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Author Archives: CT Report

China’s outbound M&A hit record high at $111.9b in 2015

BEIJING: China’s outbound M&A volume increased for the sixth consecutive year to a record high of $111.9 billion in 2015, breaching the $100 billion mark for the first time ever, says a recent report from Dealogic, an international information provider on investment deals. Europe was the top targeted region for Chinese acquisitions and accounted for almost one third of total ... Read More »

China advances diversity in trading partners

BEIJING: China has achieved progress in diversification of trading partners. In 2015, the bilateral trade between China and its largest trading partners – the European Union, the US and the Association of Southeast Asian Nations – stood at 3.51 trillion yuan ($533.52 billion), 3.47 trillion yuan and 2.93 trillion yuan, respectively. The country’s trade with emerging market economies such as ... Read More »

‘Gloomy’ trade prospects seen amid restructuring

BEIJING: China’s foreign trade ran into difficulties last year, with imports and exports both experiencing year-on-year declines. Despite encouraging figures last month, the trade picture for this year remains gloomy, according to Customs data released on Wednesday. “The double decrease in imports and exports is due to economic slowdown and weak demand throughout the world,” said General Administration of Customs ... Read More »

Innovation helps transform Dongguan’s economy

BEIJING: Increase in exports of products developed locally through innovation has helped upgrade the trade and industrial structure of Dongguan, a Pearl River Delta city in Guaongdong province, a senior local official said. The city is known for its strong manufacturing and trade. “General trade, which is marked by export of products made locally, will become a major force and ... Read More »

China-made Cadillac hybrid car to be sold in US market

BEIJING: Two days after unveiling the first new vehicle from Detroit’s Big 3 imported from China, General Motors Co said it also will import the plug-in hybrid version of the Cadillac CT6 luxury sedan to the US from the mainland. The plug-in hybrid CT6 will be made at a plant in China. GM also plans to make the CT6 at ... Read More »

Uzbekistan keens to enhance bilateral trade with Pakistan

ISLAMABAD: Uzbekistan Ambassador Furkat A. Sidikov visited Islamabad Chamber of Commerce and Industry (ICCI) and said that his country was keen to enhance bilateral trade with Pakistan as both countries have good potential to promote trade relations in multiple areas. He said Pakistan and Uzbekistan enjoyed good political relations since long, but it was the need of the hour to ... Read More »

Brazil real rises on commodities after Chinese exports surprise

BRASILIA: Brazil’s real followed commodities higher after a report showed Chinese exports unexpectedly rose last month in yuan terms. The real advanced 0.6 percent to 4.0050 per dollar at 9:49 a.m. in Sao Paulo. The Bloomberg Commodity Index, which touched a record low on Tuesday, rose after China’s trade surplus widened and exports recovered. Commodities account for about half of ... Read More »

US Customs seizes $200K in drugs at Rio Grande Valley Bridges

HIDALGO: U.S. Customs and Border Protection, Office of Field Operations (OFO) at the Hidalgo and Anzalduas International Bridges arrested two men after detecting $198,000 worth of alleged cocaine and methamphetamine hidden within the vehicles they were driving. “As smugglers continue with their efforts to introduce illegal narcotics into the United States, our frontline officers’ resiliency and determination to combat those ... Read More »

US Customs arrests heroin smuggler at JFK

JAMAICA: An arriving passenger was planning to enjoy a very interesting cocktail, but U. S. Customs and Border Protection officers at John F. Kennedy International Airport shut down her speakeasy before it ever opened. On January 6, Ms. Rosa Almonte De Ortega arrived on a flight from Santiago, Dominican Republic and presented one checked-in suitcase for examination. During the examination ... Read More »

US exempts Turkish steel exporters from special tariff

NEW YORK: U.S. Department of Commerce has ruled that Turkish steel exporters would be exempt from a special tariff imposed on foreign companies that receive subsidies payments, the Turkish Steel Exporters Association said in a statement Wednesday. In accordance with the preliminary results of a probe of hot-rolled flat steel products, the U.S. Department of Commerce decided that Turkish steel ... Read More »

