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Glencore cuts Australian coal output on weak demand, supply glut SYDNEY: Mining and commodities giant Glencore Xstrata on Friday said it was reducing its coal production in Australia by 15 million tonnes amid weak global demand and oversupply.It is understood that up to 120 jobs at Glencore's 13 Australian mines could be affected as a result of the cuts, which will include scaling back some operations and deferring projects.The announcement follows the Swiss company's decision to shut its mines for three weeks over the Christmas period."We plan to reduce 2015 production by 15 million tonnes to more closely align our coal output with current customer demand," Glencore, which produced just under 100 million tonnes of coal in Australia last year, said in a statement."We will continue to review all our coal operations in the prevailing economic climate."Glencore did not say which mines would be affected. The firm has 8,600 workers at mines in the Australian states of New South Wales ...

Gold pares gains after firm US data, but remains higher NEW YORK/LONDON: Gold pared gains on Thursday after stronger-than-expected US data lifted the dollar and impetus from Chinese buying petered out, but it remained higher after the Federal Reserve indicated this week that it was in no rush to raise interest rates.The dollar rose against a currency basket as data on U.S. durable goods orders in January beat forecasts, boosting confidence in business activity despite worries of the recent surge in the dollar hurting exports.That ...

ICE cotton slips from fresh Sept. highs on profit-taking NEW YORK: ICE cotton settled lower on Thursday after late-session profit-taking knocked prices off their highest levels in five months, offsetting healthy export sales data that fueled optimism about foreign demand and dwindling supplies.The most-active May cotton contract on ICE Futures U.S. eased 0.34 cent, or 0.5 percent, to settle at 65.21 cents a lb, after rising to as high as 66.24 cents, the loftiest since Sept. 15, about an hour before the close.Prices rose ...

US soy climbs on Brazilian truck strike; corn, wheat trail CHICAGO: Chicago soybean futures rose on Thursday on uncertainty over the Brazilian trucker strike, which threatens to stall movement of the new harvest of the grain onto the world market, traders and analysts said.Chicago corn and wheat also ended higher, tracking the strength in soybeans.Chicago Board of Trade March soybeans ended 16-1/4 cents, or 1.6 percent, higher at $10.24 a bushel."Until the Brazilian trucker strike is resolved, all you are going to do is give ...

Bullish export data helps spark rebound in EU wheat prices LONDON: Wheat futures in Paris turned higher on Thursday after bullish European Union export data and bargain hunting helped the market rebound from a two-month low earlier in the day.London's feed wheat futures market remained lower, however, as sterling's rise to a 7-year high against the struggling euro dented export prospects for UK wheat to key customers in the euro zone.May milling wheat in Paris ended 0.75 euro or 0.4 percent higher at 186.00 euros ...

Copper climbs to six-week high as China holiday ends LONDON: Copper jumped to the highest in six weeks on Thursday as bearish investors scrambled to buy futures to close out their positions after Chinese trading resumed following a holiday break.The rest of the LME complex also had a firm undertone thanks to the resumption of physical buying in China, combined with firmer oil prices and decent economic data, analysts said.The gains were curbed, however, as stronger than expected data on U.S. durable goods orders ...

EU wheat market stalled by competing futures contracts PARIS: The upcoming launch of two European wheat futures contracts has stalled forward selling of the region's upcoming 2015 crop, with operators left guessing which of the new products will take off.Euronext will kick off a new, premium wheat contract on March 2, betting that addressing quality issues raised by a rain-hit harvest last year will justify the complexity of running it in parallel to its existing wheat futures that are a European benchmark."Having two ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln