Latest news with #IndustryandTradeMinistry
India Today
04-07-2025
- Climate
- India Today
Thousands hit as Czech see 6-hour blackout due to fallen cable, power nearly back
A power outage in large parts of the Czech Republic, including Prague, trapped people in public transport and lifts and idled factories on Friday after a fallen high-voltage cable disrupted the incident is likely to add to concerns about the resilience of Europe's power infrastructure after Spain suffered the worst blackout in its history in April and a fire knocked out the power supply to London's Heathrow airport in was a massive power outage in part of Prague and in the northern and eastern Czech Republic around 12 pm (1000 GMT) today," the Industry and Trade Ministry said. "The cause was the fall of a power cable, not a cyberattack nor a failure of renewable resources." The outage was nearly fully resolved by 1600 halted international and local trains and public transport in several cities, including Prague, where the underground was briefly shut down and trams were at a halt for hours. About 1,000 mobile phone network stations were affected and ran on backup transmission system operator CEPS declared a nationwide state of emergency after the V411 transmission grid line and Unit 6 of the Ledvice power plant failed. It was not known what caused the power cable to had knock-on effects, overburdening another line and substation, and forcing part of the grid to operate as an island, cut off from other parts of the European Czech Republic has dozens of substations - facilities that convert electricity into different voltages so it can be transmitted throughout the country and distributed had earlier said the fallen line on the 45-kilometre high-voltage line in the northwest of the country had affected eight of these substations and caused blackouts in five of the Czech Republic's 14 fallen line, serving an area with lignite power plants, has been included in a modernisation plan and is due to be doubled in capacity by Ledvice 6 power plant, which was also affected, is a 660-megawatt, coal-fired plant built in 2017 and operated by CEZ. CEZ did not comment on the RESTOREDAll affected substations had power back before 1300 GMT, CEPS said, but distribution companies were working for more hours to restore supplies to Minister Petr Fiala told a briefing that about 2,000 customers remained without power just before 1600 GMT. He said around half a million had been affected the country, the outage caused 215 incidents involving people trapped in elevators, fire brigade spokesperson Lucie Pipis told Reuters, adding everyone had been prison authority said 13 prisons had lost power, but that security had not been compromised. Three large hospitals in Prague temporarily ran on backup Unipetrol's Czech refinery and chemical plant at Litvinov went into emergency shutdown, the company said on power supplies resumed, it began restarting operations, but said the process would take several days.- EndsMust Watch
Fibre2Fashion
22-06-2025
- Business
- Fibre2Fashion
Vietnam cautions bizs as Middle East conflict threatens global trade
Vietnam's Industry and Trade Ministry (MoIT) recently cautioned domestic businesses to closely monitor the escalating Israel-Iran condlict that threaten to disrupt global trade. Addressing a press conference, Tran Thanh Hai, deputy director of MoIT's Agency of Foreign Trade, called for rigorous scrutiny of export-import contracts, particularly key terms concerning freight charges, delivery schedules, insurance coverage, and force majeure provisions, to shield against disruptions. He cautioned businesses against the risks of leaning too heavily on a single market or shipping lane. Vietnam's Industry and Trade Ministry recently cautioned domestic businesses to closely monitor the escalating Israel-Iran conflict that threaten to disrupt global trade. A top ministry official called for rigorous scrutiny of export-import contracts, not leaning too heavily on a single market or shipping lane, and diversification into new markets and finding logistics partners with safer routes. He advocated diversification into new markets and finding logistics partners with safer routes. Supply chain resilience, he insisted, hinges on contingency plans – alternative raw material sources or, perhaps, the adoption of multimodal transport solutions like international rail freight, which could optimise costs and ensure timely deliveries, according to domestic news agency. Maintaining open lines with import partners is also key to navigating volatile conditions, he noted. He urged companies to work closely with shipping lines, airlines and freight forwarders to monitor routes, transit times and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism. He also called for heightened vigilance against foreign exchange risks. Fibre2Fashion News Desk (DS)
Fibre2Fashion
12-06-2025
- Business
- Fibre2Fashion
Vietnamese Industry & Trade Ministry approves e-com master plan
