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Author Archives: CT Report

Adani Ports, Special Economic Zone raises Rs 150 cr

WASHINGTON: Adani Ports and Special Economic Zone today said the company has raised Rs 150 crore through debentures. “The Company has raised Rs 150 crore on March 23, 2016, by allotment of 1,500 Rated, Listed, Taxable, Secured, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs 10 lakh each on private placement basis,” it said in a regulatory filing. ... Read More »

Germany’s ThyssenKrupp moves into new HQ

BERLIN: German elevator maker ThyssenKrupp expanded its production and innovation capacity with an eye on China’s urbanization drive by launching a new 120 million yuan (US$18.5 million) headquarters in Shanghai yesterday. The new site, located in Shanghai’s Songjiang District, also incorporates plants that will manufacture key products including elevators, escalators and moving walkways. “China is our most important market in ... Read More »

PetroChina profit slumps 70%

BEIJING: A PetroChina gas station is pictured in Beijing. PetroChina, the country’s biggest oil and gas producer, yesterday reported a 70 percent slump in its full-year 2015 profit, with earnings upstream and in the marketing segment both taking a hit from lower prices. Read More »

Alibaba’s Jack Ma proposes new global e-commerce platform

BOAO: Jack Ma, founder of Alibaba, on Wednesday called for a fresh global e-commerce platform to accommodate the interests of small traders who have been enabled by e-commerce to buy and sell across borders. Speaking at the Boao Forum for Asia in the southern province of Hainan, Ma said he calls for an Electronic World Trade Platform, or e-WTP, to ... Read More »

Chinese companies unveil $14b Scottish investment

BEIJING: China’s involvement in Scotland’s infrastructure projects will help improve its ground commuting system and is expected to spur local employment, industry experts said here the other day. Scotland signed a memorandum of understanding on Monday with Chinese investment group SinoFortone Group and China Railway No 3 Engineering Group, the largest construction company in the world, to bring about infrastructure ... Read More »

China urges US to wrap up trade agreement before election

BEIJING: China and the United States should complete negotiations on the bilateral investment treaty before November’s US presidential election to prevent potential political intervention, former commerce minister Chen Deming said on Wednesday. His comments came after the US Republican presidential frontrunner Donald Trump pledged to impose tariffs on Chinese products to “level the playing field”, even though this would be ... Read More »

LEAs co-op, modern tech to help curb smuggling: Collector Arslan

ISLAMABAD: By adopting modern techniques and developing coordination with law enforcement agencies (LEAs) to curb the smuggling in country, the revenue generation in shape of customs duty can be increased by four times. This was stated by Model Customs Collectorate Collector Arslan Subuctagaen during an interview with Customs Today, adding that Islamabad Customs has inked agreement with the law enforcement ... Read More »

KCCI issues final reminder for membership renewal by March 31

KARACHI: The Karachi Chamber of Commerce and Industry (KCCI), in its final reminder, advised all its members to renew their KCCI membership by March 31, 2016 in order to avoid any inconvenience.  According to KCCI’s reminder, the process of membership renewal was currently underway for the year 2016-17 and as per Trade Organizations Act 2013, the last date for renewal ... Read More »

IT sector exempted from 1% addl. custom duty: FBR

ISLAMABAD: Telecom sector is excluded from the recently levied one percent additional customs duty, as most of Information and Communication Technology (ICT) related items are currently at lowest slab of Pakistan Customs tariff of 2 percent customs duty only. This was stated by the Federal Board of Revenue (FBR) while briefing the Senate Committee on Finance. It is learnt by ... Read More »

ICCI-Bank Alfalah hold seminar on Islamic banking

‏ISLAMABAD: The Islamabad Chamber of Commerce and Industry in collaboration with Bank Alfalah have organized an seminar to create awareness about Islamic banking among the business community. Dr Mufti Khaleel Ahmed Azmi, the Bank Alfalah Sharia Board chairman, gave a detailed lecture to the participants about the importance of Islamic banking. He said that conversion to Islamic banking is beneficial ... Read More »

