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Mongolia’s coal exports rise 11.7 pct in first 4 months

Mongolia’s coal exports increased 11.7 percent year on year in the first four months of 2019, the Mongolian Customs General Administration (MCGA) said. The resource-rich Asian country exported around 11.4 million tons of coal during the period, which was worth 961 million U.S. dollars, posting a year-on-year rise to 21.6 percent. The coal price per ton was an average of 77.8 dollars from January to April in 2018, and it increased to 84.4 dollars on a year-on-year basis in 2019, the MCGA said in a statement. Coal is the landlocked ...

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Goa government mulls tapping iron ore mines not covered by SC order

The Goa government is mulling tapping the iron ore rich mines not covered by a 2018 Supreme Court ruling that effectively shutdown mining operations in the state, Chief Minister Pramod Sawant has said. As many as 88 out of the 300-odd mining leases in Goa have run into legal hurdle, stalling operations in the sector, a key source of livelihood for local people and also revenue for the state government. Sawant told PTI that while solution for resuming work on the 88 mining leases mired in legal tangle will be ...

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JSW crude steel output grows 2% to 13.93 LT in Apr

JSW Steel Thursday said its crude steel output grew two percent to 13.93 lakh tonne (LT) during April 2019. The Sajjan Jindal-led company had produced 13.61 LT crude steel in April 2018, it said in a statement. During the month, the production of flat rolled products declined one per cent to 9.53 LT as against 9.67 LT in April 2018, it said. The company registered four percent growth in the output of its long rolled products at 3.36 LT as compared to 3.24 LT the year-ago month, it added. Milk ...

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North Sea crude differentials shoot up on scarce availability

Differentials in the North Sea crude market are reaching new highs due to scarce availability in the region and limited supply alternatives in the Atlantic Basin in general, market participants said. Norway’s Grane has reportedly traded up to Dated Brent plus $1.20/b recently, the highest level since Platts started assessing the grade in 2016. Flotta Gold was also heard trading near record high premiums, according to one source, who reported barrels changing hands around Dated Brent plus 50 cents/b. The highest Flotta differential assessed by Platts since 2003 was 45 ...

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China central bank says ‘rich’ policy tools ensure it can cope with uncertainties

China’s central bank said on Friday it is fully able to cope with external uncertainties, as it has “rich” policy tools and ample policy room to manoeuvre. The comments came just hours after the United States raised tariffs, which threaten to increase pressure on the Chinese economy. Analysts say the central bank will likely have to step up support for the economy as trade tensions with the United States escalate. U.S. President Donald Trump’s tariff increase to 25% on $200 billion of Chinese goods took effect midday on Friday, and ...

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US proceeds with tariff hike on Chinese goods while Beijing mulls response

The US-China trade talks concluded Thursday evening in Washington, which left the hike in tariffs on imports of $200 billion worth of Chinese goods to kick in at 12:01 am Friday (0401 GMT). Talks were expected to resume Friday morning, even as China reiterated that it would have to take countermeasures, without specifying what those measures would be. Earlier in the week, the United States Trade Representative had formalized the increase in tariffs on $200 billion worth of Chinese goods to 25% from 10%. “China deeply regrets that it will ...

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China lashes out at Donald Trump’s claims it reneged on trade deal and vows to ‘safeguard’ its interests

China is committed to resolving the trade dispute with the US but is also prepared to defend its interests in the face of any increase in US trade tariffs, the Chinese Ministry of Commerce said. At a press conference in Beijing, Ministry of Commerce spokesman Gao Feng dismissed US President Donald Trump’s claims that China had broken its promises, saying it sincerely has been trying to resolve trade differences with the United States. “The US has assigned a lot of labels, such as backtracking, going back on one’s word, and ...

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Britain concerned by U.S.-China trade tensions: UK PM’s spokeswoman

Britain is concerned by the escalating tariff tensions between the United States and China and believes no one benefits from a trade war, a spokeswoman for Prime Minister Theresa May said on Friday. The U.S. escalated a tariff war with China on Friday by hiking levies to 25% for $200 billion worth of Chinese goods in the midst of last-ditch talks to rescue a trade deal. “We have been saying on this for some time that we are concerned about it and that we are clear that nobody benefits from ...

