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Author Archives: Ammad Ahmed

China P2P business rises 11% to $20.8bn

BEIJING: The amount of funds transacted last month by China’s online peer-to-peer lending platforms rose 11 percent from October to 133.1 billion yuan (US$20.8 billion), according to a report published yesterday. The figure took the total for the year to 1.2 trillion yuan, said Online Lending House. Despite the rising popularity of P2P services, problems in the sector remain. A ... Read More »

AIIB plans to lend up to $15b every year

BEIJING: The Asian Infrastructure Investment Bank, the new international development bank led by China, plans to lend $10 billion to $15 billion a year for the first five or six years, a top official said on Tuesday. The new lender, which will be inaugurated later this month, plans to conduct its first board meeting next month and will support infrastructure ... Read More »

China’s Huapont Life to buy 70% stake in Swiss firm for $38.2m

BEIJING: Huapont Life Sciences Co Ltd, a Chongqing-based pharmaceutical maker, said on Tuesday it will buy a 70 percent stake in Swiss Biological Medicine Group Ltd with no more than 210 million yuan ($32.82 million). The Swiss company owns Paracelsus Suisse, a holistic medicine center for tumor treatment, anti-aging therapies and treatment of chronic diseases. Shares in Huapont Life closed ... Read More »

Chinese copper producers to cut output by 350,000 metric tons in 2016

BEIJING: Copper producers from China have decided to cut output in 2016, in an effort to rein in commodity prices, which fell to a six-year low recently. On Tuesday, nine large copper companies said they would cut refined copper output by 350,000 metric tons next year. The big smelters said in a joint statement that prices have fallen to a ... Read More »

China’s home prices continued rise in Nov

BEIJING: New home prices in 100 major Chinese cities have been rising both on yearly and monthly basis for the fourth consecutive month in November, according to a survey by China Index Academy. Average price per square meter in the sampled cities grew 0.46 percent month on month to 10,899 yuan ($1,704) in November, an increase of 2.93 percent from ... Read More »

U.S manufacturing PMI falls to 48.6 in Nov

WASHINGTON: Economic activity of U.S. manufacturing sector in November contracted to the lowest level since June 2009 when the economy was caught up in the worst financial crisis in decades. The manufacturing index, also known as the purchasing managers index (PMI), fall to 48.6 in November after registering 50.1 in October, the Institute for Supply Management (ISM) said in a ... Read More »

Iceland services trade surplus swell by 16.2% to $679m in 3Q

REYKJAVIK: Iceland saw its balance of services trade increase to a surplus of 90.4 billion Icelandic krona (679.7 million U.S. dollars) in the third quarter of 2015, Statistics Iceland said Tuesday. This marks an increase of 16.2 percent compared with 77.8 billion Icelandic krona in the same period of the previous year. According to preliminary figures, Iceland’s export of services ... Read More »

S.Korea’s trade surplus hits to $10.36bn in Nov

SEOUL: South Korea’s trade surplus hit a new record high in November as imports reduced at a faster pace than exports, a government report showed Tuesday. Trade surplus reached 10.36 billion U.S. dollars in November, surpassing the previous high of 9.9 billion dollars in June, according to the Ministry of Trade, Industry and Energy. The trade balance stayed in the ... Read More »

Japan’s monetary base surges 30.8% to $2.80trn in Nov

TOKYO: Japan’s November monetary base rose 30.8 percent from a year earlier as the Bank of Japan (BOJ) continued measures to bolster liquidity as part of its ongoing efforts to achieve its inflation target, data from the central bank showed Wednesday. According to the BOJ, the nation’s monetary base stood at 343.67 trillion yen (2.80 trillion U.S. dollars) at the ... Read More »

CBSA seizes 450 grams hash, smuggled cigarettes

TORONTO: Drugs, cigarettes and a gun silencer were seized after boats were searched by the Canada Border Services Agency (CBSA) in two different parts of Newfoundland and Labrador. The CBSA announced Tuesday the seizure of approximately 450 grams of suspected hash, 35 cartons of cigarettes, drug paraphernalia, a small amount of suspected marijuana and a firearm silencer. The items were ... Read More »

