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Author Archives: CT Report

Ooredoo Group revenue hits QR32bn in 2015

DOHA: Ooredoo Group’s revenue touched QR32.2bn in 2015. The group net profit to Ooredoo shareholders maintained at QR2.1bn in 2015 driven by a strong EBITDA performance. Ooredoo Group’ customers reached 117 million at the end of 2015, an increase of 9 percent, or 9.5 million net customer adds over 2014 driven by strong performances in Qatar, Indonesia, Myanmar, Oman, Algeria, ... Read More »

EQUATE sponsors GPCA R&I Summit 2016

KUWAIT CITY, March 3: EQUATE Petrochemical Company, Kuwait’s first international joint-venture in this industry, sponsored the 3rd Research & Innovation (R&I) Summit 2016 organized by the Gulf Petrochemicals & Chemicals Association (GPCA) to promote excellence in Research & Development (R&D). EQUATE President & CEO Mohammad Husain said, “Innovation has become a critical element for sustainability, not merely an expression or ... Read More »

UAE, Saudi economy improves in Feb

ABU DHABI: Economic sentiment in the UAE and Saudi Arabia ticked up slightly in February, following a mild recovery in oil prices from the 12-year lows scraped the month before, according to a monthly survey. The UAE purchasing managers’ index, a measure of business activity, increased slightly to 53.1 in February, up from 52.7 the previous month. A score above ... Read More »

EWIS to set up $50 mn tech plant in Bangladesh

COLOMBO: Local digital device manufacturer EWIS Colombo Limited (EWIS) entered into a joint venture with Bangladesh’s Tech Manufacturing Co. Ltd. to set up a manufacturing plant in Bangladesh with investments which will eventually run up to US$ 50 million. “The initial investment will start with US$ 2 million, and it will go up to US$ 50 million in the next ... Read More »

Japan’s log export increases 32.7% in 2015

TOKYO: Japan’s log export was 691,830 cubic metres, 32.7% more than 2014 and this was the record high number. Lumber export was 61,621 cubic metres, 10.3% less, ITTO reported. Total forest products export in 2015 was 26,300 million yen, 24.8% more. This exceeded the amount the Ministry of Agriculture, Forestry and Fisheries drew up as a target by 2020 ahead of ... Read More »

More layoffs, more spending cuts in hard-hit oilpatch as job losses top 100,000

CALGARY: Despite signs of life in oil prices, companies in Calgary continue to retrench, cutting jobs, shutting in production and scaling back spending plans. Claudia Cattaneo looks at how plummeting oil prices and politics have conspired to stall Canada’s growth engine — and the whole country will feel the pain West Texas Intermediate benchmark oil prices rose to an eight-week ... Read More »

Vuclip launches VOD service Viu in India

NEW DELHI: After launching its over-the-top (OTT) services in Malayasia, Hong Kong and Singapore over the past couple of months, Vuclip has introduced Viu in India. This is the second OTT service announced in as many weeks, and the third in the current calendar. Last week, Zee Entertainment Enterprises Limited (ZEEL), announced the launch of its second OTT platform OZEE ... Read More »

Weibo hits $32.9m in Q4 profit

BEIJING: Sina’s microblogging site Weibo said yesterday that profit in the fourth quarter more than tripled to US$32.9 million. Nasdaq-listed Weibo said revenue jumped 42 percent to US$149 million with income from Weibo’s advertising and marketing sales rising 47 percent to US$129.5 million as more advertisers targeted social networking sites for online campaigns, according to a stock exchange filing. Herman ... Read More »

China’s marine output up 7% in 2015

BEIJING: China’s marine economy generated 6.47 trillion yuan ($989.3 billion) in 2015, 7 percent more than in 2014, government data showed on Thursday. The sum accounted for about 9.6 percent of the nation’s GDP in the year, according to a report by the State Oceanic Administration (SOA). About 36.2 percent of the total gross output was generated in places surrounding ... Read More »

China’s consumer goods industry to grow by $200 billion

BEIJING: China’s consumer goods and services industry will grow by $200 billion by 2020, accounting for about 60 percent of growth in Asia, a report said. In”The future is now: understanding the new Asian consumer”, professional services company Accenture estimates that the consumer goods and services industry will grow by as much as $700 billion globally by 2020, with nearly ... Read More »

