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Afghanistani allegedly forged Dubai Customs documents to work in Dubai

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DUBAI: A 19-year-old boy from Afghanistan allegedly forged Dubai Customs documents to work in Dubai, the Dubai Criminal Court heard. When JA was in his home country, he forged two documents to convince his parents that he has got a job in Dubai and sought their permission to leave home. His parents were convinced and allowed him to travel to ... Read More »

Saudi Arabia’s budget deficit $98bn on low crude prices

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RIYADH: Saudia Arabia’s budget deficit swelled considerably in 2015, as plummeting oil prices have taken their toll on the kingdom’s revenues. Riyadh estimated the next year’s deficit at $87 billion, which will make the third consecutive budget shortage. The deficit is “considered an acceptable figure” under the circumstances, with oil standing at multi-year lows, Hindi bin Abdullah al-Suhaimi, an adviser ... Read More »

Global PC shipments expected to shrink from 15%

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WASHINGTON: Global desktop PC shipments are expected to shrink from 15 percent this year down to under 7 percent in 2016 amid increasing demand in the high-end PC gaming and professional workstation segments. Digitimes said mini PC shipments should surpass six million units in 2015 and rise to over 8 million units next year, while all-in-one shipments should see a ... Read More »

Amazon Inc records highest shipments during trading session

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LONDON: Shares of Amazon Inc were relative outperformers during the trading session. The stock was higher by close to 1.33 percent on the back of above average volumes. The price action on the back of above average volumes is a clear indication of the shift of momentum towards the buy side. The outperformance in the stock was on the back ... Read More »

Crude oil declines as Iran seeks to boost exports

local oil

TEHRAN: Oil slid from the highest level in three weeks, snapping the longest run of gains since April as Iran repeated its goal of boosting exports after sanctions on the country are lifted. Futures in New York lost as much as 1.3 percent, after climbing 9.7 percent last week. Iran’s priority is to boost crude shipments to pre-sanction levels, state-backed ... Read More »

Saudi Arabia set 2016 revenue targets at 513b riyals

Nigerian customs generates revenue

RIYADH: Saudi Arabian government said it has set 2016 revenue targets at 513 billion riyals, while spending may reach 840 billion riyals, according to a decree read out on state television. Spending in 2015 was 975 billion riyals. Saudi Arabian stocks advanced after the government’s budget deficit for 2015 was better than economists expected. The budget announcement comes against a ... Read More »

Japan’s gross domestic product grows 0.1% in Nov

gdp growth

TOKYO: Japan’s gross domestic product grew 0.1% on the month in November, the Japan Center for Economic Research said Monday. Exports rose 1.6% while imports fell by 0.6%, the think tank reported. External demand, or the difference between exports and imports, lifted GDP growth by 0.4 percentage point. Consumer spending slipped 0.1%, falling for the third straight month. Capital spending ... Read More »

Imports rise for fifth straight month

Mexico iron ore imports doubled in July

LONDON: Preliminary data from the Philippine Statistics Authority (PSA) showed that the country imported $6.53 billion worth of goods last October, 16.8% higher from the last year’s comparative month. This was the fifth consecutive month of growth since June and was faster than the upwardly revised 8.2% September print. Year to date, inbound shipment of goods amounted to $56.53 billion, ... Read More »

Iran, Oman launch project to import natural gas

natural gas

MUSCAT: Oman a progress of 80 percent in preliminaries to launch a project to import natural gas from Iran through a key subsea pipeline. Oman’s Ambassador to Tehran Saud bin Ahmad Al-Bardani has been quoted by IRNA news agency as saying that the pipeline project will have a significant contribution to the promotion of mutual trade between the two countries. ... Read More »

Iran to held trade exhibition in Kabul in March 2016

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KABUL: Iran’s TPO will hold a specialized trade exhibition in the city of Kabul in Afghanistan on March 1-4, 2016. “The second specialized Trade Exhibition of the Islamic Republic of Iran will be held in Afghanistan with the cooperation of Iran’s Trade Promotion Organization (TPO) from March 1-4, 2016,” said the executive director of the event expecting that commercial contracts ... Read More »

