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S.Korea’s crude oil imports climb 21.1% in Dec

SEOUL: South Korea’s crude oil imports in December rose 21.1 percent from a year earlier to 97.9 million barrels, preliminary data from the Ministry of Trade, Industry and Energy showed on Friday. The final data will be released later in the month by state-run Korea National Oil Corp (KNOC). South Korea’s total crude imports in November fell 1.5 percent year-on-year, ... Read More »

Spain trade deficit drops 15.7% to $2.1b

MADRID: Spain’s trade deficit fell 15.7 per cent in October from a year earlier to 1.9 billion euros ($2.1 billion), the economy ministry said on Monday, as a drop in imports outstripped a slip in exports. Imports fell 2.2 per cent in October to 24.1 billion euros while exports slipped by 0.8 per cent to 22.2 billion euros, the ministry ... Read More »

Researchers cure degenerative illness in mice thru gene-editing

WASHINGTON: The medical science has witnessed another breakthrough as researchers have succeeded for the first time in reversing a degenerative illness in mice, using a revolutionary gene-editing technique that hopefully would help cure similar diseases in humans. Three studies published in the journal Science said researchers employed a technique known as CRISPR – clustered regularly interspaced short palindromic repeats – ... Read More »

Pier 1 Imports to close store in Natomas

WASHINGTON: Pier 1 Imports Inc. will close its store in Natomas. According to an email received early today, Dec. 31 by frequent Pier 1 Imports shoppers, the 3641 North Freeway Boulevard location is set to shutter. While workers at the Natomas store said the closure is not immediate and likely will occur “in a couple of months,” the location has ... Read More »

Merchandise imports increase for fifth straight month

WASHINGTON: Inbound shipment of goods opened the third quarter on a strong note, fueled by a double-digit increase in the Philippines’ purchases of raw materials and intermediate products. Preliminary data the Philippine Statistics Authority (PSA) released on Tuesday showed that the country brought in $6.53 billion worth of goods last October, 16.8% more than the $5.59 billion imported in 2014’s ... Read More »

Indian coal imports up 6% in Dec 2015

NEW DELHI: Coal and coke imports in India estimated to have grown by 6.8 per cent through 31 major and non-major ports in December 2015,compared to November of the same year. The estimation was compiled India Coal Market Watch (ICMW) after its monitoring of the vessels positions and data received from shipping companies. Imports during December 2015 stood at 17.36 ... Read More »

S. Korean crude oil imports up 21.1% in Dec

SEOUL: December rose 21.1 percent from a year earlier to 97.9 million barrels, preliminary data from the Ministry of Trade, Industry and Energy showed. The final data will be released later in the month by state-run Korea National Oil Corp (KNOC). The ministry did not break down imports by country of origin. South Korea’s total crude imports in November fell ... Read More »

Pak rupee sheds value in cash-free market

KARACHI: The Pakistani rupee Friday slightly depreciated against the US dollar in open market, however it remained firm in interbank. According to the local money market, the dollar gained five paisas in the cash-free market for trading at 106.20 and remained unchanged in interbank at 104.80. On Thursday, the American currency gained 30 paisas in interbank for selling at 104.80 ... Read More »

Nepal Govt to import 90 megawatt electricity from India

KATHMANDU: Nepal Electricity Authority (NEA), the state-owned power utility, is gearing up to import additional 90 megawatt (MW) of electricity from India by January end in view of easing off the power outage in the country. The installation of Dhalkebar-Mujjafarpur inter-country transmission line is due to complete in a month and a technical test necessary for the same is in ... Read More »

Zimbabwe to step up food imports

PRETORIA: Zimbabwe’s Agriculture Minister Joseph Made says food imports will be stepped up following reports that the country is left with just two months’ supply of grain. Aid agencies warned earlier this year that 1.5 million Zimbabweans would go hungry after a drought hit maize production badly. Local grain millers say the country only has around 248,000 tonnes of maize ... Read More »

