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Author Archives: CT Report

Stanchart posts first loss in 26 years on India business

MUMBAI: Standard Chartered India, the country’s largest foreign bank by branches, today reported a whopping $981 million in pre-tax losses in 2015 as its bad loans soared over eight-fold to $1.34 billion from $173 million in 2014. For the parent, 2015 marked the worst in 26 years with the pre-tax loss of $1.5 billion as against a pre-tax profit of ... Read More »

Nepal lifts fuel restrictions as supply from India improves

KATHMANDU: With significant improvement in fuel supplies from India, Nepal on Tuesday ended its five-month-long rationing of petroleum products imposed after the turbulence over the new Constitution that saw a crippling blockade of key border trade points in the landlocked country. The move brought cheer to thousands of people in the Himalayan nation who, under the quota, were getting merely ... Read More »

India to increase air cargo business by 180%

NEW DELHI: In the next 15 years, the air cargo industry in India is expected to grow by more than 180 percent, while manufacturing will rise 14 percent by 2022, according to the latest estimates by government officials speaking at the Air Cargo India event that kicked off today in Mumbai. Speaker Renu Singh Parmar, senior adviser at the country’s ... Read More »

Ghana imports 15,500 tons of light crop cocoa beans

WASHINGTON: Ghana imported 15,500 tons of light crop cocoa beans from La Cote D’Ivoire in the 2014/2015 crop year due to shortfall, Finance Minister Seth Terkper has said. Ghana has been experiencing a shortfall in cocoa production in the past years due to smuggling, seasonal weather and pests. But the minister justified the cocoa imports by saying that it is ... Read More »

Saudi Arabia bans poultry imports from US

RIYADH: The Saudi Food and Drugs Authority has banned imports of poultry, eggs and their by-products from 14 US states after reports said these states were hit with bird flu infection. The ban includes Oregon, California, Washington, Idaho, Minnesota, Missouri, Kansas, Arkansas, Montana, North Dakota, South Dakota, Wisconsin, Iowa and Nebraska. The regulatory authority exempted thermally-produced poultry, eggs and other by-products ... Read More »

Romania’s coal production, imports rise in 2015

WASHINGTON: The net coal production in Romania amounted to 4.7 million tons of oil equivalent in 2015, which was an increase of 6.3 percent against the previous year, according to the statistics office INS. Despite the growing domestic production, imports of coal have also gone up by 11 percent to 556.400 toe. Romania’s lignite yearly production capacity amounts to 33 million ... Read More »

Sell Adani Ports with target at Rs 186

NEW DELHI: In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, says it is a sell on Adani Ports with a stop at about Rs 205.5-206 and targets close to about Rs 186 I have a sell on Adani Ports which is giving is intraday breakdown so that is a sell with a stop at about Rs 205.5-206 ... Read More »

Port Canaveral traffic down almost 10%

PORT CANAVERAL: Cruise ship passenger traffic at Port Canaveral is down for the first four months of the port’s budget year. But port officials said Monday that may be a short-term drop because of the temporary dry dock of the Disney Dream ship. The number of passengers making a port of call at Port Canaveral for the four months from ... Read More »

Turkey’s Yilport closes Portugal port group acquisition

ANKARA: Yilport Holding has finalized the acquisition of Tertir, a Portugal-based port and logistics group with container and bulk terminals in Europe and South America. The Turkish port operator agreed in September to pay 335 million euros ($368.5 million) for 100 percent of Tertir’s stock held by domestic shareholders Mota-Engil group and Novo Banco. The acquisition adds 10 terminals to Yilport’s ... Read More »

Longview port rejects oil refinery proposal

LONGVIEW: Port of Longview commissioners voted unanimously Tuesday morning to end talks with an energy company that wants to build the first oil refinery on the West Coast in more than 25 years. The proposal from Texas-based Waterside Energy touted 700 construction jobs and 180 full-time jobs. Waterside’s plan detailed a facility capable of refining 30,000 barrels of oil and ... Read More »