S. Korea cuts natural gas rates 9% from Jan

natural gas

SEOUL: South Korea will cut retail natural gas prices for households and industry by 9% on average from January 1 to reflect the lower LNG import bill as a result of sliding oil prices, the Ministry of Trade, Industry and Energy said Tuesday. “The government will further lower city gas rates if LNG imports costs continue falling,” the ministry said ... Read More »

Afghanistan imports 40% to $3b of its products from Iran

import

KABUL:The volume of Afghanistan’s import from Iran adds up to 3 billion dollars which marks 40 per cent of the neighbor country’s total imports from the world, maintained Sadrzadeh stating “in other words, Iran possesses a large share of Afghanistan’s imported goods market. The official went on to add that the composition of Afghanistan’s imports from Iran is changing in ... Read More »

S. Korea to increase products on flexible tariff list in 2016

increases sales

SEOUL: South Korea will increase the number of products on its flexible tariff list next year to boost exports and spur growth in Asia’s fourth-largest economy, the government said Tuesday. The number of products eligible for preferential tariff rates will rise to 51 in 2016, up from 41 this year, according to the Ministry of Strategy and Finance. Flexible tariffs, which ... Read More »

Bangladesh, Russia ink $12.65b deal for nuclear power plants

Ratcliffe coal fired power station

DHAKA : Bangladesh’s state-run Atomic Energy Commission signed a deal with Russia on Friday to set up two nuclear power plants, each with 1,200 megawatt capacity, an investment totalling $12.65 billion, a government official said. Work will begin early next year at Ruppur in Iswardi, 160 km (100 miles) from Dhaka, said Kamrul Islam Bhyian, spokesman for the ministry of ... Read More »

Iranian, Azerbaijani trucks exempted paying $160 border tax

TAX

TEHRAN: Managing Director of Border Terminals and Roads Transit Office of Transportations Organization said that the Iranian and Azerbaijani trucks have been exempted from paying the $160 border tax since December 22. Mohammad-Javad Atrchian said the two countries’ officials reached the agreement during th 10th Joint Economic Commission in Tehran to decrease the road transportation taxes. He also said that ... Read More »

UAE intends to continue reduce dependence on oil revenues

revenues

DUBAI: The United Arab Emirates intends to continue reducing its dependence on oil revenues, with the target of limiting the sector to 20 percent of GDP, UAE Economy Ministry Undersecretary Abdullah Ahmed Saleh said. “The reason the UAE did not experience any serious negative effects of low oil prices on its economy is because we chose not to base it ... Read More »

Suttons Group reports £29.8m rise in annual revenues

suttons group

WASHINGTON: Widnes international logistics and supply chain specialist Suttons Group is reporting a £29.8m rise in annual revenues to £176.2m. However, the company also said operating profit in the 12 months to April 30 fell from a record £10.4m in the previous year to £8.3m. It added that £1.5m of the shortfall was due to amortisation of goodwill on two ... Read More »

Hungary tax revenues exceed target this year

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BUDAPEST: Tax revenues have exceeded the target this year, which means the 2015 ESA budget deficit will be 2.4% or even lower, Péter Benő Banai, state secretary for public finance at the Economy Ministry on Monday at the ministry’s background discussion. “As we approach the end of the year, we can say with a clear conscience that the central budget’s ... Read More »

Pakistan emerging as strong economy: Nawaz

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ISLAMABAD: Prime Minister Nawaz Sharif Tuesday said that Pakistan is fast emerging in the world with positive macroeconomic indicators. “We are putting in place a robust economic framework to steer Pakistan into the group of top progressing nations in the next decade,” the prime minister informed a group of visiting Qatari dignitaries here at the PM House. The prime minister ... Read More »

India containerized shredded scrap import prices up in Dec

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MUMBAI: India containerized shredded scrap import prices increased during the week ended  December 11, while Indian plastic scrap prices on Scrap Register Price Index  showed mixed trend. According to TSI, containerized shredded index for  Indian imports increased slightly by $2 a ton to $202 a ton CFR Nhava Sheva  port. Steel exports are currently struggling to compete against  low-priced steel ... Read More »