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Brazil’s inflation at 10.71% in Jan

BRASÍLIA: Brazil’s inflation in January was more than expectations at 10.71% y/y, as compared with December’s 10.67% y/y, disproving the long-held opinion that inflation will moderate in 2016 with just the help of base effect. Indeed, the adjustments to the regulated prices in the housing segment are over, it is not the same in the case for transport prices. The ... Read More »

Morocco annual inflation eases to 0.3% in Jan

RABAT: Morocco’s annual consumer price inflation eased to 0.3 percent in January from 0.6 percent in December, mainly due to falling food prices, the country’s High Planning Authority said on Monday. Food inflation eased to 0.2 percent from 1.1 percent from January 2015 to January 2016. Non-food price inflation rose at 0.6 percent, from 0.2 percent in December. Transport costs ... Read More »

Italy, Portugal bond yields fall

LISBON: Yields on Italian and Portuguese debt, the focal point of recent concerns about the health of Europe’s financial sector, fell on Monday after one of the ECB’s top policymakers said it would protect banks from unintended harm of further policy easing. The moves formed part of a broad rally in riskier assets such as stocks after crude prices clawed ... Read More »

Tokyo Steel cuts March prices 14% to scrap imports

TOKYO: Tokyo Steel Manufacturing , Japan’s top electric arc furnace steelmaker, said it will cut prices for March delivery, by as much as 14 percent for one product, to compete against imports amid a firm yen and on slow domestic demand. The company will cut prices by between 3,000 yen to 7,000 yen ($27 to $62) a tonne, it said ... Read More »

Finland oil prices to remain low in this year

HELSINKI: Oil prices will remain low at 40-50 U.S. dollars later this year, due to shale oil revolution and others, an energy expert said on Friday. “This is a rebalancing of the global market, and I think that many decision makers outside and even inside of North America did not anticipate how strong this shale revolution could be,” said Daniel Yergin,vice ... Read More »

Nib New Zealand’s H1 profit nearly triples

WELLINGTON: Nib Holdings’ New Zealand unit nearly tripled operating profit in the first half of the current financial year as the ASX-listed insurer bolstered its local presence with the purchase of OnePath Life (NZ)’s medical business. New Zealand operating profit rose to $A7.8 million in the six months ended December 31 from $A2.7 million a year earlier, the Sydney-based insurer ... Read More »

Beef, pork exports value decrease for 2015

WASHINGTON: Beef and pork export values for 2015 were below the 2014 record totals according to the USDA’s latest Trade and Market Statistics Report and compiled by the North American Meat Institute. According to NAMI, beef and pork export values were both below 2014 record totals. Beef export value reached $6.3 billion, which represented a 12% decline from the record ... Read More »

CII signs MoU with Dubai exports to boost trade

DUBAI: Aiming to strengthen India-UAE economic ties, Confederation of Indian Industry (CII) has signed an MoU with Dubai Exports to boost trade and explore business opportunities. CII, a non-government organisation, has signed an memorandum of understanding (MoU) with Dubai Exports, which works with other Dubai Government Departments to simplify the export process. It develops long-term growth strategies to expand businesses ... Read More »

All possible measures to be taken to address key issues of traders

ISLAMABAD: A delegation of Islamabad Chamber of Commerce and Industry led by its President Atif Ikram Sheikh called on Sheikh Ansar Aziz and congratulated him on being elected as the first Mayor of Islamabad. The delegation apprised him of the main issues of business community and sought his support for resolving them. Speaking on the occasion, Sheikh Ansar Aziz, Lord ... Read More »

GM review plans to invest $1.6 bln in Brazil

SAO PAULO: General Motors Co <GM.N> will reconsider plans for new investment in Brazil if the economic and political situation does not improve, the company’s president Dan Ammann said in an interview published on Sunday. Brazil was until recently one of the world’s five biggest auto markets, but it has sunk into the worst recession in 25 years and business ... Read More »

