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Author Archives: CT Report

New law to send more money to Florida ports

TALLAHASSEE: More money will be floated yearly to the state’s 15 seaports under a wide-ranging transportation bill signed into law Monday by Gov. Rick Scott. The measure (HB 7027) boosts the minimum annual funding for the Florida Seaport Transportation and Economic Development program — administered by the Florida Ports Council — from $15 million to $25 million. Florida Ports Council President ... Read More »

JN Port posts flat growth in container shipments in 2015-16

WASHINGTON: Container shipments through state-owned Jawaharlal Nehru Port Trust (JNPT), India’s busiest container gateway, remained flat in 2015-16 as a global slowdown cut demand for goods. The port located near Mumbai handled 4.49 million twenty-foot-equivalent units (TEUs) in the year to March, a marginal increase of 0.56% over the previous year. In 2014-15, JNPT, one of the 12 owned by ... Read More »

Ethiopian inflation at 7.5% in March

ADDIS ABABA: Ethiopia’s inflation fell to 7.5 year-on-year in March from a revised 8.9 percent the previous month, the statistics office said on Monday. Food inflation slowed to 7.3 percent in March from 9.2 percent the month before, while non-food inflation also decreased to 7.8 percent last month from a revised 8.5 percent in February, the Central Statistics Agency said. Read More »

Jordan plans to issue $2.38 bln contracts

AMMAN: Jordan is planning to issue contracts worth 1.7 billion dinars ($2.38 billion; Dh10.27 billion) in the near future and the projects will help revive the ailing construction sector, a newspaper in the Arab country reported on Sunday. “The government will issue contracts in the coming period worth around 1.7 billion dinars…these projects will support the construction sector and push ... Read More »

Auto production increases by 43% to 110,035 units in 7 months

ISLAMABAD: The production of jeeps and cars increased by 43.02 percent to 110,035 units during the first seven months (July-January) of the ongoing fiscal year as compared to 77,176 units of the corresponding period of last year. According to the data of Pakistan Bureau of Statistics (PBS), the production of light commercial vehicles (LCVs) also witnessed positive growth of 137.40 ... Read More »

Nepal telecom introduces NTPro service

KATHMANDU: Nepal Telecom has introduced NTPro service to its customers. Issuing a statement, the state-owned telecommunication company said that its postpaid mobile phone users can now make and receive phone calls all over the world even if there is no GSM network if they have Internet access. According to the company, users need to download ‘NTPro App’ on their smartphone ... Read More »

Govt releases over Rs 15.3b for water sector

ISLAMABAD: The federal government has released Rs 15,388.643 million (Rs 15.4 billion) to various projects of water sector out of Rs 30,120 million allocated in the budget under annual Public Sector Development Programme (PSDP) 2015-16 so for. According to the data of the Planning Commission, a sum of Rs 4631.543 million was released for Kachhi Canal Project (Phase-1), Rs 2,000 ... Read More »

LPG plant being set up in Nashpa field

ISLAMABAD: With the aim to meet increasing energy demand in the country, the Oil and Gas Development Company (OGDCL) setting up a liquefied petroleum gas (LPG) plant in Nashpa field, official sources of the company said. “Under the expansion plan, the LPG project will be completed in two years and local manpower will be hired for the plant in Nashpa ... Read More »

Napco revenue surges 28% to OMR24.8 mln

MUSCAT: National Aluminium Products Company (Napco), one of the leading extruders of aluminium profiles in the Gulf Cooperation Council (GCC), has registered a remarkable performance for 2015, achieving robust growth volume in the local market as well as exports. The company earned revenues of OMR24.8 million, compared to OMR19.4 million in 2014, representing an increase of 28 per cent. In ... Read More »

CPEC project to generate 800,000 jobs

ISLAMABAD: The China-Pakistan Economic Corridor (CPEC) project will boost economy and help create near 800,000 new job opportunities in Pakistan. According to PTV News report, after completion of the project, bilateral trade volume of Pakistan and China will go up by 33 percent. The project will also create vast opportunity for Pakistan of bilateral trade with other regional countries, besides ... Read More »

