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Author Archives: CT Report

Wanda ready to reveal big European investment

BEIJING: Dalian Wanda Group Co, the Chinese entertainment, property and finance conglomerate, is expected to announce a “major deal” in Europe and to make the United Kingdom the group’s headquarters in Europe, Wanda Chairman Wang Jianlin said. Wang, speaking at Oxford University on Tuesday, said he was negotiating a major project, which would generate about 10,000 jobs and the company ... Read More »

China becomes world’s second-largest R&D performer

BEIJING: China is playing an increasingly prominent role in world’s science and engineering as the country becomes the second-largest performer of research and development (R&D), according to the Science and Engineering Indicators 2016 (Indicators) report from the US National Science Foundation. Indicators 2016 makes it clear that Global R&D spending shows an overall upward trend mainly in North America, Europe ... Read More »

Phosphoric reserves in China declining

BEIJING: China’s reserves of phosphorus, a key element for growing food, could be exhausted within the next 35 years if the country maintains its current production rate, a new study has found. However, China could delay exhausting its phosphorus reserves by more than 20 years through improving agronomic use efficiency of the mineral to the average level of 80 percent ... Read More »

Ogra grants licence to first private firm for importing, selling LNG

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has granted a licence to the private company for procuring and selling LNG in the country. Universal Gas Distribution Company (UGDC) is the first private company in the country which has been allowed to sell the commodity. According to a press release, issued by the All Pakistan CNG Association, the government had ... Read More »

France’s monthly joblessness down 0.8% in Jan

PARIS: At the end of January this year, 27,900 fewer jobless claims were recorded in France’s mainland compared to December last year, labor ministry figures showed on Wednesday. Over the period, 3.552 million people have been reported without job, down 0.8 percent from a month earlier. “This decrease confirms the tend which has loomed since last summer. Beyond the monthly ... Read More »

Meat export increases by 17.38% to $156.5m in Jul-Jan

ISLAMABAD: The export of meat products from the country has surged by 17.38 per cent during first seven months of current fiscal year as compared to the corresponding period of last year. About 45,628 metric tons of meat and meat products worth $156.501 million were exported during the period from July-January, 2015-16 as compared to the exports of 42,054 metric ... Read More »

French consumers less confident in Feb.

PARIS: French consumers showed more pessimism about the economy in February with the monthly sentiment indicator declining to 95, two points down from January, mainly on rising unemployment fears, the national statistics bureau Insee said on Wednesday. The households’ sentiment of their future personal financial situation over the period lost two points to minus 10, with their attitudes toward the ... Read More »

Saudi inflation soars to 5 year high in Jan

RIYADH: Saudi inflation soared to a five-year high in January after the kingdom made unprecedented cuts to public subsidies and raised fuel prices, a research report said Wednesday. The Consumer Price Index (CPI), which reflects movements in the cost of living, rose 4.3 percent in January compared with the same month a year earlier. That compared with 2.3 percent in ... Read More »

Swiss customs report twice as many illegal migrants

GENEVA: The number of undocumented migrants without the right to stay in Switzerland more than doubled in 2015. The number of people smugglers apprehended increased by almost 20%. According to information released by the Swiss Customs Administration on Tuesday, over 31,000 illegal migrants were identified in 2015. This represents an increase of around 118% over the previous year. The largest ... Read More »

Saudi elevator market increase 1.9%

RIYADH: Slumping oil prices, weakening economy and expected reduction in investments will stimulate Saudi Arabia’s elevator & escalator market to grow at a CAGR (compounded annual growth rate) of 1.9 per cent during 2016-22, a report said. Though Saudi Arabia recorded substantial demand for elevators & escalators in last five years, the market growth is expected to decline owing to ... Read More »

Nishat Mills earns Rs1.9b profit in Q2

LAHORE: Nishat Mills has posted financial results for second quarter of fiscal year 2015-16. The company reported consolidated profit (attributable to majority shareholders) of Rs1.9 billion (EPS Rs5.5), down 13 per cent YoY. Company’s top-line declined 18% YoY to Rs17.9 billion. Fall can be attributed to a downtrend in textile business due to lacklustre demand in the export arena and ... Read More »

