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Author Archives: CT Report

OPEC will not cut output alone – KPC to invest $100bn over 5 years

KUWAIT: The Kuwaiti and Iraqi oil ministers said yesterday that OPEC will not cut production unless producers outside the cartel do the same, despite the plunge in crude prices. “OPEC cannot cut its production unless there is a similar reduction by producers outside OPEC,” Kuwait’s acting oil minister Anas Al-Saleh, told reporters on the sidelines of an oil conference. “I ... Read More »

Algeria 2015 grain import volumes increases 11.2%

ALGIERS: Algeria’s 2015 grain imports rose 11.2 percent to 13.67 million tons despite efforts to curb purchases from abroad, official data showed. One of the world’s largest grain importers, Algeria wants to trim imports as low crude oil prices hurt state coffers. Soft wheat imports rose 24 percent to 6.74 million tons, while durum wheat purchases fell 10.8 percent to ... Read More »

Malaysia cuts 2016 growth forecast to 4-4.5% on oil woes

KUALA LUMPUR: Malaysia on Thursday trimmed its 2016 growth forecast as a slump in oil prices forced Prime Minister Najib Razak to revise the fiscal budget. Najib said the Malaysian economy is expected to grow 4.0-4.5 per cent this year, down from an earlier forecast of 4.0-5.0 per cent. “After taking into consideration the current economic scenario, the government has ... Read More »

New Zealand imports rise to record high in 2015

WELLINGTON: New Zealand imports rose to a record high last year as a decline in the value of the currency pushed up values. The country’s imports increased 2.5% to $52.53 billion compared with the year earlier, according to data from Statistics NZ. Annual exports slid 2.2% to $49 billion. The annual trade deficit increased to $3.55 billion from $1.18 billion in ... Read More »

Las Vegas Sands’ Q4 earnings in Singapore fall 35%

SINGAPORE: Las Vegas Sands Corp, the world’s largest casino operator, posted fourth-quarter sales and profit that missed analysts’ estimates as gambling revenue in the key markets of Macau and Singapore declined. Profit excluding some items fell to 62 cents a share, the company founded by Sheldon Adelson said Wednesday (Jan 27) in a statement. Analysts projected 64 cents, the average ... Read More »

Zoomlion offers $3.2b for US heavy machinery maker

BEIJING: China’s Zoomlion Heavy Industry Science & Technology Co confirmed on Wednesday an unsolicited takeover bid for Terex Corp, the US crane and construction machinery maker. The deal will be vital to Zoomlion’s transformation and the implementation of the company’s global strategy, and it will help increase Zoomlion’s revenue and profits. According to a Terex statement, Zoomlion has offered $30 ... Read More »

Scope of FTA with Chile to expand further

BEIJING: China and Chile are in talks to expand the 10-year-old free trade agreement between the two sides, to boost trade in agricultural products and develop logistics and financial services, Chilean officials said on Wednesday. Carlos Furche, Chilean Minister of Agriculture, said governments from both sides are keen to accelerate talks in areas including air transportation, e-commerce, services, customs procedures ... Read More »

China Southern anticipates triple-digit profit rise in 2015

BEIJING: China Southern Airlines Co Ltd is predicting its net profit rose between 110 and 130 percent last year. Asia’s largest carrier by fleet number had a net profit of 1.773 billion yuan ($269.496 million) in 2014, meaning a possible figure of more than 3.72 billion yuan this time round. The company said in a statement on Wednesday it also ... Read More »

Kia Motors revenue jumps by 9.3% in Q4

SEOUL: Kia Motors said Wednesday that its fourth-quarter operating profit rose on the back of strong demand for its new models of sedan and sports utility vehicle. Operating profit reached 514.4 billion won ($428 million) during the October-December period, up 2.8 percent from a year earlier, the South Korean carmaker said. It marked the second quarterly growth. Revenue increased 9.3 ... Read More »

Monthly unemployment in France up 0.4% in Dec 2015

PARIS: The unemployment in France grew by 0.4 percent in December 2015 from a month earlier and saw a year-on-year growth of 2.6 percent, official figures showed on Wednesday. According to the Labor Ministry’s monthly data, a total of more than 3.59 million people in the French mainland were reported to be jobless in the last month of 2015, adding ... Read More »

