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Turk Eximbank mobilises $ 20 million to expand Tunisian-Turkish projects

in AFRICA/ECONOMY/TECHNOLOGY by

Turkish Eximbank has financed Tunisian-Turkish textile projects in Tunisia worth US $ 20 million. Speaking at the forum of textile co-operation between Tunisia and Turkey, the ambassador pointed out that the textile sector employs 165 thousand people, adding that the funds allocated by “Turk Exim Bank “will bring the number of jobs in Tunisia up to more than 20 thousand positions.He said Turkey is a strategic partner of Tunisia and will help increase its exports. “We hope that Tunisia will become an exporter of ready-to-wear clothing”.He added that textile is a key and promising sector to boost the economy, recalling its important role in increasing Turkish exports. He pointed out that the participation of 20 Turkish textile manufacturers, officials of the Turkish, Ministry of Commerce and a delegation of the Istanbul Textile and Raw Materials Exporters Association (ITHIB) reflects Turkey’s willingness to establish a platform for co-operation between the Tunisian and Turkish parties in the sector and to invest in Tunisia. For his part, vice-president of the Tunisian Federation of Textile and Clothing (FTTH), Nafaa Neifer recalled that the textile sector has faced several difficulties in recent years, despite its importance in the development of the economy and its ranking at the top of the list of exports.He stressed that Turkish companies will have to consider Tunisia as a destination for investment, job creation and exchange of experiences and not as a market only, calling for developing co-operation in the field of textile spinning and fabrics in Tunisia.He emphasised the need to attract investment, particularly in the fields of textiles, technical textiles and textile spinning, stressing the importance of developing the sector, creativity and research in order to achieve added value.

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Trade relations with Turkey increase

in ECONOMY/EUROPE by

Rasim Ljajic, Minister of Trade, Tourism and Telecommunications, met in Bursa with Turkish Prime Minister Hakan Cavusoglu. They talked about the improvement of economic relations and in particular about infrastructure projects. Ljajic declared that the bilateral trade exceeded the record USD 1 billion in the first 11 months of 2017 (21% more than in 2016).

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China’s natural gas imports hit record high in December as winter bites

in ASIA/ECONOMY by

China’s natural gas imports soared to a record high in December to battle a winter supply crisis. Gas imports, including pipeline imports and tanker shipments of liquefied natural gas (LNG), came in at 7.89 million tonnes, 20 per cent above November’s previous record of 6.55 million tonnes, data from the General Administration of Customs showed. Imports for the whole of 2017 jumped 27 per cent from 2016 to a record 68.57 million tonnes. Crude oil imports instead eased sharply from November. December’s crude oil imports hit 33.7 million tonnes, or about 7.94 million barrels per day (bpd), compared to November’s 9.01 million bpd. Buying eased in December because refiners and fuel distributors drew on inventories after hefty stockpiling in the previous month.

Corporations may dodge billions in U.S. taxes through new loophole: experts

in AMERICAS/ECONOMY by

A loophole in the new U.S. tax law could allow multinational corporations like Apple Inc to avoid paying billions of dollars in taxes on profits stashed overseas, according to experts. Stemming from a Republican overhaul of international business taxes, the loophole involves the tax rates – 15.5 percent or 8 percent – that companies must pay on $2.6 trillion in profits they are holding abroad. By manipulating their foreign cash positions, a determining factor under the new law, a U.S. multinational could potentially save money by shifting profits to the lower rate from the higher one, according to Stephen Shay, a senior lecturer at Harvard Law School.

Bulgaria: Borissov and Juncker about Bulgaria’s EU Presidency

in ECONOMY/EUROPE by

During a joint conference European Commission President Juncker and Bulgarian Prime Minister Borissov discussed the priorities of the Bulgaria’s EU Presidency semester. They agreed on the aim of a higher connection between Western Balkans and the rest of Europe. Juncker, concerning Bulgaria, showed himself pleased by the progresses achieved in the economy, but that there is still some work to do in order to join the ERM-2. About Turkey, he stated that of course an attempt should be made to normalize relations, but that progress will not be achieved until there are journalists in Turkish prisons.