Rs 24b looted from 34,400 people: Senate body directs NAB to compensate Modarba victims

ISLAMABAD: The Senate Standing Committee on Finance, Revenues, Privatisation and Economic Affairs has directed the National Accountability Bureau (NAB) to ensure compensation to the victims of Modarba scandal. The committee, under the chairmanship of Senator Saleem H Mandviwala, discussed matters relating to Euro Bonds and US Bonds, bedsides discussing government of Pakistan and International Monetary Fund (IMF) agreement. Regarding the ... Read More »

Two more Customs officers in the net

COLOMBO: Bribery sleuths yesterday arrested two more senior Customs officers involved in accepting a bribe of Rs. 125 million from a foreign company on October 15 last year. According to a Commission to Investigate the Allegations of Bribery or Corruption spokesman, these two senior Customs officials were arrested last morning. Three senior officers of Sri Lanka Customs were arrested on ... Read More »

Customs fish £2.5m drug haul from sea

MADRID: Customs officers recovered 22 bales of cannabis resin worth £2.5m yesterday. The haul, which weighed a total of 650 kilograms, was fished out of the sea off the east side of the Rock. Officers from HM Customs (Gibraltar) spotted the bales while patrolling through British Gibraltar territorial waters. “It is believed that these must have been jettisoned by smugglers ... Read More »

South Africa’s maize imports to soar as drought bites

CAPE TOWN: South African maize imports could cost up to 19 billion rand ($1.2 billion) this year, up sharply from 2 billion rand in 2015, as a severe drought hits farm output and pushes up food prices, the Treasury said on Wednesday. South Africa’s government estimates it will need to import around 5 million tonnes of maize in 2016, Treasury said. ... Read More »

Philippines Customs foils importation of used clothing, rags

MANILA: The Customs bureau foiled the importation of used clothing and rags locally referred to as “ukay-ukay” worth P1 million at the Mindanao Container Terminal in Misamis Oriental. Enforcement Group (EG) Deputy Commissioner Ariel F. Nepomuceno of the Bureau of Customs (BoC) recommended the seizure of the shipment from South Korea, according to a statement issued yesterday. On Feb. 10, ... Read More »

Malaysian police seize 414,000 Yaba pills

KUALA LUMPUR: Some 414,000 Yaba pills were seized following a raid in Rantau Panjang, Kelantan, said Tan Sri Khalid Abu Bakar. The Inspector-General of Police tweeted that 14 people, including five Thai nationals, were detained in the raid by Bukit Aman’s Special Tactical Intelligence Narcotics Group (STING) on Monday. “Congratulations to STING and the Narcotics Criminal Investigation Department (NCID) for ... Read More »

2,100 bags of heroin seized during drug raid in Springfield

SPRINGFIELD: Police say eight people were arrested after officers broke up a heroin ring in Springfield. Narcotics officers seized more than 2,100 bags of heroin, nearly $4,400 in cash and other items after executing a search warrant at a Lebanon Street residence around 5 p.m here the other day. Police say three officers were assaulted by a knife-wielding suspect during ... Read More »

16 Inland Revenue officers of BS 17-19 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted 16 Inland Revenue Service officers of BS 17-19 with immediate effect. According to the notification, the officers who are drawing performance allowance will continue to draw this allowance on the new place of posting. All the officers have been directed to relinquish/assume charge, using online HRMS facility made available to FBR or by ... Read More »

Cargill, Ukraine finalize plans for $100 mln port on Black Sea

KIEV: Cargill has formalized plans for a new $100 million grain terminal on the Black Sea in Ukraine. The grain port is a joint venture with Ukraine’s MV Cargo. The two parties Wednesday signed an agreement that green lights the project. MV Cargo will fund the terminal with private money as well as a loan — currently under discussion — ... Read More »