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Author Archives: CT Report

IG revenues rise after stock market turmoil

LONDON: IG Group , the British online share trading company, has reported an 18% rise in third-quarter revenue as traders speculated more the recent stock market slump and recovery. However, IG Group, the UK’s first financial spread betting company, also said discretionary remuneration and online marketing spend would hurt its fourth-quarter and full-year performance. The company, which provides online stockbroking ... Read More »

Zimbabwe exports down 13%

HARARE: The value of the country’s exports declined 13,05 percent in the two months to February due to weaknesses in global commodity prices, the appreciation of the dollar against regional currencies which makes products uncompetitive and a generally slower growth in world trade. Zimbabwe’s main export goods are minerals and tobacco and there are constant calls to expedite value addition ... Read More »

Greece current account gap widens in January as services surplus shrinks

ATHENS: Greece’s current account deficit widened in January from the same month a year earlier after weaker surpluses in the services balance and primary income account, the Bank of Greece said on Tuesday. “The surplus of the services balance almost halved year-on-year, declining by 218 million euros, as a result of lower net transport receipts – mainly sea transport receipts,” ... Read More »

Rajesh Exports wins export order worth Rs 1,045 crore

NEW DELHI: Jewellery exporter and retailer Rajesh ExportsBSE 0.31 % today said it has won a Rs 1,045-crore export order from Singapore. In a BSE filing, Rajesh Exports said it “has bagged an export order worth Rs 1,045 crore of designer range of gold and diamond-studded jewellery and medallions from Singapore”. The company said this order will be executed at ... Read More »

Bulb fields cover 25,000 hectares of Dutch farmland

AMSTERDAM: Some 25,000 hectares of land in the Netherlands is now dedicated to bulb production, a rise of 75% over the past 30 years, the national statistics office CBS said on Tuesday. While production has gone down some 10% in traditional bulb growing areas north of The Hague, there has been an increase in the provinces of Drenthe, Flevoland and ... Read More »

KBC makes 2.6 billion euro in annual profits

BRUSSELS: KBC bank and insurance company with its main operations carried out in Belgium and Czech Republic announced its 2015 results here the other day. With a  net profit of 2,639 billion euros, the results mark a substantial increase from its 2014 profits of 1,762 billion euros. In a communication release, KBC indicated that “the volume of loans and insurances ... Read More »

Future snowless winters will cost Norway dearly

OSLO: Warmer winters with less snow will have major financial implications for a variety of industries, according an expert panel that examined the impact of climate change on Norwegian winter sports. Billions of kroner are at stake if Norway’s winters become significantly warmer, a report entitled ‘Grå Vinter’ (Grey Winter) that was presented by the Norwegian Climate Foundation in Oslo ... Read More »

Spain’s ‘unfair’ labour reform creates jobs but erodes rights

MADRID: Spain’s labour market reform is proving a dream for firms but a nightmare for short term workers. In 2009 the Nissan factory in Barcelona in northeastern Spain seemed condemned to close. But it was saved thanks to labour rights sacrifices, becoming a symbol of “flexisecurity” – a cooperative approach to labour relations in which employees accept a degree of ... Read More »

Saudi government plans $533m water projects

RIYADH: The Saudi government is set to spend around SR2 billion ($533 million) on projects aimed at enhancing water security in Makkah region, said a report. The project being implemented by National Water Company (NWC) covers the Makkah, Jeddah and Taif region and on completion it will boost the water capacity by 5.4 million cu m, reported the Arab News, citing ... Read More »

Hungary inks cooperation pact with St Petersburg

BUDAPEST: Hungarian Foreign Minister Péter Szijjártó and St Petersburg Governor Georgy Poltavchenko on Monday signed a cooperation agreement between the Hungarian ministry and the Russian region. Speaking at the signing ceremony in Budapest, Szijjártó said Hungary would start shifting its focus to regional-level economic cooperation with Russia to limit damage done to bilateral trade by the EU and Russia’s sanctions ... Read More »

