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Author Archives: sania sania

South Korea’s coal imports fall 0.2% in October

SEOUL:  South Korea’s coal imports fell 0.2 percent in October from the same month a year earlier, customs data showed on Monday. Total coal imports are composed of steam coal for power generation and coking coal for steel production. Read More »

Indonesia’s trade surplus steady at $1.01b in Oct

JAKARTA: Indonesia’s trade surplus was steady at $1.01 billion in October compared with $1.02 billion in September as imports remained weak, the official Central Statistics Agency said Monday. The surplus beat the median forecast for a $731 million surplus by 10 regional economists polled by The Wall Street Journal. The agency said Indonesia’s exports reached $12.08 billion in October, falling 20.98% ... Read More »

Truworths Zimbabwe focus on effective management of credit risk

HARARE: Apparel retailer Truworths Zimbabwe (Truworths) says it will focus on effective management of credit risk to minimise trade receivable costs and improve cash flows. This comes as the country’s moribund economy is eating into corporates’ profits as a result of debt-laden consumers, already battling high unemployment and spending warily while the majority are failing to services their debts. Truworths ... Read More »

Zimbabwe Revenue Authority seizes hundreds of smuggled vehicles

HARARE: The Zimbabwe Revenue Authority (Zimra) has impounded hundreds of vehicles in a blitz to flush out cars that have been smuggled into the country. The blitz followed an announcement by Zimra commissioner-general Gershem Pasi that many vehicles were being corruptly brought into the country, evading tax in the process. Zimra board secretary and director legal and corporate services, Florence Jambwa ... Read More »

OK Zimbabwe revenue declines 7.9% to $213,6m in 2015

HARARE: OK Zimbabwe Limited revenue declined by 7,9% to $213,6 million for the six months ended September 30, 2015 due to lower consumer spending. In 2014 revenue was $231,1 million. Speaking at the company’s analyst briefing in Harare last week, OK Zimbabwe Limited chief executive officer, Willard Zireva, said challenges presented by the declining economic environment have continued unabated and ... Read More »

UEMOA’s Inflation rate 0.2% rise in Sep

WASHINGTON: Inflation rate in the West African Economic and Monetary Union (UEMOA) witnessed a 0.2 percent rise at the end of September, compared to August 2015, a statement released by the Central Bank of West African States (BCEAO) in Dakar on Friday suggested.The inflation rate stood year on year at 1.4 percent by the end of September 2015, against 1.2 ... Read More »

Shuaa Capital reports revenue at Dh28.5 million

WASHINGTON: Shuaa Capital reported financial results for the third quarter ended September 30, 2015, showing that revenues and net loss were at Dh34.3 million and Dh28.6 million, respectively, compared with revenues of Dh71.8 million and a net profit of Dh26.2 million in the same period last year. The net loss for the first nine months of the year ended September ... Read More »

Algeria buys 550,000 tons milling wheat in tender

PARIS: Algeria’s state grains agency OAIC bought around 550,000 tonnes of optional-origin milling wheat in a tender that closed on Thursday, European traders said on Friday. OAIC paid an estimated average of $205 a tonne, including cost and freight, for the wheat, with traders citing prices ranging from $204.00 to $205.50. The wheat was for shipment in January. The agency ... Read More »

EU imports 251,315 MT of propylene for first 9 months of 2015

BRUSSELS: The EU 28 imported 251,315 mt of propylene for the first nine months of the year, up 32% from 191,007 mt in 2014, latest Eurostat data showed Friday. At the same time, propylene imports were down 31% on the year for the Jan-Sep period to 19,989 in 2015. Increased imports have added to bearish fundamentals in the propylene market. ... Read More »

Nepal Oil Corporation leaves for Bangladesh to study possibility of importing fuel

KATHMANDU: A Nepal Oil Corporation team on Saturday left for Dhaka of Bangladesh to study possibility of importing fuel in Nepal. The Corporation said the team was sent to Bangladesh in a bid to ease supply of petroleum products in the wake of supply obstructions across the Indo-Nepal border points for last two months. The team includes NOC Director Birendra Goit ... Read More »

