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Author Archives: CT Report

Overseas Employment Corporation sent 6,000 workers to S Korea since 2008

ISLAMABAD: With the aim to decrease unemployment in the country, the Overseas Employment Corporation (OEC) has sent around 6,000 workers to South Korea so far since 2008. An official source talking to APP here Tuesday said that Pakistani workers in South Korea were earning a handsome salary per month and more workers would be sent there this year. He said ... Read More »

Shipping intel report of KPT

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier): OP-I Formosa Falcon D. Petrol Alpine 27/03/16 OP-II Oriental Protea D. Base Oil East Wind 27/03/16 OP-III Quetta D. Crude Oil PNSC 28/03/16 ALONG SIDE (East Wharves): 1 Stolt Courage D.Chemical Alpine 28/03/16 2/3 ... Read More »

Nuberg wins USD 76 mln project in UAE

ABU DHABI: Engineering, procurement and construction (EPC) company Nuberg has won a USD 76 million (about Rs 505 crore) project for an alkali plant in Abu Dhabi. The Indian company has won the project from Emirates Chemical Factory of Saif Al Khaili Group, a UAE-based conglomerate, the company said in a statement today. “The USD 76 million project envisions to set ... Read More »

Dar directs authorities to expedite recoveries of power dues

ISLAMABAD: Federal Finance Minister Ishaq Dar has directed the authorities concerned to maximise recoveries of electricity dues. He issued these directives while chairing a high-level meeting to review financial matters related to the power sector, including recovery position of electricity bills from different categories of consumers. The Secretary Water and Power briefed the meeting about the recovery process and the ... Read More »

Italian beauty products export to UAE grows 34%

ROME: The export of Italian beauty and wellness products in UAE grew 34 per cent, the largest growth rate from all of Italy’s international markets. Despite a slowdown in Europe, Italian beauty exports grew 11.3 percent in the first six months last year, according to the country’s National Institute for Statistics. Saudi Arabia is also a key player for Italian cosmetics, ... Read More »

Chinese company to install 132kv underground circuit

KARACHI: A Chinese company will install a 132-kv underground electric circuit from Queens Road Grid Station to Old Town Grid Station. K-Electric has signed a contract with Xian Electric Engineering Company China for $3.3 million project, which will be completed in one. According to the company spokesman, the contract cements KE’s commitment and its investment plan, whereby the power utility ... Read More »

Belarus to raise export duties on oil, oil products on 1 April

MINSK: Belarus will raise export duties on oil and oil products, which are exported outside the customs territory of the Eurasian Economic Union, on 1 April 2016. The relevant decision is stipulated by the Council of Ministers’ executive order No. 249 of 28 March 2016, the press service of the Belarus government told BelTA. The export duty on crude oil will ... Read More »

Rupee strengthens in cash-free market

KARACHI: The Pakistan rupee Tuesday strengthened against the US dollar in open market. According to the local money market, the dollar lost five paisas in cash-free market for selling at 105.80 and remained firm in interbank at 104.50. On Monday, the Pakistani currency remained unchanged both in open market and interbank at 105.85 and 104.50. Read More »

Scholastic sees revenues rise 5.6%

WASHINGTON: US-based Scholastic Corp said revenues rose 5.6% in the third quarter, although international sales (including the UK) fell because of poor foreign exchange rates. For the three-month period ending 29th February 2016, total revenues totalled $366m (£257m), compared to $347m (£244m) for the same period in 2015. Excluding the foreign exchange impact, sales would have risen more than 8%. ... Read More »

Oman turns to new economic horizons

MUSCAT: The economic climate has been relatively challenging for the coastal state in the Arabian Peninsula. The rough global macroeconomic landscape, coupled with continuous depressed oil prices, have started to take a toll on this hydrocarbon-reliant economy-and it is not expected to ease off anytime soon. As oil prices are only expected to recover in the medium-term, Oman’s economic growth ... Read More »

