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Author Archives: CT Report

Afghanistan seeks enhanced trade, transit ties with Tehran

  TEHRAN: Afghanistan’s Chief Executive Abdullah Abdullah says his country wants to enhance trade and transit ties with Iran. “Afghanistan and Iran call for facilitating economic relations,” he said on Monday afternoon after a meeting in Tehran with Iranian First Vice President Es’haq Jahangiri. Abdullah appreciated Iran’s help and support in rebuilding Afghanistan and boosting security in the country, especially ... Read More »

S. Korea to cut port fees over next 3 years

SEOUL: Amid the backdrop of the global shipping downturn, South Korea’s Ministry of Oceans and Fisheries has decided to hold off on raising fees for using the country’s trading ports and plans to reduce port fees by 70 percent over the next three years. Accordingly, all 31 ports in South Korea, including Busan and Incheon, will maintain the current fee ... Read More »

Hong Kong man arrested for smuggling $2.89m out of Taiwan for $2,000 profit

TAIPEI: A Hong Kong man was arrested in Taiwan for attempting to smuggle $12.47 million New Taiwan Dollars (HK$2.89 million) back to Hong Kong in his suitcases. The 58-year-old man surnamed Ning, was passing the security check to board a China Airlines flight to Hong Kong at Taoyuan Airport in Taipei when he was caught with the cash hidden under ... Read More »

Birmingham man jailed over £600k drugs smuggling attempt

BIRMINGHAM: A man has been jailed for more than five years after he was caught smuggling more than £600,000 worth of heroin into the UK from Pakistan. Khalid Mahmood, of Colonial Road in Bordesley Green , was stopped by Border Force officers at Heathrow Airport as he arrived on a flight from Lahore via Abu Dhabi last November. The 46-year-old, ... Read More »

US Steel shipments down 12.4% in Nov

NEW YORK: The American Iron and Steel  Institute (AISI) has reported today that for the month of November 2015, U.S.  steel mills shipped 6,457,870 net tons, a 12.4 percent decrease from the  7,369,472 net tons shipped in October 2015, and a 15.5 percent decrease from the  7,638,086 net tons shipped in November 2014. Shipments year-to-date in  2015 are 79,990,315 net ... Read More »

Timber smuggling bid foiled in Bandipur

NEW DELHI: Forest guards opened fire on a gang of timber smugglers in Maliyur range of Bandipur Tiger Reserve area on Sunday evening. One person was injured in the incident. The forest guards, who spotted around eight smugglers, were forced to open fire when they were attacked with sickles and saws. One of the smugglers, Channanayaka, a resident of Basapura ... Read More »

Ivorian consumer inflation rises to 1.3% in Dec

LONDON: West African economic powerhouse Ivory Coast’s consumer price inflation rose to 1.3 percent year-on-year in December, up from 0.8 percent in November, data from the National Statistics office showed on Tuesday. The monthly report showed that food and soft drink prices jumped 5.8 percent while housing and utility prices dropped 0.2 percent and transport costs declined 1.1 percent. Read More »

Alpha Networks revenues decline in Dec

WASHINGTON: Alpha Networks has reported consolidated revenues of NT$2.112 billion (US$63.34 million) for December 2015, representing a 30.24% increase on month and 13.42% drop on year. The company has totaled NT$22.995 billion in year-to-date revenues, down 1.21% compared with the same time last year. For the year of 2014, Alpha Networks totaled NT$23.278 billion in consolidated revenues, down 3.43% sequentially ... Read More »

Mobile shipments expected to grow 5.3% in 2016

DUBAI: Mobile phone shipments in the Middle East region are expected to grow at a faster rate then PCs and tablets, according to industry experts. The regional handset shipments are expected to grow 5.3 per cent to more than 123 million this year compared to 117 million units last year. At the same time, the PC market is expected to grow ... Read More »

Rwanda’s inflation rate slows down to 4.5% YOY in Dec 2015

KIGALI: Rwanda’s inflation rate slowed down to 4.5 percent year-on-year in December 2015, down from 4.8 per cent in November, while the monthly inflation decreased by 0.5 per cent last month. According to the National Institute of Statistics of Rwanda (NISR) Consumer Price Index (CPI) monthly report released over the weekend, the marginal reduction was attributed to decline in prices ... Read More »

