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Author Archives: CT Report

Elenia raises power transfer fee from April

HELSINKI: The power company Elenia will increase its electricity transfer fee from April. The impact of the increase on the customer’s taxable transfer fee is 6 per cent on average. The tax exempt rise in the transfer fee is 9.4 per cent. “Along with our investment programme, the increase in transfer fee is affected by the repair costs on the ... Read More »

Trade ministry defends Saudi sheep farm

RIYADH: The Ministry of Foreign Affairs and Trade is defending a controversial sheep farm in Saudi Arabia, saying that the project has helped nudge New Zealand closer to a free trade deal with the Gulf states. The ministry faced questions about the $11.5 million “agrihub” during its annual review at Parliament today. Green Party co-leader James Shaw asked what the ... Read More »

EBRD to maintain investment to Ukraine in 2016

KIEV: The European Bank for Reconstruction and Development (EBRD) will continue actively investing into the Ukrainian economy on conditions that three branches of power work as one team, progress in reforms and political stability is achieved, EBRD Managing Director for Eastern Europe and the Caucasus Francis Malige has said. In 2015, the EBRD reached EUR 1 billion of investment and ... Read More »

Iran, Norway to culture 5,000 tonnes of saltwater fish

OSLO: Iran and Norway have signed an agreement to produce 5,000 tonnes of saltwater fish through cage culture method in southern Iranian island of Qeshm. According to Iranian media, the agreement was signed on Friday night by chairman of board of directors of Qeshm Rivas Company, Mohsen Nateq, as the Iranian side of the agreement. Speaking to reporters on the ... Read More »

Kenya tea industry earns Sh125.25 bln from exports in 2015

NAIROBI: The country’s tea industry earned Sh125.25 billion from exports in 2015. This becomes the highest export earning ever, marking an increase of 23 per cent from the Sh101 billion recorded in 2014, the Agriculture, Fisheries and food Authority (AFFA) said yesterday. Kenya is the world’s leading exporter of black tea, making it a major foreign exchange earner. Tea earnings ... Read More »

IMF stops funding Ukraine over lack of reform

KIEV: The International Monetary Fund has not loaned money to Kiev due to the government’s failure to implement reforms and scant progress in stamping out corruption, according to Ukraine’s Fatherland Party deputy chairman Sergey Sobolev. The MP was incorrect as Ukraine received the last $1.7 billion tranche from the IMF six months ago in August. “That’s because there is no fight ... Read More »

Dubai Chamber identifies priority investment sectors industry captain offers insights

DUBAI: Aviation, logistics, Islamic finance, energy, hospitality, retail and real estate are key sectors in the Commonwealth of Independent States (CIS) that offer opportunities for GCC investment, a report released by the Dubai Chamber of Commerce and Industry showed on Wednesday. Titled ‘A Common Wealth: Building Gulf-CIS ties’, the report showcases trade relations between GCC countries and the CIS. The ... Read More »

Azerbaijan’s oil exports fall 5% in Jan

BAKU: Azerbaijan’s oil exports fell 5 percent in January to 2.7 million tonnes compared with the same period last year, the state customs committee said on Wednesday. There were no exports of oil via Russia through the Baku-Novorossiisk pipeline last month, while the country exported 84,912 tonnes of oil through the pipeline in January last year. Exports through the Baku-Supsa pipeline ... Read More »

Tax hikes failed to raise takings

ATHENS: The storm of fiscal measures introduced in the second half of 2015 hurt salary workers and pensioners considerably, as they were forced to pay 11.02 percent more tax than a year earlier through the monthly withholding process, according to a report on 2015 tax revenues drafted by the General Secretariat of Public Revenue. At the same time, the changes ... Read More »

Zimbabwe to import 600k maize tons from Ukraine, Zambia

HARARE: The government has procured 615,000 tonnes of maize from Zambia and Ukraine for distribution to some of the close to three million people facing food shortages across the country, Vice President Emmerson Mnangagwa said yesterday. Speaking to journalists after delivering a lecture to students attending the Joint Command and Staff Course Number 29 at the Staff College in Harare, ... Read More »

