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Author Archives: sania sania

Bunnings above double annual profit in New Zealand

WELLINGTON: Hardware chain Bunnings has more than doubled annual profit in New Zealand following demand for do-it-yourself home improvement and building products from consumers and tradespeople. The New Zealand unit of the diversified Australian company Wesfarmers reported net profit of $12 million for the year ended June 30, from $5.8m a year earlier, according to financial statements lodged with the ... Read More »

Warehouse starts mobile phone business in New Zealand

WELLINGTON: The Warehouse has launched it’s very first prepay mobile phone plan in stores across New Zealand today. Warehouse Mobile, which has been established as a virtual network operator and partnered with 2degress for technical support, promises customers the lowest standard of prepay rates, flexible plans and a cheaper prepay option. Chief executive of the Warehouse Simon Turner says customers ... Read More »

Vietnam tyre market to touch US$2.7b by 2020

HANOI: The tyre market in Viet Nam is forecast to touch US$2.7 billion by 2020, according to a September report by TechSci Research, a research based global management consulting firm. The company briefed the report on the website of PR Newswire, a global provider of platforms for marketers and corporate communicators, on Wednesday. It said prominent factors driving the market included ... Read More »

Uber, Grab Taxis sees rapid expansion in Vietnam

HANOI:  While Uber and GrabTaxi are seeing rapid expansion in Viet Nam, traditional taxis are seeking to utilise modern technologies to help lower fees and improve connections with passengers. At a conference on the corollary of Uber and GrabTaxi versus the traditional taxi last Thursday, a representative of the Ha Noi Transport Association said the new competitors presented many challenges ... Read More »

Vietnamese enterprises use 10% modern technology

HANOI: Only 10 per cent of Vietnamese enterprises use modern technology, of which only two per cent have hi-tech. This is much lower than that of Thailand with 31 per cent, Malaysia with 51 per cent and Singapore with 73 per cent. A report released by the science and technology ministry said most local businesses were technologically backward as 76 ... Read More »

Banking, financial services sectors in GCC to seek opportunities for expansion

DUBAI: Banking and financial services sectors in the GCC are actively seeking opportunities beyond their borders triggering a number of cross border mergers and acquisition deals in recent years. Domestic markets focus of GCC banks has limited the scope for expanding their business. While this has benefited local banks in increasing their banking penetrations in the economies that they are ... Read More »

Bangladesh earns over $560m export products from fisheries

DHAKA: Bangladesh has earned over 560 million dollars exporting products from fisheries sector in the 2014-15 finanical year, commerce minister Tofail Ahmed said on Sunday. The minister came up with the information while responding to lawmakers’ questions in parliament. The minister said 80 per cent of the fisheries export comes from prawn while 20 per cent comes from other fishes. Replying ... Read More »

Iran, Greece conducts negotiations on restart Iranian oil imports

TEHRAN: Iran and Greece have conducted negotiations on resuming Iranian oil imports after lifting of sanctions against the Islamic republic. National Iranian Oil Company’s managing director Rokneddin Javadi said Greek refiners have a considerable debt to NIOC, Mehr news agency reported on November 20. He also said that a plan to sell oil to Greece on credit is on the ... Read More »

Taiwan bans on GM salmon imports from US

TAIPEI: Genetically modified (GM) salmon from the United States cannot be imported as foodstuffs or ingredients, unless it is inspected and licensed by the Food and Drug Administration (FDA) under the Ministry of Health and Welfare, a ministry official said Sunday. Referring to the U.S. Food and Drug Administration’s recent announcement that it had given approval to GM salmon for ... Read More »

Chinese Govt sets to streamline coal imports

BEIJING: The Chinese government has signalled it’s ready to streamline rules which are hindering nine billion dollars of Australian coal exports. Chinese Premier Li Keqiang praised Australian coal during a meeting with Prime Minister Malcolm Turnbull on the sidelines of the East Asia summit, agreeing both countries should work together to improve the export process, The Australian reports. The comments ... Read More »

