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Mining sector exports $9b in a year

“TEHRAN- Iranian Deputy Industry Minister Mehdi Karbasian announced that during the past Iranian calendar Year 1396 (ended March 20, 2018) exports of domestic mining sector stood at $9 billion, IRNA reported” reports tehrantimes.com. As he told reporters on Tuesday, exports of steel chain, in the previous year, was predicted to reach 8 million tons, while the figure hit 9.5 million tons and the exports were made to new destinations such as Canada, Mexico, and East-Asia. “In 1396, Iran exported 740,000 tons of sponge iron and 18 million tons of iron…

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UK services firms cash in on global growth, official data shows

“While the EU dominated the growth in exports, the biggest growth in imports to the UK came from Asia” writes Matthew Lynn for telegraph.co.uk. The analysis, based on 2016 data, showed that the five most important export markets for UK goods were the US, Germany, France, the Netherlands and Ireland.David Henig, a former senior UK trade official and UK director of the European Centre for International Political Economy, said the figures showed the importance of protecting the UK’s surplus in trade in services.North America, including the US, generated around half as much trade…

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Markets News Oil 

China Will Do What’s Best for China: Not Shooting Markets

“Bottom line, it’s more likely that China will threaten retaliation through financial markets than actually carry it out” writes Albert R for bloomberg.com. Similarly, selling U.S. Treasuries is a problem both for China and emerging markets.The temptation to fight in financial markets is there.The last time China depreciated its currency significantly, in August 2015, it set off a sequence of cascading declines in emerging markets and a rise in asset volatility. Source: bloomberg.com Share This:

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Australia’s export of 590 greyhounds to Macau went ahead despite industry ban

“Leaked documents, released by Greens MP Mehreen Faruqi, have shone further light on the details of live greyhound exports approved by federal authorities” writes Christopher Knaus for theguardian.com. But the issue sits outside the remit of the department of agriculture, which is responsible for issuing permits for greyhound exports. Source: theguardian.com Share This:

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Southeast Asia Braces for Trade War by Bolstering Growth

“Policy makers across Southeast Asia are bracing for a fallout from a U.S.-China trade war, turning their focus on bolstering their domestic markets to cushion the blow” writes unknown author for bloomberg.com. While large domestic markets in Indonesia and the Philippines help to shelter those economies from a trade war, other economies in the region, like Singapore, Malaysia and Thailand, are more reliant on exports.The government has requested to meet with U.S. trade representatives April 17 to sort out a deal. Source: bloomberg.com Share This:

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Gold jumps after China announces tariffs on $50 billion worth of US goods

“The spike came shortly after China’s Ministry of Commerce announced a 25% tariff on $50 billion worth of US exports” writes Finanzen Net Gmbh for businessinsider.com. The tariffs are meant to meant to penalize the US for its recently-announced taxes on Chinese steel and aluminum.Among the 106 affected products are some of the biggest American exports to China, including aircraft, autos and soybeans. Source: businessinsider.com Share This:

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Markets recover after swinging sharply on trade turmoil

“REUTERS/Thomas Peter It was a volatile day for US markets” writes Gina Heeb for businessinsider.com. Indexes swung sharply after China’s Ministry of Commerce announced a 25% tariff on $50 billion worth of US exports Wednesday morning. Among the 106 affected products were some of the biggest American exports to China, including aircraft, autos, and soybeans. Source: businessinsider.com Share This:

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News Oil 

The energy industry will likely emerge from any trade war with China unscathed

“If you look at the trade deficit, it’s basically unchanged, but if you look underneath, there’s been this dramatic decline in the petroleum trade deficit,” said Zandi” writes Eddie Seal for cnbc.com. “Our oil trade has been a huge source of our trade deficit.”From a political standpoint, every VLCC [super tanker] that carries 2 million barrels of crude oil lowers our trade deficit to China by over $120 million.”. China laid claim to 20 percent of U.S. oil exports last year and is a growing importer of liquified natural gas.Service…

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