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China 1Q Current-Account Surplus at $58.6 Billion — SAFE

China reported a current-account surplus of $58.6 billion in the first quarter, according to preliminary estimates released Friday by the country’s foreign-exchange regulator. That compares with the previous quarter’s surplus of $54.6 billion, according to official data released earlier. China’s capital and financial account recorded a deficit of $30 million in the latest quarter, the State Administration of Foreign Exchange said. That compares with the prior quarter’s surplus of $15.8 billion, the authority’s final data showed. The data released Friday are subject to revision, the agency said. Source: Dow Jones

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EU commissioner says agriculture not on agenda for U.S. talks

The European Union intends to keep agriculture off the agenda in its trade talks with the United States and continues to support rules-based, open and predictable international commerce, the EU’s agriculture commissioner said on Friday. A free trade agreement between the European Union and Japan is the “benchmark and ceiling” for the EU’s negotiations with the United States for a trade pact, Phil Hogan said. Hogan, a former Irish government minister, also urged the United States to reverse tariffs on goods from China and the EU and return to a ...

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China says it is prepared to respond to all kinds of outcomes on US trade talks

Beijing has made adequate preparations to respond to the U.S. on trade, the Chinese Ministry of Commerce said Thursday. Chinese Vice Premier Liu He and his team are in the U.S. on Thursday and Friday for an 11th round of negotiations on trade issues. U.S. President Donald Trump unexpectedly announced on Sunday that tariffs on $200 billion worth of Chinese goods would increase to 25% this Friday, citing lack of progress on trade talks. At the same time the Chinese side has already prepared a response for all kinds of ...

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Japan’s economy likely shrank in first quarter on weak domestic demand, exports – Reuters poll

Japan’s economy likely contracted slightly in the first quarter as corporate and consumer spending weakened, a Reuters poll showed on Friday. Exports also deteriorated amid trade disputes and weaker global demand, hurting the trade-reliant economy. Gross domestic product (GDP) is expected to have fallen 0.2% in January-March on an annualised basis, the poll of 18 economists showed, after it expanded 1.9% in the fourth quarter last year. That would translate into a flat reading on a quarter-on-quarter basis, after the economy grew 0.5% in the October-December quarter, the poll showed. ...

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Hong Kong’s billionaire class shrinks the most as trade war wrought havoc on global markets, wiping out worldwide fortunes

Hong Kong’s class of US dollar billionaires lost US$56 billion last year, or 17.5 per cent of their combined fortunes, as the US-China trade war wrought havoc on global markets and commerce. The number of billionaires declined to 87 in Hong Kong last year, with their combined wealth shrinking to US$259 billion, according to the 2019 survey by Wealth-X, which specialises in researching ultra high net worth individuals, or people with at least US$30 million (HK$235 million) in assets. That decline, the steepest annual drop out of 15 global cities ...

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German Exports Rose in March

German exports picked up in March against a backdrop of heightening global trade tensions, providing some relief to concerns about the growth recovery in the eurozone’s largest economy. The Federal Statistical Office said Friday that exports of goods rose 1.5% in March compared with February, while imports edged up 0.4%. Both measures are adjusted for seasonal swings and calendar effects. Germany’s adjusted trade surplus–the balance of exports and imports of goods–was meanwhile 20.0 billion euros ($22.4 billion). Economists polled by The Wall Street Journal had forecast of EUR18.1 billion. The ...

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U.S. Consumers Poised to Take the Hit From Higher Tariffs on Imports From China

The round of tariffs that went into effect at midnight will likely hit Americans in the pocketbook, making $40 billion of consumer goods on retailers’ shelves more expensive. At 12:01 a.m. Eastern time, the Trump administration increased to 25% tariffs on Chinese-made furniture, handbags, clothing, Christmas decorations, fire alarms, laptops and mobile phones, among other things, striking the latest blow in the trade conflict between the U.S. and China. The tariffs took effect as high-level negotiations resumed in Washington Thursday and were scheduled to continue Friday. The U.S. is pressing ...

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