Latest news with #MinistryofIndustryandTrade
Yahoo
4 days ago
- Business
- Yahoo
Putin orders seizure of companies that fail to fulfil defence contracts
Russian leader Vladimir Putin has signed a decree allowing companies that fail to fulfil state contracts during martial law to be placed under external management. Source: The Moscow Times, an independent Amsterdam-based news outlet Details: The document states that in such cases, shareholders are deprived of control and the functions of the head of the company are transferred to a structure proposed by Russia's Ministry of Industry and Trade. The decision applies to companies in the aviation and shipbuilding sectors that produce civilian goods, their contractors, as well as manufacturers of military equipment working with foreign clients. The Russian authorities have intensified efforts to confiscate private property since the start of the full-scale war against Ukraine. Russia's Prosecutor General Igor Krasnov said that the authorities have nationalised assets worth RUB 2.4 trillion (over US$26.5 billion). In 2024 alone, Russia seized nearly 70 companies with a total revenue of RUB 807.6 billion (over US$8.9 billion) and assets worth RUB 544.7 billion (over US$6 billion). The largest of these include companies belonging to the former owner of Yugra Bank, Alexei Khotin (over RUB 100 billion – more than US$1.1 billion), the car dealer Rolf (RUB 68 billion – over US$750 million) and the Chelyabinsk Electrometallurgical Plant (RUB 61 billion – around US$680 million). Background: Russia plans to complicate or completely block the return of assets to foreign companies that left the country after the start of the full-scale war. Putin stated that companies which "slammed the door" and left the Russian market will not be allowed to buy back their assets at low prices or reclaim their former market positions. Russian business representatives met with Robert Agee, the President and CEO of the American Chamber of Commerce in Russia, to discuss the lifting of sanctions in certain sectors of the economy. US President Donald Trump's special envoy for special missions, Richard Grenell, held closed-door talks in Switzerland on the possible supply of Russian gas to Germany via Nord Stream 2. The United States and Russia are discussing the possibility of economic cooperation in the Arctic, including natural resource exploration and the use of new trade routes. Putin ordered his Cabinet of Ministers to prepare for the return of Western companies to the Russian market. Support Ukrainska Pravda on Patreon!
Fibre2Fashion
21-05-2025
- Business
- Fibre2Fashion
US, Vietnam begin 2nd round of trade pact talks
The second round of negotiations on a Vietnam-US reciprocal trade agreement is under way in Washington, DC, according to the Vietnamese Ministry of Industry and Trade (MoIT). The Vietnamese delegation is being led by MoIT Minister Nguyen Hong Dien. The second round of talks on a Vietnam-US reciprocal trade agreement is under way in Washington, DC, the Vietnamese Ministry of Industry and Trade (MoIT) said. MoIT Minister Nguyen Hong Dien, leading the country's delegation, also met representatives from nuclear technology firm Westinghouse and conveyed them that Vietnam wants to restart its nuclear power programme to ensure energy security. Dien also met representatives from Westinghouse, a nuclear technology corporation, and conveyed them that Vietnam intends to restart its nuclear power programme to ensure energy security amid rising electricity demand and the current limitations of renewable energy sources. Energy cooperation will also be an important driver for balancing bilateral trade, the minister affirmed. Both sides agreed to work towards signing a memorandum of understanding between Westinghouse and the Vietnam National Industry-Energy Group (Petrovietnam) in nuclear power development, a Vietnamese news agency reported. The two sides will also continue to promote cooperation, particularly in critical areas like investment models for energy infrastructure, technology transfer and the training and development of technical personnel for the nuclear power sector. Fibre2Fashion News Desk (DS)
The Star
10-05-2025
- Business
- The Star
Electricity prices in Vietnam increase by 4.8 per cent amid soaring generation costs
EVN workers checking the transmission system. Vietnam Electricity (EVN) on May 9 announced that the average retail electricity price will be increased by 4.8 per cent starting from May 10. — VNA/VNS HANOI: Vietnam Electricity (EVN) on Friday (May 9) announced that the average retail electricity price will be increased by 4.8 per cent starting from Saturday, marking the fourth hike since early 2023. Accordingly, the average electricity price increases from VNĐ2,103.12 to VNĐ2,204.064 per kWh, excluding value added tax (VAT). Since early 2023, electricity prices have been increased four times, 3 per cent, 4.5 per cent and two consecutive 4.8 per cent. On the same day, the Ministry of Industry and Trade issued Decision No 1279/QD-BCT regulating retail electricity pricing for different groups of customers and distribution units. EVN said that the impact on low-income households and social policy beneficiaries is not significant. The increase is aimed at offsetting rising input costs as Việt Nam becomes increasingly dependent on high-cost power sources such as coal, liquefied natural gas and renewable energy, EVN said, adding that cost-effective hydropower is projected to make up for just 25 per cent of the national electricity output by 2025. In addition, volatile foreign exchange rates, especially rising US dollar, also drove generation costs. Commercial electricity demand is anticipated to increase by 12.2 per cent this year and the total system output expected to add 336 billion kWh, mainly from high-cost power sources such as imported coal and LNG. Under the Prime Minister's Decision No 07/2025/QD-TTg on electricity price framework, the average retail electricity prices range between VNĐ1,826.22 and VNĐ2,444.09 per kWh. There must be a minimum interval of three months between two electricity price increases. EVN is allowed to decide on increases between 2 per cent and 5 per cent. EVN must get approval of the Ministry of Industry and Trade for increases between 5 per cent and 10 per cent and the Government's for increases of 10 per cent or higher. — Vietnam News/ANN
