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Author Archives: CT Report

South Africa seeks growth models for reindustrialization

CAPE TOWN: Trade and Industry Deputy Minister Mzwandile Masina has called on government and academia to join forces in identifying sustainable development models for reindustrialisation and economic growth. The Deputy Minister was speaking at the inaugural Economic Research Advisory Network (ERAN) Conference at the East London International Convention Centre in the Eastern Cape on Thursday. She says the current period ... Read More »

Haikou Customs seizes 17 smuggled cultural relics

SHANGHAI: Recently, on the mail control spot, officers from Haikou Customs seized from within a parcel to Taiwantotally 17 pieces of cultural relics of porcelain suspected of smuggling. Through special identification, these relics were 3 black glazed calixes from Jian kilns of Song dynasty, 4 jar lids with celadon-glazed lotus shaped lines from Longquan kilns of Song dynasty, 1 pannikin ... Read More »

Chinese Customs seizes endangered animal products

BEIJING: Recently, on the luggage control spot, Tianhe Airport Customs House (affiliated to Wuhan Customs District) seized a batch of products made of endangered animals, including 52 ivory-made ornaments weighing 1.45kg, 46 tortoise shell-made ornaments weighing 0.44kg, 69 pangolin scutes weighing 0.96kg, 14 belts and one handbag made of crocodile skin.   Read More »

Australia iron ore exports fall in Jan

CANBERRA: According to most recent data released by the Australian Bureau of Statistics, the country’s iron ore export volumes dropped marginally during the month of January this year. The Australian iron ore exports totaled 57.772 million tons during the month. This is nearly 3.6% down when compared with the exports during corresponding month the previous year. The country had exported ... Read More »

FIA nabs 40 human traffickers

ISLAMABAD: The Federal Investigation Agency (FIA), acting on special directives of Federal Interior Minister Chaudhry Nisar Khan, has recently arrested 40 human smugglers in a nationwide operation. According to a report, the alleged human traffickers were arrested from Islamabad, Lahore, Gujranwala and several other cities. Passports and fake travel documents were also recovered from their custody. The accused are being ... Read More »

China Customs seizes 366 endangered plant-made beads

BEIJING: Recently, after identified by Zhejiang Forestry Product Testing Station, a batch of wood beads seized from within passenger luggage by Xiaoshan Airport Customs House (affiliated to Hangzhou Customs District) were actually made from a kind of endangered plant—aquilaria sinensis. According to CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora), such products are restricted in ... Read More »

Saudi domestic airports register 51.5% growth in international traffic

RIYADH: There has been substantial growth in international traffic from the Kingdom’s domestic airports last year, the Saudi Press Agency reported. The number of international flight services from the domestic airports jumped by 51.5 percent to 26,361 at the end of 2015 from 17,405 in 2014. Prince Naif Airport in Al-Qassim ranked first among domestic airports with a growth of ... Read More »

Iraq’s Kurdish region resumes oil exports to turkey

KIRKUK: Iraq’s Kurdish region resumed pumping oil to Turkey on Friday, more than three weeks after the pipeline was closed due to Turkish military operations, senior oil company officials said. The interruption had aggravated a deep financial crisis for the autonomous administration as Kurdistan usually exports about 600,000 barrels per day via Ceyhan in Turkey. “Oil pumping from Kirkuk oil ... Read More »

Egyptian exports in Feb increase 2.3% YOY

CAIRO: The value of Egyptian exports in February increased by 2.3% year-on-year from EGP 1.4bn in 2015 to EGP 1.5bn in 2016. Egyptian exports in January decreased by 11% year-on-year, according to an official statement from the Ministry of Industry and Foreign Trade. The building materials sector exported the greatest value of products at $275m, followed by agricultural crops at ... Read More »

S. Korea’s service sector accounts for 15.1% in entire exports

SEOUL: South Korea’s service sector has made a relatively small contribution to the country’s entire exports for years, lagging far behind the average of the world’s advanced countries, a report showed Sunday. The service industry accounted for 15.1 percent in the country’s entire exports as of end-September last year, compared with an average 29.2 percent of the Organization for Economic ... Read More »

Cement exports decline by 22.54% to 3.8m tons in 8 months

LAHORE: The cement exports from the country registered a massive decline of 22.54pc as the volumes reduced from 5 million tons during July 2014-Feb 2015 to 3.8 million tons during July 2015- Feb 2016. However, overall the cement industry has posted a growth of 8.71pc during the first eight months of current fiscal year compared with same period during last ... Read More »

South Korea resumes poultry meat exports to Hong Kong

SEOUL: South Korea has resumed poultry meat exports to Hong Kong for the first time in nearly two years after it was declared an Avian Influenza-free nation, the agriculture ministry said on Sunday. South Korea regained its bird flu-free status on Feb. 28. Fresh poultry products, including chicken and duck meats and eggs hatched since then can be exported immediately, ... Read More »

Basha Dam: Rs 8.35b cheques being distributed for land acquisition

ISLAMABAD: The government has started distributing compensation cheques of land acquired for the construction of Diamer-Basha Dam Project in Gilgit-Baltistan. According to Radio Pakistan, Rs 8.35 billion would be distributed among the affectees of Goharabad circle. Diamer’s Additional Deputy Commissioner Dildar Malik gave away cheques to the people at a function held in Chilas. Speaking on the occasion, he said ... Read More »

Car exports from India decline 4% in Apr-Feb

MUMBAI: Passenger car shipments from India declined 3.71 per cent to 4,84,602 units in the April-February period of this fiscal due to challenges in top export markets like Algeria, Europe and neighbouring countries. Car makers had shipped 5,03,292 units during the same period in the previous fiscal. According to industry body SIAM, the decline in car exports from India is ... Read More »

Govt urged to stop extending deadlines for tax amnesty scheme

LAHORE: A renowned economic watchdog of the country has urged the government to stop extending deadlines for the tax amnesty scheme as it has failed to achieve the desired results due to opposition by trades. Pakistan Economy Watch (PEW) President Dr Murtaza Mughal, in a statement, asked the government to take strict action against non-filers who are not ready to ... Read More »

S. Korea’s import prices rise first in 8 months

SEOUL: South Korea’s import prices rose for the first time in eight months due to a rebound in crude oil prices, central bank data showed Monday. The import price index stood at 76.16 in February, up 1.6 percent from a month earlier, according to the Bank of Korea. It marked the first increase in eight months. The rebound was attributed to a ... Read More »

Turkish scrap steel imports volume plunges in Jan

ANKARA: The latest data released by the Turkish Statistical Institute (TUIK) indicates that the country’s scrap steel imports dropped considerably during the month of January this year. According to TUIK data, the country’s scrap steel imports during the month totaled 1.14 million tons. The imports have declined by 17.1% when compared with the previous year, primarily due to declining steel ... Read More »

Dubai’s DP World plans IPO for its new Indian unit

DUBAI: Dubai-based port operator DP World Ltd plans to sell shares through an initial public offering (IPO) and list its new Indian holding company, Hindustan Ports Pvt. Ltd (HPPL), according to a report. The development comes after the Union cabinet of India said it had “no objection” to the proposed change in shareholding in the container terminals run by the ... Read More »

Dar reviews work on draft of Companies Bill 2016

ISLAMABAD: Federal Finance Minister Ishaq Dar has reviewed progress on draft of Companies Bill 2016 during a meeting with stakeholders. He was also briefed about Pakistan stock market’s possible induction into the emerging markets index of the Morgan Stanley Capital International (MSCI). Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi informed the minister about salient features of new ... Read More »

Throughput of Russian seaports up 2.7% in 2016

WASHINGTON: In January-February 2016, Russian seaports handled 105.9 mln t of cargo (+2.7%, year-on-year), says the press center of Association of Commercial Sea Ports. Transshipment of dry bulk cargo totaled 45.6 mln t (+8.0%) including 18.1 mln t of coal (+5.5%), 6.3 mln t of containerized cargo (+2.4%), 4.4 mln t of ferrous metal (+0.1%), 4.4 mln t of grain (+34.3%), ... Read More »