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Dutch economy is on track, CPB says

AMSTERDAM: The Dutch economy is continuing to improve, with falling unemployment, but remains vulnerable to international events, according to the latest macro-economic forecasts from the government think-tank CPB. The economy will grow by some 1.8% a year up to 2021 by which time the budget deficit will have become a surplus, the CPB said in its report on the country’s ... Read More »

Algeciras records healthy increase in business

ALGECIRAS: Business in Algeciras is slowly growing following years of economic recession. The number of local firms went up 2.1% last year, according to the National Statistics Institute. There are now 5,540 companies registered in Algeciras – still some 300 short of the 2012 high. Increased activity was evident across all sectors, but particularly in construction, an industry which had ... Read More »

Hungary recognises investors with awards

BUDAPEST: The foreign ministry and the Hungarian Investment Promotion Agency (HIPA) acknowledged seven companies that made big investments in the country over the course of 2015 at a gala here the other day. The Investor of the Year awards were presented in seven categories by Foreign Minister Péter Szijjártó and HIPA chairman Robert Esik. The award for biggest expansion went ... Read More »

Afghanistan growing trade deficit rings alarm bells

KABUL: The deteriorated security situation, administrative corruption and political instability are found main hurdles to the development of trade, industry and movement of goods and services in the country. Pajhwok Afghan News has learnt that these problems have resulted in a sharp decline of trade activities, with tax evasion contributing to the phenomenon. Exact figures and the volume of Afghanistan’s ... Read More »

ICBC net profits up 0.5% in 2015

BEIJING: Industrial and Commercial Bank of China (ICBC), the country’s largest lender, announced Wednesday that its net profits grew 0.5 percent in 2015 to 278 billion yuan ($43 billion). “The rate was moderate, but the amount of our net profits was actually quite large,” said ICBC chairman Jiang Jianqing, adding that the amount was equivalent to the total of eight ... Read More »

Qube, Brookfield raising A$1 bln loan for Asciano’s ports

WASHINGTON: Australia’s Qube Holdings Ltd and Canada’s Brookfield Asset Management Inc are raising a A$1 billion ($753 million) loan to help pay for the ports business of Asciano Ltd, in a carve-up of Australia’s largest ports and rail operator, people familiar with the transaction said on Tuesday. Five banks – Australia & New Zealand Banking Group, Commonwealth Bank of Australia, ... Read More »

BOC sees 0.74% growth in net profit

BEIJING: Chen Siqing, president of BOC, said: “Commercial banks have reached the end of the era when they had double-digit profit growth and have entered the age of single-digit growth. “But this is quite normal as banks are facing pressure from slowing economic growth and increasing risks. At the same time, they have to shoulder the responsibility to support the ... Read More »

Jawaharlal Nehru Port Trust to raise Rs2,600 crore from DBS, SBI

BENGALURU: Jawaharlal Nehru Port Trust (JNPT), which ships more than half of India’s container cargo passing through its ports, plans to raise as much as Rs.2,600 crore ($400 million) in dollar-denominated loan from DBS Bank Ltd and State Bank of India (SBI) to help fund a road widening project for faster evacuation of cargo. “We have got very competitive rates ... Read More »

Oil giants saw 60% profit in drops last year

BEIJING: China Petroleum and Chemical Corporation (Sinopec) reached 2.02 trillion yuan in revenues last year, a 28.6 percent drop year on year, according to the company’s annual report posted by Securities Daily on Wednesday. Its net profit which is attributable to shareholders of the parent company reached 32 billion yuan, a 32 percent drop year on year, the basic yield ... Read More »

China Cinda reports steady profit growth

BEIJING: China Cinda Asset Management, one of the country’s four state-owned distressed asset managers, reported a 17.9 percent increase in profits in 2015 due to steady development of its core business. Profits attributable to equity holders reached 14 billion yuan ($2.15 billion) last year, the company said in a statement to the Hong Kong Stock Exchange, where it is listed. ... Read More »

