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Angela Merkel calls for ′fresh attempt′ at EU-India trade deal | News | DW

German Chancellor Angela Merkel brought her trip to India to a close on Saturday with a pledge for German investment of €1 billion ($1.12 million) into new green mobility projects under a German-Indian partnership.

“We need a fresh attempt at a European-Indian free trade agreement,” Merkel said on Saturday at an event at the Indo-German Chamber of Commerce in New Delhi.

The chancellor’s talks with Indian Prime Minister Narendra Modi focused on trade, investment, regional security and climate change.

Under the plans, Germany will invest in a number of environmentally friendly policies, such as more than 500 electric buses to replace diesel-powered ones in urban areas in India. This project will be carried out over the course of the next five years.

Merkel is also scheduled to visit an Indian factory of German automotive company Continental on Saturday.

Read more: Why it’s tough for some Asians to get German visas

Merkel’s trip to India focused on trade and climate talks

German ‘recruitment’ of Indian skilled workers

Although more than 1,700 German companies operate in India, German entrepreneurs have often been hesitant to invest large amounts of money in the world’s second-most populous country.

Merkel also plans to simplify the recruitment process of Indian skilled workers who wish to come to work in Germany. The chancellor also called for more cooperation in digitalization, innovation, health and agriculture.

“Our proposal is that the foreign trade chambers are the starting point in the recruitment process,” she told the chamber of commerce.

A previous free-trade agreement, which was initiated between India and the EU in 2007, fell apart in 2012. Germany is still India’s most important trading partner within the European Union.

The talks are the fifth in a series of biennial bilateral summit between Germany and India. The German delegation also included Foreign Minister Heiko Maas and Agriculture Minister Julia Klöckner.

ed/sms (Reuters, dpa)

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COSCO Shipping Ports’ Volumes Rise, Profit Down | Brazil Modal

Illustration; Source: Pixabay under CC0 Creative Commons license

During the three-month period, the company handled 32.4 million TEUs, representing a change of 5.2% compared to the same quarter a year earlier.

Throughput of the Greater China region increased by 3.2% to 25,2 million TEUs, accounting for 77.8% of the group’s total throughput. The Bohai Rim region handled 4.4% more volumes, or 10.6 million TEUs, accounting for 32.8% of the total throughput.

The Yangtze River Delta region volumes increased by 3.1% to 5.28 million TEUs, representing 16.3% of the group’s total throughput, while the Southeast Coast region handled 0.5% more volumes, or 1.45 million TEUs, during the period. Throughput of the Pearl River Delta region was up by 1.1%, the Southwest Coast region handled a total of 433,202 TEUs, marking a surge of 27%, while the volumes in the overseas region increased by 12.9% to 7.19 million TEUs. The overseas volumes were supported by increased calls by the OCEAN Alliance and THE Alliance.

While revenue increased by 0.7% to USD 254.7 million, the company noted that its net profit dropped by 4.4% year-over-year to USD 71.8 million.

During the first nine months of 2019 total throughput grew by 5.3% to 92.16 million TEUs, revenue was up by 3.2% to USD 772.6 million, while net profit decreased by 10% year-over-year to USD 219.6 million.

Looking forward to the fourth quarter this year, despite the fact that challenges do remain in the global macro-economy, COSCO Shipping Ports will continue to leverage on the synergies with the OCEAN Alliance and its parent company, and seize opportunities to cooperate with major shipping companies and ports companies to keep boosting throughput.

“The company will remain committed to building its global terminal network and searching for opportunities to acquire overseas terminals in line with the Board’s established plan, so as to provide more efficient and comprehensive services to meet the needs of the shipping alliances.”


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2018 Highlights of the Foreign Trade Statistics for Agricultural Commodities in the Philippines

2018 Highlights of the Foreign Trade Statistics for Agricultural Commodities in … On the other hand, trade deficit occurs when a country's total imports …


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Two More Sovcomflot Tankers Wrap Up NSR Voyages | Brazil Modal

Mendeleev Prospect; Image Courtesy: Sovcomflot

Lomonosov Prospect reached Cape Dezhnev, the easternmost end of the NSR, on October 16, 2019, while Mendeleev Prospect arrived at the same destination three days later, on October 19. Both vessels, bound for China with a cargo of crude oil from the Port of Primorsk, have crossed the full length of the NSR using only cleaner-burning fuel, according to SCF.

The units completed their respective voyages from Cape Zhelaniya to Cape Dezhnev in just over 7 days, covering the distance of more than 2,000 nautical miles. With favourable ice conditions along the entire route and precise route planning, both vessels travelled the entire length of the NSR without icebreaker escort.

“It is gratifying to emphasize that there is an ongoing demand for cargo transit along the Northern Sea Route during the period of summer navigation. Using LNG fuel allows for a significant reduction of the tanker’s emission footprint, which is critical given the fragility of the Arctic ecosystem,” Igor Tonkovidov, CEO of Sovcomflot, said.

“The transit voyage from Cape Zhelaniya to Cape Dezhnev went smoothly. While in passage along the high-latitude route, the tanker ran exclusively on LNG. The tanker fuel system and other components have proved to be highly reliable,” Mark Lyudnik, the Master of Mendeleev Prospect, added.