Rovaniemi posts fair economic growth in 2015

HELSINKI: The city of Rovaniemi’s operating expenditures posted a moderate growth in 2015, despite the country’s tight economic situation. The annual contribution margin amounted to 2.8 million euros while the municipality invested 30 million euros. According to the municipality, the investments were mainly funded through loans. Of the investments, 20 million euros went to construction of the municipality’s infrastructure and purchase ... Read More »

Ukraine may receive LNG from US through Europe

KIEV: Ukraine may receive liquefied natural gas (LNG) from the United States through Europe, Ukraine’s Minister of Energy and Coal Industry Volodymyr Demchyshyn told Sputnik. “They [the United States] cannot send gas directly to Ukraine, because Ukraine lacks a terminal, which could receive [gas], but there is one in Europe. In theory, they can deliver gas to Poland or Lithuania ... Read More »

Reem Investments posts $57 mln net profit

ABU DHABI: Reem Investments, a leading investment company in Abu Dhabi, has posted a net profit of Dh211 million ($57.4 million) for the financial year 2015. It was announced at the recently concluded annual general meeting, where the board also approved a 12 per cent cash divident – an increase of 20 per cent over the previous year, said a statement. ... Read More »

UAE Exchange, Travelex secure $890m loan

ABU DHABI: The majority shareholders of UAE Exchange and Travelex have closed an $890 million loan that will be used to support the two foreign exchange companies’ growth plans, according to a statement on Monday. The loan, which can be increased by an additional $75 million at the request of the shareholders, will also be used to refinance an existing bridge ... Read More »

Shipping intel report of Karachi Port

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Monday. ALONG SIDE (Bulk Oil Pier): OP-I Oriental Green D. Petrol Alpine 02/04/16 OP-II Sc Dalian L. Ethanol Alpine 03/04/16 Op-III Shalamar D. Crude Oil PNSC 03/04/16 ALONG SIDE (East Wharves): 1/2 Neptune Pioneer D.Coal OC-Services 03/04/16 2/3 Bulk Colombia ... Read More »

KPT’s shipping movements report

KARACHI: Following were the Movements of Ships at Karachi Port Trust (KPT) during last 48 hours, ending at 0700 hours on Monday. SHIPS SAILED: Bunga Lucerne Tanker BW Mia Tanker Tabernacle Prince Cement YM Express Cont COSCO Sao Paulo Cont Chnag Hang Jin Hai G.C Al Abdali Cont Calmy Coral G.C Hyundai General Cont Ocean moonbeam Tanker Oriental Lotus Tanker ... Read More »

Vietnam Petrolimex to sales 8% stake to Japan firm

HANOI: Việt Nam National Petroleum Group (Petrolimex) will offer 103.5 million ordinary shares, or eight per cent of its stake, to the Japanese JX Nippon Oil & Energy Corporation, officials said. Hosting the shareholders’ meeting in Hà Nội last week, Petrolimex Chairman Bùi Ngọc Bảo revealed the plan to issue more shares to increase the group’s charter capital. The deal ... Read More »

Tanvir assumes charge as Assist Collector in Multan

ISLAMABAD: Tanvir Ahmad Malik, a Pakistan Customs Service officer of BS-17, has assumed the charge of the post of Assistant Collector, Model Customs Collectorate, Multan. The officer, in pursuance of Board’s Notification No. 0694-C-III/2016 dated 16.03.2016, relinquished the charge of the post of Superintendent (BS-17), Model Customs Collector, Multan with effect from March 17. Read More »

Hira Nazir takes charge as Second Secretary-IR

ISLAMABAD: Hira Nazir, a BS-18 officer of Inland Revenue Service, Monday assumed the charge of the post of Second Secretary, FBR, Islamabad. The officer took the charge of the said pursuing the Board’s Notification No.2217-IR-II/2014 dated 17-11-2014. Read More »

Australia’s vegetable industry shrinks under pressure from cheap imports

CANBERRA: Statistics showing a 5% decline in Australia’s vegetable industry have prompted a warning from industry body AUSVEG over the impact of foreign vegetable imports. Figures released by the Australian Bureau of Statistics (ABS) show that the 5% decline in the gross value of the vegetable industry in 2014–15 coincided with a 15% decline in the number of vegetable-growing operations ... Read More »