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Author Archives: CT Report

Australian banks to see weaker profit growth in 2016

CANBERRA: Australian banks’ profit growth is set to slow further this year as lenders’ bottom lines feel the impact of more borrowers falling behind on their loans, Fitch Ratings predicts. A new report from the credit agency says the cycle of very low loan losses, which has helped to pump up bank profits in recent years, is set to turn ... Read More »

Italian banks lead European decliners on Bad-Loan concerns

ROME: Italian banks dropped in Milan, leading declines in the European Stoxx 600 Banks Index, reflecting investor concerns about lenders’ levels of bad debt as the European Central Bank seeks to toughen scrutiny of the region’s non-performing loans. Banca Monte dei Paschi di Siena SpA, bailed out twice since 2009, slumped 15 percent to 76.6 cents in Milan, a fresh ... Read More »

Norway must cut tax, boost efficiency as oil price falls: OECD

OSLO: Norway should reduce taxes, deregulate private enterprise and speed up public sector reforms to boost its competitiveness following a sharp fall in the price of crude oil, its top export, the OECD said in a report on Monday. The end of a more than decade-long energy boom that lifted the country’s per-capita output to the second-highest level in the OECD ... Read More »

US Customs arrests passenger for smuggling heroin at JFK airport

NEW YORK: A passenger on an incoming flight to John F. Kennedy International Airport was caught allegedly smuggling heroin inside of a bottle of a traditional Dominican drink Jan. 6, U.S. Customs and Border Protection officials said. CBP officials said Rosa de Ortega arrived from Santiago, Dominican Republic, with one checked suitcase for inspectors. During the inspection, CBP officers said ... Read More »

Govt to boost exports through trade deals

JAKARTA: The government aims to increase non-oil and gas exports in the coming years through trade deals and deregulation policies in an effort to reverse the recent export decline. Trade Minister Thomas Lembong said on Monday that his ministry targeted to boost the non-oil and gas export value by 9 percent this year and to accelerate export growth to an ... Read More »

Kenyan shilling steady, shares fall

NAIROBI: The Kenyan shilling was unchanged against the dollar on Monday, with traders saying activity was likely to remain subdued until the central bank sets its key lending rate on Wednesday. Shares fell. At 1330 GMT, commercial banks posted the shilling at 102.35/45, the same level it closed on Friday. “There was not much movement today, no big tickets,” said a ... Read More »

Rise in Norwegian salmon prices could lead to higher prices for U.S. salmon

OSLO: With Norwegian salmon prices starting to climb, could this help to boost demand in the U.S. salmon industry? The last few years have seen U.S. farmed salmon prices falling steadily. Lower prices were primarily driven by the increased export competition with farmed salmon from Norway and Chile, as a result of a strong U.S. dollar and additional supply available ... Read More »

US Customs seizes hashish oil, cocaine at Minneapolis-St. Paul airport

MINNEAPOLIS: U.S. Customs and Border Protection at the Minneapolis-St. Paul Internatonal Airport seized cocaine and hashish oil from the luggage of two U.S. citizens returning from Cozumel, Mexico, on January 10. A 31-year-old male and 28-year-old female attempted to conceal nine grams of cocaine and 41 grams of hashish oil in their luggage. After discovery and seizure of the narcotics, ... Read More »

Danish exports to Iran increased as sanctions lifted

COPENHAGEN: The EU and US have lifted sanctions on Iran after it was certified on Saturday that it has met its commitments under a UN Security Council nuclear agreement made last summer. The industrial advocate organisation Dansk Industri (DI) has responded positively to the news that the door is now open to the country’s market and its 80 million consumers. ... Read More »

Indonesia to export lesser palm oil in 2016

KUALA LUMPUR: Indonesia will export lesser palm oil this year as it uses more of the commodity at home to blend into biodiesel, an industry group said, putting the country on track for its first drop in overseas sales of the tropical oil in five years. The world’s top producer and exporter of palm oil is seen shipping out 23-24 ... Read More »