North Korean food imports from China down again in November

BEIJING: North Korean food imports from neighboring China dropped again in November, according to recent figures from Chinese customs. The drop continues an ongoing decline in food shipments beginning in the summer months, and has seen cereal imports decrease by about 80 percent, from over 5000 tonnes to 1000. Other commonly traded goods, like products of the milling industry also ... Read More »

South African white maize prices over double in 2015

JOHANNESBURG: South African white maize prices more than doubled in 2015 to record highs on mounting concerns about a scorching drought, which has been exacerbated by an El Nino weather pattern. South Africa’s central bank, which is in a tightening cycle, has frequently expressed concern about the impact of the drought and food price pressures on inflation in Africa’s most ... Read More »

Iran to export oil to Afghanistan

TEHRAN: Iran’s Petroleum Ministry and Afghanistan’s Ministry of Industries and Commerce signed an agreement for Iran’s one million tons annual exports of oil products to Afghanistan. Based on the articles of the signed agreement between the Islamic Republic of Iran’s oil minister and the Islamic Republic of Afghanistan’s industries and commerce minister, such oil products as oil gas, jet gas, ... Read More »

AfDB approves $1.5m for Zimbabwe’s beef, leather industries

HARARE: The African Development Bank has approved $1,5 million support for Zimbabwe’s beef and leather industries. The objective of the project, which will start in June this year is aimed at catalysing Zimbabwe’s economic growth through reviving beef and leather industries, AfDB said. According to the Ministry of Industry and Commerce, which is the implementing agency of the project, the ... Read More »

Turkey’s foreign trade deficit narrows 25% in 11 months of 2015

ANKARA: Turkey’s foreign trade deficit narrowed by 25 percent year-on-year in the first 11 months of 2015 thanks to the decline in imports amid the drop in the oil price, according to data revealed by the Turkish Statistics Agency (TÜİK) on Dec. 31. The deficit narrowed to $57 billion in the January-November period compared to the same period of 2014. ... Read More »

General Electric to build $1b power plant in Saudi Arabia

WASHINGTON: The US industrial giant, General Electric, has announced to win a contract worth nearly $1 billion from the Saudi Electricity Company to build and supply a power plant in northern Saudi Arabia. Under the contract, the GE will build the Waad Al Shamal combined-cycle power plant and provide four advanced gas turbines, a steam turbine and turbine maintenance services. ... Read More »

KPT shipping intelligence report

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier): OP-I Mariann D.Petrol Alpine 29/12/15 OP-II Luzon Spirt D.LSFO Al Hamd 31/12/15 ALONG SIDE (East Wharves): 2/3 Apirades Naree D.Coal OC-Services 30/12/15 4 Steel Honesty D.Steel Golden 01/01/16 5 Kavala Seas L.Rice East Wind ... Read More »

PM announces Voluntary Tax Filing Scheme for traders

ISLAMABAD: Prime Minister Nawaz Sharif Friday announced a Voluntary Tax Filing Scheme for the traders and said it would help increase revenues and take the country forward on path of progress and development. Addressing a large gathering here at the Prime Minister’s Office to launch the Voluntary Tax Filing Scheme by Federal Board of Revenue (FBR), he said that the ... Read More »

Gintech profit to hit $4.9m

TAIPEI: Taiwanese solar cell maker Gintech Energy Corp yesterday said it made NT$162 million (US$4.9 million) in net profit for November after swimming back to profits of NT$139 million in the third quarter. That represents earnings per share of NT$0.36. Gintech lost NT$696 million in the third quarter of last year, according to a company statement submitted to the Taiwan ... Read More »

India to allow duty free imports of 500,000 tons corn

MUMBAI: India will soon ask state-run traders to import half a million tonnes of duty-free corn after a second straight drought cut output, in what would be the country’s first overseas purchase in 16 years, two government sources said on Thursday. India has agreed to allow state-run traders such as PEC Ltd to import corn to curb rising prices and ... Read More »