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maltatoday, WEDNESDAY, 9 SEPTEMBER 2015 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way China's August imports fall 14.3% on oil prices China's imports in August fell 14.3% in yuan-denominated terms from a year ago, while exports fell by 6.1% The steep fall in the value of imports reflects lower commod- ity prices globally, particularly crude oil. The numbers mean China's monthly trade surplus expanded by close to 40% from the month earlier to 368 billion yuan ($57.8 billion). China recently revised down its 2014 economic growth from 7.4% to 7.3%, its weakest for almost 25 years. In US dollar denominated terms, exports for the month of August fell 5.5% from a year earlier - slightly less than expected - while imports fell by 13.8%, leaving China with a surplus of $60.24 billion. Currency conversion factors based on US dollar and Chinese yuan movements over the last year mean some official numbers from the mainland are now reported in both currencies. A fall in both import and export figures had been expected as China's economy slows, though analysts said the drop in imports was greater than forecast. "Chinese investors are now poised to expect a slew of weak economic data ranging from foreign trade to PMI [purchasing manager's index] to industrial output," said Xiao Shijun, an analyst at Guodo Securities in Beijing. But he said investors were "no longer nervous about relatively poor figures. So unless there are fresh surprises on the downside, market impact will be limited". EU farmers to receive €500 million in emergency aid as prices plummet European Union farmers reeling from plunging agriculture prices will get 500 million euros ($559 million) in emergency aid under a relief package from the European Commission. EU agricultural ministers endorsed the package on Monday in Brussels, with the commission urging that funds be made available immediately. More than 6,000 farmers and 2,000 tractors converged on Brussels, industry groups said, with protesters blocking streets and marching toward the EU headquarters. Plummeting prices for milk, meat, fruit and vegetables have spurred losses for farmers across Europe, according to Brussels- based farm lobby Copa-Cogeca. Russia's ban on food imports from the EU, slowing demand from China and an oversupply of milk and pig meat have contributed to the collapse. The measures are aimed at addressing cash-flow issues and stabilizing markets, the commission said. The relief package "is a significant, fast and concrete response to the current situation," European Commission Vice President Jyrki Katainen told reporters after the meeting. "It's real money," he said, adding that the aim is to "start the aid support package as soon as possible, in a few weeks' time." European milk prices have fallen about 20 percent in the past year, while prices paid for pigs are about 16 percent lower, industry data show. The commission, the EU's executive arm, proposed that aid be targeted at the bloc's member nations most affected by the crisis and said countries can pay farmers as much as 50 percent of their regular direct subsidies in mid- October instead of in December. Farmers protested in Brussels earlier this week Toshiba posts yearly loss Toshiba booked a net loss for the last fi nancial year and pledged a bold restructuring, raising hopes it was fi nally moving beyond a $1.3 billion accounting scandal. The submission of its books, twice postponed because of accounting woes, helped allay concerns among some investors that Toshiba risked delisting if it missed its latest filing deadline. Shares in Toshiba rose 1.8 percent on Monday, but they are still down around 30 percent since early April, when its accounting problems were disclosed. "Toshiba is still facing a number of daunting issues, such as what to do with its unprofitable PC and TV businesses," said Hiroyasu Nishikawa, a senior analyst at IwaiCosmo Securities Company, adding that the accounting troubles would drag on because of shareholder lawsuits. For the last financial year, Toshiba reported a 37.8 billion yen ($318 million) net loss. At one time it had expected a ¥120 billion net profit before withdrawing that estimate in May when it announced the accounting inquiry was being expanded. The weaker assessment included a more conservative estimate on the value of its investment in the South Texas Project, a United States power plant project. Toshiba denied speculation, however, that it would need to draw down deferred tax assets of Westinghouse, its United States-based nuclear business. All in all, Toshiba said it had overstated profits going back to the 2008-9 fiscal year by ¥155 billion ($1.3 billion). In July the accounting investigation found dysfunction in governance and a culture of discouraging employees from questioning their superiors, prompting the previous chief, Hisao Tanaka, and several other board members to step down. Toshiba's new chief executive, Masashi Muromachi, promised on Monday to announce by the end of the year a restructuring plan for the semiconductor, PC and TV businesses. He also said it was reconsidering plans by his predecessor, who stepped down in July in the face of the scandal, to expand the health care unit through acquisitions. China saw a bigger drop in imports than forecast