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Author Archives: CT Report

Beijing cracks $8bn investment fraud case, arrests 21

BEIJING: Beijing police have busted a major fraud ring accused of using E Rent Treasure, an online financial platform, to illegally collect up to 50 billion yuan ($7.6 billion) in funds, harming 900,000 investors across 31 provinces and regions, according to the Beijing Public Security Bureau. Ding Ning, former chairman of Yucheng International Group, the owner of E Rent Treasure, ... Read More »

India plans to raise $12.6 bln in overseas loans to fund irrigation projects

NEW DELHI: India plans to raise 860 billion rupees ($12.6 billion) in overseas loans to fund irrigation projects after two consecutive years of deficient rains cut crop output in Asia’s third-biggest economy. State-owned National Bank for Agriculture and Rural Development may helm the borrowing plan that is expected to help add as much as 13 million hectares (32.1 million acres) ... Read More »

Chinese-Russian trade has a bright future: minister counselor

MOSCOW: Chinese-Russian trade cooperation has great prospects despite contracted volume in 2015, said Zhang Di, economic and commercial minister counselor at the Chinese Embassy in Moscow. Trade volume decreased by 27.8 percent in 2015 year on year, according to China’s General Administration of Customs. Zhang called it a temporary phenomenon, and by no means indicates that bilateral economic and trade ... Read More »

India’s farm sector imports rise

NEW DELHI: India’s farm sector imports are on a rise pushed by two back to back droughts and untimely rainfall. Prime Minister Narendra Modi has been trying to revive rural India but agricultural imports are seeing an upward trend. Last week Modi held a late night meet with the farm officials to address the concerns. For the first time in ... Read More »

ATR inks $1.1b plane deal with Iran

BLAGNAC: European manufacturer of turboprop aircraft ATR said yesterday it had signed a 1-billion-euro (US$1.1 billion) deal with Iran Air for up to 40 planes after the dropping of US sanctions against Iran. Under the accord inked in Tehran, ATR is to provide the Iranian national flag carrier with 20 ATR 72-600 planes, with options on another 20 planes. It ... Read More »

Macau gambling revenues falls 21.4%

MACAU: Gambling revenues for Macau dropped 21.4 percent in January, ahead of a Lunar New Year week-long holiday which is expected to boost the number of visitors to the world’s largest casino hub. Revenue in the city fell for the 20th consecutive month to 18.7 billion patacas (US$2.33 billion), government data showed yesterday, in line with analysts’ hopes of an ... Read More »

Saudi Arabia industrial gases market to cross $1.6 bln by 2021

RIYADH: According to a recently published TechSci Research report “Saudi Arabia Industrial Gases Market By Type, By End User, Competition Forecast and Opportunities, 2011 – 2021”, the industrial gases market in Saudi Arabia is anticipated to cross US$ 1.6 billion / SAR 6 Billion by 2021. Growth in the market is anticipated on account of growing demand from various end ... Read More »

Yahoo to announce job cuts: report

CALIFORNIA: Embattled Internet pioneer Yahoo will announce job cuts when it releases its quarterly earnings report on Tuesday, according to a report in The Wall Street Journal. Yahoo chief executive Marissa Mayer will lay out a cost-cutting plan that includes chopping 15 percent of the work force, an estimate 1,600 positions, the Journal said citing unnamed people close to the ... Read More »

Worldwide tablet computer sales fall 13.7% in Q4

NEW YORK: The global market for tablet computers ended 2015 with a whimper, as the once sizzling market cooled further, a market tracker said yesterday. Research firm IDC reported a 13.7 percent year-over-year drop in worldwide tablet sales in the fourth quarter, with 65.9 million units shipped. For the full year, IDC said the number of tablets shopped fell 10.1 ... Read More »

Iraq’s southern oil exports rise slightly in Jan

BAGHDAD: Iraq’s southern oil exports rose slightly in January to an average of 3.285 million barrels per day (bpd), from 3.215 million bpd the previous month, the oil ministry said on Monday. Production from southern fields averaged 3.9 million bpd, according to oil ministry spokesman Asim Jihad, down from a record high the previous month. All of the exports were ... Read More »

