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Hungary exports of machinery, transport equipment to hit 4.742 billion euros in Nov

BUDAPEST: Hungary’s automotive and food industries continued to support the country’s trade surplus in November, a second reading of data published by the Central Statistical Office (KSH) on Tuesday shows. Exports of machinery and transport equipment companies reached 4.742 billion euros in November, generating a trade surplus of 978 million euros in the segment. Food, alcohol and tobacco exports reached ... Read More »

$1.8b project: PM reviews progress on 1,320MW Sahiwal coal power plant

SAHIWAL: Prime Minister Nawaz Sharif has reviewed the progress on $1.8 billion Sahiwal Coal Power Project that would add 1320 MW to the national grid by the end of 2017. Addressing the gathering after review meeting, the prime minister said that the positive economic indicators and turn-around are a glaring proof of the government’s achievements in a short span of ... Read More »

UBS shares slide despite soaring profits for 2015

GENEVA: Swiss banking giant UBS on Tuesday posted a 79-percent higher net profit for 2015, beating analyst expectations, with tax benefits offsetting a difficult fourth quarter hit by market turmoil. Last year, Switzerland’s largest bank raked in a net profit of 6.2 billion francs ($6.1 billion), it said in its earning statement. “Despite a very challenging environment, we had an ... Read More »

French economy sees fastest growth in four years

PARIS: France’s struggling economy recorded its biggest annual growth for four years in 2015 at 1.1 percent, according to provisional figures released here the other day, though the country still lags behind many of its eurozone neighbours. Figures from France’s national statistics body INSEE estimated that the country’s GDP grew by 0.2 percent in the fourth quarter of last year, ... Read More »

Dr Arslan Subuctageen takes charge as Islamabad Collector

ISLAMABAD: Dr Arslan Subuctageen, a Pakistan Customs Service officer of BS-20 has assumed the charge of the post of Collector, Model Customs Collectorate, Islamabad. The officer, in pursuance of Board’s Notification No. 0252-C-I/2016 dated 29.01.2016, relinquished the charge of the post of Chief, Federal Board of Revenue (HQ), Islamabad with effect from February 1. Read More »

Japan gives Pakistan Rs5b loan for energy sector

ISLAMABAD: The Japanese government will give Pakistan $43 million (Rs5 billion) concessional loan under Energy Sector Reforms Programme, which is co-financed by the Asian Development Bank, the World Bank and Tokyo. This amount would be spent on second phase of the programme as the Japanese government had provided last June a loan of similar amount for the first phase. While ... Read More »

Nepra cuts power tariff by Rs 3.83 per unit for Dec

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra), on request of Central Power Purchasing Agency (CPPA), has announced Rs 3.83 per unit cut in power tariff for December 2015 for monthly fuel price adjustment. The CPPA had requested Nepra to reduce the electricity price owing to reduction in prices of furnace oil and high-speed diesel in the international market. The ... Read More »

Banks in South Africa fall most as Dec on moody’s

CAPE TOWN: South Africa’s banking and insurance companies were among the biggest losers on the FTSE/JSE Africa All Share index Tuesday after Moody’s Investors Service predicted that bank earnings would be lower in the year ahead after the central bank increased interest rates. “Borrowers’ reduced debt affordability will have a knock-on effect on banks’ asset quality, reversing the improving trend ... Read More »

Wesports revenue jumps by 24% to RM477mil

KUALA LUMPUR: Westports Holdings Bhd posted lower earnings of RM504.86mil in the financial year ended Dec 31, 2015 due to higher tax expenses despite higher pre-tax profit and revenue. The port operator announced on Wednesday its earnings were lower by 1.4% from RM512.20mil in FY14. Its revenue increased 7.6% to RM1.68bil from RM1.56bil a year ago. It proposed dividend of ... Read More »

$100,000 a day loss: Protests disturb fruit, vegetables exports thru PIA

KARACHI: The exporters of fruit and vegetable have expressed their concerns over the accelerating protests against the proposed privatisation of Pakistan International Airlines (PIA) and suspension of flight operations. All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA) former vice chairman Aslam Pakhali, in a statement, said that PIA covers 30 to 40 per cent airborne shipments of ... Read More »

