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Author Archives: CT Report

Junaid, Mehdi made I&I Assist Directors

ISLAMABAD: Federal Board of Revenue has transferred/posted two Inland Revenue Service officers of BS-17 with immediate effect. Assistant Commissioners Muhammad Junaid Murtaza and Mehdi Hassan have been transferred from Regional Tax Office, Rawalpindi and posted as Assistant Directors, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad. According to the notification, the officers who are drawing performance allowance will continue ... Read More »

I&I Addl Director (OPS) Akram retires

ISLAMABAD: Muhammad Akram Khan, a BS-18 officer of Inland Revenue Service, has retired from the government service on attaining the age of superannuation. The officer, who was appointed as Additional Director (OPS), Intelligence & Investigation (IR), Multan, retired with effect from March 22. Read More »

Saudi Arabian cyber security market likely to grow by 2019

RIYADH: The Saudi Arabian cyber security market is expected to grow to over $3.48 billion by 2019, at a rate of 14.50 per cent, said the organisers of an upcoming summit in Riyadh. Organised by Nispana, the second annual Cyber Security Summit will take place on April 6 and 7. It will feature an array or presentations and interactive panel ... Read More »

QE index drops 166.78 points

DOHA: Qatar Exchange (QE) index dropped 166.78 points or 1.60 percent to close at 10,285.50 points on Thursday. On the weekly basis the index lost 140.47 points or 1.35 percent. Trading value last week decreased by 8.64 percent to reach QR1.93bn compared to QR2.1bn. Trading volume decreased by 31.26 percent to reach 51.4 million shares, as against 74.8 million shares ... Read More »

First Petromin-Nissan showroom opens in Saudi

RIYADH: The first Petromin-Nissan showroom has opened in Saudi Arabia as part of the new strategic partnership between the Japanese automaker and Nissan and Petromin, a leading lubricants and automotive services company. Christian Mardrus, Nissan senior vice president and chairman for Africa, Middle East and India said: “Today’s showroom opening marks the first milestone in our newly announced partnership with ... Read More »

Telecom giant records KD 1.14 billion in revenues

KUWAIT: Zain Group held its 2015 General Assembly at the company’s headquarters in Shuwaikh yesterday. The leading mobile telecom, with operations in eight markets across the Middle East and Africa, recorded revenues of KD 1.14 billion ($3.78 billion) for 2015 and a net income of KD 154 million ($513 million) for 2015. Zain also achieved a customer base reach of ... Read More »

Saudi Arabia allocates $10.65b to upgrade 20 airports

RIYADH: Saudi Arabia has earmarked $10.65 billion to build and upgrade more than 20 airports to help accommodate its fast growing aviation industry, said the organisers of an upcoming aviation summit in Riyadh. Organised by Nispana and Semark, the inaugural Airport Modernization Summit is scheduled to take place on May 8 and 9. It will provide the main stake holders ... Read More »

IFG profits soar 86% as revenue jumps to £71.3m

DUBLIN: Profits at Irish financial services increased by 86pc last year up to £8.6m (€10.97m) while revenue from James Hay and Saunderson House combined increased to £71.3m. Adjusted earnings per share at the company increased to 8.14p, representing an increase of 51pc when compared with 2014. The company has passed on the increase in earnings through a dividend. IFG proposed ... Read More »

France says ready to pump money into EDF if needed

PARIS: The French government stands ready to inject fresh capital into energy giant EDF if necessary, Economy Minister Emmanuel Macron said. “If there is a need to recapitalize, we will do so,” Macron said during a visit at the Civaux nuclear station in central France. “If we need to forego dividends again, we will do so,” he added. EDF, 84-percent ... Read More »

Venezuela to invest $60 mln in ports

WASHINGTON: The government of Venezuela has announced that it is to invest $60m in its ports via the National Integrated Customs and Exercise Administration (Seniat) and national ports company, Bolivariana de Puertos (Bolipuertos). The Minister of Overseas Trade and International Investment, Jesús Faría said that the investment would target new business and contribute to the growth of the national economy. In ... Read More »