Hermès Q3 sales rise 15% on Japanese luxury growth

PARIS: Hermès International SCA said third-quarter sales rose 15 percent as Chinese tourists taking advantage of the weak yen fueled demand in Japan. Luxury handbag maker Hermès International SCA said third-quarter sales rose 15 percent as Chinese tourists taking advantage of the weak yen fueled demand in Japan. Revenue climbed to 1.14 billion euros ($1.2 billion), Paris-based Hermès said Thursday ... Read More »

Japan’s top banks accelerate cut back in holdings of shares of corporate clients

TOKYO:  Japan’s top banks are accelerating a planned cutback in their holdings of shares of corporate clients, a practice that has been criticized for making the lenders vulnerable to market swings and for impeding good governance in companies. Mizuho Financial Group, Japan’s second-largest lender by assets, said on Friday it will cut 40 percent of its equity holdings and aims ... Read More »

Bank of New Zealand reduces forecast for Fonterra payout

WELLINGTON: Bank of New Zealand cut its forecast for Fonterra Cooperative Group’s payout to farmers this season amid continued weakness in international dairy prices. BNZ reduced its forecast for the 2015/16 season to $4.50 per kilogram of milk solids from a previous estimate of $5/kgMS, pushing it below Fonterra’s current projection of $4.60/kgMS. The cooperative is due to review its ... Read More »

Hotel Grand Central sees profit swing to $3.51m in 3Q of 2015

WELLINGTON: Hotel Grand Central Ltd saw profits swing from a loss of $404,000 in 3Q2014 to $3.51 million in 3Q2015. Revenue in 3Q2015 slipped 7% y-o-y to $31.27 million in 3Q2015 from $33.78 million a year ago. The lower revenue was due to the sale of Hotel Grand Chancellor in Little India in Singapore and Auckland Airport in 1Q2015. Another ... Read More »

ComfortDelGro records 5.4% rise in Q3 net profit

SINGAPORE: Land transport operator ComfortDelGro posted on Friday (Nov 13) a 5.4 per cent rise in third quarter net profit, helped by higher revenues from its bus, taxi and train operations. ComfortDelGro earned S$85.2 million in the three months ended September, up from S$80.8 million in the same period a year ago. Revenue increased by 1 per cent to S$1.048 ... Read More »

Bac Giang targets export revenues of $6.5 bln

BAC GIANG: The northern province of Bac Giang has targeted export revenues of US$6.5 billion with an annual export growth of 20 to 21 percent from 2016-20. To this end, the province will implement comprehensive solutions to increasing both export volumes and the value of its products, said Vice Chairman of the provincial People’s Committee Duong Van Thai. Attention will ... Read More »

Imports of second hand IT products to be prohibited in Vietnam

HANOI: The import of second-hand information technology (IT) products will be prohibited from December 15. The Ministry of Information and Communications has issued Circular No 31/2015/TT-BTTTT, stipulating the ban for products such as laptops, tablets and mobile phones, along with speakers, flash disk drives, as well as liquid-crystal display and light emitting diode screens, digital cameras. The ban will also ... Read More »

Vietnam drops 98% of tariffs after joining TPP

HANOI: Vietnam will commit to a common tariff for all the countries participating in the Trans-Pacific Partnership trade agreement, with 65 to 98 percent of tax lines will be dropped after the TPP takes effect and for 10 years after that, according to the Ministry of Finance. The remaining items will take longer than the 10-year roadmap for tax exemption, ... Read More »

Vietnamese seafood exports to multiple foreign markets fall 15-60%

HANOI: In October 2015, Vietnamese seafood exports to multiple foreign markets fell 15-60 percent compared with the same period in 2014, but the shipments to China rose nearly 19 percent year on year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Specifically, Vietnamese catfish exports to the neighboring country leapt by over 50 percent. In the first 10 ... Read More »

Vietnam tycoons gambling on agriculture sector

HANOI: Five years ago, Hoang Anh Gia Lai, a big real estate developer, decided to leave the market which was in hibernation and become involved in agriculture projects. With huge investment capital of VND18 trillion, Hoang Anh Gia Lai, which developed high-rise buildings and hydropower plants, has been growing sugarcane, rubber and breeding cows. It now has 90,000 milk cows. ... Read More »