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China to cut iron ore tax in new blow to glut-hit prices SINGAPORE/SYDNEY: China has moved to prop up its struggling iron ore industry by slashing taxes, potentially expanding a global glut and undermining a strategy by mega miners to drive out high-cost competitors. Brazil's Vale and Australian miners Rio Tinto and BHP Billiton have sought to drive out higher cost and less efficient miners in China, to make way for a flood of new production.But China's cabinet said on Wednesday that it would cut the tax it collects from domestic iron ore producers by half to 40 percent of the base rate from May 1, acting to help miners that have been chalking up losses as global prices plummet."Providing this tax subsidy means the Chinese miners will continue to produce. If that is the case, the strategy of the top three suppliers of pushing high-cost Chinese supply out of business will not work," said Helen Lau, mining analyst at Argonaut Securities ...

Indonesian March crude palm oil output seen up 17pc JAKARTA: Indonesian crude palm oil (CPO) output in March likely rose 17 percent to its highest level since September, a survey of leading industry officials showed, with the increase partly due to more number of available working days on plantations.A rise in supply from the world's No.1 producer would weigh on benchmark palm prices that are currently trading at three-week lows of 2,137 ringgit ($589) per tonne.Indonesia produced 2.397 million tonnes of CPO in March, ...
Mongolia sees new rail link to China as key to coal sales ULAN BATOR: A $4-billion deal to revive Mongolia's giant Tavan Tolgoi coal mine will include building an extended cross-border rail link, a minister said on Thursday, a move that could stoke fears about the country's growing dependence on its giant neighbour China.Mongolia's mining boom has slowed, partly as a result of the country's reluctance to hand over control of mineral assets to China. More than 90 percent of the Mongolia's exports already go to China. ...
Palm falls on firm ringgit, bigger output worries KUALA LUMPUR: Malaysian palm oil futures inched down on Wednesday, retreating further from sharp gains made earlier in the week as a firm ringgit and concerns over rising palm supplies stifled buying interest.Benchmark prices on Monday rose above a 3-week top of 2,250 ringgit, partly fuelled by anticipation Indonesia was close to imposing levies on crude and processed palm oil exports, traders say. The proposal will likely be approved this week, pending President Joko Widodo's ...
CBOT corn may retest resistance at $3.89-1/4 SINGAPORE: CBOT May corn could have completed a correction triggered by the resistance at $3.89-1/4 per bushel and may retest this level.The resistance is provided by the 38.2 percent Fibonacci retracement on the fall from the Dec. 29, 2014 high of $4.25-1/4 to the March 18 low of $3.67, blocking the way towards the 50 percent level at $3.96.Wave pattern suggests that corn is riding on a wave c or wave (3), which is capable ...
Maldives tenders to buy 6,000 tonnes wheat flour HAMBURG: The Indian Ocean state of Maldives has issued an international tender to purchase and import 6,000 tonnes of wheat flour, European traders said on Wednesday. The flour can be sourced from any origin, they said. Offers will be opened on May 12, they said.Copyright Reuters, 2015 ...
RUBBER-TOCOM futures end down tracking weak Shanghai TOKYO: Benchmark Tokyo rubber futures followed Shanghai futures lower on Wednesday, ending down 1.5 percent at a near nine-week low, while the market also came under pressure as the yen strengthened against the dollar.Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, gave up early gains of up to 0.7 percent after Shanghai futures opened on a weak note, dealers said.The Tokyo Commodity Exchange rubber contract for September ...


Index Closing Chg%
Arrow DJIA 18,080.14 0.12
Arrow Nasdaq 5,092.09 0.71
Arrow S&P 2,117.69 0.23
Arrow FTSE 7,070.70 0.24
Arrow DAX 11,810.85 0.74
Arrow CAC-40 5,201.45 0.44
Arrow Nikkei 20,020.04 0.83
Arrow H.Seng 28,060.98 0.84
Arrow Sensex 27,437.94 1.07

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln