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☆ X users in Brazil temporarily regained access. Elon Musk's company says it was accidental.
▼ + stars: | 2024-09-19 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Read previewElon Musk's X says it accidentally restored temporary access to the social media platform in Brazil on Wednesday, just weeks after it was banned in the country. This story is available exclusively to Business Insider subscribers. This made "blocking the app much more complicated," the country's trade group for internet service providers added. In response, Musk closed X's Brazil offices and refused to comply with an order to name a legal representative in the country. X didn't immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: —, Elon Musk's, ABRINT, Basílio Rodriguez Pérez, Pérez, Musk, Alexandre de Moraes, X, Moraes, X didn't Organizations: Service, Global Government Affairs, Business, Brazilian Association of Internet, Telecommunications Providers, BBC, AFP, New York Times Locations: Brazil, Brazilian, Moraes

☆ Cut off from the West, Putin says almost 40% of Russian trade turnover is now in rubles
▼ + stars: | 2024-06-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Russia's President Vladimir Putin gestures as he delivers a speech during the Saint Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 7, 2024. Russian President Vladimir Putin said Friday that nearly 40% of the country's trade turnover is now in rubles as the share conducted in dollars, euros and other "non-friendly" Western currencies has fallen away. Putin said payments for Russian exports in "so-called 'toxic' currencies of non-friendly states" had halved over the last year. "With that, the share of the ruble in import and export operations is increasing, now standing at almost 40%," Putin said, according to a translation. The West has sought to cut off Russia's $2 trillion economy in response to Moscow's full-scale invasion of Ukraine in February 2022.

Persons: Vladimir Putin, Putin Organizations: Saint Petersburg, Economic, St ., Kremlin, International Monetary Fund, U.S Locations: Saint Petersburg, St, St . Petersburg, Russia, Brazil, India, China, South Africa, Asia, Latin America, Africa, Ukraine, Germany, France, Moscow

☆ Asia-Pacific markets are set to fall, tracking Wall Street losses; Japan parses souring business sentiment
▼ + stars: | 2024-02-21 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets are set to fall Wednesday, tracking Wall Street losses. Japan's Nikkei 225 is set to fall as investors assess the country's trade data and souring business sentiment among large Japanese manufacturers. The Nikkei futures contract in Chicago was at 38,260 and its counterpart in Osaka was at 38,280 against the index's last close of 38,363.61. Japanese manufacturers' business confidence soured in February, tumbling to -1 compared to the previous month's reading of 6, according to the Reuters Tankan poll. The Reuters monthly poll is considered to be a leading indicator of the Bank of Japan's official survey.

Organizations: Nikkei, Reuters, Bank of Japan's Locations: Asia, Pacific, Australia, Chicago, Osaka, Japan, Germany

☆ Trade leaders urge governments around the world to join Red Sea military effort
▼ + stars: | 2024-02-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Trade associations representing sectors across the global economy have joined an open letter urging more governments around the world to join Red Sea maritime security efforts. Currently, U.S.-led Operation Prosperity Guardian is the primary military defense effort protecting merchant vessels that have come under attack from Houthi rebels in the Red Sea. The trade groups' letter comes at a time when the scrutiny of military efforts in the Red Sea is rising within countries that have taken a lead role, including the U.S. Senators on the Foreign Relations Committee, as well as House representatives, have recently questioned the Biden administration's unilateral authorization of Navy action in the Red Sea that can be on behalf of foreign-flagged vessels. Despite political pressure, the flow of global trade remains heavily reliant on the use of foreign vessels.

Organizations: CNBC, American Apparel and Footwear Association, National Retail Federation, Prosperity Guardian, U.S, Senators, Foreign Relations, Biden, MDS Transmodal Locations: Red, U.S, France

☆ White House, Capitol Hill divide on use of military in Red Sea is getting dangerous for the economy
▼ + stars: | 2024-02-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

U.S. import and export data shows that the majority of the country's trade is on foreign-flagged vessels. The Congressional calls to consider prioritizing U.S.-flagged vessels come at a time when the Iranian-backed Houthis continue to attack shipping in the Red Sea. Other nations, including U.S. ally France, have already declared their priority is to escort French-linked vessels after facing nationalistic pressure. "It could also be argued that directing military action to defend U.S. commercial shipping is within this power. However, most vessels transiting through the Red Sea are not U.S. ships, which raises questions about the extent to which these authorities can be exercised," they wrote.

Persons: Gerald R, Dwight D, Eisenhower, Mohammed Al, —, Biden's, Charles, Bud, Darr, Salud Carbajal, Hapag Lloyd, Carbajal's, Tim Kaine, Todd Young, Chris Murphy, Mike Lee Organizations: United States, Ford, Anadolu, Getty, Capitol, U.S, MDS Transmodal, Congressional, Gaza, Senate Foreign Relations, White House, Representatives, MSC, U.S . Navy, Maersk, White, Senate Armed Services, Foreign Relations, Senate, Relations, Counterterrorism Locations: Red, U.S, Iranian, Iran, France, Marshall, United States, East, South Asia, Central Asia

☆ Continuing engagement with Israel is 'very critical,' UAE trade official says
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailContinuing engagement with Israel is 'very critical,' UAE trade official saysThani Al Zeyoudi, United Arab Emirates minister of state for foreign trade, discusses the country's trade agenda.

Persons: Thani Al Organizations: United Arab Emirates Locations: Israel, UAE, Thani Al Zeyoudi, United Arab

☆ Panama trade minister resigns after mining contract backlash
▼ + stars: | 2023-11-30 | by ( Elida Moreno | ) www.reuters.com time to read: +1 min

PANAMA CITY, Nov 30 (Reuters) - Panama's Trade Minister Federico Alfaro announced his resignation on Thursday days after the country's top court ruled a contract between the government and Canadian miner First Quantum < FM.TO> was unconstitutional. The Central American country's trade ministry led negotiations on a contract between the government and First Quantum to operate a key copper mine, which opponents have deemed as too generous to the miner. In a resignation letter addressed to the president and shared on social media, Alfaro mentioned the contract, which generated months of protest throughout Panama, as well as the court ruling. Cortizo announced on Tuesday he will follow through with First Quantum's mine shutdown once the court's ruling is published in the country's official gazette, which has not yet happened. Incoming trade minister Rivera said in a separate public statement the ministry is evaluating actions to comply with the court's ruling and will start coordination talks with labor and environmental authorities.

Persons: Federico Alfaro, Alfaro, Laurentino Cortizo, Jorge Rivera, Cortizo, Rivera, Eli Moreno, Brendan O'Boyle, Isabel Woodford Organizations: PANAMA CITY, Panama's Trade, Central American, Thomson Locations: PANAMA, Panama, Lincoln

☆ Australian trade minister discusses trade ties with China and U.S.
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDiversifying our relationship with China doesn't mean trading less with it: Australia trade ministerDon Farrell, Australian trade minister, when asked about managing his country's trade ties with the U.S. and China, said "we can walk and chew gum at the same time."

Persons: Don Farrell Organizations: U.S Locations: China, Australia

☆ UAE, after Israel-Gaza conflict, says it does not mix trade with politics
▼ + stars: | 2023-10-10 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

DUBAI, Oct 10 (Reuters) - The United Arab Emirates does not mix trade with politics, the country's trade minister said on Tuesday when asked whether the conflict between Israel and Hamas would impact economic agreements. "We don't mix the economy and trade with politics," Thani al Zeyoudi told reporters in Dubai. In March, a Comprehensive Economic Partnership Agreement (CEPA) between the two countries came into effect, Israel’s first free trade agreement with an Arab state. The UAE was the first Gulf country to normalise relations with Israel in 2020, breaking with decades of Arab policy toward the Palestinian cause. The UAE has described the attacks carried out by the Palestinian Islamist faction Hamas against Israel as a "serious and grave escalation".

Persons: Zeyoudi, Israel’s, Rachna Uppal, Maha El, Alison Williams, Christina Fincher Organizations: United, Thomson Locations: DUBAI, United Arab Emirates, Israel, Thani, Dubai, UAE, Georgia, Palestinian

People sit and work on their laptops at Deloitte's office in Gurugram, India, June 13, 2023. Last month U.S. trade chief Katherine Tai raised concerns with India over the move, which would also affect companies such as Dell (DELL.N) and HP (HPE.N). The new 'imports management system' will need companies to obtain 'registration certificates' for imports of laptops, tablets and personal computers, instead of licences proposed earlier by the Aug.3 order, one of the officials said. The ministry conveyed the proposal to industry officials in a meeting on Friday, they added. India's electronics imports, including laptops, tablets and personal computers, stood at $19.7 billion in the April to June period, up 6.25% year-on-year.

Persons: Anushree, Katherine Tai, Munsif Vengattil, Acharya, William Mallard Organizations: REUTERS, U.S, Apple, Samsung, Reuters, Dell, HP, India's, Thomson Locations: Gurugram, India, DELHI, China, New Delhi

☆ Russia 'seems to be rejoining the world trade,' after its 3 largest container ports neared their highest level of activity since the Ukraine war: think tank
▼ + stars: | 2023-09-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia appears to be rejoining the world trade despite sweeping sanctions, a German think tank said. The volume of goods unloaded at Russia's three largest container ports in August approached pre-Ukraine war highs. However, the report attached a graph that shows the year-on-year percentage change in container load arrivals to the three major Russian ports. A Kiel Institute for the World Economy graph shows the year-on-year percentage change in container load arrivals to the three major Russian ports. The Kiel Institute for the World Economy did not immediately respond to a request for comment from Insider sent outside regular business hours.

Persons: FleetMon, Vincent Stamer, Mikhail Mishustin Organizations: Service, Kiel Institute, Novorossiysk —, Bloomberg Locations: Russia, German, Ukraine, China, Wall, Silicon, St . Petersburg, Vladivostok, Novorossiysk, Western, institute's Kiel, Russia's, Beijing

China has stepped up domestic output of refined zinc this year, but the Shanghai market continues to be plagued by low inventory and tight time-spreads. China's imports, exports and net trade in refined zincRETURN TO THE IMPORT MARKETChina was a consistent net importer of refined zinc over the last decade, but that changed in 2022. Shanghai zinc stocks seasonal patterns over 2020-2023LOW INVENTORYShFE registered stocks stand at a modest 43,181 tons. Sentiment, however, holds the real key to the Shanghai premium. The country's trade in refined zinc may prove a useful mirror on that question over the next few months.

Persons: Cash, It's, Jan Harvey Organizations: Share, Shanghai Futures Exchange, London Metal Exchange, Shanghai Metal, Citi, Reuters, Thomson Locations: Eritrea's, Asmara, Eritrea, China, Shanghai, Europe, Turkey, U.S, Antwerp, Singapore, Malaysia's Port Klang, Kaohsiung, Guangdong, London

☆ China's rare earths dominance makes U.S. supply chains vulnerable, trade representative says
▼ + stars: | 2023-08-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

watch nowChina's dominance in rare earths makes U.S. supply chains vulnerable, U.S. Trade Representative Katherine Tai said in an exclusive interview Saturday with CNBC's Martin Soong. "And until we are able to access and create additional supply chains we remain entirely vulnerable to that leverage," the U.S. trade representative said. But lower labor costs overseas, as well as less pressure on environmental standards, helped send the rare earths industry out of the U.S. watch nowIn the case of rare earths, Tai pointed out that China has a monopoly in the global market. While lithium is a key component of electric car batteries, it isn't one of the 17 metals scientifically categorized as rare earths.

