Business In Brief [Archives:2008/1167/Business & Economy]

June 26 2008

– Chinese Deputy Premier Arrives in Yemen

The Chinese deputy premier has arrived in Yemen and held talks with deputy president Hadi, as well with other government officials. The discusses included china's assistance to Yemen as well as issues of mutual interest.

– Government to expand Public Investment Program

The Government has recently ordered the establishment of the Public Investment Programs Unit within the Ministry of Planning and International Cooperation in order to study the feasibility of implementing new public investment proposals which were not listed in the initial Public Investment Program

– Five Bakeries closed in Aden

The local office of the ministry of trade and industry has shut down five bakeries in Al-Mansoura district in Aden due to a violation of the bread retail law, which was enacted as a result of the soaring wheat prices. The bakeries were retailing at prices above the limitations.

– Customs: Privet Sector works to cheat consumers

Director of the Customs Authority Dr. Ali Al-Zubairi stated that several large businessmen and agents import sub-standard products and spareparts to sell them as genuine products to the local consumers, adding that the import of sub-standard and poor quality products has some serious consequences on the local economy and the trust of consumers in several brands.

– EITI council to be revived

Yemen's Extractive Industries Transparency Initiative (EITI) Council will be revived in order to push forward with Yemen's accession to the EITI initiative. This was announced following a meeting last week involving deputy prime minister for economic affairs Al-Arhabi and the newly appointed minister of oil Amir Al-Aydarous

– Al-Mutawakel to facilitate import of Australian wheat

Minister of Trade and Industry Dr. Yahya Al-Mutawakel is currently in Australia to hold talks with his Australian counterparts facilitate the import of Australian wheat to Yemen.

– IBY increases its capital to 5 billion Riyals

Following the general shareholder assembly for the International Bank of Yemen, the assembly decided to increase the paid up capital of the bank to 5.1 billion Riyals, towards reaching 9 billion Riyals in 2009. the bank's profits for FY 2007 exceeded a benchmark of 2 billion Riyals.