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Author Archives: CT Report

IMF okays $497m tranche despite Pak plan to privatise power companies delayed

ISLAMABAD: The federal government has delayed the privatisation of power supply companies, which annoyed the International Monetary Fund (IMF). Two government officials with direct knowledge of the situation said IMF officials who met Pakistani officials in Dubai this week to review progress on reforms were angered by the backtracking. But the IMF still agreed to release the next $497 million ... Read More »

Belgians spent 7.3 billion euro on online purchases in 2015

COPENHAGEN: Belgians are making an increasing number of purchases online. Last year people in Belgium spent at total of 7.3 billion euro on online purchases. This is an increase of 25% compared with the amount spent online in 2014. The figures come from the Belgian E-Commerce Federation BeCommerce. BeCommerce adds that its figures are “a conservative estimate”. In 2014 online ... Read More »

European Commission puts Hungary 2016 GDP growth at 2.1%

BUDAPEST: The European Commission projects Hungary’s economy will grow by 2.1 percent this year and 2.5 percent next year in a winter economic forecast for all European Union member states released on Thursday. The projection for this year was lowered slightly from 2.2 percent in the previous EC forecast released early last November. The fresh projection is under the government’s ... Read More »

Germany to import cocoa, coffee from Cameroon

BERLIN: A visiting German delegation of parliamentarians and economic operators, have officially requested the export of Cameroonian cocoa and coffee to Germany through an agreement signed here the other day in Douala between the two parties. The agreement penned by the German Cooperation Agency (GTZ) and the Inter-professional Council of Cocoa and Coffee (CICC) paves the way for partnership, which ... Read More »

NAB ‘starts investigation’ against Sharjeel Memon

KARACHI: The National Accountability Bureau (NAB) has initiated investigating the embezzlement of millions of rupees in Sindh Information Department. During a hearing in relation to former Information Minister Sharjeel Memon’s pre-arrest bail, NAB prosecutor Noor Muhammad Dayo informed the two-judge bench of the Sindh High Court (SHC) that an inquiry was being conducted into the fraud. The SHC directed Memon’s ... Read More »

India’s exports shrink nearly 15% in Dec 2015

NEW DELHI: Exports contracted for 13th month in a row in December 2015 as outward shipments shrank 14.75% to $22.2 billion amid a global demand slowdown The country’s exports will range between $265-270 billion (Rs ​17.9-18.3 lakh crore) in 2015-16, sharply lower than the $310.5 billion (Rs 21.05 lakh crore) achieved in the previous fiscal, exporters’ body Federation of Indian ... Read More »

North Iraq oil exports rise to 601,811 bpd in Jan

BAGHDAD: Oil exports from northern Iraq via pipeline to Turkey rose to an average of 601,811 barrels per day (bpd) in January, the Kurdistan region’s Ministry of Natural Resources said on Thursday, up around 17,755 bpd from December. The pipeline, which links oilfields in Iraq’s autonomous Kurdish region and Kirkuk with Turkey’s Mediterranean port of Ceyhan, was idle for one ... Read More »

Spain ready to export stonefruit to China

MADRID: The Spanish stonefruit sector is getting ready to make its first shipments to China this year. It is the result of the recent approval of a provisional protocol, signed by the Spanish Ministry of Agriculture and Fisheries and the Chinese authorities. Spain will thus become the first country in the world authorised to export peaches, nectarines and flat peaches ... Read More »

Vodafone India posts 2.3% YOY rise revenues

MUMBAI: Vodafone India has posted a 2.3% year-on-year rise in its organic service revenues, with growth restricted by competitive pressures on voice and data prices, mirroring the trends seen in the recent results of listed rivals Bharti AirtelBSE 1.02 % and Idea CellularBSE 1.25 % that have left investors worried. Vodafone on Thursday reported revenues of £1.103 billion, or about ... Read More »

No quick way out for economy: banks

TAIPEI: Taiwan might have difficulty revitalizing its economy this year after slipping into a recession in the second half of last year and has yet to show signs of recovery, two foreign banks said. DBS Bank and Deutsche Bank cut their growth forecast for Taiwan this year from 2.4 percent to 1.8 percent, after the nation’s export-reliant economy contracted 0.28 ... Read More »