Cargo traffic at 12 major ports up 4.18% to 550 MT

NEW DELHI: Buoyed by pick-up in demand, India’s 12 major ports saw cargo traffic increase by 4.18 per cent to 549.98 million tonnes (MT) during the April-February period of the current fiscal ending tomorrow. These ports under the Centre had handled 527.92 MT cargo during the same eleven months of the last fiscal. The 12 ports recorded higher traffic volumes during ... Read More »

CDWP approves several uplift projects worth Rs218.2b

ISLAMABAD: The federal government has approved several development projects worth Rs 218.219 billion. The Central Development Working Party (CDWP) meeting, chaired by Federal Minister for Planning, Development & Reforms Ahsan Iqbal, also referred seven projects of Rs.203.483 billion to the Executive Committee of the National Economic Council (Ecnec). The meeting recommended the energy, water resource, transport & communication, physical planning ... Read More »

ADB cuts GDP growth projection for Philippines to 6 pct in 2016

MANILA: The Asian Development Bank (ADB) has reduced its economic growth forecast for the Philippines to 6 percent for this year. This was contained in the Asian Development Outlook (ADO) 2016, which was launched by the Manila-based agency on Wednesday. In its ADO 2015 Update, the ADB projected the Philippine gross domestic product (GDP) to expand by 6.3 percent in ... Read More »

Germany inflation picks up in March

BERLIN: Annual inflation rate in Germany returned to an above-zero level in March, but remained far below the authority’s maintenance target, official data showed on Wednesday. Compared with the same month of previous year, German consumer prices rose by 0.3 percent in March 2016, said German federal statistics office Destatis, citing its preliminary calculations. In February, Germany’s consumer price index ... Read More »

ADB forecasts 4.5% growth for FY 2015-16

KARACHI: The Asian Development Bank, in its latest report, has projected positive results, saying Pakistan’s economy will continue to pick up in the ongoing fiscal year of 2015-16. The ADB, in Asian Development Outlook (ADO) 2016 report, forecast growth of 4.5 percent for FY16 and 4.8 percent for FY17. In FY15, the growth came in at 4.2 percent. While the ... Read More »

Russian import-sales drop seen accelerating

ST.PETERSBURG: Sales of imported automobiles in Russia this year might fall at twice the market’s overall rate, government analysts predict. Import sales could drop 20%-30% this year compared with 10%-15% industrywide, according to the Russian Ministry of Industry and Trade. Sales were down 20.8% year-over-year through February, according to WardsAuto data. The decline would leave imports with about a 15% ... Read More »

Russia sugar surplus seen cutting CIS import demand

MOSCOW: Russia’s expansion as a sugar producer is likely to generate a surplus of the sweetener in 2016/17 with exports expected to be targeted at markets such as Uzbekistan within the Commonwealth of Independent States (CIS). The region remains well short of becoming a net sugar exporter because leading importers Uzbekistan and Kazakhstan will have requirements well in excess of ... Read More »

Import-export vessels to clear Indonesia’s ports faster: Govt

JAKARTA: To reduce dwelling time, the government has announced a new policy that would integrate risk assessment on goods imported and exported through Indonesia’s ports. The policy, dubbed Indonesia Single Risk Management, would standardize and streamline procedures across 18 institutions or ministries that currently evaluate the shipments. This will be done to minimize conflicting decisions among the officials, which often ... Read More »

Russia threatens Turkey with new import restrictions

MOSCOW: Head of Russia’s Federal Service for Veterinary and Phytosanitary Surveillance Sergey Dankvert does not rule out that a ban may be introduced on all supplies of crop produce from Turkey, Prime news agency reported “We will have to impose restrictions on all supplies of crop produce [from Turkey]. This may happen within a month,” Dankvert said. “Nowadays, they only ... Read More »

Cocaine with street value of €500,000 seized in Dublin

DUBLIN: Cocaine with an estimated street value of €500,000 was seized during the search of a premises at Coolquay, The Ward, Co Dublin on Sunday. Gardaí say the seizure represents a significant blow for criminals engaged in organised crime and it will seriously disrupt the illegal sale & supply of cocaine in Dublin. No arrests have been made and investigations ... Read More »