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Author Archives: CT Report

German energy giants begin compensation battle over nuclear shutdown

BERLIN: German energy companies E.ON, RWE and Vattenfall have begun legal action demanding compensation from the German Government for phasing out nuclear energy in the wake of the Fukushima disaster, leading to a loss of future profits. Germany accelerated plans to close its nuclear power reactors amid a loss of international confidence in nuclear following the Fukushima disaster, in March ... Read More »

Gwadar Port holds immense potential for industrial investment: COPHC chairman

KARACHI: China Overseas Port Holding Company (COPHC) Chairman Zhang Baozhong has said that Gwadar Port holds immense potential for industrial investment in view of the opportunities offered through the establishment of deep sea port, capable to accommodate large vessels of up to 70,000 Deadweight Tonnage (DWT). Exchanging views during his visit to Karachi Chamber of Commerce and Industry (KCCI), he ... Read More »

FCCI president lauds Islamic Banking system

FAISALABAD: President Faisalabad Chamber of Commerce & Industry (FCCI) Ch. Muhammad Nawaz has said that Islamic Banking system is the most reliable and dependable system which can bridge this gap between ‘haves’ and haves-not’ in addition to catering to the entire banking needs of Muslim businessmen. He was addressing to an Awareness Road Show on Islamic Banking and Takaful organized ... Read More »

Uzbekistan keen to strengthen trade ties with Pakistan: Envoy

SIALKOT: The Ambassador of Uzbekistan to Pakistan Furqat Sidiqov has asked the Sialkot exporters to come forward and tap the untapped international trade and export markets of Uzbekistan and other Central Asian States through Uzbekistan for getting the complete benefits of the successfully growing businesses in Uzbekistan, as he offered some direct trade relations and strong business-to-business contacts between Pakistan ... Read More »

Pakistan has great potential to promote software exports: Czech envoy

ISLAMABAD: Czech Republic was the 2nd largest producer of computer games in the world after USA and Pakistan has great potential to promote software exports with it. Indian IT companies were doing good business with Czech Republic by developing software products for its software companies and Pakistani entrepreneurs should step up efforts to explore new business prospects with Czech Republic ... Read More »

Dar chairs meeting to review withdrawal of concessionary SROs

ISLAMABAD: A meeting of the high powered committee constituted to review the concessionary regime (SROs) was held here at the FBR. The Committee reviewed the draft plan for withdrawal of concessionary SROs/exemptions in the fiscal year 2016-17. Federal Minister for Finance, Senator Mohammad Ishaq Dar chaired the meeting. Federal Minister for Planning, Development & Reforms, Ahsan Iqbal, Special Assistant to ... Read More »

Cellcom reveals annual declines in revenues, net profit

LONDON: In the year ended 31 December 2015 Israel’s Cellcom generated a total turnover of ILS4.180 billion (USD1.071 billion), a figure representing a year-on-year decline of 8.5%, while service revenues fell by 12.1% against FY 2014 to ILS3.132 billion. With regards to the drop in service revenues, Cellcom attributed the decline in part to lower cellular service turnover, which it ... Read More »

Canada factory shipments advanced 2.3% in Jan

OTTAWA: Canadian factory sales rose in January on​robust car shipments, beating expectations and marking the latest in a series of positive readings​on the nonresource side of the country’s economy, which has been hard hit by the commodity-price rout. The value of factory sales rose 2.3% month-over-month to a record 53.13 billion Canadian dollars (about $39.76 billion), Statistics Canada said Wednesday. ... Read More »

DB reports loss in 2015 despite record revenues

WASHINGTON: Announcing its results for 2015 in Berlin on March 16, German Rail (DB) says revenue increased by 1.9% in 2015 to a record €40.5bn but Ebit plunged by 16.6% to €1.76bn, while DB turned a profit of €988m in 2014 into a loss of €1.3bn in 2015. “A critical look at our performance shows us that we did not ... Read More »

Hikma revenues hit $1.4bn, up 2pc

ABU DHABI: Hikma Pharmaceuticals, a leading multinational pharmaceutical group, has posted a revenue of $1.44 billion last year, up two per cent, following a strong year in 2014. The injectables revenue climbed three per cent in constant currency, driven primarily by growth in Europe and the Middle East and North Africa (Mena) region. Meanwhile, core operating profit rose four per cent in ... Read More »