Vietnam decides to resume groundnut imports from India

HANOI: Vietnam has decided to resume its groundnut imports from India which were suspended in April last year after recovery of pests in some consignments. The decision to lift the ban on import of groundnuts from India was formally communicated to the government after inspection of quarantine facilities and review of the standard operating procedures by a Vietnamese delegation in ... Read More »

Singapore’s property investment sales in 2015 drop to record low since 2009

SINGAPORE: Singapore’s property investment sales in 2015 declined by 15 percent to 16 billion Singapore dollars (11.3 billion U.S. dollars), the lowest sales volume since 2009, according to a report on Tuesday by DTZ Southeast Asia, a real-estate consulting firm headquartered in Singapore. The fall in investment sales in 2015 was largely due to the mismatch of price expectations between ... Read More »

Sri Lanka Customs seizes foreign currency worth over Rs.12m

COLOMBO: Customs officials attached to the Katunayake Customs Clearance Office have seized a stock of foreign currency worth over Rs.12.6 million rupees that was being attempted to be illegally smuggled out of the country. Customs Media Spokesperson, Customs Export Director, Leslie Gamini said that two individuals from Ja-Ela and Piliyandala who allegedly attempted to smuggle the stock of currency out ... Read More »

Argentina’s imports of LNG may decline 20% in 2016

WASHINGTON: Argentina’s imports of LNG could decline by 20% or more in the 2016 winter season compared with last year, as the result of a recently announced agreement to import natural gas from neighboring Chile, local media in both countries reported Monday. From May through September, Chile will export 5.5 million cu m/day of gas to Argentina under the accord ... Read More »

7 Customs districts exceed collection goal

MANILA: Seven collection districts of the Bureau of Customs (BOC) have exceeded their targets in 2015 with over P3 billion in surplus. With this, Commissioner Alberto Lina commended the agency’s top-performing collection districts that contributed to the entire bureau’s revenue of P368 billion in 2015. Sixteen (16) among 31 sub-ports exceeded their respective targets in terms of nominal amount and ... Read More »

More than 3,650 cartons of contraband cigarettes seized by ICA

SINGAPORE: More than 3,650 cartons of contraband cigarettes were seized at Woodlands Checkpoint on Friday (Jan 29) and Saturday (Jan 30) by Immigration & Checkpoints Authority (ICA) officers. On Friday (Jan 29), at about 4.10pm. ICA officers seized 3,000 cartons of duty unpaid cigarettes on a Singapore-registered bus after it was stopped for checks. The bus was driven by a ... Read More »

MMEA: 1,600 cartons of cigarettes seized in smuggling pursuit

KLANG: The Malaysian Maritime Enforcement Agency (MMEA) foiled an attempt to smuggle 1,600 cartons of cigarettes near Tanjung Rhu waters on Sunday. Klang district Maritime Enforcement Capt Mohd Rosli Abdullah said the smuggling activity was spotted at 8pm after a maritime patrol boat received information about the presence of a suspicious boat heading for the straits at Lumut beach. “The ... Read More »

CPI inflation increased to 3.32% in Jan

  ISLAMABAD: The inflation, measured through Consumer price inflation (CPI) increased to 3.32 percent year-on-year in January, from 3.19 percent in December, marking the highest rate since January 2015. According to the Pakistan Bureau of Statistics (PBS) data, inflation had been continuously falling since the start of the current fiscal year and touched the lowest mark of 1.32 percent in ... Read More »

State police seized nearly 80kg of heroin in 2015

PENNSYLVANIA: Pennsylvania State Police battling the heroin epidemic seized nearly 80 kilograms of heroin in 2015. That’s down from more than 100 kilograms seized in 2014, but up from 31.5 kilograms seized in 2013. State police also seized more than 260 kilograms of cocaine, more than two tons of processed marijuana and nearly 7,800 marijuana plants in 2015. Police seized ... Read More »

FBR collects Rs 4b more than Rs 205b target for Jan

  ISLAMABAD: Federal Board of Revenue (FBR) has collected around Rs 209 billion in January 2016 against the target of Rs 205 billion set for the corresponding month. According to the official statement, FBR collected Rs 209 billion in January 2016 against Rs 171 billion it collected during the same month last year, showing an increase of 22 per cent. ... Read More »