Australia’s medicinal cannabis industry worth $100m yearly

CANBERRA: The University of Sydney Business School has today released a white paper report looking into the potential of the medicinal cannabis industry in Australia. The report found that initial demand for the product could be as high as 8000kg, worth more than $100 million per year. Partnering with medicinal cannabis company MGC Pharmaceuticals, the report has drawn on data ... Read More »

Delay in Kalabagh Dam construction costs Rs132b/year

LAHORE: Delay in construction of Kalabagh Dam has cost over Rs 132 billion per year, said former Wapda chairman Shamsul Mulk. He said this while addressing a seminar organised by Pakistan Engineering Congress. “For twenty years, the search for acceptable alternatives has been pursued, and this search has led Pakistan to a gloomy darkness of electricity loadshedding, closure of factories, ... Read More »

New Zealand Post to cut 500 jobs by July

WELLINGTON: New Zealand Post announced today it would cut about 500 jobs by July as part of wider cuts. It said in late 2013 that it would cut up to 2000 jobs – and, to date, about 1300 people have gone. The company said the latest job losses would remove layers of management and help streamline its operation. The postal ... Read More »

Nigeria earns N1.94trn from crude export in 3 months

ABUJA: Nigeria earned N1.94 trillion from the export of crude oil and other petroleum products in the fourth quarter, Q4, of 2015, according to data released by the National Bureau of Statistics, NBS. The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2015, disclosed that Nigeria’s total exports in the period under review were dominated by petroleum ... Read More »

Qatar’s exports slide 32.5% on year in Feb

DOHA: The Ministry of Development Planning and Statistics of Qatar has announced that Qatar’s trade surplus was 7.4 billion Qatar riyals (Dh7.44 billion) in February. Qatar’s exports in February were 17 billion riyals, a 32.5 per cent decline year-on-year. It represents a decline of 4.8 per cent compared to January 2016. Revenue from gas and hydrocarbons exports declined in February ... Read More »

Japan tax hike doubt as wages fall again

TOKYO: Fresh economic data from Japan have economic pundits wondering whether Prime Minister Shinzo Abe can afford to push ahead with another sales tax hike planned for April. But conservatives view the increase as obligatory. Inflation-adjusted wages in Japan were down 2.4 percent in February from a year earlier, the Ministry of Internal Affairs and Communications announced Tuesday. The figure ... Read More »

Ukraine barley exports traditionally low in Feb

KIEV: In February 2016 barley exports from Ukraine reached 24 KMT that was slightly higher than during the previous month (21.8 KMT in January.), but lower than in February 2015 (78.1 KMT). Since the beginning of the current season Ukraine exported 1.5% less barley than during the same period last season (3964.6 KMT against 4025.6 KMT during July-February 2014/15 MY). ... Read More »

Customs Internal Audit director Zahid retires

ISLAMABAD: Zahid Hussain Bhayo, a Pakistan Customs Service of BS-20, has retired from the government service on attaining the age of superannuation. The officer, last posted as Director, Directorate of Internal Audit (Customs), Karachi, stood retired from government service with effect from February 29. Read More »

Biodiesel mixture increases to 8% in Brazil

SÃO PAULO: The Brazilian government has sanctioned a law which increases the amount of biodiesel in the diesel oil mixture, from seven percent to eight percent. Since 2008 Brazil has required the use of the renewable raw material into the mixture of diesel oil. “We all gain from this, family agriculture, commercial agriculture, biodiesel producers, the Brazilian consumer and the ... Read More »

Brazil wants to enhance trade ties with Pakistan

BRASÍLIA: Ambassador of Brazil Claudio Raja Gabaglia Lins on Monday said Brazil was the most prominent trade partner of Pakistan in Latin America and his country was keen to enhance trade relations with Pakistan. He was exchanging these views with Rawalpindi Chamber of Commerce and Industry (RCCI) Acting President Saqib Rafiq during his visit to the chamber. Former RCCI president ... Read More »