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Author Archives: CT Report

Egypt’s furniture export increases $332 mln in 2015

CAIRO: The exports of furniture sector have reached around 2.6 billion Egyptian pounds (US$332 million) in 2015 versus 2.5 billion in 2014, marking a modest growth of 6 percent. Chairman of the Egyptian Furniture Export Council Ihab Derias told Amwal Al Ghad Sunday that Saudi Arabia has seized 34.8 percent of Egypt’s furniture exports with 924 million pounds. Following Saudi ... Read More »

Commercial property transactions hit seven-year low

TAIPEI: Transactions of commercial property in Taiwan fell to a seven-year low last year at a time when the local economy was slowing down, according to a recent research report. Citing the report, international property consultancy DTZ Debenham Tie Leung said that transactions of office and shop space in Taiwan totaled NT$77.86 billion (US$2.32 billion) for the whole of last ... Read More »

Plan to join Trans-Pacific group may face hurdles at House

JAKARTA: The government’s plan to join the US-led Trans-Pacific Partnership (TPP) trade deal in the next two or three years may face a bumpy road ahead because in order to do so, the government must first obtain approval from the House of Representatives to revise at least 12 laws related to the partnership’s ambitious demands. House Commission VI chairman Achmad ... Read More »

John Keells Hotels 3Q profit narrows over declined occupancy

COLOMBO: Leading hotel operator John Keells Hotels PLC saw its group net profits narrowing 13 percent to Rs.364. 6 million from a year ago amid the declining occupancies, the interim results released to the Colombo Stock Exchange last week showed. The earnings per share (EPS) declined by 4 cents to 25 cents from a year ago. The share however gained ... Read More »

Jordan promises trade perks to help employ Syria refugees

AMMAN: Jordan’s planning minister says his country has been promised easier trade terms by the international community, potentially generating large-scale investment and “hundreds of thousands of job opportunities.” Imad Fakhoury told reporters Sunday that creating jobs for Jordanians is a priority, but that the trade commitments could also put 200,000 Syrian refugees to work. Fakhoury spoke after last week’s Syria ... Read More »

MPHC records QR1.1bn net profit in 2015

DOHA: Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum and one of the region’s premier diversified petrochemical conglomerates, recorded a net profit of QR1.1bn for the full year ended December 2015. Total income reported for the year, including the tax refund was QR1.1bn, a decrease of QR707m, or 39 percent, versus the same period of 2014. The decline ... Read More »

US citizen arrested for importing KD 300,000 worth of meth

KUWAIT: A US citizen was recently arrested with the possession of KD 300,000 worth of methamphetamine (meth), which were hidden in a parcel he imported by airmail, said security sources. The suspect had been practicing his illegal trade and delivering the drugs to his clients for a while, the sources noted. Case papers indicate that narcotics’ police were tipped off ... Read More »

HK Customs cracked down on four suspected drug trafficking cases

HONG KONG: Hong Kong Customs has stepped up enforcement to crack down on cross-boundary and transnational drug trafficking at all boundary control points, including the airport, during the Lunar New Year. Over the past three days, Customs officers seized about 8 kilograms of suspected cocaine, 5.8 kilograms of suspected cannabis resin and 2 kilograms of suspected ketamine with a market ... Read More »

SBS revenue jumps 7.7% to S$1.02 billion

SINGAPORE: SBS Transit’s net profit jumped 17 per cent last year due to increase in ridership and average fare in the bus and rail businesses. Net profit for the year ended Dec 31, 2015 was S$16.7 million, up from S$14.2 million a year ago. Revenue was S$1.02 billion, up 7.7 per cent. Revenue for the bus business was S$810.5 million, ... Read More »

China’s gold output dips on lower prices

BEIJING: China’s annual gold output fell for the first time in 2015 due to lower prices in the global gold market, according to latest industry figures. The country produced 450 tonnes of gold last year, down 0.39 percent year on year, the China Gold Association said on its website. International gold prices have shed nearly 40 percent since April 2013, ... Read More »