Macao’s GDP contracts 20.3% in 2015

MACAO: Due to the continued decline in exports of services, Macao’s Gross Domestic Product (GDP) shrank by 20.3 percent in real terms last year, with a 22.8 percent contraction in the first half, and a smaller slump of 17.7 percent in the second half, the Statistics and Census Service (DSEC) showed Thursday. Analysis said that the economic contraction was mainly ... Read More »

Unemployment rate in France lowered to 10% in Q4

PARIS: Jobless rate in France inched down by 0.1 percentage point to 10 percent during the last quarter of 2015 compared to a quarter earlier, the national statistics institute authority Insee said on Thursday. With the overseas departments taken into account, the quarterly jobless rate stood at 10.3 percent. According to Insee, 2.860 million people were reported jobless in mainland ... Read More »

Chinese firm buys German waste-to-energy company

BERLIN: An investment group controlled by the Beijing municipal government has bought Germany’s largest waste management company, EEW, for 1.4 billion euros ($1.5 billion). This is the largest ever Chinese acquisition of a German company, Beijing Enterprises said in a statement on Wednesday. “By learning about the latest German waste-to-energy technology and management expertise, we will help environmental protection in ... Read More »

Iran says oil exports still constrains post-sanctions

TEHRAN: Iran still faces constraints on oil exports as buyers are cautious about boosting trade immediately because of banking and ship insurance difficulties, a senior Iranian oil official said, despite seeing a “tangible” rise in shipments this month. Iran emerged from years of economic isolation in January when world powers led by the United States and the European Union lifted ... Read More »

Russian polymers importers face issues with customs clearance

MOSCOW: Russian polymers importers faced problems with customs clearance at the end of February because of tighter controls on the cost of goods being cleared, market participants said. On 16 February the Federal Customs Service (FCS) issued an order entitled “On improving the efficiency of the control of the customs value within the risk management system.” The order means the ... Read More »

Philippines Customs seizes US contraband in Mindanao terminal

MANILA: The Bureau of Customs (BOC) announced on Thursday the seizure of a container van from the United States of America on Wednesday containing assorted contraband. The contraband includes a Harley-Davidson motorcycle, an M4 Spikes Tactical rifle, a pistol, firearms accessories, night vision goggles, and various others. The seized items, valued at some P1.4 million, were discovered inside one of ... Read More »

HK Customs seizes cannabies worth HK$186,000

HONG KONG: The day before yesterday, Customs arrested a 20-year-old in Kowloon City after they intercepted him and found about 1.3 kilos of suspected cannabis buds on him. The drugs have an estimated street worth of HKD186,000. Officers found 14 grams of suspected cannabis on the man himself as well as 1.3 kilos distributed among 95 sealed tea bags in ... Read More »

Thai Oil says new LAB, power plants to boost 2016 margins

BANGKOK: Thai Oil Pcl, Thailand’s top oil refiner, said on Thursday it had started operations at the country’s first linear alkyl benzene (LAB) plant in late February and that it should help boost margins this year. LAB is an organic compound used as an intermediate in the production of surfactant or detergent. The $400 million plant is also the first ... Read More »

£300,000 of cannabis seized in Newtownabbey

BELFAST: Police have seized an estimated £300,000 worth of herbal cannabis in Newtownabbey. The drugs were found during a search of commercial premises on Wednesday. A 30-year-old man was arrested and taken to a Belfast police station for questioning. Detective Inspector Sean Taylor said: “Officers have also searched properties in Randalstown and Ballymena and our enquiries are continuing. This is ... Read More »

EU efforts to combat people smuggling ‘pushing traffickers to use weaker boats’

BRUSSELS: The EU’s naval mission to combat migrant smugglers in the Mediterranean has driven traffickers to increasingly use cheaper, smaller, less seaworthy rubber boats, because they represent less of a financial loss if sunk, a top European general has said. Giving evidence to a House of Lords committee, Lieutenant General Wolfgang Wosolsobe, director general of the European Union Military Staff, ... Read More »