Polish GDP expected to grow 3.8%

WARSAW: The Polish economy is set to grow 3.8 percent this year and next, and 3.4 percent in 2018, according to a new report on inflation and GDP growth by the central bank (NBP). Jacek Kotłowski from the NBP’s Economic Institute told the IAR news agency: “The main driver of growth is consumption. [Poland has] a very good labour market ... Read More »

Portugal exports less to Angola in 2015

LISBON: The problems that have affected Angola due to a decline in oil prices have led to Portuguese companies selling 1.074 billion euros less in exports to the country in 2015, according to the Office for Statistics and Studies of the Portuguese Economy Ministry. In 2014 Angola was the 4th largest destination for Portuguese exports, buying goods worth 3.2 billion ... Read More »

S.Africa’s January retail sales slowed by inflation, rising interest rates

JOHANNESBURG: South Africa’s retail sales expanded at a slower rate in January, data showed on Wednesday, as yet another sector of the weakening economy succumbed to rising inflation and the threat of higher lending rates. Retail sales on a month-on-month basis contracted 0.3 percent in the month after growth of 1.5 percent in December, the first monthly contraction since May. The ... Read More »

ANNFSU files complaint at CIAA against Birat Oil

KATHMANDU: The All Nepal National Free Students Union (ANNFSU), the student wing of CPN-UML, has filed a corruption complaint at the Commission for the Investigation of Abuse of Authority (CIAA) against Birat Petroleum Company. The UML student wing complained that the Birat Petroleum Company made a profit of Rs 40.5 million by selling petrol at higher price rate before it ... Read More »

Russian oil producer gains foothold in Kurdish Iraq

BAGHDAD: Russian oil producer Gazprom Neft said it was taking a stronger hold over reserves in the Kurdish north of Iraq by assuming control of the area’s Sarqala field. Gazprom Neft’s Middle East subsidiary said its Canadian counterpart, WesternZagros Resources Ltd. , transferred its hold over the Sarqala field according to the terms of a production sharing contract signed in ... Read More »

Italy honours chief of Amman Chamber of Commerce

AMMAN: Italian President Sergio Mattarella has bestowed on Amman Chamber of Commerce (ACC) President Issa Murad the Order of the Star of Italy, an ACC statement said on Sunday. Italian Ambassador to Jordan Giovanni Brauzzi presented Murad with the Order last Wednesday during a ceremony in recognition of Murad’s role in enhancing Jordanian-Italian relations. During the ceremony, attended by Industry, Trade ... Read More »

Bangladesh tea prices fall sharply

DHAKA: Tea prices in Bangladesh fell sharply for a second straight week at the weekly auction, dragged down by inferior quality leaf. Bangladeshi tea fetched an average 131.63 taka ($1.7) per kg at the last auction of the season, down from 147.45 taka at the previous sale, National Brokers said in a market report. Buyers sought huge discounts to buy ... Read More »

Dubai chamber launches Dubai smartpreneur competition

DUBAI: In line with the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, to transform Dubai into a “Smart City”, the Dubai Chamber of Commerce and Industry in cooperation with the Smart Dubai Office launched the Smartpreneur Competition at its head office on Wednesday. The launch ceremony was attended by ... Read More »

Finland inflation declines slightly in Feb

HELSINKI: The year-on-year change in consumer prices calculated by Statistics Finland was -0.1 per cent in February while in January, the inflation stood at 0.0 per cent in January. The slight decline in inflation was influenced, for example, by decreases in average housing loan interest rates, light fuel oil and petrol prices from one year ago. Consumer prices were raised in ... Read More »

Motorcycle sales increase by 18.11% to 878,723 units

ISLAMABAD: The motorcycle sales in the country surged by 18.11 per cent to 878,723 units during the eight months (July-February) of current fiscal year (2015-16) as compared to 719,516 units sold during the same period last year. According to latest data released by Pakistan Automobile Manufacturing Association (PAMA), Honda motorcycles took the lead as 532,183 units were sold during the ... Read More »