08242016Wed
Last update: Wed, 24 Aug 2016 09pm

Global Business & Economy

World - Global Business & Economy

Mauritius trade deficit widens 7.1pc in June PORT LOUIS: Mauritius said on Monday its trade deficit widened 7.1 percent to 6.21 billion rupees in June from the same period a year earlier, hit by a dip in exports of machinery and transport equipment.The Indian Ocean island nation's earnings from exports fell 15 percent to 7.37 billion rupees, the government's statistics office said in a statement.France was the main destination for Mauritius's exports, followed by the United States and Britain.Foreign sales of machinery and transport equipment declined to 621 million rupees from 1.48 billion.Total imports fell 6.1 percent to 13.59 billion rupees. Some 19.9 percent came from China.Copyright Reuters, 2016 ...

World - Global Business & Economy

German exports to Iran soar after removal of sanctions BERLIN: German exports to Iran, mostly machines and equipment, jumped in the first half of the year following the removal of international sanctions against the Islamic Republic, official trade data showed on Monday.Exports to Iran surged by 15 percent year-on-year in the first six months of 2016 to 1.13 billion euros ($1.3 billion), the Federal Statistics Office said.This compares with a rise of 1.4 percent in overall German exports in the same period and a ...

World - Global Business & Economy

Morocco annual inflation slows to 1.6pc in July RABAT: Morocco's annual consumer price inflation eased to 1.6 percent in July from 2.3 percent in June due to a slowing in food price rises, the High Planning Authority said on Monday.Annual food inflation eased to 2.7 percent from 4.4 percent in the previous month, while non-food price inflation fell slightly to 0.5 percent in the 12 months to July from an annual 0.6 percent in June.Transport costs fell 1.1 percent, but hotels and restaurants ...

World - Global Business & Economy

Taiwan's July export orders fall again, but China demand picks up TAIPEI: Taiwan's export orders in July contracted for the 16th straight month as global demand for technology products stayed weak, but Chinese orders grew in a sign of recovering factory activity.The island's tech manufacturers have cut their sales forecasts amid weak global growth and a China slowdown, but have been cautiously optimistic that demand for consumer electronics would pick up ahead of the year-end festive season and the anticipated launch of Apple's new model iPhone.July's ...

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China property firm blames takeover for tough conditions SHANGHAI: China's biggest property firm Vanke on Monday blamed a takeover it is trying to fight off for worsening business conditions, even as it reported higher profits.Bosses of Vanke, China's largest residential developer by sales, have for months been trying to stave off what would be the country's first hostile blue-chip takeover, after private conglomerate Baoneng bought a stake of more than 20 percent, becoming its biggest shareholder.Chairman Wang Shi and his executives currently own ...

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Canada inflation flat in July OTTAWA: Canadian consumer prices were flat in July as falling gasoline prices helped offset slight rises in other components, the government agency Statistics Canada reported Friday.Price gains remained tame in Canada as the seasonally adjusted consumer price index held at 128.6 in July, after a 0.2 percent gain in June.Core prices, those excluding food and energy, were up 0.2 percent, the same as the previous month, while the Bank of Canada's core index, watched more ...

World - Global Business & Economy

Indonesia's Medco to invest $500mn to build copper smelter after Newmont deal JAKARTA: Indonesian oil and gas producer PT Medco Energi Internasional Tbk plans to invest $500 million to build a copper smelter following its deal to buy control of Newmont Nusa Tenggara (NNT), its president commissioner told Reuters. The smelter, which will have an annual capacity of 500,000 tonnes, is expected to start operations in 2021, Muhammad Lutfi said in an interview. Part of the funds to build the smelter will come from bank loans, Lutfi ...