Bank of France keeps French Q4 GDP forecast unchanged at 0.3%

PARIS: The Bank of France kept its estimate of French economic output growth for the fourth quarter unchanged at 0.3 per cent on Tuesday, proving more upbeat than national statistics office INSEE, which had revised its own estimate down to 0.2 per cent. The Bank of France kept its estimate of French economic output growth for the fourth quarter unchanged ... Read More »

China’s inflation rate rises to 1.6% in Dec 2015

BEIJIN: China’s inflation rate rose to 1.6% in December 2015 from a year prior. It was 1.5% in November 2015. The inflation rate is significantly below the People’s Bank of China’s inflation target of 4.0%. As a result, the iShares China Large-Cap ETF (FXI) and the Direxion Daily FTSE China Bull 3X ETF (YINN) fell by 11.8% and 28.5%, respectively, ... Read More »

Czech inflation falls again in Dec

BEIJING: China’s stock market woes had only small impact on regional FX markets yesterday. Both the forint and the zloty weakened on Monday but their losses were driven by other factors, especially in the case of the former currency. The forint got under pressure following announcement that Márton Nagy, a vicepresident of the Hungarian central bank, would hold a press ... Read More »

Ukrainian Govt decides to ban imports of food products

KIEV: The Ukrainian government has decided to ban imports of food products, including meat, from Russia. The move is a response to the embargo placed by Moscow on Ukrainian food imports, according to Kiev, reports Jaroslaw Adamowski for ThePigSite. “Ukraine exits the free trade area with Russia, raises duties on all goods and puts a trade embargo on all food ... Read More »

National Assembly launches social media accounts

ISLAMABAD: National Assembly of Pakistan has launched its official social media accounts for wider parliamentary outreach to the public. The decision was taken in a meeting chaired by National Assembly Speaker Sardar Ayaz Sadiq at Parliament House here, said a press release issued here. Sardar Ayaz Sadiq underlined the need to develop new strategies and policies to support effective engagement ... Read More »

Saudi exports rise to 54 million tonnes in 2015

RIYADH: The volume of Saudi exports in 2015 surged to 54 million tonnes at a value of SAR158 ​​billion, compared with 2014 when they amounted to 53m tonnes valued at SAR194bn. Eisa Al-Eisa, a spokesman for the Saudi Customs, told Al Eqtisadiah that imports touched 83m tonnes in 2015 at a value of SAR640bn, as against 85m tonnes, valued at ... Read More »

Russian gas exports to Europe increased 8% in 2015

MOSCOW: Russian natural gas exports to Europe rose by nearly eight percent in 2015 despite tensions with the West over Ukraine, Russian gas giant Gazprom announced January 11. Aleksei Miller, head of the state-run firm, said it exported 159.4 billion cubic meters of gas to states that were not previously part of the Soviet Union — mostly nations in Europe ... Read More »

Exports increased by 7.58% to $1.788b in Dec

ISLAMABAD: The merchandise exports from the country surged by 7.58 percent to $1.788 billion in December as compared to the previous month’s exports of $1.662 billion. According to the Pakistan Bureau of Statistics revealed data, released on Tuesday, the imports of goods in December 2015 decreased by 0.59 percent from $3.866 billion in November 2015 to $3.843 billion in December ... Read More »

Singapore economy slows amid Asian export slump

SINGAPORE: Singapore’s trade-dependent economy grew by an estimated 2.1 percent last year, its worst performance since the 2009 recession, as international demand for Asian exports slumped, official data showed yesterday. The GDP expansion figure, down from 2.9 percent in 2014, was based on advance estimates that GDP in the fourth quarter of last year rose 2.0 percent year-on-year. Last year’s ... Read More »

Inflation drops to 1.9%: NA told

ISLAMABAD: Parliamentary Secretary for Finance Rana Mohammad Afzal Tuesday told the National Assembly that inflation has come down to 1.9 percent. The parliamentary secretary revealed this while responding to a resolution. He further said that food inflation is one percent and non-food inflation is two percent. He said that the government should take steps to control the price-hike in the ... Read More »