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Author Archives: sania sania

Saudi non-oil exports down by 9.1% in Nov

RIYADH: The value of the Kingdom of Saudi Arabia’s non-oil exports decreased in November 2016 by 9.1% to SR 14397 million, compared to SR 15842 million in November 2015, while they decreased in comparison to October 2016 by 3.9% or about SR 592 million. According to the Saudi Press Agency, SPA, the General Authority for Statistics showed, in its latest ... Read More »

Outlook for Finnish exports becoming brighter

HELSINKI: Finland’s export-oriented industries have reason for cautious optimism, although export forecasts have recently failed year after year with the national economy being been affected by shocks and eroding competitiveness, reports Kauppalehti. “The growth outlook for the world economy is slightly brighter than before,” says Markku Lehmus, a researcher at the Research Institute of the Finnish Economy (Etla). Lehmus estimates ... Read More »

Venture capital investors eye further growth in Turkey

ANKARA: Turkey is unquestionably an attractive market for venture capital investors thanks to its prime location, its young, educated workforce, and the depth of Turkish entrepreneurship, according to seasoned market-watchers and an analysis of the economy’s prospects. “Venture capital investments in Turkey are still immature and yet have been attractive with the increased interest of international angel investor networks and ... Read More »

Company raises minimum wage to OMR 400 for nationals in Oman

MUSCAT: Al Razi Medical Group in Salalah has raised its minimum wage of the national workforce to OMR 400. The Ministry of Manpower, represented by the Directorate General of Manpower in Dhofar, signed the agreement with Al Razi last week. This new amendment will affect both current and new employees.   Read More »

SOCAR to continue investing in long-term projects in Turkey

ANKARA: Azerbaijan’s state oil company SOCAR will continue making investments in long-term projects in Turkey, the company’s president Rovnag Abdullayev said Sept. 28. He made the remarks during a meeting with Turkey’s Minister of Energy and Mineral Resources Berat Albayrak in Turkey, read a message from SOCAR. During the meeting, the parties discussed the implementation of SOCAR’s projects in Turkey as ... Read More »

Iran to buy petchem catalyst from Germany

TEHRAN: An official has announced the signing of the first contract to purchase a petrochemical industry catalyst from a German firm in the post-JCPOA era. With passage of about nine months from implementation of the Joint Comprehensive Plan of Action (JCPOA), Iran has received necessary permits to import catalysts required for refinery and petrochemical industries form European Union (EU) states. ... Read More »

Japan stainless steel scrap imports surge in Oct 2015

TOKYO: According to latest statistics released by Japan’s Ministry of Finance (MoF), the country’s imports of stainless steel scrap increased during the month of October this year. The imports during the month witnessed rise of 4.6% when compared with the previous month. The stainless steel scrap imports by Japan totaled 7,251 tons in October. Japan had imported 6,932 tons of ... Read More »

Domestic real estate market continues recovery in Nov

HANOI: The domestic real estate market continued its recovery in November, and conditions are expected to last into the new year, experts said. The Housing and Real Estate Market Management Department under the Ministry of Construction reported that the Ha Noi property market in November gained a year-on-year increase of 11 per cent with 1,550 successful business transactions. In the first ... Read More »

Lender bank of Africa appoints first Kenyan managing director

NAIROBI: Continental lender Bank of Africa has appointed son of the late celebrated banker Reuben Marambii as its first Kenyan managing director. The bank which started operations in Kenya in 2004, picked Ronald Marambii to head its local business. Marambi 45, replaces Moroccan Anis Kaddouri whose term expired in September. Kaddouri had replaced Ghanaian Kwame Ahadzi in an acting capacity, after ... Read More »

Kenya commercial banks help to grow economy

NAIROBI: Kenya Bankers Association launching of the Sustainable Financial Initiative (SFI), expected to help banks and financial institutions balance their immediate business goals with the economy’s future priorities and social-environmental concerns, is welcome. But the bankers would do themselves and the country a greater favour were they to prod the government to include them in charting out and financing the ... Read More »

