Wednesday , February 19 2020
Breaking News
Home / Author Archives: CT Report (page 3210)

Author Archives: CT Report

Banks reach $154.3m settlement on “dark pool” fraud

NEW YORK: Two major global banks, Barclays and Credit Suisse, are paying a combined $154.3 million to settle government investigations that they misled clients about being able to safely trade on their “dark pool” financial exchanges, the Securities and Exchange Commission and the New York Attorney General’s office said Sunday. The banks left their customers on these private exchanges vulnerable ... Read More »

Saudi Arabia wants to cooperate to maintain oil market

RIYADH: Saudi Arabia wants to cooperate with other oil producers to support the oil market, Saudi-owned al-Arabiya television reported on Sunday, quoting an unnamed Saudi source. The Dubai-based satellite channel also reported that Saudi Arabia was not the source of a proposal to cut oil production that Russia was studying, quoting the unnamed source. Russian Energy Minister Alexander Novak said on ... Read More »

Soft loans urges for Thailand rice farmers

BANGKOK: According to an article in The Nation, rice farmers in Thailand have called upon the government to release soft loans worth around 40 billion Baht to those who joined the rice plantation integration project so they can have more financial liquidity. The president of the Thai Agriculturalists Association, Suthep Kongmark, said that small farmers need soft loans to invest ... Read More »

Thailand’s SAMART Corporation plans to invest $558m in energy biz in 2016

BANGKOK: Samart Corporation (SAMART), one of Thailand’s major technology service providers, plans to invest 20 billion baht ($558.66 million) this year, focusing on energy business. This move is in line with its plan to shift its core business from mobile technology to energy industry in the next three years. Of the total, it will spend around 5 billion baht on ... Read More »

Jordan mineral fuel, lubricant imports drop 48.5% in 2015

AMMAN: Jordan’s total value of mineral fuel and lubricant imports had declined by 48.5 per cent to JD2.2 billion in 2015, down from JD4.4 billion in 2014, official figures show. According to a Central Bank of Jordan report, the domestic demand for crude oil was almost slashed by half, dropping from JD1.640 billion to JD826.7 million, or 49.6 per cent, ... Read More »

Central Bank of Swaziland hikes interest rate by 0.5%

LOBAMBA: The Central Bank of Swaziland (CBS) has hiked interest rates by a further 0.5 percent as the economy continues to take a strain. The bank increased the 5.75 percent to 6.25 percent. Citing the low levels of economic growth in the economy, with the GDP growth at 2.4 percent in 2014, falling to an estimated 1.7 percent in 2015 ... Read More »

South Africa food prices to increase as drought bites

CAPE TOWN: The price of staple food may increase by close to 50% as a result of the ongoing drought, Capricorn Asset Management (CAM) says. CAM investment strategist Suta Kavari warned that the rate hike in South Africa could spill over into Namibia with dire consequences for consumers. This follows the South African Reserve Bank’s announcement on Thursday of a ... Read More »

Global smartphone shipments cross 1.43 bln in 2015

WASHINGTON: More than 1.4 billion smart phones were shipped worldwide last year in a new high for the sector, with Chinese handset makers racking up the biggest gains, an industry tracker said. Global smart phone shipments for 2015 jumped slightly more than 10% to an unprecedented 1.43 billion, said International Data Corporation (IDC), releasing its preliminary figures. South Korean consumer electronics ... Read More »

Finance Ministry to resolve issue of non-payment of fee and charges to CCP

ISLAMABAD: Finance Ministry is likely hold a high level meeting with stakeholders to resolve the issue of non-payment of 3 percent fee and charges by the regulatory agencies to the Competition Commission of Pakistan (CCP). Presently, the Finance Ministry is examining this proposal through consultative process with the departments and divisions. In this regard, a thorough discussion at the highest ... Read More »

Pakistan to export 50,000 tons Kinnow to Indonesia

LAHORE: Pakistan will export 50,000 tons Kinnow (orange) to Indonesia during the present season, December 2015 to April 2016 as the waiver of customs duty on import of Pakistani Kinnow under the Preferential Trade Agreement (PTA) has resulted in further increase of shipments. According to official sources, Kinnow exports to Indonesia surged from $3 million in 2013 to $ 19.3 ... Read More »

