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Author Archives: CT Report

Snapchat targeting $300-350m revenue in 2016, up from $50m in 2015

CALIFORNIA: Messaging app maker Snapchat, Inc. may have finally turned the business around to the point it’s making decent money, at least according to one report Monday. Re/Code quotes multiple sources familiar with the company’s plans as saying they are targeting between $300 million and $350 million in revenue in 2016, up from $50 million in revenue in 2015 and ... Read More »

Brazil corn exports increase 388% in Feb

BRASÍLIA: In February, Brazil recorded corn exports of 5.37 million tons. According to data from the Ministry of Development, Industry and Foreign Trade, this is almost five times higher than exports for February 2015, which stood at 1.10 million tons. These exports produced revenue of $892.2 million, compared with $206.4 million in February last year. According to Lucilio Alves, a ... Read More »

Paddy Power 2015 profit grows on 24% revenue rise

LONDON: Paddy Power Betfair PLC (PPB.LN) Tuesday posted a rise in 2015 earnings as it benefited from growth across all its Online and Retail divisions and said it is well placed to drive future profitable growth. For the year ended Dec. 31, Paddy Power–excluding the effect of merger–recorded pretax profit of 169.5 million euros ($186.5 million) up from EUR166.6 million ... Read More »

Bangladesh’s export earnings grow 14% in Feb

DHAKA: Bangladesh’s export earnings grew by 14 percent in February, thanks to garments. The growth was 10.41 percent in January. In the first eight months (July-February) of the 2015-16 fiscal year, the export earnings rose by around 9 percent, over 2.35 percent more than the target. Finance Minister AMA Muhith and garment traders’ organisation BGMEA chief Siddiqur Rahman hoped the ... Read More »

Customs posts P11.22-B shortfall in February

MANILA: The Bureau of Customs (BOC) reported on Tuesday, March 8, that it collected P26.82 billion ($571.58 million) in February, way below its P38.01-billion ($810.25 million) target for the month. It was said to be the first time that all ports in the country failed to meet their target in the same month. The government’s second largest revenue collection agency ... Read More »

Australian fruit exports growing

CANBERRA: A recently released report in Australia shows that the future for fruit exports is looking positive; exports are expected to increase from $821 million in 2015–16 to around $900 million by 2020–21. The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES)’s Outlook 2016 agricultural commodities report states that between 2010–11 and 2014–15 the total value of fruit ... Read More »

Thailand plans $1.98b loan programme for first home buyers

BANGKOK: Thailand is expected to roll out a 70 billion baht ($1.98 billion) soft loan programme for lower-income first-home buyers, a senior finance ministry official said on Monday, as it seeks to stimulate domestic spending amid a sluggish economy. Southeast Asia’s second-largest economy is struggling to gain a strong footing almost two years after the army took over. Loan applicants ... Read More »

Malaysia’s Petronas threatening to abandon LNG project over new climate change rules

CALGARY: Malaysia’s Petronas is frustrated that Prime Minister Justin Trudeau’s climate-change priorities are introducing new uncertainty for its proposed $36 billion Pacific NorthWest LNG project in northern British Columbia and has threatened to walk away if it doesn’t get federal approval by March 31, according to a source close to the project. Companies are wiggling out of money-losing contracts to ... Read More »

Korean consortium wins $2.93B bid to build Kuwaiti LNG import terminal

SEOUL: A consortium led by Korean group Hyundai Engineering has won a 3.6 trillion won ($2.93 billion) contract from the state-owned Kuwait National Petroleum Company to build a liquefied natural gas (LNG) import terminal at Al-Zour, 90 km south of Kuwait City, said a report. As per the deal, the consortium, which also includes Hyundai E&C and the government-run Korea ... Read More »

Shipping intelligence report of Karachi Port

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier): OP-I Adfines Sun D. Chemical Alpine 07/03/16 OP-II Lahore D. Crude Oil PNSC 07/03/16 OP-III Leopard D. Petrol Alpine 04/03/16 ALONG SIDE (East Wharves): 5 Mathawee Naree D.Steel General-Sh 08/03/16 12/13 U Noble D.Steel ... Read More »

