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Author Archives: CT Report

Nour Real Estate posts KD 1.9 million net profits in 2015

KUWAIT: Nour Al-Salhiya Real Estate Company’s deputy chairman of the board and CEO, Bader Al- Rabee’a said that his company has made KD 1,916,226 net profits in 2015 making an increase of 3.8 per cent compared to the previous year. He also noted that the company’s assets increased by 34.5 per cent compared to 2014. Further, Al-Rabee’a said that the ... Read More »

Seerat assumes charge as Member (Taxpayers Audit) after promotion to grade 22

ISLAMABAD: Raana Seerat, an Inland Revenue Service officer, has assumed the charge of the post of Member, Taxpayers Audit, Federal Board of Revenue (HQ) after promotion to grade 22. The officer, in pursuance of Board’s Notification No.0496-IR-I/2016 dated 19.02.2016, relinquished the charge of the post of Member, Taxpayers Audit (BS-21), FBR (HQ), Islamabad with effect from February 19. Read More »

Malaysia’s Axiata buys Nepal’s Ncell for RM5.67bil

PETALING JAYA: While companies are holding tight to cash, Axiata Group Bhd is going against the grain with the purchase of Nepal’s No.1 mobile operator, Ncell Pte Ltd, for US$1.37bil (RM5.67bil). “We have been eyeing that market for two years but we only got really serious in the past few months,” Axiata group chief financial officer Chari TVT said. He ... Read More »

DBS beats estimates with 20% rise in Q4 earnings

SINGAPORE: Singapore’s biggest lender DBS Group Holdings reported strong earnings growth for the fourth quarter as interest income surged on improved margin to offset higher expenses in the period. In the three months to Dec 31, net profit shot up 20 per cent year-on-year to S$1 billion, beating the S$965 million average estimate of eight analysts surveyed by Bloomberg. Revenue ... Read More »

Taiwan iron ore imports fall 20%

LONDON: The trade statistics released by the Taiwan’s Directorate General of Customs for the month of November 2015 indicates sharp fall in iron ore imports by the country. Taiwan’s iron ore imports during the month totaled 1.961 Million tonnes, down by 19.6% when compared with the imports during the same month a year ago. The import prices averaged at $59.9 ... Read More »

Beijing’s 2015 tourism revenue hits 460 billion yuan

BEIJING: Beijing’s tourism revenue in 2015 reached 460.7 billion yuan ($71 billion), a tourism official said here the other day. The Chinese capital received a total of 273 million tourists last year, compared to 261 million in 2014, said Song Yu, director of the Beijing Municipal Commission of Tourism Development (BCTD), at a meeting. Beijing adopted a tax rebate scheme ... Read More »

China’s machinery industry cools in 2015

BEIJING: The machinery industry in China is facing tough times as investment has slowed, but structural changes may offer a silver lining. In 2015, the value-added output of the machinery industry increased 5.5 percent year on year, 4.5 percentage points lower than the growth rate seen in 2014, and slower than the 6.1-percent rise in the average value-added industrial output, ... Read More »

Three Deputy Commissioners-IR assume charge

ISLAMABAD: Three Inland Revenue Service officers of BS-18 have relinquished/assumed charge as Deputy Commissioners in different cities. Shahid Safdar assumed the charge of the post of Deputy Commissioner-IR, RTO-II, Lahore, after relinquishing the charge of the post of Deputy Commissioner-IR, RTO, Gujranwala. Zulfiqar Ali took the charge of the post of Deputy Commissioner-IR, Regional Tax Office, Bahawalpur after relinquishing the ... Read More »

Spanish judge rules 6 ICBC execs to be detained

MADRID: A Spanish judge has ruled that six executives of China’s state-owned ICBC bank in Madrid should be detained pending a judicial probe into suspected money laundering and tax fraud, a court statement said on Saturday. Three Industrial and Commercial Bank of China officials were sent to jail while investigations continue. Three others were given the option of paying a ... Read More »

Eurozone may not be ready for new storm in financial markets

BRUSSELS: Distracted by an unresolved migration crisis and negotiations on keeping Britain in the European Union, eurozone leaders could be caught unprepared by a new storm in financial markets. Global market turmoil since the start of the year has helped set warning lights flashing in eurozone sovereign bond markets. In early February, the premium that investors charge to hold Portuguese, ... Read More »

Economists warn of recession in U.S.

