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Author Archives: CT Report

China Investment Corp teams to buy Australian Port Company

CANBERRA: The ambitious One Belt, One Road initiative undertaken by China, is a way to create a 21st century revival of the ancient Silk Road trade route. Most view the project as creating infrastructure over land and shipping routes close to the Asian continent. Yet, with Australia growing in importance as a trade partner, China is looking at ways to ... Read More »

Twofour54 inks new deal with Abu Dhabi Ports

ABU DHABI: Twofour54 and Abu Dhabi Ports have inked a 12-month deal to enhance the development of the film and television industry in Abu Dhabi. The memorandum of understanding was signed last Thursday by chair of the Media Zone Authority – Abu Dhabi (MZA) and twofour54 board, Noura al Kaabi, and Abu Dhabi Ports chief executive officer, Captain Mohamed Juma Al ... Read More »

Ex-U.S. customs officer to be sentenced in tax fraud conspiracy

WASHINGTON: Federal prosecutors in Los Angeles are expected to recommend a five-year prison term for a former U.S. Customs and Border Protection supervisory officer who looked the other way when his ex-wife and others smuggled Chinese-made clothing into the United States without paying duties and taxes. Sam Herbert Allen, 54, of Diamond Bar pleaded guilty in 2014 to a federal ... Read More »

US Customs seizes 30 pounds of opium

CHICAGO: U.S. Customs and Border Protection (CBP) officers at Chicago O’Hare International Airport seized more than 30 pounds of Opium powder discovered in a passengers luggage.  The 52-year-old U.S. citizen arrived on a flight from Tokyo and was selected for examination. During the baggage inspection, CBP officers discovered 212 packets of a brown powdery substance concealed in plastic bags containing ... Read More »

India announces plans to build new ports

NEW DELHI: The Indian government has announced that it will invest Rs 800 crore (US$118m) for the development of new ports and ongoing work on its National Waterways project during the next fiscal year. The country’s finance minister Arun Jaitley said in a speech presenting the 2016-17 fiscal budget that the government has plans to develop new greenfield ports on both ... Read More »

US Customs seizes heroin worth $90,000

JAMAICA: An arriving passenger at John F. Kennedy International Airport tried to ‘sneak’ past U. S. Customs and Border Protection officers, but was stopped in his tracks. CBP officers stopped Mr. Perez Beltran, a United States citizen, who arrived on a flight from Santo Domingo, Dominican Republic.  During the course of the inspection, CBP officers discovered a pair of sneakers ... Read More »

Chinese Customs foils attempt to smuggle 9,000 memory cards

BEIJING: A man has been caught with thousands of memory cards attached to his body after he tried to smuggle them into mainland China from Hong Kong. Customs officers stopped the unidentified man at the security check and discovered over 9,000 mobile phone cards tape to his body here the other day, reports the People’s Daily Online. The cards – ... Read More »

HK Customs seizes cocaine, meth

HONG KONG:The day before yesterday, customs arrested a 29-year-old man at the Macau Ferry Terminal after they found 13 grams of suspected cocaine and seven grams of suspected methamphetamine. Customs officers found the suspected drugs hidden in the man’s sleeves after he was intercepted on his way to board a ferry to Macau. Our struggling Houdini, who claims to be ... Read More »

Chinese customs officers stop traveller returning from Ethiopia with bag of toxic beans

BEIJING: Customs officials in southern China have stopped a traveller returning from Ethiopia with a bag containing hundreds of highly toxic jequirity beans, according to mainland media. The man was carrying 100g of the seeds when he was stopped by inspectors at Guangzhou Baiyun International Airport in Guangdong province, the Southern Daily reported. The hard red and black seeds are ... Read More »

Eurozone inflation falls into negative territory in Feb

BRUSSELS: The inflation in the 19-country Eurozone unexpectedly fell into negative territory in February, official data showed on Monday, suggesting the bloc’s massive stimulus measures by its central bank struggled to inject vigor into its sluggish economy. The annual inflation rate was expected to be negative 0.2 percent in February, down from 0.3 percent in January, said Eurostat, the statistic ... Read More »