Diplomats should make efforts to boost exports: LCCI chief

LAHORE: Diplomats would have to take concrete and result-oriented efforts to expedite exports of the country so that Pakistan could get maximum share in the international market. “Role of diplomats is critical for promotion of external trade as they are the people who have enough knowledge to portray economic potentials of any country to the outer world and pave way ... Read More »

Vietnam technology production needs boost

HCM CITY: Viet Nam must act quickly to improving production technologies in all industries to ensure the competitiveness of its goods and services in the international market, a seminar heard in HCM City on Friday. Speaking at the seminar on Viet Nam’s opportunities and challenges when the Trans-Pacific Partnership agreement (TPP) comes into force held by the International Business and ... Read More »

Ukrainian food export to EU increases 16%

KIEV: Ukrainian food export to the EU member countries increased by 16% in January after the free trade regime came into force, according to the country’s President Petro Poroshenko. “We have started to truly integrate into the European market. There are first positive statistic data concerning the free trade zone effect,” Poroshenko says. “For instance, food exports to the European ... Read More »

Gemfields revenues fall in 2016

LONDON: Gemfields posts net after-tax profits of USD8.2 million for the six months to the end of December – down from USD23.2 million last time. Revenue fell to USD94.0 million from USD103.4 million) and EBITDA fell to USD35.6 million (USD61.7 million) with the change being largely attributable to a more equally planned auction mix between the first and second halves ... Read More »

Turkish PM announces plan to bolster tourism sector

ANKARA: Prime Minister Ahmet Davutoglu unveiled a plan on Monday to support Turkey’s tourism sector, hit by tensions with Russia and domestic insecurity, including a 255 million lira ($87 million) grant and a facility to allow tourism firms to restructure debt. Turkey is especially popular with German tourists, but has seen demand fall after a suicide bomber killed 10 Germans ... Read More »

Nepal inflation hits 7-year high of 12.1%

KATHMANDU:  As a result of Tarai strikes and disruption of trade routes, inflation rate reached nearly seven year high of 12.1 percent in mid-January, Nepal Rastra Bank (NRB) said on Sunday. This is the first time the rate has crossed 12 percent since mid-June 2009. Nara Bahadur Thapa, chief of NRB’s research department, said the supply disruption created a gap ... Read More »

VPT to provide transit facilities to Nepal-bound cargo

KATHMANDU: Following the recent visit by Nepalese prime minister KP Shamra Oli’s visit to India, the Visakhapatnam Port Trust (VPT) is now set to perform as an alternative port to the Kolkata Port Trust (KPT) in providing transit facilities for Nepal-bound cargo. The agreements signed by the governments of India and Nepal include the exchange of letters providing for transit ... Read More »

Sinopec plant resumes diesel export after 5-mth gap

LONDON: A Sinopec Corp -operated refinery in the northern Chinese city of Tianjin resumed exporting diesel this month after a five-month halt following massive explosions in the port area, a Sinopec-run industry paper reported. Sinopec’s unit, Tianjin Petrochemical Corp, loaded 26,800 tonnes (200,000 barrels) of diesel in early February for export, the first such shipment since last August after the ... Read More »

9,090MW by 2017: Nawaz for timely completion of power projects

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif, chairing meeting of Cabinet Committee on Energy, Monday directed timely completion of different ongoing power projects across the country and said he would personally monitor the progress to ensure it. The prime minister said significant addition of power to the national grid would minimise loadshedding. He said increased power generation would also contribute to ... Read More »

Kingspan reports 47% increase in 2015 revenues

WASHINGTON: Building materials group Kingspan has reported a 72% jump in its trading profit for 2015, on the back of significant revenue growth. The Co Cavan-based company posted profits of €255.9m last year, on the back of revenues of €2.77 billion – an increase of 47%. Pre-tax profits for the year to the end of December rose to €232m from ... Read More »