Ya Biladi
08-05-2025
- Business
- Ya Biladi
Morocco digitizes handicraft export procedures to boost competitiveness
A partnership agreement was signed on Wednesday in Rabat to digitize the export procedures for handicraft products and those from the social and solidarity economy. This document was endorsed by the Secretary of State for Foreign Trade, Omar Hejira; the Secretary of State for Handicrafts and the Social and Solidarity Economy, Lahcen Essaadi; the Director General of the Customs and Indirect Tax Administration (ADII), Abdellatif Amrani; and the Director General of PORTNET S.A, Youssef Ahouzi. The agreement pertains to the project of digitalizing the procedures related to the issuance of export certificates for handicraft products and those from the social and solidarity economy via the PortNet platform, as well as those related to registering with the handicraft exporters' registry. Initiated by the Ministry of Industry and Trade, this project is being implemented in consultation with the Secretariat of State for Handicrafts and the Social and Solidarity Economy, which is responsible for processing the formalities for granting export certificates and registering with the handicraft exporters' registry. The single window PortNet is in charge of the technical implementation, and the ADII handles the electronic exchange of this certificate with its system to finalize the export procedures for handicraft products. Speaking on this occasion, Omar Hejira emphasized that this is another step towards enhancing the competitiveness of national handicraft exporters and aligning them with international trade requirements. For his part, Lahcen Essaadi stated that the handicraft and social and solidarity economy sector is a strategic lever for economic and social development in Morocco. Abdellatif Amrani highlighted the importance of this agreement, which he believes will streamline trade exchanges and significantly reduce the processing times for export files. Meanwhile, Youssef Ahouzi expressed his satisfaction with this initiative, which will enable the PortNet platform to offer a range of administrative procedures that facilitate the export of handicraft products. Several training and awareness initiatives have been organized for the benefit of the handicraft services and sector operators, coordinated by the Ministry of Industry and Trade and supported by the PortNet teams, to accompany the launch of the pilot phase.
Ya Biladi
08-05-2025
- Business
- Ya Biladi
Morocco digitizes handicraft export procedures to boost competitiveness
A partnership agreement was signed on Wednesday in Rabat to digitize the export procedures for handicraft products and those from the social and solidarity economy. This document was endorsed by the Secretary of State for Foreign Trade, Omar Hejira; the Secretary of State for Handicrafts and the Social and Solidarity Economy, Lahcen Essaadi; the Director General of the Customs and Indirect Tax Administration (ADII), Abdellatif Amrani; and the Director General of PORTNET S.A, Youssef Ahouzi. The agreement pertains to the project of digitalizing the procedures related to the issuance of export certificates for handicraft products and those from the social and solidarity economy via the PortNet platform, as well as those related to registering with the handicraft exporters' registry. Initiated by the Ministry of Industry and Trade, this project is being implemented in consultation with the Secretariat of State for Handicrafts and the Social and Solidarity Economy, which is responsible for processing the formalities for granting export certificates and registering with the handicraft exporters' registry. The single window PortNet is in charge of the technical implementation, and the ADII handles the electronic exchange of this certificate with its system to finalize the export procedures for handicraft products. Speaking on this occasion, Omar Hejira emphasized that this is another step towards enhancing the competitiveness of national handicraft exporters and aligning them with international trade requirements. For his part, Lahcen Essaadi stated that the handicraft and social and solidarity economy sector is a strategic lever for economic and social development in Morocco. Abdellatif Amrani highlighted the importance of this agreement, which he believes will streamline trade exchanges and significantly reduce the processing times for export files. Meanwhile, Youssef Ahouzi expressed his satisfaction with this initiative, which will enable the PortNet platform to offer a range of administrative procedures that facilitate the export of handicraft products. Several training and awareness initiatives have been organized for the benefit of the handicraft services and sector operators, coordinated by the Ministry of Industry and Trade and supported by the PortNet teams, to accompany the launch of the pilot phase.