WASHINGTON: A very possible recession within the next three years would take place in the United States, economists warned Saturday at a meeting of U.S. governors. There is a “100 percent certainty” of a recession between now and 2018, President of Fosler Group Gail Fosler said at the 2016 National Governors Association Winter Meeting, which gathers more than 30 state ... Read More »

Zimbabwe to import electricity from Zambia

HARARE: Power utility Zesa Holdings (Zesa) is set to import electricity from Zambian company, Nusenfwa from August to address power shortages in the country. Speaking during a tour of the Kariba Hydropower Station on Friday, Zesa spokesperson, Fullard Gwasira said Nusenfwa was a private public partnership arrangement and Zimbabwe was targeting to import up to 100MW from Zambia this year. ... Read More »

ZTE announces accord with top Spanish football team

MADRID: Chinese telecommunications company ZTE on Sunday announced it has signed a contract with top Spanish football team, Sevilla to become the club’s Official Technological Partner and smartphone provider. The announcement of the agreement with the reigning Europe League champions and finalist of this season’s King’s Cup, was made in Barcelona on the eve of the Mobile World Congress, which ... Read More »

Grain millers oppose South African corn-import tariff review

CAPE TOWN: South Africa’s grain-milling body is opposing a request by the nation’s biggest corn-farmers’ lobby to review a tariff on imports of the country’s staple food as this will lead to higher prices that will burden consumers. Grain SA asked the country’s International Trade Administration Commission, or ITAC, in August to revise the current formula for the duty that ... Read More »

Punjab govt striving to promote fish industry

BAHAWALPUR: The Punjab government is striving to promote fish industry as a fish processing zone is being established in South Punjab with the cooperation of Fisheries Department. This was stated by Punjab Fisheries Director General Dr Yaqoob, while addressing a seminar on “Fish Feed and Fish Feeding” at Fish Seed Hatchery Bahawalpur. South Punjab has made the centre for the ... Read More »

Beijing appoints new Macau customs chief

HONG KONG: The central government has ­appointed a new customs chief in Macau following the suicide of his predecessor, who was found slumped in a public toilet with her throat and wrists slashed. Macau Chief Executive Fernando Chui Sai-on announced the appointment yesterday. The former management committee president of the Civic and Municipal Affairs Bureau, Alex Vong Iao Lek, takes ... Read More »

Volume of snack foods import into Korea doubles

SEOUL: The volume of snack foods imported into Korea almost doubled over the past 10 years. The Ministry of Food and Drug Safety said on Sunday that confectionary imports amounted to 121,100 tons last year, 1.8 times the level reported in 2005. That translates into an annual growth rate of 7.6 percent. In money terms, imports increased from US$211.6 million ... Read More »

Vietnam steel firms seek temporary import tax

HANOI: Some steel companies want the Ministry of Industry and Trade to put up temporary barriers like higher import tax on steel billet and other products until an ongoing investigation into dumping is completed, while other producers who use imported billets are opposed to it. Steel firms seek temporary import tax, vietnam economy, business news, vn news, vietnamnet bridge, english ... Read More »

China’s Jan diesel exports at 730,000 tonnes -customs

BEIJING: China exported 730,000 tonnes of diesel fuel in January, the country’s General Administration of Customs said on Sunday, down roughly 26 percent from exports in December. January exports were up nearly 1,000 percent from a year earlier, but were the lowest since August 2015. Exports grew substantially in the second half of 2015, peaking at 1.11 million tonnes in ... Read More »

Jordan’s Imports, exports fall in 2015

AMMAN: Jordan’s total exports during 2015 amounted to around JD5.558 billion, recording a 6.6 per cent drop from 2014, the Department of Statistics (DoS) announced Sunday. National exports were 7.1 per cent lower at around JD4.795 billion in total in 2015 compared to 2014, whereas re-exports were worth JD0.763 billion last year, recording a 3.4 per cent decline from the previous ... Read More »