Persons: Katherine Tai, CNBC's Martin Soong, Tai, Trump, Biden, Li Qiang, Gina Raimondo Organizations: U.S . Trade, B20, CNBC Locations: U.S, China, New Delhi, India, Beijing

☆ U.S. trade chief flags concerns over India's license mandate for laptop, tablet imports
▼ + stars: | 2023-08-27 | by ( Shivangi Acharya | ) www.reuters.com time to read: +1 min

U.S. Trade Representative Katherine Tai addresses the media during the Indo-Pacific Economic Framework meeting in Detroit, Michigan U.S. May 27, 2023. Tai's intervention comes amid worries the licensing regime could impact shipments from the likes of Apple (AAPL.O) and Dell (DELL.N) and force firms to boost local manufacturing. Tai was in India to join the G20 trade ministers' meeting last week in the western state of Rajasthan. India's new licensing regime, which is due to come into effect on November 1, aims to "ensure trusted hardware and systems" enter the nation. It also seeks to reduce dependence on imports, boost local manufacturing, and in part address the country's trade imbalance with China, according to an Indian government official.

Persons: Katherine Tai, Rebecca Cook, Tai, Piyush Goyal, Shivangi Acharya, Sharon Singleton Organizations: Trade, Detroit , Michigan U.S, REUTERS, DELHI, Apple, Dell, India's Trade, World Trade Organisation, Thomson Locations: Detroit , Michigan, India, Rajasthan, China, U.S, New Delhi

☆ The dedollarization drive is facing a confidence crisis as the yuan, ruble and Argentine peso simultaneously plummet, an analyst says
▼ + stars: | 2023-08-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +4 min

Slumps in the ruble, yuan, and Argentine peso underscore how the US dollar is a more reliable currency, an expert told Insider. In the past week alone, the Chinese yuan, Russian ruble, and the Argentine peso plunged, forcing the countries' central banks to take drastic measures to calm markets. The Chinese currency fell Thursday to its weakest level this year amid investor anxiety over the deepening slowdown in the world's second-largest economy. Last month, Russian president Vladimir Putin said more than 80% of his country's trade with China is settled in the yuan and ruble. "The recent decline and volatility in the Chinese Yuan, the Russian Ruble, and to a lesser extent the Argentine Peso, will only add further challenges to the idea of de-dollarization," Zain Vawda, market analyst at DailyFX, said.

Persons: Slumps, Vladimir Putin, Yuan, Zain, Vawda, Paul Krugman, Larry Summers, It's Organizations: Service, Argentine, International Monetary Fund Locations: Argentine, Ukraine, Wall, Silicon, Argentina, Moscow, Beijing, Russian, China

☆ CNBC Daily Open: A good economy doesn’t mean positive markets
▼ + stars: | 2023-08-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Prices were pumped up by an attack on a Russian oil export hub and Saudi Arabia's extension of its oil production cut. Tear down this tariffAustralia wants China to remove all trade barriers between both countries, the country's Trade Minister Don Farrell told CNBC on Monday. [PRO] Upsides amid a China downgradeMorgan Stanley downgraded the MSCI China, an index that represents a range of mainland Chinese large- and mid-cap stocks.

Persons: nonfarm payrolls, That's, Dow Jones, Wall, Brent, Don Farrell, Farrell's, Morgan Stanley Organizations: CNBC, Federal, U.S, Nasdaq, Japan's Nikkei, West Texas, country's Trade Locations: New York City, Asia, Pacific, Shanghai, Saudi, Australia, China, Beijing, Bali

☆ Japan logs current account surplus for fourth month as trade gap narrows
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

Summary Current account surplus at 1.86 trillion yen in MayTrade gap narrows by one-third year on yearPrimary income surplus jumps to 3.6 trillion yenTOKYO, July 10 (Reuters) - Japan's current account surplus more than doubled year-on-year in May, in a fourth straight month of gains, as the country's trade deficit narrowed and income gains from its overseas investment expanded, Ministry of Finance data showed on Monday. The current account surplus reached 1.86 trillion yen ($13.08 billion) in May, compared with 773 billion yen in the same month a year earlier and just short of economists' median forecast for a surplus of 1.88 trillion yen in a Reuters poll. A breakdown of the data showed the trade deficit narrowed to 1.2 trillion yen from 1.8 trillion yen in May 2022, a ministry official said. The primary income surplus hit 3.6 trillion yen, up from 3.1 trillion yen in the same month a year earlier, resulting in an overall surplus for a fourth straight month. Over the past year, the current account data has highlighted the pain that high energy costs and a weak yen have inflicted on the world's third biggest economy, which relies heavily on imports of fuel and raw materials.