Ports making news throughout cruise industry

LONDON: Cruise ports are a hot commodity for discussion these days. Companies like Carnival Corporation and Norwegian Cruise Lines, along or in conjunction with countries, are expanding and building new ports…or in some cases, closing them down. The Gruz Port in that city is building a mixed-use infrastructure cruise terminal at the same location. GPH is the company involved, having ... Read More »

Congestion at ports hindering work of Customs

WASHINGTON: The Customs Division of the Ghana Revenue Authority (GRA) says its officials at the country’s ports are unable to conduct exhaustive physical examination of goods arriving at the ports due to congestion. According to the Commissioner of the division, Mr John Vianney Kuudamnuru, whereas the ban on the importation of certain products are still in place, congestion within the ... Read More »

Petroleum import drops by 37.91 % in seven months

ISLAMABAD: The slump in petroleum prices in international oil market has helped the country to considerably reduce its oil import bill besides saving the precious foreign exchange. Petroleum group imports in the country during first seven months of current financial year witnessed a sharp decline of 37.91 percent as compared to the imports of corresponding period of last financial year. ... Read More »

FBR urged to consult business community

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) demanded of the Federal Board of Revenue (FBR) to revamp and modernize its tax dispute resolution mechanism in consultation with business community. Talking to media persons, the PIAF Chairman Irfan Iqbal Sheikh welcomed the FBR’s initiative of seeking proposals from business community. He was of the view that shortcomings and lacunas in ... Read More »

Japan’s domestic shipments of solar panels fall 21% in 2015

TOKYO: Japan’s domestic shipments of solar panels fell 21 percent in the last three months of 2015 compared with the previous year as system costs dropped amid signs of a slowdown in the nation’s solar boom. Shipments totaled 1,765 megawatts, the Japan Photovoltaic Energy Association said in a statement Tuesday. Of that, 1,058 megawatts of panels, or 60 percent, were ... Read More »

Local traders visits ICCI to address their issues

ISLAMABAD: A delegation of Traders Welfare Association, I&T Centre, G-10/4, Islamabad led by its President Ch. Zafar Iqbal Gujar visited Islamabad Chamber of Commerce and Industry and highlighted various issues being faced by the traders of the area. They said CDA was paying no attention to the development works in G-10/4 market due to which traders were facing difficulties in ... Read More »

Terex revenues fall 10.5% in 2015

WASHINGTON: US-based equipment manufacturer Terex has recorded revenues of US$ 6.543.1 billion – a decrease of -10.5% from the $ 7.308.9 recorded in 2014. The company’s reported income was $ 355.3 million for 2015, compared to the $ 423.1 million in 2014. Earnings before interest, taxes, depreciation and amortization (EBITDA) also dropped to $ 478.1 million 2015, from $ 629.5 million ... Read More »

India’s software exports highest in 2015

NEW DELHI: President Pranab Mukherjee said on Tuesday that the country recorded the highest ever software exports during 2015. Addressing the joint session of both houses of parliament, he said that 29 electronic manufacturing clusters were under development. “The country recorded the highest ever software exports during 2015,” the president said. “Setting up world-class infrastructure for electronics manufacturing across the ... Read More »

Local traders visits ICCI to address their issues

ISLAMABAD: A delegation of Traders Welfare Association, I&T Centre, G-10/4, Islamabad led by its President Ch. Zafar Iqbal Gujar visited Islamabad Chamber of Commerce and Industry (ICCI) and highlighted various issues being faced by the traders of the area. They said CDA was paying no attention to the development works in G-10/4 market due to which traders were facing difficulties ... Read More »

Kenya’s rating in ease of business improves

NAIROBI: Kenya improved significantly year-on-year in the ease of doing business while South Africa continued to decline, according to Bloomberg Data published on February 18. Kenya’s doing business rankings improved to position 108 from 136 in 2015, while South Africa dropped from position 43 in 2015 to 78 in the ease of doing business for 2016 according. The report is based ... Read More »