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Author Archives: CT Report

UAE insurer ADNIC plans to boost capital by $106 mln

ABU DHABI: Abu Dhabi National Insurance Company (ADNIC) plans to boost its capital by 390 million dirhams ($106 million), it said on Monday, and several sources said it would do this with a convertible bond issue. The company has posted a run of weak earnings due to a poor underwriting performance on core commercial business lines, leaving the insurer needing ... Read More »

Jawzjan revenue surges; high tax rates sparks resentment

SHIBERGHAN: The revenue of northern Jawzjan province has surged by more than 50 million afghanis this year, but taxpayers complainof rising duties. Jawzjan’s revenue target fixed by the Ministry of Finance was 219 million afs, but the provincial authorities collected more than 270 million afs in 2015, the revenue director said. Mohammad Rassoul Anwari told Pajhwok Afghan News the income ... Read More »

Hungary ready to invest in Azerbaijan

BUDAPEST: Hungarian Eximbank has expressed readiness to invest in establishing a regional DATA-center in Azerbaijan, Hungarian ambassador to Baku Imre Laszloczki told Trend. The project on regional DATA-center is implemented with the support of the UNDP. The first such DATA-center in the region will ensure stable operation in case of failure of any node of the system, as it will ... Read More »

SK Hynix profits slash by half in 4Q

SEOUL: South Korean semiconductor giant SK Hynix’s profits have slashed by half in fourth quarter. The company’s profits decreased mainly due t slowing global demand for personal computers and smartphones, it said Tuesday. Global PC sales last year hit an eight-year low and sales of high-end smartphones slowed as gadget makers increasingly shifted focus to fast-growing mid- or low-end markets. ... Read More »

National Bank of Oman board proposes 27% dividend

MUSCAT: National Bank of Oman (NBO) said that the bank’s board has recommended a cash dividend of 17 per cent and stock dividend of 10 per cent (or one share for every 10 shares held) for 2015 to its shareholders. The dividend proposal is subject to the approval of shareholders of the bank at the annual general meeting to be ... Read More »

Railways requires 500 locomotives in 10 years

ISLAMABAD: Pakistan Railways need over 500 locomotives to meet anticipated freight and passenger traffic in next ten years. An official in the Ministry of Railways revealed this while talking to the state-owned news agency. He said that the process was underway for upgradation and commercial operations of Pakistan Locomotive Factory Risalpur on joint venture basis with private sector participation. He ... Read More »

Lionel Messi tax fraud trial in Spain set to start in May

MADRID: Lionel Messi’s tax fraud trial in Spain has been set for May 31-June 3, conflicting with the start of the centennial Copa America in the United States. The Copa America Centenario will kick off on June 3, meaning the five-time world player of the year may not make it in time for Argentina’s opening game. The full Copa America ... Read More »

MMTC invites offer for import of 5,000 tons of tur dal

NEW DELHI: Amid production concerns due to back-to-back drought, the government has issued a tender for importing 5,000 tonnes of pigeon peas (tur) to boost domestic supply and control prices. This is the second tender floated by state-owned MMTCBSE 0.62 % this month. The earlier one was for import of a similar quantity of tur for delivery in February-March. Fearing a ... Read More »

Turkey to reduce inflation rate within next 3 years

ANKARA: Turkey will gradually reduce its inflation rate within the next three years, the head of Turkish Central Bank told Anadolu Agency in an interview on Friday on the sidelines of the World Economic Forum conference. “Now, we will solve the problem,” Erdem Basci said. “2016 will be the year to fight inflation and the fight will be continued in ... Read More »

Turkey’s Islamic banks likely to maintain high growth rates in loan volume

ANKARA: Islamic banks in Turkey are expected to maintain high growth rates in loan volume this year, the credit rating agency Fitch said in a statement, pointing to government support and anticipated new entrants being among the main drivers. Turkish Islamic banks — excluding troubled Bank Asya — expanded their loan books by 34 percent year-on-year in the first half ... Read More »