Austria’s RBI aims to be leading bank in Iran

TEHRAN: Austria’s Raiffeisen Bank International (RBI), plans to become a leading bank in Iran following the removal of international sanctions against Tehran over its nuclear program, an official with the RBI told Trend. “Raiffeisen Bank International aims at being the leading bank when it comes to Iranian business again,” RBI corporate spokeswoman Ingrid Krenn-Ditz said. “We are looking to support our ... Read More »

Pertamina to buy domestic crude oil to boost supply

JAKARTA: Pertamina will buy crude oil from several oil contractors operating in the country in a bid to secure the national energy supply, with the state oil company now negotiating a lower price. Under an existing production sharing contract (PSC) scheme, the output from oil fields is divided between the government and the companies operating the fields. The government is ... Read More »

Sri Lanka earns Rs. 323bn from vehicle taxes in 2015

COLOMBO: Sri Lanka has earned 232 billion rupees from vehicle taxes in 2015, Finance Minister Ravi Karunanayake said and a similar volumes are expected in 2016 despite an expected fall in imports. Though vehicle imports may fall, he said tax revenues will be sustained because vehicles imported by the government will now have to pay tax from 2016. Sri Lanka’s ... Read More »

Malaysian exports rise 1.4% in Dec

KUALA LUMPUR: Malaysian exports rose 1.4% to RM68.3 billion in December from a year earlier driven by higher sales of electrical and electronic (E&E) products and timber and timber-based products to major buyers. However, the annual export growth in December was slower compared with the median forecast of 5% growth polled by Reuters. In a statement today, the Statistics Department ... Read More »

Islamic banking leading in Saudi Arabia

RIYADH: Islamic finance is a mature and developed industry in Saudi Arabia, representing about two-thirds of total bank financing, according to a new report released by Fitch Ratings. About 38% of banking financing comes from Islamic banks and 28% from the Islamic windows of conventional banks, the report said. There are 12 licensed commercial banks in Saudi Arabia. Four are ... Read More »

Govt spends Rs 600b annually to meet PIA losses: Pervaiz

LAHORE: The government spent a huge amount of Rs 600 billion annually on Pakistan International Airlines (PIA) to meet its losses but in vain, said Federal Minister for Information, Broadcasting and National Heritage Senator Pervaiz Rashid. While talking to media after inaugurating Lahore International Book Fair at the Expo Centre, the minister said that the amount could be saved and ... Read More »

Traders assured of all benefits in 3 days after joining tax amnesty scheme

KARACHI: Traders can enjoy all benefits of tax amnesty scheme in just three days after joining the scheme, top Federal Board of Revenue (FBR) officials assured business community of metropolitan. FBR, in bid to include traders in tax net, has motivated its top officials to give awareness to the business community regarding benefits of the tax amnesty scheme. In this ... Read More »

Industries Qatar reports QR4.4bn net profit

DOHA: Industries Qatar, one of the region’s industrial giants with interests in the production of a wide range of petrochemical, fertiliser and steel products, yesterday announced its financial results for the period ended December 31, 2015 with net profit of QR4.4bn. Net profit for the period under review was down QR1.8bn, or 29.9 percent, against the same period of 2014. ... Read More »

Kuwait equities rise on news of Americana sale – Gulf bourses rise as oil rallies

KUWAIT: The Kuwait Stock Exchange surged yesterday on news that the country’s wealthiest family has agreed to sell its majority stake in Americana food company in an expected multi-billion-dollar deal. The normally dormant Kuwait bourse was trading up 1.5 percent at 5,196 points after the market announced an initial conditional agreement had been reached to sell the Kharafi family’s 69 ... Read More »

Japan stainless steel scrap imports drop sharply in 2015

TOKYO: According to latest statistics released by Japan’s Ministry of Finance (MoF), the country’s imports of stainless steel scrap dropped significantly during 2015, when compared with the previous year. The imports during 2015 witnessed sharp drop of 27.6% when compared with the previous year. The stainless steel scrap imports by Japan totaled 89,742 tons in 2015. Japan had imported 124,076 ... Read More »