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World Business

A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers.

Inflation in Venezuela in 2016 estimated at 404%

inflation

VENEZUELA: Economists of think tank Torino Capital affirm that Venezuela did not show any hyperinflation process in 2016, putting the inflation index at 404%. “Venezuela is not in hyperinflation. The best existing estimates for 2016 point to an economy experiencing a high inflation episode with inflation of around 400%, well below conventional hyperinflation thresholds,” they claimed. “Our estimate of inflation, ... Read More »

Sobi posts 61% increase in 2016 revenues

prices-increases

WASHINGTON: Nordic biotech firm Swedish Orphan Biovitrum (STO: SOBI) has announced its results for the fourth quarter and full year 2016. Revenues for the full year totalled 5,204 million Swedish kronor ($584.7 million), an increase of 61% compared to 2015. Revenues for the quarter were 1,292 million kronor, an increase of 59%. Product sales for the full year amounted to ... Read More »

Unemployment down in Whanganui

Unemployment to rise in Latin America

WASHINGTON: Unemployment in Whanganui has decreased in the last year, bucking the national trend. The unemployment rate in the Manawatu-Whanganui region is down 0.2 per cent, according to Statistics New Zealand. Whanganui Chamber of Commerce President Raewyn Overton-Stuart said strong economic growth across a range of businesses was driving recruitment. “Business confidence is really good,” she said. There are more ... Read More »

Romania sharply decreased imports of soybean meal

DECREASES

WASHINGTON: During September-November 2016/17 Romania sharply decreased imports of soybean meal due to higher own crop of oilseeds in 2016, UkrAgroConsult notes. Total production of oilseeds rose in average by 16% compared to 2015. Thus, over the reporting period Romania imported about 60 KMT of soybean meal, which was record low over the last several seasons and two times less ... Read More »

NEXIM Bank disburses N2.3bn to non-oil export sectors in one year

nexim

ABUJA: The Nigerian Export-Import Bank (NEXIM) Bank has continued to intervene in the key non-oil export sectors of the Nigerian Economy and has disbursed about N2.3bn between January, 2016 and February, 2017.  The acting Managing Director/Chief Executive, NEXIM Bank, Mr. Bashir Wali, disclosed this yesterday when management of Media Trust Limited, publishers of Daily Trust, Aminiya and Kilimanjaro paid courtesy ... Read More »

Kenya plans to import yellow corn for first time since 2011

IMPORT

NAIROBI: Kenya has approved the import of 5 million bags, or 450,000 metric tons, of yellow corn from Ukraine as a drought slashes its own output of the grain. The imports, the first of the variety since 2011, will be distributed to animal feed millers, said Johnson Irungu, Director of Crops at the Ministry of Agriculture, in an interview on ... Read More »

IKEA Magyarország revenues up 14.5% in business year

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WASHINGTON: The Hungarian unit of Swedish home furnishings giant IKEA posted HUF 54 billion in revenues in its business year ending August 31, 2016, up 14.5% from the previous year, Marek Feltl, the regional managing director of IKEA, was reported as saying yesterday by Hungarian news agency MTI. Feltl said revenue growth in Hungary was exceptional, the third largest within ... Read More »

Scots unemployment rises again despite fall across UK

unemployment

WASHINGTON: The number of Scots unemployed has risen by 6000 between October and November last year despite a fall across the UK in the same period, according to the Office for National Statistics (ONS). A total of 1350,000 Scots are now unemployed, which means the country has an unemployment rate of 4.9%.This is above the UK’s average rate of 4.8%. ... Read More »

Aerohive Networks revenues down 10% to USD 42 mln in Q4

decreases

WASHINGTON: Aerohive Networks reported revenues in the fourth quarter down 10 percent to USD 41.7 million a year ago. Software subscription and services revenue was USD 8.8 million, or 21 percent of total revenue for the quarter, compared with USD 7.3 million, or 16 percent of total revenue, for the fourth quarter of 2015. The net loss widened to USD ... Read More »

FET sees revenues to stay flat in 2017

revenues

WASHINGTON: Far EasTone Telecommunications (FET) expects its revenues to reach NT$94.359 billion (US$3.069 billion) in 2017, which will be almost flat as compared to NT$94.344 billion recorded a year earlier. Net profits for 2017 will decline 5.5% on year to NT$10.763 billion, due mainly to shrinking voice service business and an increase in amortization and depreciation costs for 4G licenses ... Read More »

