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Author Archives: CT Report

Total public debt stands at $51.3b: Ishaq Dar

ISLAMABAD: Minister for Finance, Ishaq Dar said the total public external debt as of November 30, 2015 stood at $51.31 billion whereas by September 30, these were recorded at $48.13 billion thus showing an increase of $3.2 billion in two years of the current government. “Under the International Monetary Fund (IMF) program, the current government has so far received $5.2 ... Read More »

Dar assures provision of funds for development schemes by Pak Army

ISLAMABAD: Senior officials of the Pak Army had a meeting with Federal Finance Minister Mohammad Ishaq Dar. During the meeting progress on various development schemes of Pak Army was discussed. Matters relating to financing and release of funds for the raising of new security division as well as additional 28 security battalions also came under discussion. Minister Dar said the ... Read More »

India to soon start imports to meet growing domestic demand

NEW DELHI: Once a large exporter of oilmeal, India will soon start imports to meet growing domestic demand from bird and animal feed sectors due to lower availability from local mills. Around 15,000 oilseed crushing units have built 36 million tonnes edible oil production capacity over the last several years involving an investment of several thousand crores. These units, however, have ... Read More »

Azeri oil shipment from Ceyhan grows in Jan

BAKU: The State Oil Company of Azerbaijan (SOCAR) has announced the latest statistic data on Azeri oil export via main export pipeline Baku – Tbilisi – Ceyhan (BTC) named after Heydar Aliyev: in January 2016, compared to December 2015, crude oil shipment from Ceyhan grew by 4%. SOCAR reports that in January from the Turkish port of Ceyhan it was ... Read More »

Customs airport command gets N126bn revenue target

ABUJA: The Comptroller General, Nigerian Customs Service, Col. Hameed Ibrahim Ali (retd.), has mandated the Murtala Muhammed Airport Command, Lagos to generate over N126bn as revenue this year. Ali, who was represented by the Assistant Comptroller General/Zonal Coordinator, Nigerian Customs, Mr. Edike Charles, urged officers of the command to triple the N42, 746,642,881.76 generated last year. Addressing officers at the ... Read More »

Vodafone Spain revenues fall by 1.3%

MADRID: In the last quarter of 2015, Vodafone Spain saw its revenues fall by 1.3 per cent to €1.256 billion from the same period the previous year with revenues per service dropping by 3.1 per cent to €1.116 billion. The company did manage however to surpass 1 million TV subscribers after adding 100,000 new customers in the last quarter. The ... Read More »

Ethiopia’s annual inflation increases to 10.2% in Jan

ADDIS ABABA: Ethiopia’s year-on-year inflation edged up to 10.2 percent in January from 10.0 percent in the previous month, the Country’s Central Statistics Agency (CSA) announced on Friday.The 10.2 percent rise in general inflation rate is due to a slight rise in prices of some cereals, pulses, fruits, vegetables and spices, it said. Food inflation rose to 12.4 percent in ... Read More »

Canada trade deficit narrows to Can$585m in Dec

OTTAWA: Canada’s trade deficit with the world narrowed to Can$585 million (US$424 million) in December, as both exports and imports saw double-digit increases in some sectors, the government statistical agency said Friday. Analysts had forecast a substantial deficit in line with the previous month’s nearly Can$1.6 billion (US$1.2 billion) shortfall. According to Statistics Canada, exports increased 3.9 percent in December ... Read More »

ArcelorMittal plans to raise $3 bln from investors

LONDON: ArcelorMittal plans to raise $3 billion from investors and sell a $1 billion stake in Spanish auto-parts maker Gestamp as the world’s largest steelmaker looks to ride out an industry slump caused by record Chinese exports. Billionaire Lakshmi Mittal, the chief executive officer who owns about 37 per cent of the business, has committed to maintain his stake and ... Read More »

Muscat shares close in red

MUSCAT: A decline in index heavyweights weighed on an otherwise stable MSM 30 Index which closed at 5,165.51 points, down 0.51 per cent. The MSM Shariah Index also declined 0.57 per cent to close at 807.75 points. Bank Sohar was the most active in terms of volume as well as turnover. Wednesday’s top gainer was Oman Fisheries, up 4.26 per ... Read More »