Vietnam's Ministry of Industry and Trade (MoIT) recently approved the master plan for e-commerce development between 2026 and 2030. The target is to optimise the entire value chain using advanced technology, while ensuring a balance between economic progress, social equity and environmental protection, and enhance the value and global competitiveness of the country's e-commerce industry, a domestic news agency reported. The plan is aligned with national strategic initiatives, including those on digital transformation, digital economy and digital society, and sector-specific programmes led by the ministry. Vietnam's Industry and Trade Ministry has cleared the 2026-2030 e-commerce master plan. Its aim is to optimise the value chain using advanced technology, while ensuring a balance between economic progress, social equity and environmental protection, and enhance the value and competitiveness of the sector. Sustainability forms a cornerstone of the strategy, with specific environmental targets. It outlines six focus areas: developing and refining regulatory frameworks and market policies for e-commerce; strengthening digital, logistics, and cashless payment systems to support sustainable growth; building digital platforms for both state management and a green, resilient e-commerce market; leveraging local advantages in resources and talent for integrated e-commerce ecosystems; improving e-commerce adoption among businesses, households, and individuals; and expanding global partnerships to adopt advanced standards, access new technologies, and enter international markets. It involves cultivating a unified and efficient e-commerce ecosystem, with efforts to strengthen regional and international linkages, ensuring that resources are mobilised and utilised effectively. The online market for Vietnamese products will be expanded, both within the country and abroad. The plan seeks to close the development gap between urban and rural areas and promote a shift toward a greener, circular e-commerce model. The government is targeting an increase in the proportion of adults shopping online to 70 per cent. It also aims to boost the annual growth rate of e-commerce retail sales to 20-30 per cent, with the sector accounting for a fifth of the country's total retail turnover. Efforts will also be made to reduce the proportion of websites violating consumer rights to 5-10 per cent. By 2030, 70 per cent of businesses in Vietnam are expected to adopt e-commerce in their operations, as per the plan. All commercial transactions are to be accompanied by electronic invoices, and four-fifths of payment transactions are to be conducted without the use of cash. The government also expects three-fifths of small and medium enterprises (SMEs) to operate on e-commerce platforms. The plan wants to ensure that at least half of all business-to-consumer (B2C) transactions take place outside of Hanoi and Ho Chi Minh City, and three-fifths of communes and equivalent local administrative units will have online sellers. It will encourage leveraging the unique advantages of different regions, such as raw materials, production capabilities, logistics networks, and local talent, to promote regionally integrated e-commerce systems. Sustainability forms a cornerstone of the strategy, with specific environmental targets. The plan sets a goal to reduce the use of plastic packaging to no more than 45 per cent and to raise the share of recycled packaging to 50 per cent. It also aims for at least 40 per cent of e-commerce logistics businesses to use clean energy in their operations. Additionally, 50 per cent of enterprises will be required to adopt green packaging standards. The plan aims at 60 per cent of higher education and vocational training institutions offering programmes related to e-commerce. Fibre2Fashion News Desk (DS)
RTHK
15-05-2025
- Business
- RTHK
China, US trade reps meet on sidelines of Apec session
China, US trade reps meet on sidelines of Apec session South Korea's Trade Minister Cheong In-kyo speaks during the opening ceremony of APEC Ministers Responsible for Trade Meeting. Photo: Reuters South Korean authorities on Thursday said Chinese and US officials have met on the sidelines of the annual Asia-Pacific Economic Cooperation (Apec) session of trade representatives. Korea's Industry and Trade Ministry said Chinese trade envoy Li Chenggang met US Trade Representative Jamieson Greer, in a sign of potential further progress to address trade frictions between the world's biggest economies. The two sides held high-stakes talks earlier this month in Geneva, in which they agreed to slash steep tariffs. It comes as Apec warned that exports from a region that accounts for around half of world trade will slow sharply this year, and barely grow at all, in the wake of US tariff announcements. The 21-member bloc projected exports in the region would rise only 0.4 percent this year, compared with 5.7 percent last year, in an analysis report released at its 2025 meeting of ministers responsible for trade in South Korea's resort island of Jeju. It also cut its regional economic growth forecast for this year to 2.6 percent from the previous 3.3 percent. "Trade growth is set to decline sharply across Apec due to lower external demand, particularly in manufacturing and consumer goods, while rising uncertainty over goods-related measures weighs on services trade," the bloc said in a statement. The trade ministers' meeting is being held as part of a second round of senior officials' meetings ahead of an Apec leaders' summit this year in Gyeongju, South Korea. (Reuters)