Public Bank 2015 earnings crosses RM5bil mark

KUALA LUMPUR: Public Bank Bhd recorded a stellar set of results, with net profit surpassing RM5bil for the financial year ended Dec 31, 2015. It rewarded shareholders by declaring a second interim dividend of 32 sen per share, bringing the full-year dividend to 56 sen. The total dividend paid and payable for 2015 amounted to RM2.16bil and represents a total ... Read More »

HK Customs nabs three for violating ‘Trade Descriptions Ordinance’

HONG KONG: Three individuals from an interior design and renovation company have been arrested for violating the Trade Descriptions Ordinance, the first such incident in the interior design industry since the ordinance was introduced two years ago. The three were investigated and arrested by the Hong Kong Customs and Excise Department (HKCED) for violating the ordinance, due to misleading omissions ... Read More »

Singapore’s job vacancies decline in 2015 amid softer economic conditions

SINGAPORE: Singapore’s job vacancies declined in 2015 amid softer economic conditions, said the Ministry of Manpower in its “Job Vacancies 2015” report released on Wednesday. The number of job vacancies declined over the year to 60,000 as of September 2015. On a seasonally adjusted basis, the ratio between job vacancies and unemployed persons declined for the second consecutive quarter to ... Read More »

Pfizer sees 2016 revenue, profit below estimates

NEW YORK: US drugmaker Pfizer Inc, which is in the process of buying Botox-maker Allergan Plc for US$160 billion, forecast 2016 revenue and earnings below analysts’ estimates, citing generic competition and a strong dollar. The company said it expects reported revenue of US$49 billion-US$51 billion for the full year and adjusted earnings of US$2.20-US$2.30 per share. Analysts on average were ... Read More »

Logistics sees expansion in January

BEIJING: China’s logistics sector continued to expand in January although the upcoming Spring Festival holiday affected business activity, an industry index showed yesterday. A performance index for the sector stood at 53.3 in January, 1.7 points below the previous month but still above the 50-point demarcation level, according to data from the China Federation of Logistics and Purchasing. A reading ... Read More »

Eurozone jobless rate drops for 15th month

BRUSSELS: Unemployment across the 19-country eurozone fell in December for the 15th month running to its lowest level in a little over four years, official figures showed yesterday. Statistics agency Eurostat said the number of people out of work fell by 49,000 to a total of 16.75 million. The last time unemployment was lower was October 2011. As a result, ... Read More »

Xinjiang’s foreign trade grows 40% over 5 years

URUMQI: Xinjiang Uygur autonomous region in northwest China has made 770 billion yuan ($116.8 billion) from foreign trade from 2011 to 2015, up 41.5 percent over the previous five years. According to Urumqi Customs Office, the region’s trade growth had slowed during the past five years. Foreign trade volume for the region totaled $19.7 billion in 2015, down 28.9 percent ... Read More »

Two IR officers assume charge as Second Secretaries

ISLAMABAD: Two Inland Revenue Service officers of BS 17-18 have assumed the charge as Second Secretary in Federal Board of Revenue headquarters. Muhammad Muti-ur-Rehman Mumtaz, in pursuance of Board’s Notification No.0056-IR-I/2016 dated 08-01-2016, assumed the charge of the post of Second Secretary (BS-18) (IR-Operations). Syed Azhar Hussain Shah, pursuing the Board’s Notification No.0056-IR-I/2016 dated 08.01.2016, took the charge of the ... Read More »

China’s private sector salaries to rise 5-8% in 2016

BEIJING: Despite the expectation of slower GDP growth this year, niche professionals, especially those associated with digital technologies, are very likely to seek salary increments in the following months, according to Morgan McKinley, a global hiring company. Its 2016 salary survey shows overall salaries in China’s private sector will increase by 5-8 percent on average this year. Finance and accounting ... Read More »

China’s new wind power capacity rises 60% in 2015

BEIJING: China’s newly installed wind power capacity reached a record high in 2015 amid increasing efforts from the government to boost clean energy. The new wind power capacity jumped to 32.97 gigawatts last year, more than 60 percent higher than 2014, the National Energy Administration (NEA) said on Tuesday. Wind power generated 186.3 terawatt hour of electricity in 2015, or ... Read More »