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Xinhua world economic news summary at 1030 GMT, Nov. 15

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WINDHOEK — Namibia’s largest private company group, the Ohlthaver & List (O&L) Group, entered into a conditional agreement with a subsidiary of Heineken International that will see the latter acquire O&L’s 50.01 percent share in Namibia Breweries Limited (NBL).

Sunside Acquisitions Proprietary Limited, a newly incorporated unlisted subsidiary of Heineken International in South Africa, will acquire the shares in NBL Investment Holdings Limited, an investment company that has a controlling shareholding in NBL. (Namibia-Company-Acquirement)

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SEOUL — South Korea’s rice production posted a double-digit growth this year, marking the first increase in six years amid favorable weather conditions, statistical office data showed Monday.

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The rice output totaled 3,882,000 tons in 2021, up 10.7 percent from the previous year, according to Statistics Korea. It was the first expansion in six years since 2015. (S.Korea-Rice-Growth)

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TOKYO — Tokyo stocks finished slightly higher on Monday as market sentiment was lifted on a slew of upbeat earning reports by Japanese companies, although gains were capped since investors moved to lock in gains from a three-day increase from last week.

The 225-issue Nikkei Stock Average finished 166.83 points, or 0.56 percent, higher from Friday at 29,776.80. (Japan-Stocks-Index)

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KUALA LUMPUR — Fitch Solutions Country Risk and Industry Research said Monday it still forecast Malaysia’s real gross domestic product (GDP) growth of 1.5 percent and 5.5 percent in 2021 and 2022, respectively, following the release of the country’s third quarter growth.

The Fitch group unit said in a note, while Malaysia’s economy contracted 3.6 percent on a quarter-on-quarter basis, tipping the country into a technical recession, it expects the technical recession to end in the fourth quarter, which should post positive growth on the back of broad-based, lifting of restrictions for fully vaccinated individuals. (Malaysia-Fitch-GDP)

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LOS ANGELES — California saw the highest record of average prices for regular gasoline in the state on Sunday.

According to the American Automobile Association (AAA), a federation of motor clubs throughout North America which updates daily average national, state and local prices for gasoline, diesel and E-85, the average gas prices in California hit an average of 4.676 U.S. dollars per gallon Sunday. (U.S.-California-Gas prices)

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WASHINGTON — About two dozen U.S. business associations have urged the Biden administration to reduce tariffs on Chinese goods to provide relief to Americans amid rising inflation pressures.

“Tariffs put in place over the last several years continue to disproportionately cause economic harm to U.S. businesses, farmers, workers and families,” the business associations, led by the U.S.-China Business Council, said Friday in a letter to U.S. Trade Representative Katherine Tai and Treasury Secretary Janet Yellen. (U.S.-Business-China)

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RAMALLAH — The UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) may not be able to pay the salaries of its employees in the coming months, a spokesman for the UN agency warned Sunday.

“The lack of sufficient funds and the absence of a continuous flow of grants will affect the agency’s ability to pay the salaries of its employees on time during the next two months,” Sami Mshasha, spokesman of UNRWA, told the official Voice of Palestine radio. (UN-Employees’ salaries)

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