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Pak rupee strengthens in cash-free market

KARACHI: The Pakistani rupee Wednesday slightly strengthened against the US currency in open market and remained unchanged in interbank. According to the local money market, the greenback lost five paisas in open market for selling at 106.20 and remained firm in interbank at 104.40. On Tuesday, the dollar gained 30 paisas in open market to reach 106.25 and remained unchanged ... Read More »

Qaisar Roomani posted as Assist Accounts Officer in I&I wing

ISLAMABAD: Qaisar Roomani Talib, a Senior Auditor (BS-16), who joined Federal Board of Revenue (HQ), on February 18, has been posted in Directorate of Intelligence & Investigation-FBR, Faisalabad as Assistant Accounts Officer, in his own pay and scale with immediate effect. Meanwhile, Liaquat Ali Khan, a BS-18 officer of Audit & Accounts Group, presently posted at Regional Tax Office, Islamabad, ... Read More »

Nikkei Taiwan PMI drops below 50

TAIPEI: The Nikkei Taiwan Manufacturing Purchasing Managers’ Index (PMI) slipped to 49.4 last month, down from 50.6 in January, indicating a renewed deterioration in operating conditions for local manufacturers due to a drop in new business orders and output. “Operating conditions deteriorated last month after a slight improvement in January amid reports of weaker economic conditions and softer client demand,” ... Read More »

Indonesia to ease mineral export ban from 2017

JAKARTA: The government of Indonesia will relax next year its ban on partially processed minerals exports, including copper, nickel, zinc and bauxite ore order to prop up its economy. According to the country’s mining minister Sudirman Said, the review of the metal exports rule is part of a wider revision of the 2009 mining law that led to the export ... Read More »

Customs Dept. sets up 24/7 hotline to provide speedy solutions

COLOMBO: The Sri Lanka Customs Department has begun operating a 24/7 customer hotline to help solve any customs issues within 8 days. “We want to make Sri Lanka Customs free of any delays or harassments. That’s why we have set up a 24/7 hotline. Under the new government, our Customs should be friendly,” Finance Minister Ravi Karunanayake said. He said ... Read More »

Ukraine’s Jan-Feb gas imports down by 50%

KIEV: Ukraine almost halved its natural gas imports in the first two months of 2016 to 2.1 billion cubic metres (bcm) and all of it came from the European Union, pipeline operator Ukrtransgaz said on Wednesday. Ukraine imported 4.1 bcm of gas in January-February last year, including 2.3 bcm from Russia. Ukraine has said it is likely to cut its ... Read More »

Italy logs record income from unpaid tax recovery

ROME: Italy recovered a record 14.9 billion euros ($16.2 billion) in unpaid tax in 2015, following a fresh no-questions-asked appeal to suspected dodgers to put their financial affairs in order. The national tax agency said Tuesday the total sum raised from anti-evasion campaigns was up from 14.2 billion in 2014 and had more than tripled in the last decade. Some 315,000 ... Read More »

Australia GDP growth hits 3% in 2015

CANBERRA: Australia’s economy grew more than expected in the fourth quarter, delivering a boost to the government of Malcolm Turnbull in an election year and defying fears over the impact of China’s slowdown. Gross domestic product grew a seasonally adjusted 0.6 per cent quarter-on-quarter in the three months to the end of December, thanks to a boom in household consumption ... Read More »

Qatar-Italy trade reaches $3bn in 2015

DOHA: The total trade exchange between the two countries reached about $3bn in 2015, accounting for 2.8 percent of Qatar’s foreign trade said Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim Al Thani yesterday at the Qatar-Italy joint committee meeting. The fourth session of Qatar- Italy joint committee for economic cooperation was held yesterday and chaired by ... Read More »

Arab govt debts rise sharply in 2015: S&P – $134bn seen in 2016

KUWAIT CITY: Borrowing by leading Arab governments has more than doubled last year and is forecast to remain high in 2016, Standard and Poor’s ratings agency reported on Tuesday. The debt taken by 11 Arab nations rated by the agency, including the oil-rich Gulf Cooperation Council (GCC) states, shot up to $143 billion last year from $70.6 billion in 2014, ... Read More »