U.K police seized cannabies worth more than £62m per year

LONDON: Police seize on average a quarter of a million cannabis plants with a total street value of more than £62 million a year, a report has said. The figures are from a National Police Chiefs’ Council (NPCC) study which added the commercial cultivation of cannabis “continues to pose a significant risk to the UK”. The information, based on returns ... Read More »

Indian police arrest three smugglers with 220kg ganja

ANDHRA PRADESH: Police seized dry ganja from smugglers at three different locations in the district on Tuesday. At V. Madugula under Chodavaram circle, a police team, led by Inspector S. Sanyasi Naidu, seized a lorry carrying about 220 kg of ganja and arrested two persons. The ganja was hidden in a specially fabricated box fixed atop the cabin. The arrested ... Read More »

India’s Narcotics Bureau seizes drugs worth Rs. 6.5 million

BENGALURU: Narcotics and psychotropic substances worth around Rs 65 lakh were seized from the residence of a notorious drug dealer in a raid here, Narcotics Control Bureau said today. The drugs were seized yesterday from the possession of the dealer who was residing in an apartment along with his live-in partner – a model, an NCB statement said. 110 gm ... Read More »

Indian police seize smuggled liquor worth Rs. 5 million

NAGAUR: A truck carrying about 955 cartons of smuggled liquor was seized and its driver arrested at Ren town of Nagaur district, police said today. The liquor was being transported illegally to Gujarat from Punjab, SHO, Merta Road, Chittar Singh told PTI over telephone. About 955 cartons of English brand liquor and beer worth Rs 50 lakh were seized from ... Read More »

Baltomore Customs revenue rises by $20m

BALTIMORE: The revenue intake at the Customs & Excise Division has continued to increase, with the department reporting a massive increase in collections for the period up to October 2015. Inspector and Customs Officer Randy Baltimore said the department has collected over $20 million exceeding its original target. “Our target was $261,851,350 which our actual collection was (up to) $282,667,664. ... Read More »

Bulgaria Customs seizes 11kg heroin worth BGN 1 million

SOFIA: Bulgarian customs officers at the Kapitan Andreevo border checkpoint seized nearly 11 kilos of heroin hidden in child’s pillow, the press office of the National Customs Agency announced. The drug haul was found in a car with Romanian registration travelling from Turkey to Romania, passing through Bulgaria. The vehicle was driven by a Turkish national, who was accompanied by ... Read More »

Bob Evans Farms net sales decline 2.5% to $325 million

COLUMBUS: Bob Evans Farms Inc.’s profit and revenue fell in the second quarter as the restaurant and packaged-food company said it remains in the “early innings of its turnaround.” Shares, down 22% this year, fell 5% to $37.90 in late trading. On Tuesday, the company adjusted its projections for the year saying it expects net sales of about $1.35 billion, ... Read More »

Apigee posts revenue of $20 million in Q1

SAN JOSE: Apigee, developer of an intelligent API platform for digital business, today announced financial results for the first fiscal quarter ended October 31, 2015. “We are pleased to deliver Q1 16 revenue, gross billings and non-GAAP operating loss exceeding our guidance ranges,” said Chet Kapoor, Apigee CEO. “Mobile devices and digital technologies continue to raise consumer expectations for real-time, ... Read More »

TECSYS Inc revenue grows 16% to $15.8m in Q2

MONTREAL: TECSYS Inc. an industry-leading supply chain management software company, today announced its results for the second quarter of fiscal year 2016, ended October 31, 2015. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS), and are unaudited. Second Quarter Highlights: Revenue grew 16% to $15.8M in Q2 2016 compared ... Read More »

Golar LNG’s operating revenue rises by 36.3% in Q3

LONDON: Golar LNG (GLNG) has a market cap of $2.6 billion. After the company’s fiscal 3Q15 earnings report, GLNG rose by 2.3% to close at $27.35 per share on November 30, 2015. GLNG’s price movements on weekly, monthly, and YTD bases are -1.9%, -4.1%, and -22.3%, respectively. Technically, the stock has broken the support and is trading below all moving-day ... Read More »