Sovcomflot is steadily introducing LNG as a fuel for large-capacity cargo shipping in the Arctic. In October 2018, Lomonosov Prospect crossed the NSR westbound, testing the operation of the ship engines and controls of the fuel systems using LNG during the voyage. In 2019, three of Sovcomflot’s LNG-fuelled tankers crossed the NSR eastbound and one such tanker westbound.

The company currently has six LNG-fuelled oil tankers in operation, all delivered in 2018-2019.


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Rupee: Rupee gains 18 paise against US dollar in early trade

Mumbai: The rupee on Tuesday appreciated by 18 paise to 70.72 against the US dollar in morning trade, as gains in domestic equity market and easing crude prices strengthened investor sentiments.

However, strengthening of the greenback vis-a-vis other currencies overseas capped gains for the rupee, forex dealers said.

At the interbank foreign exchange, the rupee opened strong at 70.75, showing a gain of 15 paise over its previous closing.

On Friday, the rupee had appreciated by 12 paise to settle at 70.90 against the US dollar.

Forex market remained closed on Monday on account of ‘Diwali Balipratipada’.

A higher opening in the domestic equities supported the local unit.

The BSE Sensex was trading 106.37 points, or 0.27 per cent, higher at 39,356.57 in morning trade, and the broader NSE Nifty advanced 16.75 points, or 0.14 per cent, to 11,643.90.

Meanwhile, brent crude futures, the global oil benchmark, fell 0.18 per cent to USD 61.46 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02 per cent to 97.78.

In the special Muhurat trading session, foreign institutional investors remained net buyers in the capital markets, putting in Rs 6.61 crore on Sunday, according to provisional exchange data.

FIIs had sold shares worth Rs 435.42 crore on Friday, while domestic institutional investors bought to the tune of Rs 440.16 crore, as per the data.

The 10-year government bond yield was at 6.52 per cent in morning trade.


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CMA CGM Launches Shipping Trade Finance Services | Brazil Modal

Image by Navingo

Through the initiative, the company said it would support its customers and their development with financing solutions. Shipfin offers importers and exporters “a range of simple, reliable and rapid financial services to consolidate and support their international growth.”

Additionally, the initiative includes a set of tailor-made solutions ranging from extended payment terms to financing advances.

The Shipfin Trade Finance range is based on two initial products dedicated respectively to importing and exporting customers, namely the supply chain financing and cargo financing. These would be available on the CMA CGM, ANL, APL and CNC platforms and initially available in India, Dubai, Singapore, Hong Kong, Malaysia, Indonesia and the Philippines before gradually being deployed to other countries.

Supply chain financing would extend importers’ payment deadlines up to 120 days; strengthen supplier relations by improving cash flow; optimize payment tracking by finding all documents in one place; master compliance risk thanks to the KYC (Know Your Customer) assessment achieved by the suppliers; and simplify processes by interfacing IT systems with the platform (EDI/API).

Additionally, cargo finance would help exporters improve their working capital and ensure the growth of their business, by allowing them to maintain their cash position by receiving payment as soon as they load their goods, for up to 90% of the value of the invoice; optimize the tracking of their invoices and customer receivables by finding all their documents in one place; reduce their customer risk thanks to CMA CGM’s credit insurance coverage; simplify their multi currency exchanges (4 currencies available); simplify their invoice collection process; benefit from non-recourse financing and maintain their borrowing power.

“By launching Shipfin, the CMA CGM Group goes even further in the customer relationship. We draw on our more than 40 years’ experience acquired at the heart of international trade to offer innovative, simple and relevant solutions beyond shipping to support our customers’ international development,” Mathieu Friedberg, Senior Vice President – Commercial Agencies Network, CMA CGM Group, said.


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Interior minister: New IT minister once new prosecutor general found | News

Former foreign trade minister Kert Kingo (EKRE) resigned Wednesday evening and was formally released from the job Friday by the president. However, the Conservative People’s Party of Estonia (EKRE) which Helme leads has yet to appoint a successor to Kingo.

Wednesday evening also saw an announcement by justice minister Raivo Aeg (Isamaa) where he went back on previous support for current prosecutor general Lavly Perling to continue in her role for a second five-year term.

Perling, who also had the backing of Prime Minister Jüri Ratas (Centre) in the role, had faced criticism from EKRE, partly over her marriage to the head of the Internal Intelligence Service (ISS). However, EKRE had not named a potential successor.

On Saturday, Helme told ERR that they had over half a dozen potential candidates to replace Kingo, though named no names, saying that some were from inside the party and some were not.

At the same time, Helme said that if the candidate proposed by the justice minister as new prosecutor general was not to their liking, they might run out their own candidate, making the picking of the new foreign trade and IT minister contingent on an amenable prosecutor general.

Helme also praised Kert Kingo’s approach in examining e-voting, a practice which EKRE has been critical of in the past.

Raivo Aeg: Can’t understand Helme logic

For his part, Raivo Aeg said Saturday that he fails to understand the logic in Helme’s statements.

