Latest news with #tradeMinistry
Reuters
6 days ago
- Business
- Reuters
Norway exploring sale of remaining stake in Norwegian Air
COPENHAGEN, June 3 (Reuters) - The Norwegian government has begun exploring the sale of its remaining 6.26% stake in Norwegian Air ( opens new tab, the airline said on Tuesday. The airline said in a statement that the ministry of trade, industry and fisheries was contemplating selling up to 65,582,436 shares in the company, equal to a stake of about 6.26%. "If the demand and price in the offering is satisfactory, the seller may thus sell its entire shareholding in the company," Norwegian Air said. The price in the offering will be set through an accelerated bookbuilding process and will be in Norwegian crowns, the company added. Shares in Norwegian Air closed at 14.06 crowns on the Oslo stock exchange on Tuesday, prior to the announcement. At that price, the government's stake would be worth around 922 million Norwegian crowns ($91 million). Norway's government said last month it was converting half of a rescue loan to Norwegian Air during the pandemic into a 6.37% stake in the company. The government said at the time that any divestiture of its remaining participation in the airline would be considered based on developments in the market and the company. ($1 = 10.1283 Norwegian crowns)
Wall Street Journal
01-06-2025
- Business
- Wall Street Journal
South Korea's Exports Drop as Tariffs Take Toll — Update
South Korea's exports fell in May, with shipments to the U.S. shrinking for a second consecutive month as President Trump's sweeping tariffs hurt global trade. Overall exports from Asia's fourth-largest economy shrank 1.3% to $57.27 billion from a year earlier, following a 3.7% gain in April, according to preliminary data released by the trade ministry on Sunday.
Reuters
27-05-2025
- Business
- Reuters
India to reinstate tax refund benefits for exporters from June to boost competitiveness
NEW DELHI, May 27 (Reuters) - India will restore benefits under a key scheme that reimburses exporters for embedded duties, taxes, and levies not covered by any other government refund programme in an effort to boost export competitiveness, the trade ministry said on Tuesday. The benefits under the Remission of Duties and Taxes on Exported Products were introduced on January 1, 2021, but ended on February 5 this year. They will now be applicable for all eligible exports from June 1, covering sectors including textiles, chemicals, pharmaceuticals, cars, agriculture, and food processing, the ministry said in a statement. "Their reinstatement is expected to provide a level playing field for exporters across sectors," the statement said, adding the scheme would use a digital platform "to ensure transparency and efficiency". Total disbursements under the programme exceeded 579.77 billion Indian rupees ($7 billion) as of March 31, the ministry said. The benefits were earlier paused to review the support required by exporters, an official who did not want to be named told Reuters. "In the current environment, the government has felt the need to continue to give such benefits," the official said. The announcement comes days after India clinched a trade agreement with Britain and as it races to seal a trade deal with the U.S. before the end of the 90-day pause on hefty additional import tariffs imposed by U.S. President Donald Trump. ($1 = 85.2520 Indian rupees)
Malay Mail
22-05-2025
- Business
- Malay Mail
Singapore's economy beats Q1 forecasts, growing 3.9pc, but govt warns of trade war risks
SINGAPORE, May 22 — Singapore's economy rose faster than expected in the first quarter year-on-year, official data showed today, pushed by stronger global demand as businesses rushed to beat the imposition of higher US tariffs. The government, however, warned that downside risks remained as a full-blown trade war between the United States and China could still reignite after the end of a 90-day pause. Singapore's trade-oriented economy expanded by 3.9 per cent in the three months to March from the same period a year before, surpassing an advance government estimate of 3.8 per cent. It was, however, weaker than the five per cent expansion in the December quarter. And on a quarter-on-quarter basis, the economy contracted by 0.6 per cent, signalling the risks ahead. The year-on-year growth in the first quarter was driven by the manufacturing and wholesale trade sectors due to 'front-loading activities ahead of anticipated US tariff hikes', the trade ministry said. Although US President Donald Trump imposed a baseline 10 per cent tariff on Singapore, the city-state is vulnerable to a global economic slowdown caused by the much higher levies on dozens of other countries because of its heavy reliance on international trade. In April, Trump suspended the imposition of the higher tariffs for 90 days, except for China but recent talks between Washington and Beijing have sparked hopes the world's two biggest economies will come to an agreement. 'Notwithstanding the positive developments in recent weeks, the global economic outlook remains clouded by significant uncertainty, with the risks tilted to the downside,' the trade ministry said. Uncertainty will likely lead to weaker spending as businesses and households adopt a 'wait-and-see' approach, it said. The ministry maintained its forecast for the economy to grow at between zero to two per cent this year. This was a downgrade from its previous growth forecast of between one and three per cent. — AFP
Bloomberg
12-05-2025
- Business
- Bloomberg
Singapore Dollar's Outperformance This Year May Be Near Its End
The Singapore dollar is the top-performing Southeast Asian currency this year, but slowing inflation and growth worries may push it down the rankings in coming months. The city-state's currency is up about 5% versus the dollar this year, sending its value against a trade weighted basket of currencies toward the upper boundary of the Monetary Authority of Singapore's policy band. However, headwinds appear to be picking up, with the trade ministry last month cutting its 2025 GDP growth forecast to a range of 0% to 2%, citing global trade tensions.