SHC directs customs to release consignment of cold roll sheets

KARACHI: The Sindh High Court directed the customs authorities to release the consignment of cold roll sheets of the petitioner after payment of duties and taxes, as leviable and upon securing Provisional Anti-Dumping Duty by the way of pay order with the Nazir of the SHC. A two-member bench headed by Chief Justice Sajjad Ali Shah also directed to the ... Read More »

Nigeria Customs re-imposes restriction on rice

ABUJA: Nigeria Customs Service has re-introduced the restriction order on importation of rice through land borders across the country. Comptroller-General of Customs, Col. Hameed Ali (Rtd) gave the approval for the reversal of an earlier policy in October 2015 which allowed rice imports through the land borders, once appropriate duty and charges were paid. At a review session held with ... Read More »

Jordan budget deficit of 2015 up by JD346m

AMMAN: State budget deficit for the fiscal year of 2015 reached JD929 million, or 3.4 per cent of the projected size of the Kingdom’s economy, according to numbers released on Monday by the Finance Ministry. The deficit was higher by JD346 million than the JD583.5 million registered in 2014, mainly due to around JD350 million drop in foreign grants from ... Read More »

Worldwide shipments of wearable devices expected to grow 38.2%

WASHINGTON: Worldwide shipments of wearable devices are expected to reach 110 million by the end of 2016, with 38.2% growth over the previous year, according to information from International Data Corporation (IDC). By 2020, shipments of wearable devices will reach 237.1 million, International Data Corporation predicted. An expanding lineup of vendors, combined with fast-growing consumer awareness and demand, will generate double-digit ... Read More »

India PC shipments up 10.6% in 4Q15

NEW DELHI: PC shipments in India totaled nearly 2.6 million units in the fourth quarter of 2015, a 10.6% increase over the fourth quarter of 2014, according to Gartner. “Consumers accounted for 40% of total PC sales in the fourth quarter of 2015, down from 52% in the fourth quarter of 2014,” said Vishal Tripathi, research director at Gartner. ” ... Read More »

Japan’s white goods shipments up for 10th straight month

TOKYO: Shipments of white goods in February grew 10.7 percent from a year before to ¥168.4 billion, up for the 10th straight month, the Japan Electrical Manufacturers’ Association said Tuesday. The rise chiefly reflected solid sales of energy-saving and high value-added refrigerators. Shipments of white goods are recovering firmly after the blow delivered by the consumption tax hike in April ... Read More »

Outlook of world economy remains gloomy

HELSINKI: The Bank of Finland said Monday that global growth in 2015 was the slowest since 2009, and there is no sign of strong improvement in the coming years. The Finnish central bank singled out the “disappointing performances” of emerging economies, and attributed the reason to the low oil prices. Among BRICS nations, (Brazil, Russia, India, China and South Africa), ... Read More »

Polish energy firms eyeing Norwegian Shelf

WARSAW: Poland’s PGNiG and Gaz-System companies are involved in talks to secure the country access to gas from the Norwegian Shelf, a senior official has said. “On our side, PGNiG and Gaz-System are responsible, and Energinet and Gassco on the Danish and Norwegian side,” Piotr Naimski, the Polish government’s pointman on energy infrastructure, told a Warsaw conference entitled Gas for ... Read More »

Union Insurance posts 28% rise in 2015 premium

ABU DHABI: UAE-based Union Insurance Company has reported gross written premium of Dh681 million ($185 million) for the year 2015, marking a 28 per cent increase compared to Dh532 million reported for the same period last year. “Our ambitious business strategy has yielded robust financial results,” said Abdul Muttaleb Al Jaedi, managing director & chief executive officer of Union Insurance ... Read More »

Ukraine GDP shrinks nearly 10% in 2015

KIEV: Ukraine’s war-torn economy shrank by nearly 10 percent in 2015 as its financial sector imploded and consumer demand shriveled up due to the currency’s steep drop against the dollar, the State Statistics Service reported. The service’s final adjusted figure of a 9.9 percent contraction in the gross domestic product was an improvement on the 10.4 percent drop forecast by the ... Read More »