“It’s very difficult for me to comment on this; I do not know how the two can be linked at all,” Aeg said.

Justice minister Raivo Aeg (Isamaa). Source: Ken Mürk/ERR

“One is a member of the government, the other concerns the appointment of a senior civil servant. a separate procedure and process,” Aeg told ERR, adding that as no consensus could be met on Lavly Perling’s candidacy for a second term, that this was now off the agenda.

Aeg also noted that EKRE had not put forward their own candidate: “The arguments they put forward are ridiculous.”

Download the ERR News app for Android and iOS now and never miss an update!


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Rwanda launches $35-mln dry port | Brazil Modal

The platform also hosts a 2,500-square meter bonded warehouse of Rwanda Digital Trading Hub of Alibaba Electronic World Trade Platform (eWTP) Yiwu Global Innovation Center.

China’s e-commerce powerhouse Alibaba, Zhejiang China Commodities City Group, and the port operator Dubai Ports World, target to build the bonded warehouse as a central warehouse for Chinese commodities in East Africa, and innovate the mode of import and export trade on this basis.

The port that costs 35 million U.S. dollars spans over 130,000 square meters, including a 12,000-square meter container yard and a 19,600 square-meter warehousing facility. It has an annual capacity of 640,000 tons of warehousing space.


Source: Xinhua


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Mahendra to focus on US trade negotiation, palm oil as deputy foreign affairs minister – Business

Indonesian Ambassador to the United States Mahendra Siregar has been appointed by President Joko “Jokowi” Widodo as deputy minister of foreign affairs and tasked with concluding trade negotiations with the US and supporting the palm oil industry.

The former deputy trade minister and deputy finance minister told the press that the Generalized System Preferences (GSP) review by the US, which includes preferential trade terms such as special tariffs for a number of countries, will need to be concluded within one month.

“The President agrees to conclude the GSP review within one month, because it has a direct impact that could double Indonesia’s trade, including an increase in exports by US$10 billion to $25 billion in the next two to five years,” Mahendra said after a meeting with Jokowi at the Presidential Palace on Friday.

The US has been reviewing bilateral trade relationships that result in a deficit for the world’s biggest economy, including trade with Indonesia.

“Secondly, securing sustainability of the palm oil industry is important and needs to be well guided. The stakes are too high,” Mahendra continued. In a briefing document handed to journalists, President Jokowi set a target to reach $25 billion in palm oil exports and save $10 billion in foreign exchange reserves.

Palm oil, a key plantation crop for tropical Indonesia, generates significant foreign exchange revenue for the country and has contributed 1.5 to 2.5 percent to the gross domestic product. Smallholder oil palm farmers account for more than 3 million hectares of land in the country.

The European Commission decided in March to phase out the use of palm oil by 2030, as it is considered a high-risk vegetable oil over deforestation concerns, sparking a trade spat between the EU, one of the world’s top importers of palm oil, and producing countries Indonesia and Malaysia.

The briefing document showed “neutralizing the EU’s unfriendly position” against Indonesian palm oil as one of Mahendra’s priority tasks. Moreover, the President has ordered Mahendra to pursue an unconventional approach to trade deals that goes beyond free-trade agreements (FTA) toward bilateral deals.

Pak President said this was going to be under the direct coordination of the President,” Mahendra said, adding that he had been given one year to meet these targets. Failing to do so, his position as deputy minister of foreign affairs would be handed over to “more competent personnel”.

Jokowi had previously planned to give the Foreign Ministry a stronger mandate for economic diplomacy by putting it in charge of international trade, while the Trade Ministry was to be merged with the Industry Ministry to focus on domestic trade.

But as that plan seems to have been scrapped, Foreign Affairs Minister Retno Marsudi said for the next five years she would keep the same priorities, while expanding and strengthening Indonesia’s economic diplomacy in accordance with Jokowi’s pledge to boost trade and investment to spur growth. (est)


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ICTSI Mexico beefs up capacity with new cranes | Brazil Modal

Manufactured by Shanghai Zhenhua Heavy Industries Co. Ltd., the new quay cranes can easily service the largest vessels plying intra-Pacific routes, with reach of up to 24 container rows across. On the landside, the five RTGs are expected to further improve the terminal’s efficiency to fully match demand.

Fortino Landeros, CMSA chief executive officer, said the new cranes will contribute to CMSA’s leadership performance in the national and international logistics chain: “With the arrival of the cranes, CMSA will be able to serve larger boxships and further increase operational capacity. Along with the terminal’s current second phase expansion, this would further consolidate our position as the leading container terminal in Mexico.”

Once deployed, the CMSA fleet will be composed of 8 quay cranes and 21 RTGs – among the largest and most advanced in Mexico.

Apart from the new cranes, ICTSI is currently beefing up CMSA’s capacity as part of its second phase expansion – including the terminal’s yards and entry and exit gates, and investments in cutting-edge technology and training of personnel.

Among the fastest-growing marine gateways in America, CMSA achieved its first year-to-date, four-millionth twenty-foot equivalent unit (TEU) milestone last July. It is likewise the only terminal in Manzanillo with land for expansion.

 Source: ICTSI


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