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Author Archives: CT Report

Revenues rise by 15% at Applegreen

DUBLIN: Revenues at Applegreen rose by 15 per cent to €1 billion in 2015, the Irish petrol forecourt retailer said on Monday, as strong consumer sentiment in Ireland helped drive the group forward. In its first set of full-year results since floating on the Irish Stock Exchange in June 2015, Applegreen reported that earnings (EBITDA) advanced by 26 per cent ... Read More »

Rupee gains 20 paisas in open market

KARACHI: The Pakistani rupee Monday gained value against the US dollar in open market and remained unchanged in interbank. As per local money market, the greenback lost 20 paisas in the cash-free market to reach 106.05 and remained firm in interbank at 104.50. On Friday, the dollar was at 106.25 in open market and at 104.50 in interbank. Read More »

Salim Raza Asif assumes charge as Multan Chief Commissioner

ISLAMABAD: Salim Raza Asif, a BS-21 officer of Inland Revenue Service, Monday assumed the charge of the post of Chief Commissioner-IR, Regional Tax Office, Multan. The officer, in pursuance of Board’s Notification No. 0664-IR-I/2016, dated 09.03.2016, relinquished the charge of the post of Chief Commissioner-IR, Regional Tax Office, Sargodha, with effect from March 11. Read More »

Hungary to open trade office in Tunisa

BUDAPEST: State secretary of Hungary’s foreign ministry Levente Magyar signed an agreement on the opening of a new trade office in Tunisia. The new trade office will start operating in a few months, Magyar said, speaking to MTI by telephone from Tunis after a meeting of the Hungarian-Tunisian Joint Economic Committee here the other day. Magyar, who co-chairs the committee, ... Read More »

Dy Commissioner Sohail suspended for three months

ISLAMABAD: Sohail Ahmad, an Inland Revenue Service officer of BS-18, has been suspended. The competent authority, exercising the powers conferred under section 5(1)(i) of the Government Servants (Efficiency & Discipline) Rules, 1973, suspended the officer, presently posted as Deputy Commissioner, Regional Tax Office, Peshawar, for a period of three months with immediate effect. Read More »

Migrant costs to exceed 600 million euros, says Greek central bank

ATHENS: The cost of managing the migrant crisis in Greece will exceed a previous estimate of 600 million euros ($670 million) as more and more refugees are forced to remain in the country, Bank of Greece Governor Yannis Stournaras said on Sunday. More than 41,000 refugees and migrants are stranded in Greece, their plans to travel north blocked by border ... Read More »

Agriculture share in GDP drops to 21% from 53%

LAHORE: Agriculture share in GDP has dropped to 21 per cent from 53 per cent in 1950 and 31 per cent in 1980. Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt revealed this in a statement, adding that achievement of satisfactory growth rate is linked to the promotion of agricultural sector which has been ignored by almost all the ... Read More »

New Zealand Customs finds 1.5 kg narcotics at Auckland airport

WELLINGTON: Baby carriers and boxes of neckties were found to be concealing about 1.5 kilograms of methamphetamine when they arrived in New Zealand, Customs officials said Monday. Customs officers allegedly found the illegal drugs haul in the baggage of a 20-year-old Latvian man when he arrived at Auckland Airport on a flight from Dubai on Saturday. The amount of methamphetamine ... Read More »

Chennai Port starts refuelling service for ships at anchorage

LONDON: Chennai Port Trust on Friday commenced supplying bunker fuel to ships at anchorage, an official said. Till recently, international vessels that were passing various Indian sea ports had to go either to Singapore or Colombo for bunker fuel. Chennai Port has started supplying bunker fuel through barge to vessel berthed at five nautical miles from the port. “The supply ... Read More »

Steel shipments rise by 7.2% in Jan

WASHINGTON: American steel mills shipped 7 million net tons of steel in January, a 7.2 percent increase over December. However, the amount of steel shipped out, or what’s actually sold, was down 9.4 percent as compared to the 7.7 million net tons shipped in January 2015, according to the American Iron and Steel Institute. Shipment data always gets released more ... Read More »