Total spending on advertising down by 2.9%

BEIJING: Advertising expenditure fell 2.9 percent year on year in 2015, with a dip in traditional media sales weighing heaviest on the total, CTR China said in a report yesterday. Spending on traditional channels, including newspapers, TV and radio, magazines and billboards, fell 7.2 percent in the period, according to the joint venture between Kantar and China International Television Corp. ... Read More »

India’s pharmaceutical industry to register mute export revenue growth

MUMBAI: India’s pharmaceutical industry is expected to register muted export revenue growth and stable domestic revenue increase in 2016-17, according to a report by India Ratings. The overall pharmaceutical exports are expected to grow at about 5 per cent, while domestic pharma market is likely to grow at 8-10 per cent in the next fiscal year. “The recent increase in US ... Read More »

COSCO to bid for Greek rail network

ATHENS: China’s COSCO is expected to make an offer for Greece’s rail network after earlier becoming the sole bidder for the country’s largest port, two people familiar with the matter said, as the state-owned shipping giant forges ahead with a plan to build a European transhipment hub. Buying TrainOSE and Piraeus Port would give COSCO maritime connections to the Suez ... Read More »

Home prices increase 31% in 2015

SHANGHAI: Sales of new homes by floor area rose 12.8 percent last year to 20.1 million square meters, the Shanghai Statistics Bureau said yesterday. The mean selling price in the period increased 31 percent to 21,500 yuan (US$3,270) per square meter. By location, the average cost of a new home inside the Inner Ring Road rose 34.4 percent year on ... Read More »

US creates 151,000 jobs in January

WASHINGTON: About 151,000 jobs were created in the United States in January, a deceleration from recent months as firms shed education, transport and temporary workers, but hired others in manufacturing, retail and food services. The unemployment rate fell to 4.9 percent, its lowest level since early 2008. A report published yesterday by the Labor Department showed that employers are still ... Read More »

Chicago Stock Exchange to be sold to a Chinese group

CHICAGO: The Chicago Stock Exchange announced on its website Friday that it has entered into a definitive agreement to be acquired by an investor group led by Chongqing Casin Enterprise Group (Casin Group). The Board of Directors of Chicago Stock Exchange has unanimously approved the transaction, the announcement said. But, it still needs to get regulatory approvals, and the final ... Read More »

Mexico, China to implement $2.4b joint investment plan

MEXICO CITY: Mexico and China are working to implement a joint investment fund of $2.4 billion to promote development, an official told Xinhua in a recent interview. Carlos Pinera, the director of international trade at the Economy Ministry, said the plan is to use the fund for the automotive industry and infrastructure construction, such as ports, sectors in which companies ... Read More »

Imran asks govt to make FBR an autonomous body

DERA MURAD JAMALI: Pakistan Tehreek-i-Insaf (PTI) Chairman Imran Khan has taken the government to task for not reducing prices of petroleum products as per international rate and presented a five-point charter of demands. Addressing a huge rally here, the PTI chief threatened the government that he would take to the streets if his demands were not met. He called for ... Read More »

Oman’s natural gas production, imports rise 5.6% in 2015

MUSCAT: Oman’s natural gas production and imports rose 5.6 per cent to 39,806 million cubic metres (MNCM) in 2015, up from 37,687 MNCM in 2014. Of this, while non-associated gas and imports showed a growth of 6.2 per cent to 32,806 MNCM, associated gas production rose 3.1 per cent to 7,001 MNCM, according to the latest statistics released by the ... Read More »

UAE, India trade rapidly grows over past two decades

ABU DHABI: Trade between the UAE and India has rapidly grown over the past two decades due to their strong political, social and economic links, with the bilateral exchange topping Dh216 billion in fiscal year 2014-2015. The figure includes around Dh122 billion worth of Indian exports to the UAE and Dh94 billion worth of UAE export to India, mainly oil ... Read More »