Finland rents up by 3% in 2015

HELSINKI: The year-on-year increase in rents was 3.0 per cent during the fourth quarter of 2015. The rents of non-subsidised rental dwellings went up by an average of 2.7 per cent in the whole country, according to Statistics Finland. The rents of non-subsidised rental dwellings went up in Greater Helsinki area and in the rest of Finland by 2.7 per ... Read More »

Russian Lukoil fuel stations to depart Poland

WARSAW: Russia’s largest private oil company, Lukoil, has decide to sell around 230 petrol stations in Poland and the region. “LUKOIL Europe Holdings BV and AMIC Energy Management GmbH have signed a contract to sell to the Austrian company around 230 filling stations in Lithuania, Latvia and Poland,” the company said in a statement on Friday. The deals are to ... Read More »

Vinamilk profit rises 28% in Vietnam

HANOI: The Viet Nam Dairy Products Joint Stock Company (Vinamilk) posted an after-tax profit of nearly VND7.8 trillion (US$350 million) last year, an increase of 28 per cent year-on-year. The company’s total revenue in 2015 reached VND40.2 trillion ($1.8 billion), up 14 per cent against 2014. Vinamilk reported revenue of VND11.1 trillion ($500 million) in the fourth quarter of 2015, ... Read More »

Brazil considers flexible fiscal surplus target for 2016

BRASÍLIA: Brazil is considering a flexible fiscal surplus target for this year as plummeting revenue and political turmoil hamper efforts to rebalance its public accounts, an official familiar with the matter told Reuters. President Dilma Rousseff’s government was studying a bill to set a band for its primary surplus goal as well as a cap on public spending starting this ... Read More »

Turkey sees HDPE imports from US, Uzbekistan

ANKARA: High density polyethylene (HDPE) material from both the US and Uzbekistan is being increasingly offered into the Turkish market at lower prices from larger, more established suppliers, sources said this week. On Thursday, sources in Turkey said US HDPE was offered at $1,000-1,020/tonne CFR (cost and freight) Turkey for film, injection moulding and blow moulding grades. One trader said deals ... Read More »

Nepal’s imports fall 26.5% in H1 of fiscal year

KATHMANDU: Nepal’s imports plunged by 26.5 percent in first half of the fiscal year as four-and-a-half-month blockade took its toll, the Department of Customs (DoC) has said. As a result, customs revenues too decreased by 29.3 percent. During the period under review, imports decreased to Rs277.57 billion from Rs377.85 billion a year ago. Petroleum products, traditionally the largest import items, ... Read More »

Philippines forex reserves dip to $80.16 bln in Jan

MANILA: The country’s foreign exchange reserves declined in January due to strong outflows arising from payments by the national government of its maturing foreign debt, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. BSP Governor Amando Tetangco Jr. said the country’s gross international reserves (GIR) went down to $80.16 billion in January from $80.67 billion in December. Tetangco said the ... Read More »

Singapore airlines get shareholder dip to delist tiger air

SINGAPORE: Singapore Airlines reportedly said it would take Tiger Air private after more than 90 percent of Tiger’s shareholders accepted its $802.4 million offer for the budget airline. Singapore Airlines, which already owns a 40 percent stake in the low-cost carrier, had raised its offer for Tiger Air to 45 Singapore cents ($0.32) a share in January. It had originally ... Read More »

Russia catches up with Saudi Arabia in oil exports to China

RIYADH: Russia is catching up with Saudi Arabia in oil exports to China. During 2015 it exported 42.43 million metric tons of oil there, an increase of 28 percent on the previous year. While Saudi Arabia remained in first place because it exported 50.55 million metric tons, this figure represented only a 1.78 percent increase in comparison with 2014. “The ... Read More »

IMF urges Sri Lanka to cut fiscal gap, raise tax revenues

COLOMBO: The International Monetary Fund on Friday urged Sri Lanka to take steps to reduce its fiscal deficit and raise tax revenues to help improve its balance of payments. Representatives of the global lender, in Colombo to assess its economic performance four years after disbursing a $2.6 billion loan, said its estimates suggest the 2016 fiscal deficit could widen further. The ... Read More »