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Chinese palm oil imports to remain low despite resumed bank lending BEIJING: China's imports of palm oil will remain below average as tight bank lending squeezes buyers' cash flow and, despite some relief on that front this week, the country's top importers say they will cut shipments in coming months.China is the world's second-biggest importer of palm oil, shipping in about 6 million tonnes of the edible oil each year, about 15 percent of global trade. But tight credit has led to a spate of defaults and cancellations, which has hurt global prices.The country's second-largest palm oil importer, Shandong Changhua Food Group, said on Thursday that some banks that had temporarily halted loans had resumed lending and its trading operations were returning to normal.As a result, Changhua said in a statement, it had imported 250,000 tonnes of soybeans and 20,000 tonnes of edible oil this week and planned to ship in similar volumes next week.Even so, Changhua, which brings in about ...

Oil-rich Kazakhstan moderates its growth outlook for 2015-19 ASTANA: Oil-rich Kazakhstan, Central Asia's largest economy, has cut its forecast for economic growth to between 5.0 percent in 2015 and 6.5 percent in 2019 after the economy slowed in the first half of this year, the National Economy Ministry said on Thursday.In its previous five-year outlook last year, the government had forecast gross domestic product would grow between 6.0 percent and 7.1 percent in 2014-2018.The new forecast is based on the economy's growth in ...
Spanish consumer prices drop again in August: stats office MADRID: Spanish consumer prices fell again in August, dropping by 0.5 percent on an annual basis, preliminary figures from the national statistics institute showed Thursday, heightening concerns about deflation risk in the eurozone.The drop follows a sharper-than-expected fall in consumer prices in July of 0.4 percent on an annual basis due to the lower cost of entertainment, electricity, tobacco and food.The fall in prices reflects weak domestic demand in Spain, still struggling with a 24.5-percent ...
Pernod Ricard reports profit fall, cuts 900 jobs PARIS: Drinks giant Pernod Ricard reported a fall in annual profits on Thursday, blaming in part a sales slowdown in China, and cut 900 jobs worldwide.Net profit over 12 months to the end of June fell by 14.0 percent to 1.02 billion euros ($1.35 billion), and sales fell by 7.0 percent to 7.94 billion euros.Operating profit fell by 8.0 percent to 2.05 billion euros.The price of shares in the group was showing a gain of ...
German jobless rate unchanged in August: data FRANKFURT: Unemployment in Germany stagnated in August, as clouds continue to build over Europe's biggest economy, official data showed on Thursday. The unemployment rate stood at 6.7 percent in seasonally adjusted terms in August, unchanged from July, while the number of people registered as unemployed edged up by 2,000, the Federal Labour Office said in a statement.That took analysts by surprise. They had projected a decline of around 5,000. "The German economy shrank by 0.2 ...
Indonesia cuts Sept palm export tax to 9pc JAKARTA: Indonesia, the world's top producer of palm oil, lowered its export tax for crude palm oil to 9 percent for September from 10.5 percent in August, an industry ministry official told Reuters on Thursday. For cocoa, the government left the export tax unchanged at 10 percent, said Abdul Rochim, director of food and fisheries industry at Industry Ministry.Copyright Reuters, 2014 ...
EU awards 164,000 T Ukrainian wheat imports this week PARIS: The European Union this week awarded licences to import 164,000 tonnes of Ukrainian wheat under a duty-free quota created this year as part of a trade deal between the bloc and Kiev, data from French farm office FranceAgriMer showed on Thursday. The award leaves around 18,614 tonnes Ukrainian wheat available under the quota, which was opened in April and allowed for 950,000 tonnes of Ukrainian wheat to be imported by Oct. 31.An equivalent quota ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln