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Author Archives: CT Report

South African inflation hits 7%

CAPE TOWN: Its five minutes past six, good evening. Welcome to the SAfm Market Update with Moneyweb. My name is Siki Mgabadeli. Prepare to pay between 70c and 80c a litre more for petrol from April. That’s according to the Institute for Race Relations’ chief economist, Ian Cruickshanks. He’s warned that if oil prices remain at current levels motorists can ... Read More »

Iran’s first cargo ship exports petrochemical products to EU

TEHRAN: Iran’s first cargo ship exporting petrochemical products to Europe after six years of stagnation berthed at Belgian port of Antwerp late on Sunday. A vessel of the Islamic Republic of Iran Shipping Lines (IRISL), the Azargoun, which can carry 2,500 standard shipping containers, arrived in at its first European stop Hamburg last week and left the German port for ... Read More »

Customs, Motorway Police to work together against smuggling

RAWALPINDI: Pakistan Customs and Motorway Police have joined hands to curb smuggling through joint operations. Islamabad Customs Collector, during a meeting with DIG Motorway Police Islamabad and sector Commander decided to set up contact points on M1 and M2 range of motorways. Officials from the both times discussed use of motorway for smuggling and agreed on various measures and steps ... Read More »

Malaysia’s soybean imports forecast to increase

WASHINGTON: The trend of increased Malaysian soybean imports is expected to continue this year, the U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service said in a March 16 report. Imports increased slightly from 643,000 tonnes in 2014-15 to 650,000 tonnes in 2015-16 and are expected to rise to 653,000 tonnes in 2016-17. This is in line with projected population growth ... Read More »

Hyundai to sell stake in Busan New Port

WASHINGTON: Hyundai Merchant Marine is selling its stake in the Busan New Port in an effort to stave off bankruptcy ahead of this year’s maturation of debts valued at 382 billion South Korean won ($334 million) with another 606 billion won due in 2017. The 80 billion won sale was announced several months after Hanjin Shipping sold its shares in ... Read More »

PRGMEA, Chinese investors join hands to promote garments trade

LAHORE: Pakistani readymade garments manufacturers and Chinese investors have signed a memorandum of understanding (MoU) to promote and expand cooperation between Pakistan and Chinese textile and apparel companies. The Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) and China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT) inked the MoU during a ceremony, held during China ... Read More »

Port of Vancouver seeks foreign trade boost

WASHINGTON: The Port of Vancouver already is a zone of foreign trade. But officials want to capitalize on that commerce by creating a county-wide Foreign-Trade Zone. The port is in the early stages of applying for the federal Foreign-Trade Zone designation, or FTZ, which would encompass all of Clark County. The designation would allow firms here to streamline international business. It ... Read More »

Rs 120b tax concessions to be withdrawn in budget: Haroon Akhtar

KARACHI: Tax concessions worth Rs 120 billion will be withdrawn in the budget 2016-17 as concessions worth Rs221 billion given through SROs have already withdrawn. This was revealed by Special Assistant to the Prime Minister on Revenue Haroon Akhtar during his visit to the Overseas Investors Chamber of Commerce and Industry (OICCI) to discuss its taxation proposals for the federal ... Read More »

ICCI strongly condemns suicide attack on innocent citizens at Lahore‏

ISLAMABAD: Businessmen in a meeting at Islamabad Chamber of Commerce and Industry strongly condemned the suicide attack in Gulshan-i-Iqbal Park of Allama Iqbal Town, Lahore which killed at least 70 people and injured over 250 people. They termed it an act of frustration and sheer brutality against the innocent citizens and added that perpetrators of such attacks have no faith ... Read More »

KCCI strongly condemns Lahore suicide blast

KARACHI: The leadership of Businessmen Group (BMG) and office-bearers of Karachi Chamber of Commerce and Industry (KCCI) have strongly condemned the suicide attack at Gulshan Park in Lahore in which at least 72 people were killed and more than 300 people were injured. In a statement issued, Chairman Businessmen Group and former President KCCI Siraj Kassam Teli, Vice Chairmen BMG ... Read More »

ONGC board approves $5b investment in east coast oil, gas asset

NEW DELHI: State-run Oil and Natural Gas Corporation (ONGC) has unveiled a Rs 34,000-crore ($5-billion) investment plan to develop its KG Basin fields delayed for years, which would help boost the company’s oil and gas output by a fifth in about four years. This is the first major investment announced by an oil firm two weeks after the government decided ... Read More »

India offers oil storage access to Iran

NEW DELHI: Indian Oil Minister Dharmendra Pradhan is likely to discuss Iran’s access to oil storage facilities in South India during his visit to Tehran next month, a report says.  Pradhan is planned to visit Iran on April 6 for the first trip by an Indian minister since Western sanctions were lifted on the Islamic Republic. A senior Indian Oil ... Read More »

Indonesia, Japan cooperate to enhance ports

JAKARTA: The Technology Assessment and Application Agency (BPPT) will cooperate with the Port and Airport Research Institute from Japan to mitigate environmental damages on beaches and to improve Indonesian ports. BPPT stated that one of the problems faced by Indonesia include damaged beaches, logistics distribution, and port management. Wahyu Widodo Pandoe, Director of BPPT’s Center for Maritime Technology Engineering said ... Read More »

Nakheel, Dubai Trade in e-payment gateway deal

DUBAI: Dubai Trade, a premier cross-border trade facilitator, has partnered with Nakheel to expand its Rosoom online payment services to the leading developer’s 45,000 customers. The partnership allows Nakheel customers to use ‘Rosoom’ as a convenient, online payment system to pay service charges for owner associations, community management and club fees. Users will be able to pay online using international ... Read More »

Laredo unemployment rate drops in Feb

LAREDO: Laredo’s unemployment rate dips slightly in the month of February. Workforce Solutions of South Texas says Laredo unemployment rate is now 4.7 percent in February, down 0.1 percent from the previous month. The reduction comes against the backdrop of 700 new jobs added to the local economy, distributed across several industries, and an increase of 880 to the local ... Read More »

Investment banking revenues slump 36% in Q1

WASHINGTON: Global investment-banking revenue — fees paid for advice on mergers and acquisitions, debt and equity underwriting and syndicated loans — stands at $US12.8 billion this year, according to Dealogic. That is down 36 per cent from the first quarter of 2015 and marks the lowest quarterly total since the first quarter of 2009 at the height of the financial ... Read More »

Oman to promote household generation of solar power

MUSCAT: Oman will encourage households to generate electricity with solar panels and feed it into the national grid, Qais Al-Zakwani, executive director of the Authority for Electricity Regulation, said on Monday. The policy could put Oman in the forefront of Middle East nations promoting widespread use of solar power. Its finances severely damaged by low oil prices, the Omani government ... Read More »

JW Marriott Marquis Dubai sees revenues jump 13%

DUBAI: The JW Marriott Marquis Dubai,a luxurious property in the UAE emirate, saw revenues jump 13 per cent in 2015, boosted by a 12 per cent increase in demand . The hotel also saw occupancies across its 1,608 rooms remain constant and in excess of 73 per cent during 2015, hitting 100 per cent occupancy on more than 45 occasions ... Read More »

Bangladesh Bank seeks Fed help to recover funds

DHAKA: Bangladesh Bank (BB) has written a letter to the Federal Reserve chair seeking assistance to recover its funds stolen by cyber thieves. Fazle Kabir, who took the reins of the central bank on March 20, also sent similar letters of late to Bangladesh’s permanent representative in the United Nations, the governor of the Philippines’ central bank and the head ... Read More »

Finland retail trade sales up by 2.3% in Feb

HELSINKI: The sales in retail trade went up by 2.3 per cent year-on-year in February 2016, according to Statistics Finland’s retail trade flash estimate. Over the same period, the volume of retail trade sales, from which the impact of prices has been eliminated, grew by 3.9 per cent. In daily consumer goods trade, sales also grew by 2.9 per cent ... Read More »