Persons: Tetsushi Kajimoto, Sonali Paul Organizations: Ministry of Finance, Thomson Locations: TOKYO

[1/6] U.S. Treasury Secretary Janet Yellen arrives at Beijing Capital International Airport in Beijing, China, Thursday, July 6, 2023. Both sides are sceptical that Yellen's visit will be able to take much heat out of U.S.-China ties, however, with officials accepting that both countries have placed safeguarding national security above economic ties. Yellen will address "unfair" practices by China, including recent punitive actions against U.S. firms and market access barriers, the official added. On Friday she will meet China's Premier Li Qiang and former economy tsar Liu He, who is widely seen as a close confidant of President Xi Jinping. They come ahead of a possible meeting between President Joe Biden and Xi at the Asia-Pacific Economic Cooperation gathering scheduled for November in San Francisco.

Persons: Janet Yellen, Mark Schiefelbein, Yellen, Nicholas Burns, Li Qiang, Liu He, Xi Jinping, Wang Huiyao, Yellen's, Zhu Feng, Xie Feng, Trump, Wu Xinbo, Antony Blinken, Joe Biden, Xi, Yew Lun Tian, Andrea Shalal, Joe Cash, Clarence Fernandez Organizations: . Treasury, Beijing Capital International Airport, REUTERS, U.S, Center for, Nanjing University, Global Times, Fudan University, Economic Cooperation, Thomson Locations: Beijing, China, REUTERS BEIJING, U.S, Center for China, United States, Russia, Washington, Asia, San Francisco

☆ US lawmakers call for S.Africa to lose summit over Russia ties
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +3 min

Referring to the letter, South African foreign ministry spokesman Clayson Monyela said on Twitter: "There is no decision by the State Department/White House to move the AGOA Forum from SA." South Africa's Department of Trade and Industry, which manages the country's trade relations with the United States, said it was not planning to respond publicly to the letter. South Africa's government has declared its neutrality in the war in Ukraine, and President Cyril Ramaphosa is participating in an effort by African leaders to mediate in the conflict. The lawmakers also appeared to back up an accusation by the U.S. ambassador to South Africa that a sanctioned Russian vessel collected weapons at a South African naval base last year. South African officials say they are not aware of such an arms transfer and have launched an independent inquiry into the incident.

Persons: Russia S.Africa, Antony Blinken, AGOA, Clayson Monyela, Cyril Ramaphosa, Vladimir Putin, Antony Blinken's, Joe Bavier, Carien du, William Maclean Organizations: AGOA, Twitter, State Department, White, SA, Africa's Department of Trade and Industry, South, International Criminal, U.S, Thomson Locations: Johannesburg, U.S, Africa, Washington, Russia, JOHANNESBURG, South Africa, South, Nigeria, Ukraine, United States, China, Russian

June 8 (Reuters) - Pakistan is likely to post GDP growth of 0.29% in the fiscal year ending June 2023, the country's economic survey released on Thursday said, well below the target of 5% set last year. Finance Minister Ishaq Dar told a news conference on the annual report that 0.29% GDP growth was a "realistic achievement" and anything higher was not achievable. Average year-on-year inflation rate for the period up to May 2023 was recorded at 29.2%, the survey found. In April and May, the country's inflation hit record levels, which were also the highest in Asia. Remittances of money sent from relatives abroad were down 13% for the FY23 until April, to $22.7 billion.

