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Author Archives: CT Report

SBP keeps interest rate unchanged at 6% for two months

KARACHI: The State Bank of Pakistan (SBP) has kept the policy interest rate unchanged at six per cent for the next two months. Addressing a news conference, SBP Governor Ashraf Mahmood Wathra said that the trend in year-on-year CPI (Consumer Price Index) inflation has reversed; it rose for third consecutive month to 3.2pc in December 2015. The central bank said ... Read More »

Pak, Iran to establish 5 border markets, rail link between Gwadar, Chahbahar

QUETTA: Pakistan and Iran have discussed trade and border issues and have agreed to establish five border markets. Five markets, including Gabd Gwadar, Taftan, Panjgur, Washuk and Mand, would be established at Pak-Iran border, said deputy governor of Sistan-Balochistan, while addressing the joint press conference after meeting of the Pak-Iran Joint Border Commission. Balochistan Chief Secretary Saifullah Chattha and Deputy ... Read More »

ICCI urges govt for supporting Pakistan Badminton Team financially

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) called upon the government to provide more funding for promotion of badminton, as India was providing Rs 100 million annual subsidy for badminton, but Pakistan was providing a meagre subsidy of Rs 1 million. This was stated by ICCI Senior Vice President Sheikh Pervez Ahmed when the ICCI hosted a reception ... Read More »

Dar approves to amend 0.6% WHT rate to o.3%, extends filing date till Feb 29

ISLAMABAD: Federal Minister for Finance Ishaq Dar has accorded anticipatory approval to amend 0.6% withholding tax rate on banking transactions to 0.3% in respect of non-filers till February 29. It may be mentioned that the Income Tax Amendment Act 2016 empowers the Federal Government to amend the rate of 0.6% on the recommendation of the ECC. The minister also gave ... Read More »

Armenia exports down by 4%, imports drop by 26.5%

LONDON: Armenia’s foreign trade turnover amounted to $4 740,8 million in 12 months of 2015, decreasing by 20,6% against the same period in 2014, the country’s National Statistical Service reports. The exports totaled $1 487 million, down by 3.9% from last year, while imports amounted to $3 254 million, dropping by 26.5%. Armenia’s foreign trade turnover with CIS countries amounted ... Read More »

EU sets tariffs on steel rebar imports from china

BRUSSELS: The European Union said Friday it would impose tariffs on certain Chinese steel imports, in a sign that the bloc was stepping up its efforts to protect European steelmakers while they struggle with overcapacity. The provisional duties, which will cover high fatigue performance steel concrete reinforcement bars, or rebars, come as European manufacturers have brought numerous complaints in recent ... Read More »

Chevron posts first loss since 2002 on crude oil plunge

WASHINGTON: Chevron Corp (CVX.N) reported its first quarterly loss in more than 13 years on Friday despite Wall Street’s expectations for a profit, as plunging oil prices eroded profitability across all its divisions. It was the latest sign that the more than 70 percent drop in crude prices CLc1 since 2014 has humbled a once-strong energy sector and forced it ... Read More »

US crude oil output drops in Nov

WASHINGTON: United States crude oil production fell for a second month in November because of a drop offshore, but higher output from the biggest shale states highlighted the industry’s surprising resilience. Production nationwide in November dropped 52,000 barrels a day to 9.32 million, the lowest figure since June, according to data from the Energy Information Administration’s petroleum supply monthly report. ... Read More »

India faces possibility of record wheat imports

NEW DELHI: Unfavorable weather and dwindling stocks may cause India to import a record volume of wheat over the next year. Following the second consecutive below-average monsoon, India has been facing dry conditions for this year’s wheat crop. Periodic heat spells since planting have also added extra stress to the plants. Indian wheat farming relies heavily on a sufficient monsoon prior ... Read More »

Vietnam industrial production slows down in Jan

HANOI: Month-on-month growth of the country’s index of industrial production (IIP) in January stood at 5.9 per cent due to a decline in consumption in both, domestic and export markets. According to the General Statistics Office (GSO), the rise remained lower than that in the past years, excluding January last year, when the index slid 2.8 per cent. The GSO experts ... Read More »