Volume of consumer goods import decrease

WASHINGTON: The volume of consumer goods being imported into the country has reduced drastically, The Nation has learnt. The sharp drop in demand for consumer goods, findings revealed, is being felt at APM Terminals Apapa, which handles over half of the nation’s imports. Investigation also revealed that workers at the busiest container terminal may be affected by the steep drop, ... Read More »

US kraft paper shipments increase 7.2% in Oct 2015

WASHINGTON: U.S. kraft paper shipments in October 2015 were 149.2 thousand short tons, 7.2% higher compared to October 2014, as the American Forest & Paper Association said in the press release received by Lesprom Network. Bleached kraft paper shipments increased from 8.6 thousand short tons in September to 9.4, while unbleached kraft paper increased from 128 to 139.8 thousand short ... Read More »

Vietnam, Germany improve cooperation in natural resources, environment

HANOI: Vo Tuan Nhan, Vice Chairman of the National Assembly Committee for Science, Technology and Environment, has expressed hope for more cooperation between Vietnam and Germany in natural resources and the environment. In a meeting with MP Klaus Mindrup, head of a visiting delegation from the German Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB) , Nhan ... Read More »

EU encourages climate goal for Vietnam

HANOI: The European Union encouraged Viet Nam to pursue to a more ambitious climate goal than its current greenhouse gas reduction target of eight per cent by 2030. Bruno Angelet, Ambassador – Head of the EU Delegation to Viet Nam made the statement at a conference held yesterday in Ha Noi ahead of the 21st Conference of Parties in Paris this ... Read More »

High end hotels records increase in revenue per room

HCM CITY: Revenue per available room (RevPAR) for four and five-star hotels and resorts showed a sharp increase in H1 compared to a year earlier, rising 13.7 per cent to US$69.1, according to consulting firm Grant Thornton Vietnam. This was due to an increase in both room rents and occupancy rates — by 6.5 per cent and 3.7 per cent ... Read More »

Agribank slashes bad debt ratio in Vietnam

HANOI: The Bank for Agriculture and Rural Development (Agribank) has reported an unexpected achievement in handling non-performing loans (NPLs) for the past three years. By the end of October, Agribank’s NPL ratio reduced sharply to only 2.41 per cent from 7.56 per cent in 2013. It was surprising as Agribank accounted for the largest amount of NPLs of the entire ... Read More »

Shoemaker move production to Vietnam next TPP agreement

HANOI: Pou Chen Corp, the world’s largest contract shoemaker, which supplies Nike, Adidas and other major brands, is moving a large portion of its operations from China to Vietnam to take advantage of its lower labor costs and more favorable tariffs. Pou Chen made 42% of its shoes in Vietnam as of the end of September, up from 34% in ... Read More »

ITA says app to help firms export clean energy solutions

WASHINGTON: The International Trade Administration has announced the U.S. Departments of State, Commerce and Energy are offering an opportunity for U.S.-based suppliers of clean energy, smart grid and energy efficiency systems to participate in the launch of an interactive directory of renewable energy and energy efficiency solutions. Through an interagency team, the departments have developed a beta version of an ... Read More »

Japan seeks to boost economy from infrastructure exports

TOKYO:  Japanese Prime Minister Shinzo Abe announced on Saturday that his country will relax the conditions in carrying out its yen-loan scheme for emerging countries in Asia, as Japan seeks to boost its economy through infrastructure exports to the fast-growing region. “The pace of growth in Asia is gaining steam with each passing year. (Implementation of) yen loans should not ... Read More »

Newmont’s copper exports to resume in Indonesia

JAKARTA: Newmont Mining Corp (NYSE:NEM) were barred from exporting copper and gold concentrate from its operations in Indonesia in September, but the company is now free to resume exports again. The export licence forDenver-based  Newmont’s local unit, PT Newmont Nusa Tenggara, was suspended because the company failed to meet government stipulations for developing a domestic smelter, but according to a ... Read More »