NTC fully aware of needs of domestic industry:  Chairman Raza

FAISALABAD: National Tariff Commission (NTC) is undertaking record 18 to 19 investigations after the promulgation of new ordinance issued in March 2015, said Muhammad Abbas Raza Chairman NTC. Addressing an awareness session about recent changes in NTC laws at Faisalabad Chamber of Commerce and Industry here, he said that the ultimate objective of NTC is to provide a level playing ... Read More »

Investigators’ $4b ‘stolen; from Malaysia

  KUALA LUMPUR: A Malaysian prosecutor has revealed that about $4 billion may have been stolen from a fund owned by the Malaysian state. The 1MDB fund was set up in 2009 to pay for major new economic and social developments in Malaysia, reported BBC. Last year, Swiss authorities opened an investigation into 1MDB after it amassed more than $11bnof ... Read More »

Protests against PIA privatisation cost Rs 600m

  KARACHI: The Pakistan International Airlines (PIA) has to bear the losses of over Rs 600 million due to the five-day protests by its employees against the national-flag carrier’s proposed privatisation. Meanwhile, a senior official of PIA said that the airlines is taking innovative and radical steps to improve efficiency of the national flag carrier. “Strengthening the PIA fleet, achieving ... Read More »

Olive to be planted on 50,000-acre land by 2019

  ISLAMABAD: The government is giving special attention to increase the production of olive oil to meet its demand in the country. That is why the Pakistan Agricultural Research Council (PARC) has launched a mega olive plantation project in the country. According to Radio Pakistan quoting acting chairman PARC, Dr M Azeem Khan said olive plants would be planted on ... Read More »

$920m Tarbela 4th extension project to be completed by June 2017

  ISLAMABAD: About 47 per cent of construction work of Tarbela’s 4th Extension Power Project has been completed so far and the project will be completed by June 2017. This was revealed by Tarbela 4th Extension Power Project’s Director Shoail Khan, while talking to APP. He said that the project would cost $920 million and additional 1410 MW cheaper hydel ... Read More »

3G, 4G users increasing with 1.6m monthly average

  ISLAMABAD: The number mobile internet users, especially 3G-4G subscribers in the country is increasing and would soon cross the 25 million mark. During past 5 months, 3G-4G subscribers in the country have been surging by a monthly average of 1.6 million. The figures revealed by Pakistan Telecommunication Authority (PTA) till November last year confirmed that there are around 21.65 ... Read More »

Rs 700b poultry industry can produce millions of jobs

  ISLAMABAD: The country’s Rs 700 billion poultry industry can help the government earn hefty foreign exchange and can produce millions of jobs through various initiatives. United International Group Chairman Mian Shahid in a statement here Sunday said this, adding that the prices of poultry should be brought down through relief in taxes to enable poor to get full benefit ... Read More »

PTA developing system to ensure transparency

  ISLAMABAD: Acting on the Telecom Policy-2015, the Pakistan Telecommunication Authority (PTA) is developing a system to strengthen and ensure transparency in process of Type Approval. The Authority envisions to eventually moving towards a completely online based system and is actively working towards development of such process. However, in order to facilitate all applicants who wish to apply, application form ... Read More »

Railways to transport 20,000 tonnes coal monthly

  LAHORE: Pakistan Railways has signed memorandums of understanding (MoUs) two companies transport 20,000 tonnes of coal monthly. First MoU between Pakistan Railways and Awan Trading Co (Pvt) Ltd was signed by PR Chief Marketing Manager Abdul Hameed Razi and Awan Trading Co (Pvt) Ltd Marketing Director Brig (R) Muhammad Azam, while the second MoU between PR and Chishtian Logistic ... Read More »

Samsung’s Galaxy S7 leaked online

  BARCELONA: After Samsung’s Galaxy S6, the company’s new handset is going to hit the market soon as pictures of Samsung’s new flagship handsets have leaked online weeks before they are introduced, Daily Mail has reported. The Galaxy S7 and S7 Edge are set to be unveiled at Mobile World congress in Barcelona next month on February 20th. The S7 ... Read More »