17 ships with petrol arrive Lagos ports

LONDON: Seventeen ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island Ports in Lagos from March 24 to April 18. The Nigerian Ports Authority (NPA) stated this in its publication – `Shipping Position’ on Thursday in Lagos. NPA explained that the expected ships contained buck wheat, bulk charcoal, bulk sugar, general ... Read More »

China CITIC bank profit growth slows in 2015

BEIJING: China CITIC Bank, one of China’s leading banks, said Wednesday that its net profits rose 1.15 percent year on year to 41.16 billion yuan ($6.33 billion) in 2015. The growth marked a slowdown from a 5-percent gain in 2014, and the 26-percent increase in 2013. Business revenue came in at 145.13 billion yuan, up 16.37 percent year on year, ... Read More »

China to allow Nepal to use its ports

KATHMANDU: China will allow landlocked Nepal to use its ports for trading goods with third countries, a senior official in Kathmandu has said, potentially ending India’s decades-long monopoly over the impoverished country’s trading routes. A prolonged blockade of its border crossings with India last year by protesters demanding changes to a new Constitution left Nepal desperately short of fuel and ... Read More »

India’s top port prepares for bigger mega-ships

NEW DELHI: Jawaharlal Nehru Port Trust has entered a new era of mega-ship calls after India’s busiest public container handler completed a dredging project that deepened its fairway to 14 meters (46 feet). The west coast port, which set a record with the March 18 call of the 11,000 twenty-foot-equivalent unit MSC Francesca, is now gearing up to welcome the ... Read More »

Hainan Airlines posts 15.88% profit increase

BEIJING: Hainan Airlines Co, China’s fourth-largest carrier, on Thursday reported a net profit increase of 15.88 percent year on year in 2015, despite the competitive environment. In its annual report filed to the Shanghai Stock Exchange, the company said its net profits hit 3 billion yuan ($461 million) last year. Revenue stood at 35.23 billion yuan, down 2.27 percent year ... Read More »

CNOOC profits plunge on lower oil prices

BEIJING: China’s largest offshore oil and natural gas developer’s 2015 net profits slumped 66.4 percent year on year due to lower oil prices, the company said on Thursday. China National Offshore Oil Corporation (CNOOC) made 20.2 billion yuan ($3.1 billion) in profit last year, with earnings per share standing at 0.45 yuan, according to the company’s annual report. CNOOC Chairman ... Read More »

China’s Feb Saudi oil imports rise 20.59% to near record -customs

BEIJING: China’s February crude oil imports from Saudi Arabia rose 20.59 percent from a year earlier to 5.48 million tonnes, or 1.38 million barrels per day (bpd), customs data showed here the other day. The volume was slightly below the record in February 2012 of 1.39 million bpd. Oil imports from Iran were up 1.05 percent to 537,969 bpd.   Read More »

German manufacturers more positive on export outlook in March

MUNICH: More German manufacturers expect growth in exports in March than last month, research group Ifo institute reported here on Thursday. The outlook value rose to 6.4 balance points in March from 4.7 points in February, the think tank said. “This is positive news at an uncertain and troubled time,” Ifo president Hans-Werner Sinn noted, adding that developments in individual ... Read More »

Novartis settles bribe claims

GENEVA: Swiss drugmaker Novartis said yesterday that it has reached a deal with US authorities to pay US$25 million to settle claims that its Chinese units bribed health care professionals to boost sales, including with family trips to Niagara Falls. The drug giant agreed to pay the hefty fine “without admitting or denying” guilt, according to documents published by the ... Read More »

China to cut import tax on some online retail purchases

BEIJING: China will cut import taxes on some online retail purchases starting April 8, the finance ministry said on its website on Thursday. Goods with a value of 20,000 yuan ($3,070) or less bought online and shipped into China would no longer be subject to customs duty, the ministry said. Imports of goods bought online had previously been subject to ... Read More »