Nigerian inflation rate climbs for 15th month in Jan

inflation

ABUJA: Nigeria’s inflation rate climbed for a 15th consecutive month in January even as the central bank kept borrowing costs at a record high to control price growth. Inflation in Africa’s most-populous nation quickened to 18.7 percent from 18.6 percent in December, according to an e-mailed statement from the Abuja-based National Bureau of Statistics. That’s the highest rate since September ... Read More »

Unemployment in Cumbria rises

Unemployment to rise in Latin America

WASHINGTON: Unemployment in Cumbria rose for the second time in two months, according to official figures released today. There were 4,650 job hunters claiming Jobseeker’s Allowance or Universal Credit last month, 1.5 per cent of the workforce, up from a restated figure of 4,460 in December. The claimant count rose in five of the county’s six districts. Carlisle saw the ... Read More »

Argentina expects at least 15 mln tons of wheat from 2016/17 crop

wheat

WASHINGTON: Argentine farmers are expected to harvest at least 15 million tons of wheat in the 2016/17 crop year versus 11.3 million in the previous season, Agriculture Minister Ricardo Buryaile said. Wheat planting in Argentina expanded dramatically when President Mauricio Macri eliminated export taxes soon after his December inauguration. He was elected last year on a platform of dismantling the ... Read More »

Casino revenue up 15% over last January

revenue

ATLANTIC CITY: The resort’s seven remaining brick-and-mortar casinos saw a 15 percent increase in revenue in January over a year ago, according to state gaming numbers released Tuesday. Gaming revenue at those properties totaled $204.7 million, according to the Division of Gaming Enforcement. During January 2016, Winter Storm Jonas wrecked havoc on the state, limiting people from coming to the ... Read More »

County’s unemployment rate at 7% for Dec

unemployement

WASHINGTON: Jenkins County’s unemployment rate for the month of December 2016 was 7%, up slightly from 6.7% in November 2016.  According to statistics released by the Georgia Department of Labor, approximately 224 members of the county’s workforce, numbered at 3,205, were unemployed in December. This compares to 216 unemployed out of the November workforce of 3,202. Read More »

Romania turns to imports to cover power consumption

imports

WASHINGTON: Romania was a net electricity importer yesterday as the domestic electricity output didn’t cover the local consumption. This situation has been determined by the fact that import electricity prices are currently lower than the local power prices, which makes it cheaper to import, according to Octavian Lohan, board member of the state-controlled energy carrier Transelectrica, which also operates the ... Read More »

Costa Rica unemployment remains at 9.5%

unemployment

COSTA RICA: Costa Rica’s unemployment rate remained at 9.5% at the end of the last quarter of 2016 and an annual increase was recorded of nearly 2% in informal employment. Highlights of the Fourth Quarter Continuous Employment Survey 2016 from a statement issued by the Instituto Nacional de Estadística y Censos (INEC) – National Institute of Statistics and Census: The ... Read More »

Georgia’s central bank sees inflation above 4% target in 2017

gcb

WASHINGTON: Georgia’s central bank expects inflation to be above its target rate of 4 percent in 2017 and plans moderate tightening of the monetary policy rate in the medium term, the central bank head told Reuters on Saturday. The former Soviet republic, through which pipelines carry Caspian oil and gas to Europe, has been hit by a decline in exports, ... Read More »

Cambodia to open new border offices to monitor imports

imports

PHNOM PENH: Six provinces will soon have merchandised quality control offices, also known as sanitation and phyto-sanitation (SPS) offices, to monitor and prevent poor-quality imported products, meat and vegetables from flowing across the border into Cambodia. The establishment of the offices comes after an inflow of poor-quality products from neighbouring countries containing bacteria or diseases that impacted people’s health, animals ... Read More »

Customs promotes 1,561 officers

customs export

WASHINGTON: The Comptroller General of  the Nigerian Customs Service (NCS), Col. Hameed Ali (Rtd) has approved the promotion of 1,561 Junior Officers to various ranks. According to a statement by its Acting Public Relations Officer, Joseph Attah, the promotion  was based on the performances of the personnel at the 2016 promotion examination, annual performance evaluation scores, seniority and available of ... Read More »