New Tucson Sector new chief takes command

TUCSON: Paul A. Beeson, newly appointed Chief Patrol Agent of Tucson Sector, takes command and will lead Tucson Sector into the future. Chief Patrol Agent Beeson began his Border Patrol career in February of 1985, based on honor and service to country. With more than 30 years of experience, he has dedicated more than half of his life to ensuring ... Read More »

Indonesia issues permits to import cattle from Australia

JAKARTA: The government has issued permits for the import of 198,000 live cattle from Australia for the first quarter of this year, below the import quota of 200,000. The Trade Ministry’s acting director general for foreign trade, Karyanto Suprih, confirmed the ministry had issued the import permits for the first three months of this year. “The import permits for the ... Read More »

FBR tax collection increases during July-December 2015 to Rs 1382.2b, ECC told

ISLAMABAD: A meeting of the Economic Coordination Committee of the Cabinet was held. Finance Minister, Mohammad Ishaq Dar chaired the meeting. Secretary Finance presented to the Committee a review of Key Economic Indicators. It was informed that the positive trends in the economic indicators have continued during the last quarter. During the last six months Inflation remained at 2.08% as ... Read More »

Ukraine’s forex reserves increase to 3.4 months of imports in 2015

KIEV: The international reserves of the National Bank of Ukraine (NBU) in 2015 grew by 77% or UAH 5.767 billion, to $13.3 billion, which is enough to cover imports during 3.4 months, the NBU has reported on its website. “Ukraine’s forex reserves cover imports for 3.4 months and it is enough to fulfill liabilities and current transactions of the government ... Read More »

Belgium’s tax break to multinational companies ruled illegal

BRUSSELS: The European Commission said on Monday that a corporate tax break that Belgium granted to at least 35 companies, amounting to total reductions equivalent to about $765 million, was illegal. The commission, the executive arm of the European Union, did not immediately identify the companies that benefited from the tax break. But one of the companies known to have ... Read More »

Denmark trade surplus grows in Nov.

COPENHAGEN: Denmark’s foreign trade surplus increased in November, as exports rose and imports fell, figures from Statistics Denmark showed. The seasonally adjusted trade surplus, excluding ship and airplanes, rose to DKK 5.7 billion from DKK 4.4 billion in October. Exports climbed at a faster pace of 1.0 percent month-over-month in November, following a 0.4 percent rise in the prior month. ... Read More »

Denmark aims to count all of its flagpoles

COPENHAGEN: The Danish Finance Ministry has asked all public institutions to report how many flagpoles they have in a move slammed as “an idiotic bit of bureaucracy”. The Finance Ministry wants employees at all public institutions, including schools and churches, to go outside and report back on the number of flagpoles on the property. The strange exercise came to light ... Read More »

Indonesia, Singapore to boost agricultural trade

JAKARTA: Indonesian Foreign Minister Retno Marsudi and Singaporean Foreign Minister Vivian Balakrishnan held a bilateral meeting to discuss efforts to boost agricultural trade. Moreover, Indonesia has also encouraged increasing cooperation to provide jobs to Indonesian skilled migrant workers who could be employed as caregivers and therapists in Singapore. The Singaporean foreign minister lauded the improvement in economic cooperation between the ... Read More »

Small ports seek $48m in federal funding

WASHINGTON: Ports in the Northwest are waiting to see if the nation’s budget will include funding for small ports that often struggle to obtain federal dollars. The Northwestern congressional delegation advocated that the President’s Fiscal Year 2017 Budget set aside roughly $48 million to maintain jetties and the channels leading to small ports. The funding would include Pacific County’s Port ... Read More »

Asian container traffic increase at B.C. ports

WASHINGTON: B.C.’s ports are providing some light for Canada in the prevailing economic gloom of downbound commodities and energy fortunes. According to container shipping trade numbers compiled by Drewry Maritime Research and released this week, North American western seaboard ports ended 2015 on a far brighter note than they began the year. For example, container traffic flowing from Asia to North ... Read More »