Persons: Ishaq Dar, Ariba Shahid, Asif Shahzad, Gibran Peshimam, Sakshi Dayal, Sudipto Ganguly, Barbara Lewis Organizations: International Monetary Fund . Finance, Thomson Locations: Pakistan, Asia

☆ These economies benefited from Russia's isolation — but they now risk Western retaliation
▼ + stars: | 2023-06-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +9 min

Changing trade patterns in the region are an opportunity, but also a risk. Georgian public support for EU membership has resurged over recent months, with four-fifths (81%) of the population currently in favor joining the bloc, according to a recent poll from U.S.-founded non-profit the National Democratic Institute. Armenia, meanwhile, has never submitted an application for either membership, and other Central Asian countries would not be eligible to join the EU. The geopolitical context with which we [Georgia] are now thought of is with other Central Asia countries. But they don't have EU membership as a target — we do," Kukava said.

Persons: Armenia's, haven't, Mikheil Kukava, Subir Lall, —, Kukava, they're, Ursula von der Leyen, Armen Nurbekyan, Nurbekyan Organizations: Anadolu Agency, Getty, International Monetary Fund, Institute for Development of, CNBC, Russia Western, European Bank for Reconstruction, Development, European Union, Georgia's National Statistics Office, European Commission, of Seven, Central Bank of, EU, NATO, of Information, U.S, National Democratic Institute, Central Locations: Tbilisi, Russian, Moscow, Georgia, Armenia, Ukraine, Russia, Soviet, Russia's, Caucasus, Central Asia, Kazakhstan, Turkey, United Kingdom, United States, Kyrgyzstan, Tajikistan, Azerbaijan, East, Central Bank of Armenia, Armenia's, U.S, of Information Georgia

☆ China, South Korea agree to strengthen talks on chip industry, Chinese commerce ministry says
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] Printed Chinese and South Korean flags are seen in this illustration, July 21, 2022. REUTERS/Dado Ruvic/IllustrationBEIJING, May 27 (Reuters) - China and South Korea have agreed to strengthen dialogue and cooperation on semiconductor industry supply chains, amid broader global concerns over chip supplies, sanctions and national security, China's commerce minister said. Wang Wentao met with South Korean Trade Minister Ahn Duk-geun on the sidelines of the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, which ended on Friday. Wang also said that China is willing to work with South Korea to deepen trade ties and investment cooperation. South Korea is in the crosshairs of a tit-for-tat row between the United States and China over semiconductors.

☆ South Korea May 1-20 exports fall 16.1% on year
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

SEOUL, May 22 (Reuters) - South Korean exports in the first 20 days of May fell 16.1% from a year earlier and imports dropped by 15.3%, customs agency data showed on Monday. The country's trade balance came in at a $4.3 billion deficit for the May 1-20 period, the data showed. South Korea's heavily trade-dependant economy has been hit hard by faltering global demand. Exports have declined in each of the past seven months on an annual basis, their longest losing streak in three years. Reporting by Choonsik Yoo; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Investors turn more bearish on Asian FX amid return of King Dollar
▼ + stars: | 2023-03-09 | by ( Harshita Swaminathan | ) www.reuters.com time to read: +3 min

Bearish bets intensified on nearly all Asian currencies, with short bets on the South Korean won and the Chinese yuan reaching their highest since November, according to a fortnightly poll of 12 analysts. Short bets on the won were the highest among Asian currencies for the second week in a row. However, the Indian rupee , already the best performing currency in Asia so far this year, bucked the bearish trend as investors dialled back their short bets. Short bets on the ringgit rose slightly. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ Japan runs record current account deficit in January
▼ + stars: | 2023-03-08 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: 1 min

TOKYO, March 8 (Reuters) - Japan logged a record current account deficit in January on persistent rises in the cost of importing fuel, government data showed on Wednesday. The deficit, at 1.98 trillion yen ($14.43 billion), exceeded a median market forecast of 818.4 billion yen and marked the biggest amount on record, the government said. The country's trade deficit in January was also the largest since relevant data became available in 1996, the data showed. The data underscores the pain that stubbornly high energy costs are inflicting on Japan's economy, which is heavily reliant on imports of fuel and raw material. ($1 = 137.2200 yen)Reporting by Tetsushi Kajimoto; Writing by Leika Kihara; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

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