Vietnam to import power from Laos

HANOI: Viet Nam has invested in upgrading its electricity transmission lines in preparation for importing power from Laos, according to the National Power Transmission Corporation (EVN NPT). Importing electricity from neighbouring countries, including Laos, is one of several measures being adopted to help Viet Nam meet the electricity demand for socio-economic development. Chairman of the corporation Dang Phan Tuong said the ... Read More »

Ghana-India trade hits $2 bln

NEW DELHI: Ghana’s trade with India has for the first time touched $2 billion in favour of Ghana, the Indian High Commission in Ghana has revealed. High Commissioner, Mr Jeeva Sagar said India is excited over development because “Ghana is a developing country and it is expected that it is able to export more to India than we are able ... Read More »

India’s growth potential much higher than 7%

NEW DELHI: India’s growth potential is much higher than seven per cent and can be eight to nine per cent, American economist Nouriel Roubini said on Saturday, pointing out that the reforms being undertaken by the Bharatiya Janata Party government are in the right direction, but the passage is slow. Speaking at the Global Business Summit, Roubini pointed out that ... Read More »

HK customs officers seizes 48kg of cocaine hidden in container from Panama

VICTORIA: Four suspected drug traffickers were arrested after Hong Kong customs officers seized about 48kg of suspected cocaine among a shipment of cocoa beans coming from Panama. The haul was worth HK$51.6 million and was sealed in a 20-foot shipping container that arrived in Tsing Yi on Wednesday. After examination, officers found 48 slabs of suspected cocaine inside two nylon ... Read More »

Retail inflation for industrial workers eases to 6.32% in Dec

WASHINGTON: Retail inflation for industrial workers fell to 6.32 per cent in December as certain food items became cheaper. The rate of price rise, based on Consumer Price Index for Industrial Workers (CPI-IW) was at 6.72 percent during November 2015. However, the retail inflation was 5.86 percent in December 2014. Similarly, the food inflation stood at 7.94 per cent in ... Read More »

Polish police detains 58 Ukrainians

WARSAW: Police working with border guards and customs officers found over 5 million cigarettes at the site, said police spokeswoman Katarzyna Balcar. One of the suspects detained has been charged with heading an organised crime group and two others with being part of the gang. Read More »

Cooking gas stock enough to half-fill 1.2 mln cylinders

KATHMANDU: Many consumers still cannot get cooking gas even though adequate stocks exist to satisfy all the customers by distributing half-filled cylinders. As per the data of Nepal Oil Corporation (NOC), it imported enough liquefied petroleum gas (LPG) during the period mid-December to mid-January to half-fill 1.2 million cylinders. During the pre-embargo period of mid-July to mid-August, LPG shipments totalled 16,053 ... Read More »

Australia’s Qube raises stakes in pursuit of terminal operator Patrick

CANBERRA: Australia’s Qube Holdings has upped the ante in its quest for full control of Patrick, Oceania’s largest stevedore and terminal operator, after saying it was willing to pay $1.9 billion. The newest offer, which was disclosed via filing with the Australia Stock Exchange Thursday, is the latest salvo between Qube and Canada’s Brookfield Infrastructure group for control of Patrick’s ... Read More »

Costa Rica’s industrial metals exports decline in Dec

WASHINGTON: Costa Rica’s industrial metals exports declined in December, with steel and aluminum leading the drop. Industrial metals exports were worth US$19.2mn, down from US$24.0mn in the same month of 2014, according to figures from export promotion agency Procomer. Iron and steel exports were US$5.22mn, down from US$7.32mn, with those of iron and steel products up to US$4.39mn from US$3.87mn. ... Read More »

Iraq inks $328 mln deal with GE to boost power production

BAGHDAD: Iraq has signed a $328 million deal with U.S. company General Electric that will boost power output during peak summer months, officials said Friday, although it falls far short of the country’s needs. The deal will make only a small dent in the country’s major summer production shortfall, which leaves Iraqis with just a few hours of government-provided power ... Read More »