Creative sector earns $120bln for British economy: figures

LONDON: Britain’s creative industries earn the county’s economy almost 14 million U.S. dollars every hour, according to figures released here the other day. The industry is now worth 120 billion U.S. dollars a year, the figures published by the government’s Department for Culture, Media and Sport showed. The report showed the sector grew by 8.9 percent in 2014, almost double ... Read More »

Fed keeps key interest rate unchanged

WASHINGTON: The Federal Reserve said Wednesday that it will maintain the target range for the federal funds rate at 0.25 percent to 0.5 percent, pledging to keep the accommodative monetary policy to support economic growth. Labor market conditions improved further even as economic growth slowed late last year and household spending and business fixed investment have been increasing at moderate ... Read More »

Two drivers jailed for smuggling contraband goods

LONDON: TWO drivers have been jailed after they were caught with half a million contraband cigarettes, almost exactly a year after they were caught on the same stretch of road with a tonne of smuggled tobacco. Between them, haulage firm owner Stephen Shaun McDonough, 58, and accomplice David Collinson, 28, helped cheat the Government out of £306,841 in customs duty, ... Read More »

Chinese national gets 9 years for smuggling nuclear materials to Iran

BOSTON: A Chinese national was sentenced Wednesday in federal court in Boston in connection with obtaining technology from a Massachusetts company that could be used to make nuclear weapons-grade uranium and exporting it to Iran. Sihai Cheng, also known as Chun Hai Cheng or Alex Cheng, 35, a citizen of China, was sentenced by U.S. District Court Chief Judge Patti ... Read More »

East Slovakia Customs seizes 300kg of illegal tobacco

BRATISLAVA: Illegal tobacco weighing 300 kilograms has been seized by customs officers in the East of Slovakia. The financial evasion of taxes has been calculated at more than €21,000, spokeswoman of the Slovak Financial Administration (FS), Patrícia Macíková, stated. The tobacco was found and seized by members of the Criminal Office of the Financial Administration (KUFS) here the other day ... Read More »

Kazakhstan reduces oil export customs duty

ASTANA: Kazakhstan has reduced the oil export customs duty up to $40 per ton since January 1, 2016, according to the Kazakh national economy minister’s order, the ministry said. The oil export duty has amounted to $60 per ton in Kazakhstan since March and until late December 2015. Kazakhstan exported over 61 million tons of oil in 2015, the Statistics ... Read More »

Bulgarian Customs collected BGN 8.1 billion in revenues in 2015

SOFIA: The Bulgarian customs agency collected a total of BGN 8.1 B in revenues in 2015, which was the largest amount collected in the past seven years. This is revealed by the annual report of the agency published here the other day. Among the main challenges of the customs agency in 2015 were the falling prices of oil on world ... Read More »

US Customs seizes counterfeit hoverboards worth $6m

CHICAGO: Chicago customs officers have seized a record amount of counterfeit hoverboards, fakes that could pose serious health and safety hazards, U.S. Customs and Border Protection announced Wednesday. More than 16,000 hoverboards were seized containing batteries deemed unauthorized, according to a statement from CBP, which also said the boards are marked with fake trademark logos. The confiscated hoverboards are valued ... Read More »

HK Customs officer claims marriage to Chinese woman charged with fraud was not based on love

HONG KONG: A man has denied ever having a genuine marital relationship with his legal wife, a mainland Chinese woman now accused of entering a sham marriage to reunite with her alleged Hong Kong lover, a Customs and Excise Department superintendent. The Fanling Court previously heard mainland Chinese housewife Tong Xiaohong, 32, along with married superintendent Lee Hon-wah, 53, and ... Read More »

UK authorities seize over 3,000 illegal cigarettes

LONDON: Over 3,000 cigarettes and 3,200 packs of chewing tobacco have been seized in a crackdown on illegal tobacco. The raids were carried out at three locations in Woodford Green and Ilford on January 18, when sniffer dogs found illegal products under floorboards and hidden in food packaging. Carried out in partnership with Redbridge Council, ‘Operation Henry’ was part of ... Read More »