WhatsApp service crashes

SAN FRANCISCO: Hundreds of millions of WhatsApp users Tuesday faced trouble when the Facebook-owned smartphone messaging service stumbled briefly from the US to India. Reports of people having trouble with WhatsApp in countries including Japan, India, Malaysia, Colombia and the United States hit the Internet about 0200 GMT Tuesday. The outage appeared to be resolved in most locations in an ... Read More »

Japan posts $1.18 bln trade surplus in Dec 2015

TOKYO: Japan recorded a trade surplus of $1.18 billion in December, indicating a return to a positive balance for the country after posting a deficit in November, the government announced Monday. The surplus contrasts with the $5.62 billion deficit of December 2014, and also with the $3.22 billion negative balance of November last year. Japanese exports fell by eight percent ... Read More »

Hyundai’s profit falls by 15% to $5.4b

SEOUL: Hyundai, the world’s fifth-largest auto-making group, has posted 15 per cent lower profits for 2015. A strong local currency and slowing sales in the key Chinese market pummelled South Korea’s Hyundai Motor in the corresponding year, with the automaker on Tuesday reporting its lowest annual profit in five years. The firm’s net profit has fallen for three straight years ... Read More »

Cooper establishes sales office in Brazil

SAO PAULO: Cooper Tire & Rubber Co. has established a sales office in São Paulo to support local distributors and dealers and help further the company’s Latin America expansion. The office, Cooper Tire & Rubber Co. Brasil Fabricacao, Importacao e Distribuicao de Pneus Ltda., will operate under the leadership of Durval Amaral, general manager, a former Goodyear executive who joined ... Read More »

Philips’ profit up by 55% to $700m in 2015

THE HAGUE: Philips Tuesday posted net profits surged by 55 percent in 2015 driven by increased sales in its healthcare and lifestyle business as it seeks to shed its historic lighting section. The Dutch electronics giant’s total net profit attributable to shareholders was 645 million euros ($700 million) compared to 415 million euros in 2014, with sales up to 24.2 ... Read More »

Federal govt issues Rs 3.3b for development of AJK

MUZAFFARABAD: The federal government has released Rs 3.3 billion funds for Azad Jammu and Kashmir (AJK) government under the head of annual development programme, said a source in the finance department on Tuesday. The source said that recently a committee was constituted by the federal government headed by federal Minister Ehsan Iqbal and also included representative of AJK government which ... Read More »

Pak rupee depreciates by 10 paisas to 106.85 in open market

KARACHI: The Pakistani rupee Tuesday depreciated against the US currency in open market. According to the local money market, the greenback added 10 paisas in open market to reach 106.85 and remained unchanged in interbank at 104.70. On Monday, the dollar remained unchanged both in open market and interbank at 106.75 and 104.70 respectively. The local currency rate remained the ... Read More »

Tea, apples, onions good to avoid heart disease

ISLAMABAD: Use of onions, tea and apples can decrease some early signs of heart disease as these foods have flavonoids, said a study. A research team focused on one of the compounds which is found in tea, onions and apples examined the effect of the compounds produced after quercetin is broken down by the body. They were shown to help ... Read More »

U.K. factories start 2016 on weak footing as export orders fall

LONDON: Export orders fell at a sharper pace in January compared with December and total orders at factories also declined, the Confederation of British Industry said in a survey published in London on Monday. An index of optimism, measured on a quarterly basis, rose slightly, but remained below zero. The industry has been in the doldrums for years as weakness ... Read More »

South Korea’s diesel car imports set record in Q4

SEOUL: Diesel car imports in South Korea set a new record in the fourth quarter last year despite worry that Volkswagen’s emissions scandal may dent demand for foreign luxury vehicles, customs data showed on Tuesday. The country’s foreign car imports reached $2.66 billion during the October-December period, up 10.2 percent from the previous three months, according to the Korea Customs ... Read More »