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Author Archives: CT Report

Morocco cuts 30% customs duty on wheat

customs duty

RABAT: Morocco is cutting the customs duty on imports of soft wheat to 30 percent from 50 percent to ensure adequate supplies for the domestic market, a government statement said on Wednesday. Morocco harvested a record 11 million tonne grain crop after good rain this year, including 5.2 million tonnes of soft wheat. However, late rains are threatening the next ... Read More »

State bank of Vietnam credit growth expected near 20% for 2016


HANOI: The State Bank of Viet Nam (SBV) yesterday targeted credit growth between 18 per cent and 20 per cent for next year, with possible adjustments depending on the actual situation. At a conference to review the performance of the banking industry in 2015 and prepare for next year, in Ha Noi yesterday, SBV Deputy Governor Nguyen Thi Hong said ... Read More »

MoIT firms effort to find strategic investors in Vietnam


HANOI: Businesses under the industry and trade ministry have not attracted foreign strategic investors during their privatisation, the ministry’s board for enterprise renewal and development’s deputy head Phan Dang Tuat said. Tuat told a conference, held in Ha Noi yesterday to review the restructuring, privatisation and capital divestment of the ministry’s firms in the 2011-15 period, that most of the ... Read More »

Kenyan insurer Britam earnings expected to fall by 25%


NAIROBI: Kenyan insurer British American Investments (Britam) has said its profit this year would be lower than in 2014 due to a slowdown in the economy. Companies whose earnings are expected to fall by 25 percent or more from the previous year are required by law to publish warnings. “The decline in the group’s profitability is attributed to the downturn in ... Read More »

S. Africa Govt agrees R1.4-trillion nuclear power plan

clear power

JOHANNESBURG: South Africa government gazette notice released by the Department of Energy on December 21 has confirmed Cabinet’s decision to move ahead with the 9,600 MW nuclear procurement programme. This means the department can now call for quotes for the tendering process to begin. Russia, China, France and South Korea, Canada and Japan are all vying to win the main ... Read More »

Russian grain exporters resume trade deal with Turkey


MOSCOW: Russian grain exporters have resumed deals with Turkish buyers after a short break caused by a deterioration in relations between the two countries, traders and analysts said. Russia, one of the world’s largest wheat exporters, and Turkey, one of the biggest buyers of Russian wheat, have been locked in a dispute since Turkey shot down a Russian warplane near ... Read More »

China top export purposes for New Zealand Nov


BEIJING: November saw exports to China increase by a huge 17 percent to $803 million from the same month last year cementing China’s position as the top export destination, and taking annual exports to the country to $8.53 billion, Statistics New Zealand said. Fruit exports jumped 65 per cent to $59 million, led by kiwifruit. China NZ’s largest market for ... Read More »

Russia’s oil exports expected to grow by 7.5% in 2015


MOSCOW: Russia’s oil exports are expected to grow by 7.5 percent to 238 million metric tons (tonnes) in 2015, the first increase in the past six years, Russian Energy Minister Alexander Novak, APA reports quoting sputniknews. Russia exported a total of 221.3 million tonnes of oil in 2014 and produced 358.2 million tonnes of coal in 2014. Coal exports are likely ... Read More »

Indonesia tin exports expect to fall 28% in 2015


JAKARTA: Indonesia’s refined tin exports are expected to decline by as much as 28 percent to 65,000-70,000 tonnes this year compared to 90,000 tonnes in 2014, state-owned tin miner Timah said on Friday, amid a tightening of rules on exports. Timah expects tin shipments from the world’s top producer to continue to decline in 2016, leading to a recovery in ... Read More »

Japan’s plywood imports increase 7% in Oct 2015

plywood import

TOKYO: Plywood suppliers in three countries, China, Malaysia and Indonesia account for almost all Japan’s plywood imports. The volume of plywood imports in October 2015 were up 7% year-on-year and October marked the third straight rise in imports from Malaysia and Indonesia, ITTO reported. China ships plywood to Japan but the volumes are small, around a quarter of that shipped ... Read More »

