Friday , May 25 2018
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Friday, 25 May 2018

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​SE Asia Stocks-Most markets fall on strong dollar; Vietnam down 2.9 pct

Indonesian traders walk in front of an Indonesia Stock Exchange board in Jakarta, June 12, 2013. Asian stock, bond and currency markets took another big hit on Tuesday after a fresh spike in U.S. interest rates re-ignited concerns about capital flows from the region and prompting a surprise rate hike by Indonesia's central bank.  REUTERS/Beawiharta (INDONESIA - Tags: BUSINESS)

Most Southeast Asian stock markets fell, with Vietnam shedding 2.9 percent, as a strong dollar crimped demand for emerging-market assets. The dollar hovered near a five-month high against a basket of currencies, boosted by easing U.S.-China trade tensions. “As with the running trend over the past weeks, investors found themselves leaning towards DM (developed-market) assets more so than their EM ... Read More »

Italian economy to grow 1.4% in 2018 – ISTAT

Due operai al lavoro in un cantiere edile a Pisa, 10 luglio 2012 .
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ANSA: ISTAT said that Italy’s GDP is expected to rise 1.4% in real terms in 2018. “Domestic demand will provide a contribution of 1.5 percentage points, slightly counterbalanced by the negative contribution of inventories (-0.1 pp) while the foreign demand will account for a null contribution,” the national statistics agency said. The agency warned, however, that downside risks linked to ... Read More »

Norway’s $1 Trillion Wealth Fund Moves a Bit Closer to Oil Exit

iCeremonial baptism for one of Norway's next big gas production platform on March 8. The Aasta Hansteen platform is the world's biggest so-called Spar platform. It's still in the Digernes sound near Stord on Norway's west coast, and won't be towed out to sea until April, with production start due in 2H 2018. One of the reasons they're doing this on March 8, International Women's Day, is because the field and the platform have been named after Aasta Hansteen, who was a 19th century writer and women's rights advocate.

Norway’s $1 trillion sovereign wealth fund cleared a hurdle on its proposed path to exiting oil and gas stocks. The fund won support from key academics at Norway’s top universities, whose responses are part of a hearing process. But more weight will likely be given to the opinion of an expert group, which will give its view later this year ... Read More »

Government to increase biodiesel mix to 25%

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The government is planning to issue a regulation on the production of 25-percent biodiesel ( B25 ) early next year. Once issued, the policy will replace the current regulation on 20-percent biodiesel ( B20 ) production. The 5-percent increase in biodiesel is expected to save US$1 billion in oil imports a year, in addition to supporting clean energy. Energy and ... Read More »

Denmark’s Maersk Tankers ends Iran shipping after renewed US sanctions

(ARKIV) Containerskib fra Mærsk, Maersk Line, den 11. december 2012. A.P. Møller-Mærsk A/S kommer med regnskab for 1. kvartal. Ifølge aktieanalytikere vil fokus især være på Ocean-forretningen, der dækker over containerfragten til søs.. (Foto: Asger Ladefoged/Ritzau Scanpix)

Danish shipping group Maersk Tankers said it would cease its activities in Iran due to the US decision to leave a landmark nuclear deal and reimpose sanctions against Tehran. Maersk Tankers would honour customer agreements entered into before May 8th, but then wind them down by November 4th, “as required by the reimposed US sanctions,” the company told AFP. The ... Read More »

Boris Johnson joins US in criticising Russia to Germany gas pipeline

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The UK foreign secretary, Boris Johnson, has joined the US in condemning “divisive” German plans to press ahead with the construction of the Nord Stream 2 gas pipeline from Russia to Germany, arguing it could leave European energy consumers heavily dependent on “a malign Russian state”. The giant pipeline, and the terms on which it is built, has become the ... Read More »

CBC/KBC revises growth forecast downward

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The CBC/KBC bank insurance group has revised its 2018 economic growth forecast for Belgium from the original 1.9% to 1.6%, citing the risk of heightened trade conflicts, political uncertainty and higher oil prices. The group’s forecast is less optimistic than others since the average prediction was 1.8%. The CBC/KBC economists expect “a serious slowdown” in the economy this year, says ... Read More »

‘Unrealistic’ to expect EU to ditch all agricultural tariffs, business body warns

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A free-trade deal between the European Union and New Zealand could boost exports by $2 billion a year and save Kiwis “hundreds of millions of dollars a year” in cheaper imports, a business body says. Business groups have welcomed the prospect of a free trade agreement between the European Union and New Zealand, with agriculture bodies seeing a big upside. ... Read More »