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China’s factory inflation slowest in 13 months and this gives policymakers a freer hand to focus on industrial overcapacity and pollution. China’s producer price index (PPI) slid to the lowest level since November 2016 last month with 4,9%, because the government’s war against winter smog dented factory demand for raw materials in a sign the world’s second largest economy has started to slow. The data also showed consumer inflation accelerating less than expected and remaining well within the central bank’s comfort zone. The government repression on smog in the heavily industrialized northern provinces has in fact hit demand for raw materials and have weighed on investment. While pollution curbs have had a disinflationary effect on producer prices, the resulting supply disruptions have triggered fears of supply shortages in some segments, giving a major boost to upward pressure to prices.

in ASIA/ECONOMY by

China’s factory inflation slowest in 13 months and this gives policymakers a freer hand to focus on industrial overcapacity and pollution. China’s producer price index (PPI) slid to the lowest level since November 2016 last month with 4,9%, because the government’s war against winter smog dented factory demand for raw materials in a sign the world’s second largest economy has started to slow. The data also showed consumer inflation accelerating less than expected and remaining well within the central bank’s comfort zone. The government repression on smog in the heavily industrialized northern provinces has in fact hit demand for raw materials and have weighed on investment. While pollution curbs have had a disinflationary effect on producer prices, the resulting supply disruptions have triggered fears of supply shortages in some segments, giving a major boost to upward pressure to prices.

Yemen: the empty port in a starving country

in ECONOMY/MIDLE EAST by

After the international pressing orchestrated by international organisations over Saudi Arabia, to lift the blockade on Yemenite ports in order to stop the ongoing humanitarian disaster, it seems that nothing has changed. Surprisingly, there is no indication of aid or commerce coming into Yemen through the key port of Hodeidah, in spite of the Saudi pledge to stop the blockade for a month from the 20th of December. Two weeks after the announcements, the port remains empty. No merchants or reliefs vessels bringing first-necessity supplies were seen anchored at its harbour. The port manager declares that the blockade is still in effect. It is useful to underline that Yemen depends on imports, about  90% of its needs are from imports. Yemen, the poorer country of the Middle East, is struck by one of the world worst humanitarian disaster.  Over 75% of Yemenite’s 27 million population, including 11.3 million children, are in dire need of humanitarian aid, as the UN said ten days after Saudis had supposedly lifted the blockade. It is estimated that over 60% of Yemenis are on the brink of starvation.  The representatives of humanitarian and relief agencies emphasized the importance of lifting the blockade immediately. For them, in order to really demonstrate the willingness to put an end to the humanitarian disaster, the port of Hodeidah must be open all-year long to commercial and reliefs shipments, without conditions or timeline to that.

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Poverty in Ukraine is diminishing

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The poverty level in Ukraine fell to 12% in 2017, according to Kyiv International Institute of Sociology (KIIS), the Dzerkalo Tyzhnia.Ukraine (ZN.UA) weekly has reported, referring to Deputy Execute Director of KIIS Viktoria Zakhozha. She said that from 1994 to 2017, the poverty level in Ukraine changed. The worst situation was in the late 1990s. In 1998, 52% of respondents believed that they were almost starving. Then the situation improved, and for 10 years – until 2008 – the poverty level decreased to 11%. “And this is one of the few, but important achievements of Ukraine over the years. In 2008, after the outbreak of the global crisis, the level of poverty increased to 21%, but then the situation began to improve. Before the start of the military conflict, in 2013, the poverty level was 9%, almost doubling from 2014 to 2016, to 17%, but in the last year the situation has improved and the poverty level has dropped to 12%”, Zakhozha said.

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Tunisia: the protests, are the consequence of the law of finances 2018, according to Ammar Amroussia

in AFRICA/ECONOMY/POLITICS by

Popular Front deputy Ammar Amroussia said in a statement that the demonstrations that began to organize in the country were expected, ensuring that Front has warned since the announcement of the draft of 2018 finance law the seriousness of its approval because the financial law is a burden on the social scale. It is recalled that several demonstrations were organized in several regions of the country to protest against the rise in prices resulting from the 2018 budget law. He asserted that the people injured by the finance law are not only the poor but also the middle classes who have further impoverished themselves. The MP said the government is facing social movements through repression, restrictions and arrests that have taken place in more than one region in Tunisia, which may lead some into prisons, adding that this is the result of the finance law and submission to the dictates of the International Monetary Fund, which represents the destruction of the Tunisian economy system.Ammar Amroussia concluded that the Popular Front calls on people to mobilize and unite to defend their purchasing power and defend national sovereignty and Tunisia.

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Tunisia: protest march over tax policy and price increases

in AFRICA/ECONOMY by

A popular march was staged on Monday downtown Sidi Bouzid to denounce the price increases of some
products and to claim revision of the tax policy. Protestors including trade unionists, representatives of the Union
of Unemployed Graduates and other civil society components marched the main streets of the city starting from
the Regional Labour Union’s headquarters.Other protest movements are scheduled in the coming days to demand
the right of the region’s inhabitants to employment and a decent life.

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