Govt issues over Rs 336 billion under PSDP

ISLAMABAD: The federal government has released more than Rs 336.171 billion for different social sector developmental projects under Public Sector Development Programme (PSDP) 2015-16 against the total allocation of Rs 700 billion. According to latest data released by the Planning Commission of Pakistan, the government has released Rs 34.568 billion for infrastructure development projects under National Highway Authority (NHA) as ... Read More »

Saudi, UAE consumers spend $6.85b on beauty products

JEDDAH: Saudi and UAE consumers spent $6.85 billion on beauty and personal care products in 2015, according to new research, with spending in the two Gulf countries set to rise eight percent in 2016 to reach $7.4 billion. Figures released by analysts Euromonitor International show the retail value of the beauty and personal care market in Saudi Arabia was $5.21 ... Read More »

IMF hails Cyprus decision to cut short bailout program

ATHENS: International Monetary Fund chief Christine Lagarde praised Monday Cyprus’s decision to end its bailout program two months early after the eurozone country regained its financial footing. The IMF’s part of the IMF-European Union rescue program was due to expire on May 14. Cyprus also ended its loan program with the European institutions slightly early; it was supposed to expire ... Read More »

Govt announces demonetisation of all old design banknotes by Dec 1

KARACHI: The government has announced demonetisation of all old design banknotes with effect from December 1, 2016. The decision was taken as per Federal Government’s Gazette notification dated June 4, 2015, therefore, it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 and 1,000. The Rs 5 banknote and old design Rs ... Read More »

PIA increases checked baggage allowance, issues list of banned items

ISLAMABAD: Pakistan International Airlines (PIA) Tuesday increased the allowance of checked baggage for the passengers from Pakistan to Manchester (England) with the immediate effect. “In line to provide more facilities to the travellers PIA has enhanced baggage allowance to 55 kg for Economy class and to 60 kg for Business class on Pakistan-Manchester route,” spokesman of the airlines here said. ... Read More »

Turkey may import spot LNG beyond April

ANKARA: State-run LNG importer BOTAS is seeking spot cargoes for April delivery, which is atypical for this buyer, one trader active in Turkey said on 8 March. At least one independent buyer is also considering buying spot LNG for delivery in the late summer, a source close to the Turkish company told ICIS last week. The company is in process ... Read More »

Switzerland’s chocolate consumption dropped to 11kg per capita in 2015

GENEVA: Switzerland’s chocolate consumption dropped to 11 kilograms (24 pounds) per capita last year, down 10 percent from the peak in 2008 as the strong franc spurred Swiss residents to buy products across the border and deterred incoming tourists from spending. While bonbon exports fared better, thanks to subsidies that compensate chocolate makers for Switzerland’s high dairy costs, the World ... Read More »

South Africa gold firms obtain lift from weak rand

CAPE TOWN: A sinking rand has sparked a buying spree and rerating of South African gold mining shares which have doubled in value in 2016, but the volatile currency is a double-edged sword that could cut the gains back down to size. The crumbling currency is the main driver behind the rally. It has shed 15 percent against the dollar ... Read More »

Pak rupee slightly gains value in cash-free market

KARACHI: The Pakistani rupee slightly strengthened against dollar in open market and remained firm in interbank. As per the local currency market, the dollar lost five paisas in open market for selling at 106.15 and remained unchanged in interbank for selling at 104.50. On Monday, the dollar closed firm in the interbank market against rupee on improved demand. The dollar ... Read More »

Clove imports more than double in 5 years

LONDON: Imports of cloves into the country more than doubled in five years, following a continuous decline in domestic production of the spice. In 2010-11, imports were at 7,000 tonnes valued at 153.37 crore, against 14,950 tonnes valued at 771.13 crore in 2014-15, according to Spices Board sources. Farmers in Idukki district of Kerala, where it was widely cultivated until about ... Read More »