Brazil truckers pledge more fuel protests despite tax proposal

Brazilian truck drivers block the BR-116 highway with their trucks during a strike in Curitiba, Brazil May 21, 2018.   REUTERS/Rodolfo Buhrer

SAO PAULO: Brazilian truck drivers vowed to extend their protest against high fuel prices into a third day despite a government compromise to cut a fuel tax, threatening to slow economic activity and interrupt exports of grains and other goods. Thousands of trucks were parked to obstruct major roads as the protests interrupted traffic along a major soy shipping route ... Read More »

Uber to start first taxi-hailing pilot program in Japan

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TOKYO: Uber announced Tuesday it would start its first taxi-hailing pilot program in Japan this summer, as it bids to break into a tough market in the world’s third largest economy. The U.S. firm has found it difficult to penetrate the Japanese market, where risk averse passengers prefer to stick to their high quality traditional taxi service. Hailing a taxi ... Read More »

M&S braced for £300m hit from high street closure carnage

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Marks & Spencer is braced for a financial hit of up to £300m from an expanded store closure programme that reflects brutal trading conditions on the British high street. Sky News has learnt that the retailer will announce as part of its annual results on Wednesday a huge charge triggered by costs associated with its efforts to shrink underperforming parts ... Read More »

State Bank Of India Reports Record Loss Of $1.1 Billion In March Quarter, Shares Surge

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State Bank of India (SBI) reported a loss of Rs. 7,718 crore ($1.1 billion) – its biggest ever – in the January-March quarter, as the country’s biggest lender set aside more provisions for bad loans after a change in banking regulation.. The loss for the three months to March 31 was deeper than what the market had expected. Analysts on ... Read More »

Businessmen pledge $50 million to help rebuild Marawi

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MANILA – A group of businessmen hopes to invest as much as $50 million to help rebuild Marawi City and unlock its potential as a manufacturing hub, one of its leaders said Wednesday. The Bangsamoro Federal Business Council hopes to finish by June its master plan to redevelop 50 hectares of the city that was devastated by 5 months of ... Read More »

Fuel surges induce consumer price watch by authorities

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Authorities are keeping a close watch on the prices of consumer products and food after diesel and liquefied petroleum gas (LPG) prices gained. Boonyarit Kalayanamit, director-general of the Internal… Trade Department, said Tuesday the department’s officials have been assigned to closely monitor and inspect food and consumer product prices in markets. He said it will be considered unreasonable if food… ... Read More »

South Africa kidnappers make ransom demand in bitcoin

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A gang that kidnapped a South African teenager from a playground at the weekend have demanded a ransom in bitcoin worth about $123,000, police have said. The 13-year-old boy was taken in the town of Witbank in the eastern province of Mpumalanga while he was playing with two friends near his home. Witnesses said a Toyota Corolla pulled up nearby ... Read More »

Dutch sugar beet farmers want exemption from EU ban on bee-harming pesticides

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Dutch arable farmers want to be exempt from the EU’s ban on three pesticides which harm bees and have called on agriculture minister Carola Schouten to campaign for the exemption in Brussels, Trouw reported on Tuesday. Last month the European Commission banned the use of three neonicotinoids which are harmful to insects, particularly wild bees, but Dutch sugar beet farmers ... Read More »

Tuesday May 22 — Monday May 28, 2018

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Malaysia sets up task force to probe 1MDB scandal

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KUALA LUMPUR: Malaysia on Monday set up a task force to probe allegations that billions of dollars were looted from sovereign wealth fund 1MDB in an audacious fraud overseen by ousted leader Najib Razak. New Prime Minister Mahathir Mohamad led a reformist alliance to a shock victory at the May 9 polls over Najib’s coalition, which had governed Malaysia uninterrupted ... Read More »

Denmark Pursuing US Claims Over Dividend Tax Refund Scam

A Danish flag flies in central Copenhagen, Denmark on Friday, Nov. 20, 2009. DenmarkÕs unemployment rate rose in October to the highest in three and a half years as companies adjusted to smaller export markets by cutting jobs. Photographer: Chris Ratcliffe/Bloomberg

Denmark’s tax agency has started pursuing legal claims in the U.S. over a tax-refund scam that it says wrongly forced it to pay out more than 12.7 billion kroner ($2 billion) to agents representing 277 pension plans in the U.S., and others in the U.K., Canada, Malaysia and Luxembourg. The agency has filed more than three dozen lawsuits against pension ... Read More »