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Four ships carrying palm oil, LPG berth at Port Qasim

KARACHI: Four ships CV Al-Bahia, CV Washington, MT GEW Future and MT Black Pearl-110 carrying containers palm oil and LPG were berthed at Qasim International Container Terminal, Liquid Cargo Terminal and Engro Vopak Terminal respectively. Meanwhile six more ships carrying containers, phospharic acid, furnace oil and LPG also arrive at outer anchorage of Port Qasim during last 24 hours. Berth ... Read More »

Shipping movements report of Karachi Port

KARACHI: Following were the Movements of Ships at Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours on Tuesday. SHIPS SAILED: Salamis Cont Dong A Krios Tanker Da Zi Yun G.C APL Agate Cont Kmtc Mumbai Cont kota Karim Cont SHIPS BERTHED: Kota Karim Container Ship Loyal Pegasus Tanker X-Press Kailash Container Ship YM Excellence Container ... Read More »

Wholesale trade sales fall 2.6% in Jan 2016

HELSINKI: Wholesale trade sales went down by 2.6 per cent year-on-year in January 2016 while total trade sales fell by 0.5, according to Statistics Finland. Retail trade sales also declined by 1.2 per cent. In daily consumer goods trade, sales fell by 1.9 per cent while in department store trade sales remained unchanged from the year before. Among the sectors of ... Read More »

Air New Zealand to open new international lounge at Brisbane Airport

WELLINGTON: Air New Zealand is set to unveil its newest international lounge at Brisbane Airport. The 771 square-metre lounge will cater for nearly 200 customers when it opens on Wednesday, Air New Zealand said in a statement. Designed by US-based architecture firm, Gensler, the lounge features lofty ceilings, large windows and views of Brisbane city and into the lower terminal. Spaces ... Read More »

Synnex posts 69% plunge in quarterly profit last quarter

TAIPEI: Synnex Technology International Corp, Asia’s largest distributor of information technology products and electronic components, yesterday reported a 69 percent decline in quarterly net profit for last quarter due to a large foreign exchange loss. Net profit plunged to NT$430 million (US$13.08 million) in the quarter ending Dec. 31 last year, compared with NT$1.39 billion during the same period of ... Read More »

AKRA posts 28% increase in net profit

JAKARTA: Major logistics company PT AKR Corporindo (AKRA) posted over Rp 1.03 trillion in net profit in 2015, up 28 percent from the previous year despite tough business condition. The company also reported significant improvements across all business segments with a gross margin of 11,21 percent, operating margin of 6.83 percent and net margin of 5,23 percent in 2015. Its ... Read More »

Untapped insurance premium volume can reach $12bn

DOHA: Minister of Finance H E Ali Sherif Al Emadi yesterday said that Qatar’s insurance sector has huge growth potential as the total volume of untapped insurance premium can reach $12bn (about QR43.70bn) if the country achieves the insurance penetration level of 6 percent of GDP, currently the global average. Qatar’s insurance premium in 2015 accounted for 1 percent of ... Read More »

Kuwait authorities arrest ten on drug trafficking charges

KUWAIT: Narcotics detectives filed 10 drug trafficking and importing cases in the period of March 2-8, 2016 and arrested five Arabs and eight Asians in relation to those cases. The department’s statistics also showed that detectives managed to seize one kilogram of marijuana, 1,608,000 illicit pills, 780 grams of hashish, 635 grams of heroin and 290 grams of methamphetamine. In ... Read More »

Malaysia hikes April CPO export duty after 11 months of zero tax

KUALA LUMPUR: Malaysia raised its tax on crude palm oil (CPO) exports to 5 percent for April, a government circular showed on Tuesday, ending a duty-free policy held since May 2015. The higher tax could dent exports from the world’s No.2 palm oil producer after Indonesia and drag benchmark Malaysian prices of the tropical oil, which hit one-month highs this ... Read More »

Pak rupee remains firm against dollar

KARACHI: The Pakistani rupee Tuesday slightly strengthened against the US currency in open market and firm in interbank. As per local money market, the dollar lost five paisas in open market for selling at 106 and remained unchanged in interbank at 104.50. On Monday, the greenback lost 20 paisas in the cash-free market to reach 106.05 and remained firm in ... Read More »

Singapore port container volumes fall by 7.7% in Feb

SINGAPORE: The port of Singapore has handled lower container volumes in February, according to preliminary estimates from the Maritime and Port Authority of Singapore (MPA). Singapore, the world’s second busiest container port, moved 2.41m teu of containers last month, representing a 7.7% decrease from 2.61m teu registered in the same period of 2015, MPA data showed. Last month’s throughput also ... Read More »

CCP issues show-cause notice to P&G over deceptive marketing

ISLAMABAD: The Competition Commission of Pakistan (CCP) has issued a show-cause notice to Proctor & Gamble Pakistan (Pvt.) Limited for indulging in alleged deceptive marketing practices in violation of Section 10 of the Competition Act, 2010. The CCP received a complaint from Reckitt Benckiser (Pakistan) Limited alleging that Proctor & Gamble had launched a marketing campaign for one of its ... Read More »

Brazil’s economic activity unexpectedly shrinks in Jan

BRASÍLIA: Brazil’s economic activity unexpectedly contracted in the beginning of 2016 and economists forecast a deeper recession for this year as a political stalemate nearly paralyzes the country. The central bank’s IBC-BR index, which is often taken as a proxy for Brazil’s GDP report, shrank 0.61 percent in January, more than forecast by all 25 economists surveyed by Bloomberg, whose ... Read More »

Slowly but surely, foreign investors returning to Russia

MOSCOW: Portfolio investments in Russian assets are on the rise; for the second week in a row, Emerging Portfolio Fund Research Inc. marked an inflow of capital into Russia-oriented funds. At the same time, some analysts consider the country’s assets a leading investment even among other developing economies, Russian business magazine Expert reports. The week ending March 2 saw passive ... Read More »

Russia to feed China via online commerce

MOSCOW: Russia and China plan to create an online platform that will allow Russian producers to sell fresh food products to the Chinese market for the first time, the Kommersant newspaper reported Monday, citing a source within the Russian Export Center (REC). The online platform will be created with the participation of major Chinese e-commerce company and the REC, ... Read More »

US Cutoms seizes 172 pounds of marijuana

PRESIDIO: U.S. Customs and Border Protection Office of Field Operations officers working at the Presidio port of entry seized 172 pounds of marijuana Tuesday afternoon. The drugs were hidden in a false bed of a pick-up truck. “CBP officers working at the Presidio port of entry utilize multiple resources in intercepting narcotics,” said Presidio Port Director John Deputy. “But it ... Read More »

US Customs seizes drugs, nabs culprits

SALTON CITY: El Centro Sector Border Patrol agents assigned to the Indio and El Centro stations arrested two people for attempted drug smuggling and arrested a previously deported gang member in three separate incidents the past few days. The first incident occurred on Friday at approximately 4:15 p.m., when a Greyhound Bus approached the Highway 86 checkpoint and was referred ... Read More »

Japan’s industrial production increase 3.7% in Jan

TOKYO: Industrial production in Japan rose 3.7 percent in January from the previous month, the Ministry of Economy, Trade and Industry said in a revised report Tuesday, unchanged from a preliminary reading. The seasonally adjusted production index for the manufacturing and mining sectors stood at 99.8 against the 2010 base of 100. The shipment index gained 3.5 percent to 98.0, ... Read More »

Joint interagency Task Force seize 1,200 pounds of cocaine worth $16m

JACKSONVILLE: U.S. Customs and Border Protection, Air and Marine Operations (AMO) aircrews detected a vessel carrying more than 1,200 pounds of cocaine in the Caribbean Sea as part of a targeted anti-drug effort in the region. The drugs have an estimated wholesale value of more than $16 million.CBP Air and Marine Operations P-3 aircrews On March 8, CBP Air and ... Read More »

Tax evaders in sights

LONDON: Chancellor of the Exchequer George Osborne is to use the budget he unveils to announce a crackdown on the use of personal-service companies to avoid taxes. The measures are to require people hired off-payroll to pay employment taxes that are due, according to a government official briefed on the matter. The measure is to apply across the public sector, ... Read More »