Afghan traders sign $2.38m deals during Gulfood show

KABUL : Afghan traders signed a series of deals worth $2.38 million for agricultural products in the Gulfood show in Dubai, the USAID said on Tuesday. The traders are negotiating potential deals of about $10 million following their participation in the exhibition, the world’s largest annual food and hospitality event,held from February 21 to 25. The USAID supported Afghanistan’s participation ... Read More »

GCC can be world’s ‘sixth largest market by 2030’

DOHA: The GCC region could emerge as one of the largest markets in the world through removing its existing intra-regional trade and investment barriers. Lengthy border checks and lack of regulatory alignment are making the GCC a weak link in global supply chain, global advisory firm EY noted yesterday. Foreign investors are still unable to treat the GCC as one ... Read More »

Burgan Bank Group earnings up 23% in 2015

KUWAIT: Burgan Bank Group announced yesterday its financial year 2015 results. A solid operating & financial performance continues reflecting a faster than market growth almost in all indicators and mirroring the soundness of Burgan Bank’s resilient business model. Compared to the same period last year, Operating income grew by 12 percent from KD222 million to KD 248 million while Operating ... Read More »

Canada expresses interest to set up LNG power plant in Sri Lanka

COLOMBO: The Canadian government has proposed to initiate an electricity generation project in Sri Lanka using liquefied natural gas (LNG), a Finance Ministry statement said. This proposal was made by Canadian High Commissioner to Sri Lanka Shelley Whiting at a meeting with Finance Minister Ravi Karunanayake in the parliament complex a few days ago, the statement added. High Commissioner Whiting ... Read More »

France perfume, cosmetics exports rise 4.4% in 2015

PARIS: Exports keep boosting the growth of the French cosmetics industry. With a 4.4% rise in 2015, they reached a new record of 11.8 billion euros, according to the statistics released by the FEBEA, the French Federation of Beauty Companies. Makeup sales are those that show the most significant growth, and the Middle East and Asia remain the most dynamic ... Read More »

Swiss exports buck franc strength with record monthly trade surplus

GENEVA: Switzerland posted a record monthly trade surplus in February, data showed on Tuesday, supported by strong sales abroad of its price-resilient pharmaceutical and chemical products. Switzerland, home to two of the world’s largest pharma firms, Novartis and Roche, ran a trade surplus of 4.07 billion Swiss francs ($4.2 billion) last month, the customs office said. Exports rose 1.4 percent ... Read More »

India likely to extend wheat import tax

NEW DELHI: India is likely to extend a wheat import tax beyond March to shield its domestic farmers from cheap imports particularly as wheat from the new-season harvest will become available by the end of this month, government sources said on Monday. After consulting the food, farm and trade ministries, the finance ministry now looks likely to extend the duty ... Read More »

Liberty Global has $560m accumulated loss in Irish businesses

DUBLIN: Colorado-based cable company Liberty Global had almost $560 million in accumulated losses at its Irish businesses at the end of 2015 that could potentially be offset against future profits here. This emerges in a recent 10-k filing by the listed company with the Securities and Exchange Commission in the United States. It showed that in Ireland, Liberty carried forward ... Read More »

Canada’s $15-billion Saudi arms deal violates export rules, lawsuit argues

OTTAWA: Foreign Minister Stéphane Dion is acting illegally by issuing permits to allow the export of combat vehicles to Saudi Arabia, a lawsuit filed in Federal Court on Monday alleges. Opponents of Canada’s $15-billion arms deal with the Saudis are taking the Trudeau government to court in an attempt to block shipments of the fighting vehicles to Riyadh. A group ... Read More »

Pak rupee depreciates by 10 paisas in open market

KARACHI: The Pakistan rupee Tuesday depreciated against the US dollar both in open market. According to the local money market, the dollar gained 10 paisas in cash-free market for selling at 105.85 and remained firm in interbank at 104.50. On Monday, the dollar remained unchanged both in cash-free market and interbank at 105.75 and 104.50 respectively. Read More »