France hires staff to refine arms-export drive

PARIS: Direction Générale de l’Armament will likely recruit 160 staffers this year to work on export efforts as part of a sharper organizational focus on foreign arms sales, said Laurent Collet-Billon, head of the French defense procurement office. The recruitment plan reflects a significant reorganization to take “into account what the client requests, notably a structured organization of the project,” ... Read More »

Vietjet signs $3 bln of deals at Singapore Airshow 2016

HANOI: Low-cost carrier Vietjet Air has signed contracts worth over US$3 billion at Asia ‘s largest aerospace exhibition, the Singapore Airshow 2016. Pratt & Whitney, a company under the US United Technologies Corp., will supply the newest line of PurePower Geared Turbofan engines for powering Vietjet’s A320 neo and A321neo aircraft. The carrier also signed a deal worth $60 million with ... Read More »

MAPFRE raises revenues by 4.1% to over €26,700 mln

WASHINGTON: MAPFRE’s revenues increased by 4.1% in 2015, exceeding €26,700 million, while premiums increased by 2.3%, amounting to €22,312 million. Net earnings stood at 709 million euros, down 16.1%. The decrease was due to the fall in non-life underwriting results – a consequence of the impact of the snowstorms in the United States, the uptick in claims and a higher ... Read More »

Zug MPs call for new 5,000-franc banknotes

ZURICH: Two MPs from the canton of Zug’s parliament are calling on the Swiss federal government to create 5,000-franc banknotes to “save the privacy and freedom” of citizens. Philip Brunner and Manuel Brandberg, members of the right-wing Swiss People’s Party, have proposed a motion that they hope Zug will support for a cantonal initiative seeking changes to the federal currency ... Read More »

Australia’s unemployment rate rises in Jan

CANBERRA: Australia’s unemployment rate unexpectedly climbed in January as full-time employment slumped by the most since 2013, reflecting waning stimulus from record-low interest rates and a weaker currency. The local dollar fell about one-third of a U.S. cent. Employment has fallen after recording the biggest quarterly gain on record at the end of 2015. That surge drew renewed skepticism about ... Read More »

IT systems top BIR priorities for 2016

MANILA: Improving information technology systems for online transactions tops the Bureau of Internal Revenue’s (BIR) priorities this year. According to a blueprint of priority programs, the bureau will work on several IT projects to help it collect P2.026 trillion in government revenues this year. “We unlikely met the target last year, but the important part is that we are growing ... Read More »

Budapest budget plans approved

BUDAPEST: The Budapest assembly passed the budget proposed by the municipality leadership on Wednesday. The budget plans for revenue of 228.86 billion forints (EUR 738m) and spending of 313.5 billion with a shortfall of 85.4 billion. It was approved with 21 votes in favour, 7 against and 3 abstentions. Gábor Bagdy, deputy mayor in change of finances, said the municipality ... Read More »

Irish shipments of Sheep meat to UK in Dec 2015

DUBLIN: Irish shipments of sheepmeat to the UK in December 2015 were back 3% on December 2014 to 500t, according to AHDB. However, overall sheepmeat imports to the UK rose sharply by 43% in December. The volume of sheepmeat imported to the UK in December stood at 8,500t, which AHDB has said is the highest level of December shipments since ... Read More »

Cargills 3Q profit to hit Rs.485.90 million

COLOMBO: Cargills (Ceylon) PLC posted a net profit of Rs.485.90 million for the quarter ended December 31, 2015 (3Q16) improving from Rs.477.20 million net profit year-on-year (YoY), riding on the consumption wave prevailed during the quarter. Profit from the continuing operations increased to Rs.485.90 million from Rs.8.38 million YoY. The group, which had faced tough times in the past few ... Read More »

New Zealand exports of fruit, vegetables raise in 2015

WELLINGTON: The New Zealand export of fresh fruit and vegetables has grown considerably in 2015 compared to the previous year. This is shown in figures from Fruit and Vegetables Facts. In total New Zealand was able to sell 1.27 million tonnes of fresh fruits and vegetables abroad in the last year. This was a record with an increase of 18%. ... Read More »