Russian oil exports to grow 7.5% to 238mmt in 2015


MOSCOW: Russia’s oil exports are expected to grow by 7.5 percent to 238 million metric tons (tonnes) in 2015, the first increase in the past six years, Russian Energy Minister Alexander Novak. Russia exported a total of 221.3 million tonnes of oil in 2014 and produced 358.2 million tonnes of coal in 2014. Coal exports are likely to remain unchanged ... Read More »

Hungary, Bank of China ink deal on yaun bonds


BUDAPEST: Hungary’s Prime Minister Viktor Orbán and Bank of China President Guoli Tian today signed a cooperation agreement in China on issuing yuan-denominated Hungarian government bonds, Hungary’s National Economy Ministry said in a statement. According to the ministry, the agreement enables Hungarian and Eastern European companies and financial institutions to improve their investment activities by borrowing on Chinese financial markets. ... Read More »

Taiwan ten-year bond yield drops below 1%

fall in revenue

TAIPEI: The nation’s benchmark 10-year sovereign bond yield fell below 1 percent for the first time ever after the government said it would reduce the amount of debt issued next quarter. The Ministry of Finance plans five bond sales to raise NT$155 billion (US$4.7 billion) in the first quarter of next year, according to a statement posted on its Web ... Read More »

Sri Lanka importers welcome tax withdraw on electric cars


COLOMBO: The Vehicle Importers Association of Lanka (VIAL) today welcomed President Maithripala Sirisena’s decision to withdraw the 2016-budget proposal to increase the import tax on electric vehicles by 50 percent. Thus the import tax on electric vehicles would remain at five percent. During a cabinet meeting on Wednesday, the president had rejected the tax increase. VIAL president Indika Sampath Merenchige ... Read More »

Crude demand to reach 30.70m bpd in 2020: Opec


LONDON: Global demand for Opec crude will reach 30.70 million barrels per day (bpd) in 2020, lower than 30.90 million bpd next year, the Organisation of the Petroleum Exporting Countries (Opec) said. The expected demand from Opec in 2020 is about 1 million bpd less than it is currently producing. The Opec, which a year ago refused to cut supply ... Read More »

Qatar exchange index grows 3.49% to 345.80 points in past week


DOHA: Qatar Exchange index gained 345.80 points, or 3.49 percent, during the past week when the bourse closed yesterday at 10,258.72 points. Trading value during the week decreased by 25.94 percent to QR956.74m compared to QR1.29bn recorded during the previous week. Trading volume decreased by 11.38 percent to reach 27,951,821 shares, as against 31,542,279 shares, while the number of transactions ... Read More »

Kuwait police arrest 3 smugglers with 206 liquor bottles


KUWAIT CITY: Ahmadi securitymen arrested three Indians for smuggling alcohol with 206 bottles of local liquor in their possession. While patrolling the area in compliance with the instructions of Ahmadi Security Director Brigadier Abdullah Safah, the officers noticed a vehicle transporting three Indians who acted suspiciously. The officers signaled for the driver to pull over and the ensuing inspection led ... Read More »

Kuwait real estate sales hit by KD 2.8 billion in Nov


KUWAIT: Sales improved in November 2015 posting their best levels, across sectors, in four months, or since the summer. However so far this year, as of November, total real estate sales reached KD 2.8 billion, down 29 percent from the same period last year. Prices action remains soft with most of the price indices logging negative annual growth; the exception ... Read More »

HK’s Customs seizes record 62kg liquid cocaine worth $65m


HONG KONG: Customs officers have made a record seizure of 62kg of suspected liquid cocaine hidden in an industrial machine imported from Colombia via the United States. Three Hong Kong men were arrested and released on bail, pending further investigation. The drug, with an estimated market value of about HK$65 million, was concealed in an air consignment, declared as an ... Read More »

Russia imports of PET decrease by over half in Jan-Nov 2015


MOSCOW: Imports of polyethylene terephthalate (PET) in primary and secondary forms into the Russian market decreased to 76,600 tonnes in January-November 2015, down 57% compared to the same period last year, according to MRC’s DataScope report. Russia’s imports of PET chips fell by 59% to 71,000 tonnes over the reported period. Imports of recycled PET-flex in the first 11 months ... Read More »