Denmark’s GDP grows 1.2% in 2015

COPENHAGEN: Denmark’s gross domestic product (GDP) rose 1.2 percent in 2015 year on year, less than previous predictions, official data showed here the other day. The growth is largely attributed to household consumption which increased by 2.1 percent, according to Danmarks Statistik, the country’s statistical agency. Exports, investment and government consumption also contributed to the annual growth, while exports of ... Read More »

China’s non-manufacturing PMI continues to slip

BEIJING: China’s service sector activity continued to slip in February, official data showed on Tuesday. The purchasing managers’ index (PMI) for the non-manufacturing sector came in at 52.7 in February, down from 53.5 in January, according to a report released jointly by the National Bureau of Statistics and the China Federation of Logistics and Purchasing. A reading above 50 indicates ... Read More »

China creates 13.12 mln new jobs in 2015

BEIJING: More than 13.12 million new jobs were generated for urban residents in China in 2015, a senior government official said here the other day. Yin Weimin, Minister of Human Resources and Social Security, told a press conference that China had created more than 13 million new jobs for urban residents annually since 2013, though the reading for 2015 was ... Read More »

China’s manufacturing, service activities both contract

BEIJING: China’s manufacturing activity contracted for a seventh straight month in February, in a sign of persistent economic weakness, official data showed on Tuesday. The purchasing managers’ index (PMI) came in at 49, down from January’s 49.4, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing. A reading above 50 indicates expansion, while ... Read More »

Alibaba’s Internet lender extends $6.88b in loans in 8 months

BEIJING: An Alibaba-backed private lender said here the other day that its focus on providing financial services to clients who are underserved by traditional banks has resulted in billions in loans to small businesses and individuals over the past eight months. E-commerce giant Alibaba holds a 30-percent stake in MYbank through its financial arm, Ant Financial. MYbank said it has ... Read More »

Pak-Russia private sector should play role to boost bilateral trade: Dedov

FAISALABAD: The trade relations between Pakistan and Russia are growing satisfactorily at the government level and a huge investment of two billion dollars is indicative of this cooperation. However, the private sector of two countries should also come forward to play its role in giving a quantum jump to the bilateral trade, said Russian Federation Ambassador Alexey y. Dedov. He ... Read More »

LCCI-COPHC hold seminar on Gwadar port

LAHORE: A seminar on “Gwadar – A deep sea port exploring global opportunities” held here at the Lahore Chamber of Commerce and Industry. The participants in the seminar have highlighted the importance of Gwadar port and said it is the region’s most strategically well located port that would be a hub of maritime trade in the whole region. It will ... Read More »

Taiwan handset shipments set to drop in 2016

LONDON: Total handset shipments by Taiwan-based brand vendors and ODMs are expected to decline 13.3% on quarter and 11.4% on year to 15.55 million units in the first quarter of 2016, affected by seasonal factors, according to Digitimes Research. Shipments by brand vendors HTC, Asustek Computer and Acer combined will slide 7-8%sequentially in the first quarter, while those shipped by ... Read More »

B.C. factory shipments rebound in Dec

WASHINGTON: B.C. manufacturing rebounded in December, suggesting an end to the softer range-bound pattern seen since April. Factory shipments reached a seasonally adjusted $3.62 billion during the month on higher wood products and machinery manufacturing gains, up 0.7% from November. However, this fell short of national growth of 1.2% during the month, with shipments 3.2% below the same month in ... Read More »

Bangladesh prepares to purchase electricity on India’s open energy market

DHAKA: Bangladesh is preparing to purchase electricity on India’s open energy market in a bid to mitigate the country’s power crisis, ahead of peak demand in the summer. According to a proposal signed by Power Division Secretary Monowar Hossain, India’s Jaiprakash Power Ventures will supply 40MW of electricity to Bangladesh across the Behrampur–Bheramara grid connection point. The proposal said some ... Read More »