US Customs arrests wanted passenger in West Palm Beach

WEST PALM BEACH: U.S. Customs and Border Protection (CBP) Office of Field Operations (OFO) officers assigned to West Palm Beach, Florida arrested a passenger arriving from the Bahamas wanted in Mississippi for a violation of probation for forgery.U.S. Customs and Border Protection operations in Florida Clifton Magee, 45, was fingerprinted and his identity was confirmed. The Riviera Beach Police Department ... Read More »

Italian Biodynamic kiwifruit makes its way to US

ROME: AJ Trucco, Inc. (Trucco) the year-round distributor of fresh fruits, dried fruits and nuts, announced the arrival of its Demeter-certified Biodynamic kiwifruit from Italy. Biodynamic kiwifruit is an addition to Trucco’s KiwiStar kiwifruit line, which already includes green, gold and organic kiwifruit. “We are the first company to import this product into the U.S. and we are looking forward ... Read More »

Greece accuses Turkey of facilitating people smuggling

ATHENS: Greece’s President Prokopis Pavlopoulos accused Turkish border authorities of facilitating people smuggling by turning a blind eye to the trafficking of thousands of migrants to Europe. Human rights and aid organisations have raised similar concerns about the alleged complicity of Turkey’s border guards. Mr Pavlopoulos, who was on a visit to Berlin, where he met German President Joachim Gauck, ... Read More »

China starts beef imports from Hungary

BUDAPEST: China’s first-ever shipment of imported beef from Hungary has arrived in Shanghai, local authorities said here the other day. The 12-tonne frozen beef from Hungary, valued at US$70,600, is expected to be put into the market before the Chinese Lunar New Year that begins on Feb. 8, said a joint press release from Shanghai Customs and Shanghai Entry-Exit Inspection ... Read More »

ACAA revenue up by 11% this year

KABUL: The Afghanistan Civil Aviation Authority (ACAA) on Monday said its revenue collected this solar year had increased by 11 percent compared the previous year’s returns. The authority said in a statement that the revenue stood at 3.571 billion afghanis so far, including 2.31 billion afs coming in taxes on international flights crossing Afghanistan. It said 910 million afs were ... Read More »

Iraq Etihad Food’s $100 mln edible oils refinery to start production by year end

BAGDAD: Iraq’s Etihad Food Industries Co. will start production at a new $100 million edible oils refinery by year end, a top company executive said, after its neighbouring sugar plant shifted much of the country’s imports to raw rather than white sugar. The Babylon-based refinery neighbours Etihad’s sugar unit, which started in 2015 and ramped up production faster than expected, ... Read More »

Swiss central bank racks up massive loss in curbing strong franc

ZURICH: Switzerland’s central bank posted its heaviest ever annual loss in 2015, a byproduct of the bank’s decision one year ago to scrap a long-standing policy aimed at keeping the overvalued Swiss franc in check here the other day. The 23 billion Swiss franc loss ($23.05 billion) highlights the challenges facing central bankers in Switzerland and elsewhere who are trying ... Read More »

Germany tops EU countries in non-oil trade with Dubai

DUBAI: The value of Dubai’s non-oil trade with the European Union (EU) countries reached AED145 billion in the first nine months of 2015. The emirate’s non-oil trade with the EU countries was divided between imports worth AED113bn and exports valued at AED7.1bn, while re-exports recorded a value of AED24.8bn. Dubai Customs explained that Germany topped ​​Dubai’s partners from the EU ... Read More »

KIA refusing to cooperate in sale probe

KUWAIT: Head of the National Assembly’s public funds protection committee MP Abdullah Al-Turaiji yesterday accused the state-run Kuwait Investment Authority (KIA) of refusing to cooperate with the panel’s investigation. Turaiji said the committee met yesterday to discuss the issue of selling a real estate services company by KIA in a suspicious way that “serves the relatives of the KIA director”. ... Read More »

Trade-in-goods pact talks halted for now: MOEA

TAIPEI: The Ministry of Economic Affairs (MOEA) will suspend talks with China over the controversial cross-strait trade in goods agreement before a new Cabinet is formed, Minister of Economic Affairs John Deng said yesterday. “We have to respect the opinions of the country’s new leader… The ministry plans to put on hold to any ongoing trade-related policies and negotiations with ... Read More »