Sri Lanka probes loss of revenue from unused port weighbridge

COLOMBO: Sri Lanka’s ports and shipping minister Arjuna Ranatunga has ordered a probe into revenue losses caused by non use of a weighbridge at Trincomaleee harbour through which coal, clinker and gypsum are imported. A statement said the weighbridge was installed in 2006 but not used properly till December 2015 as it had not been maintained and had got damaged. ... Read More »

Portuguese exports rise by 0.7%

LISBON: Portuguese exports rose by 0.7% against a 0.3% increase in imports in the three-month period through to January of this year, the INE – the National Institute of Statistics. The statistical bulletin stated the Portuguese trade deficit thus closed this period on €2.478 billion, down €28.9 million year-on-year with the coverage rate up 0.3% to stand at 82.5%.  In annualised ... Read More »

Kuwait Customs foils attempt to smuggle diamonds

KUWAIT: Customs officers at the Saad Al-Abdullah Airport arrested an Arab man with possession of six plastic bags of diamonds he had hidden in his clothes to avoid paying the custom fees, said security sources. Read More »

Qatar’s insurance premium reaches $2bn in 2015

DOHA: Qatar’s Insurance premium reached $2bn in 2015, registering 11 percent compound annual growth rate since 2007. Qatar’s insurance sector, along with Middle East and North Africa (Mena) region, is expected to remain resilient in coming years despite economic headwinds, according to ‘Mena Insurance Barometer 2016’ released yesterday. “Since inception of Multaqa, market values almost tripled to $2bn, a compound ... Read More »

Birat Petroleum cuts petrol price to Rs99 per litre

KATHMANDU: Birat Petroleum has slashed the price of its petrol to Rs99 per litre from Rs130, in line with the price maintained by Nepal Oil Corporation (NOC). According to Tripureshwor-based Jayanti Oil, it started to sell the fuel imported by Birat at Rs99 per litre from Sunday. “In a bilateral meeting held on Saturday, Birat agreed to reduce the price,” said ... Read More »

French apparel-maker to invest in RI

JAKARTA: A French company specializing in sports apparel is planning to invest US$500 million in Indonesia, underlining growing interest from European businesses to invest in the country. Investment Coordinating Board (BKPM) chairman Franky Sibarani said the Lille-based company, the name of which was not disclosed, had conveyed its interest through BKPM’s representative in London. Franky added the French company would ... Read More »

Bangladesh’s BPC to import 2,200 mt of gasoil from India’s BPCL

DHAKA: State-owned Bangladesh Petroleum Corporation plans to import 2,200 mt of 0.03% sulfur gasoil from India’s Numaligarh refinery owned by state-owned Bharat Petroleum Corporation Ltd., BPC’s director for operations and planning Mosleh Uddin said Monday. The gasoil is to be imported to Parbatipur in Bangladesh on 50 wagons belonging to the Indian Railways. The price would be similar to what ... Read More »

Intel to sell $1bn venture capital portfolio

TAIPEI: Intel Corp, one of the world’s largest makers of computer components, is planning to sell part of its venture capital unit, assets that could be worth as much as US$1 billion, according to people familiar with the matter. The Santa Clara, California-based company is working with UBS Group AG to look for potential buyers for the assets, said the ... Read More »

Polish interest rates kept unchanged

WARSAW: The Polish central bank’s Monetary Policy Council (RPP) said on Friday it has left the country’s benchmark interest rates unchanged at a record-low 1.50 percent. The decision was in line with what analysts had expected. Following its March 2015 decision to cut rates by 50 basis points, the Monetary Policy Council said the move was “closing a cycle of ... Read More »

Petrolimex to increase charter capital

HANOI: Deputy Prime Minister Vũ Văn Ninh has agreed with the Ministry of Industry and Trade’s plan to issue more stakes and increase the charter capital of the Vietnam National Petroleum Group (Petrolimex). The measure is part of the group’s restructuring process. The group’s charter capital is planned to raise to VND13.5 trillion ($604.7 million) from its current capital of ... Read More »