Yahoo
21-04-2025
- Business
- Yahoo
Russia's slowing economic growth cuts demand for Chinese imports
By Gleb Stolyarov and Alexander Marrow (Reuters) -Slowing economic growth and reduced demand for large purchases like cars, electronics and household appliances have curtailed the volume of Russia's imports from China, first-quarter customs data showed, just as Beijing faces serious trade headwinds from U.S. tariffs. Trade between Russia and China has soared since Western countries shunned Moscow over its February 2022 invasion of Ukraine, ballooning to a record 1.74 trillion yuan ($239 billion) last year, despite payment disruptions caused by western sanctions. Russia's economy rebounded from contraction in 2022 following the imposition of sanctions over the war, thanks largely to soaring spending on the military, but high interest rates, labour shortages and limited production outside the defence sector are now squeezing Russia's economic growth potential. Customs data published on Sunday showed that Russia spent $22.7 billion on imports from China in the first quarter of 2025, down 6.9% compared with the same period last year, according to Reuters calculations. In February, Russia spent $5.8 billion on Chinese imports, the lowest monthly volume since June 2022, the data showed. In March, Russia's China imports increased by 1.9% to nearly $7.8 billion year on year. China's Commerce Ministry and Russia's Industry and Trade Ministry did not respond to requests for comment. Russia's cooling economy and saturation of markets that China dominates are partly behind the drop in demand, according to three analysts interviewed by Reuters. This was particularly visible in the autos sector where Chinese carmakers now hold a more than 50% market share from under 10% before the war, said Vladislav Onishchenko, head of the Agency for Economic Transformation and Development, a Russian think tank. The slowdown in auto imports comes partly as rumours swirl about the possible return of Western carmakers to Russia and as income growth slows. The initial enthusiasm for Western brands returning also contributed to a drop in demand for other goods like electronics and household appliances, Onishchenko said. Russia's economy is slowing across the board, with companies citing borrowing costs at 21% as reasons for slashing investment. "There is potential (to increase imports from China), but the question is how fast," said Onishchenko. "(Russia) needs to pursue investment demand, but the money has to come from somewhere." Industrial production growth has almost flatlined and both consumer and corporate lending growth have softened. Alexei Podshchekoldin, president of the Association of Russian Automobile Dealers, said imports of heavy equipment like cranes, diggers and other machinery had been falling since November-December. Although consumer activity continued expanding in February, the pace of retail sales growth fell to 2.2%, supported mainly by services, according to the central bank, while demand for the kinds of goods imported from China has fallen. "The population's interest in large purchases of non-food products has decreased, including passenger cars, household appliances and electronics," the central bank said in a March report. NO SUBSTITUTE FOR U.S. Russia accounted for 3.2% of China's exports last year, up from 2.0% in 2021. The United States accounted for 14.7% in 2024, according to Chinese customs data. China's trade with Russia is not large enough to compensate for any drop in exports to the United States due to President Donald Trump's tariffs, but those trade restrictions could further strengthen ties between Beijing and Moscow. China last week said it plans to increase its imports of Russian liquefied natural gas this year. Beijing, which imported 5% of its LNG from the United States last year, imported no U.S. LNG in March, data from Kpler and LSEG show. Payment restrictions and the threat of secondary sanctions on Chinese companies facilitating trade with Russia have also dampened trade flows in the last year. But Alexander Gabuev, director of the Carnegie Russia Eurasia Center, said sanctions enforcement is likely lower now because of the Trump administration's personnel cuts across government. The U.S. Treasury did not respond to a request for comment. Russia's cooling demand is a byproduct of an increasingly militarised economy but Chinese companies could be creative by reducing profit margins or offering discounts to try and dominate the market even more, Gabuev said. "Russia definitely cannot substitute for the U.S., but it is a sizeable market and I think a lot of Chinese feel that they don't have much to lose," he said. "There will always be a way." ($1 = 7.2873 Chinese yuan renminbi) Sign in to access your portfolio