Russia’s import ban on Turkish fresh fruit, vegetables

MOSCOW: Russia’s import ban on Turkish fresh fruit and vegetables is likely to leave Turkey with a supply glut that could push down prices and, economists say, shave half a percentage point off the inflation rate. Moscow has approved a raft of sanctions in retaliation for Turkey’s downing of one of its warplanes over Syria late last month, banning imports ... Read More »

RBZ undertakes to improve confidence in banking sector

HARARE: The Reserve Bank of Zimbabwe (RBZ) has undertaken to improve banking sector stability and raise financial inclusion in the medium-term as the apex bank moves to restore confidence in the banking system. A number of banks collapsed before 2009 when dollarisation was introduced. The post-dollarisation period has seen eight banks — Genesis, Capital, Interfin, AfrAsia, Tetrad, Royal, Trust and ... Read More »

Raw cotton exports from India decrease 50% in 2014-15

NEW DELHI: Raw cotton exports from India decreased by over 50 per cent in the 2014-15 cotton season that ran from October 1, 2014 to September 30, 2015. In 2014-15, India exported 57.72 lakh bales of raw cotton were exported as against 116.96 lakh bales during the cotton year 2013-14, textiles minister Santosh Kumar Gangwar said in a written reply ... Read More »

Pea exports from Ukraine reach 19.2 KMT in Oct 2015

KIEV: Pea exports from Ukraine in October of this year reached 19.2 KMT against 18.5 KMT in October 2014. Ukraine has exported 111 KMT of pea within four months of season 2015/16, that is 12.5% less than during the same period last season (126.88 KMT). The main importers of Ukrainian pea are India and Pakistan that accounted for about half of ... Read More »

Indian soyameal exports decline 22% during first 8 months of 2015

PUNE: Indian soyameal exports declined to 22% during the first 8 months of the current financial year as compared to similar period of previous year thanks to Japan, a big importer of Indian soyameal shifting to GM soyameal, lifting of sanctions on Iran and stiff competition from other countries. According to the Solvent Extractors’ Association of India, “The export of ... Read More »

Govt plans to ban import of 24-carat gold jeweler

MUMBAI: The government is planning to ban the import of 24-carat gold jewellery, in a bid to reduce gold smuggling, duty evasion, misuse of free trade agreements (FTAs) with foreign countries.The move follows a sharp decline of about 18% in the export of gems and jewellery (April-October), which contributed 15% of the total exports. “We want to introduce stringent value-addition ... Read More »

Nampak Zimbabwe invests $8.6m on plant, machinery

HARARE: Nampak Zimbabwe, formerly Hunyani Holdings Limited, has invested $8,6 million on plant and machinery to increase capacity and product range. The listed packaging group has reported a five percent decline in revenue to $95,9 million for the year to September 30, 2015 on the back of low aggregate demand. Nampak Zimbabwe is the local unit of South Africa’s packaging ... Read More »

Sage revenue increases 9%

WASHINGTON: Sage has released full year results. Organic revenue grew by 6%, with recurring revenue up 9%, driven by strong growth in software subscriptions and the roll-out of new products such as Sage One. Organic operating profit increased by 8% to £380m, and the organic operating profit margin rose to 27.1%. Underlying basic earnings per share increased by 12.6% to ... Read More »

Vietnamese banking system position steady

HANOI: The outlook for the Vietnamese banking system is stable, driven by the country’s good economic growth and stabilising asset quality and good liquidity, a Moody’s report released on Monday said. However, the rating agency said Viet Nam’s banks had relatively low ratings when compared with their global peers, reflecting their weak capital levels and insufficient provisioning for problem legacy ... Read More »

Brazil’s wood based product exports drop 24% in Oct 2015

BRASÍLIA: The value of Brazil’s October exports of wood-based products (except pulp and paper) fell almost 24% year-on-year from $276 million to $210 million, ITTO reports. Pine sawnwood export earnings dropped 12% in the twelve months to October 2015 ($25.7 million to $22.9 million) but the volume of pine sawnwood exports increased 24% in the same period, from 98,400 cubic ... Read More »