Category: Trucking News

India plans to invest $1.39 trillion in infrastructure to spur economy

India will unveil a series of infrastructure projects this month as part of a plan to invest 100 trillion rupees ($1.39 trillion) in the sector over the next five years, the finance minister said on Saturday, in a push to improve the country's economy. Nirmala Sitharaman's comments, as cited in local newspapers, followed data released on Friday that showed India's economic growth slowed to 4.5% in the July-September quarter - its weakest pace since 2013 - upping the pressure on Prime Minister Narendra Modi's government to speed reforms. Modi came to power in 2014 on the promise to improve India's economy and boost foreign investments, but he has struggled to meet those aims due to a lack of structural reforms....

Macau casino revenue slides 8.5% in November

Gambling revenue in the Chinese territory of Macau dropped 8.5% in November year on year, hit by lacklustre demand from high roller gamblers due to slowing economic growth amid the ongoing Sino-U.S. trade war and protests in neighbouring Hong Kong. November's figure of 22.9 billion patacas ($2.8 billion), the second weakest figure this year, comes as some high roller players delay trips to Macau, analysts said. While protests in the Asian financial hub of Hong Kong have caused transport disruption and deterred travel to the former British colony and then on to Macau, analysts and executives say the impact on gaming revenues has been minimal....

Asian refiners strive to finish IMO preparations in hunt for profits

ULSAN, South Korea/ICHIHARA, Japan (Reuters) - At SK Energy's largest refinery in South Korea, engineers are rushing to complete a new processing unit ahead of schedule as the firm looks to boost sales of low-emission fuels before new marine fuel standards take effect in just one month. In Japan, the country's second-biggest refiner Idemitsu Kosan Co is taking a more cautious stance, increasing capacity for low sulphur fuel oil (LSFO), but also relying on blending to produce IMO2020 compliant bunker fuel. New International Maritime Organization (IMO) rules from Jan. 1, 2020 prohibit ships from using fuels containing more than 0.5% sulphur, compared with 3.5% now, unless they are equipped with exhaust-cleaning "scrubbers"....

South Korea November exports plunge as China-U.S. deal still in dark

South Korean exports in November fell for the 12th month in a row and far more than expected, denting hopes for the global manufacturing sector stabilising as a much-awaited China-U.S. trade deal is still in darkness. Exports declined 14.3% in November from a year earlier, trade ministry data showed on Sunday, far below a median 10.2% fall tipped in a Reuters poll and missing even the worst forecast in the survey of an 11.1% loss. It was also the second-worst drop in overseas sales in nearly four years as global semiconductor prices failed to turn around while China, the country's biggest export market, continued to cut down purchases from its smaller neighbour....