Geun-hye shared views of the implementation within this year on Oct. 31 when the two leaders met in ... Read More »

Scientists develop ultra fast camera that can captures objects around blind corners

WASHINGTON: A team of scientists from Heriot-Watt University in Edinburgh, Scotland, said an extraordinarily fast camera that can see objects around corners could be used in search and rescue operations. It could also be used in cars to detect the hidden oncoming traffic. The team that presented its findings in journal Nature Photonics, said their method relies on the laser ... Read More »