Petronas Chemicals to spend $4b for refinery, petrochem plant

KUALA LUMPUR: Petronas Chemicals Bhd., a unit of Malaysia’s state energy company, will spend US$4bil over the next five years to mostly invest in a refinery and petrochemicals complex spearheaded by its parent in Johor state. The company predicts a “tougher” 2016 because of a plunge in crude and an oversupply that’s pushed down product prices, Chief Executive Officer Sazali ... Read More »

Vietnam’s PMI declines in Feb

HANOI: The Purchasing Managers’ Index (PMI) of Viet Nam dipped to 50.3 in February, down from 51.5 in January, but remained above the 50.0 no-change mark, according to a Nikkei report released yesterday. February saw a further modest improvement in business conditions in the Vietnamese manufacturing sector, as growth continued in output, new orders and employment. But the respective increases ... Read More »

Kazakhstan sharply reduces exports in 2015

AZERBAIJAN: Exports of goods for the nine months of 2015 decreased by 42.4 percent – to $35.7 billion in Kazakhstan, according to the information published on the website of the National Bank of Kazakhstan. “Decrease in the value of exports was mainly due to a reduction in the supply of mineral commodities by 47.9 percent to $26.4 billion,” the message said. ... Read More »

Customs collects Rs 677b in eight months with 12.5% growth

KARACHI: Pakistan Customs collected Rs677 billion during the first eight months of ongoing financial year of 2015-16 with a growth of 12.5 per cent over the last year’s Rs602 billion it generated during the same period. The official sources said that the duty collection increased 16.5 percent to Rs189.896 billion in corresponding period. Duty collection by south region surged 21.6 ... Read More »

Canadian economy grows 0.8% in fourth quarter: Statistics Canada

OTTAWA: The economy exceeded low expectations to grow at an annual rate of 0.8 per cent in the final three months of 2015, Statistics Canada said Tuesday. A consensus of economists had predicted real GDP for the fourth quarter to produce a flat reading, according to Thomson Reuters. While the latest report on real gross domestic product beat expectations, it ... Read More »

New Zealand earns $2.5 bln from exports

WELLINGTON: New Zealand earned $2.5 billion more from exports than we spent on imports during the year ended December 2015, Statistics New Zealand said today. Total exports of goods and services were $69.3 billion for 2015, while imports totalled $66.9 billion. Total exports rose $1.9 billion from 2014, driven by a $2.3 billion rise in spending by international visitors and ... Read More »

Brazil’s manufacturing extends slump in Feb

BRASÍLIA: Brazil’s manufacturing downturn accelerated in February as higher inflation increased costs across the production chain, a private survey showed on Tuesday, suggesting the country’s recession continued to worsen in the first months of 2016. The Purchasing Managers’ Index BRPMIM=ECI compiled by research firm Markit fell to a seasonally adjusted 44.5 in February, a three-month low, from 47.4 in January. ... Read More »

Otto Marine secures chartering contract worth S$96m

SINGAPORE: A wholly-owned subsidiary of offshore chartering group mainboard-listed Otto Marine, has been awarded a chartering contract worth up to A$94.8 million (S$96.1 million) . The vessel under the charter will be a 100-tonne offshore support vessel, and will be used for infield support in the gas field of 40-year life in Australia. The client is an international oil and ... Read More »

Turkish Airlines logs record high net profit in 2015

JEDDAH: Turkish Airlines reported $1.69 billion net profit surpassing $1 billion level for the first time in its history, the company said in the consolidated financial statements reported to Borsa Istanbul. Profit from main operations stood at $895 million with an increase of 32 percent  from the previous year. Turkish Airlines generated sales revenues of $10.522 billion in 2015. Pointing ... Read More »

Japan buys 126,698 tons food wheat via tender

TOKYO: Japan’s Ministry of Agriculture bought a total of 126,698 tonnes of food quality wheat from the United States and Canada in a regular tender that closed late on Wednesday. A tender is normally announced on Tuesday and executed on Thursday. The schedule was however changed this week for administrative reasons, an official with the ministry said. Japan, the world’s ... Read More »